Category: Cryptocurrency News

First, understand why we had a correlation in the first place. Conventional thinking would tell you that crypto is traded by all the same people who trade stocks, should follow all the same macros, and should always have a strong correlation. But historically, it has rarely been the case. Bitcoin has always had a low…
Read more

submitted by /u/kirtash93 [link] [comments]

Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. Jake Wujastyk, a prominent market analyst, has particularly pointed out the emergence of an inverse head and shoulders pattern on Bitcoin’s daily candle chart. This pattern, coupled with Bitcoin’s closing price above a significant “volume shelf” signals an imminent upward trajectory for Bitcoin. Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event Bitcoin Surge On The Horizon In technical analysis, an inverse head and shoulders pattern is traditionally interpreted as a bullish signal. It is characterized by two lower peaks (shoulders) on either side of a far-down valley (head). The completion of this pattern occurs when the price breaks above the resistance level, known as the “neckline.” In Bitcoin’s case, this neckline also aligns with a ‘volume shelf,’ as Wujastyk indicates, a price level where many contracts have previously been traded, indicating strong support or resistance. #Bitcoin Inverse head & shoulders on the daily candle chart as price closed above the volume shelf today. $BTCUSD #Crypto pic.twitter.com/zE1lDJGnAM — Jake Wujastyk (@Jake__Wujastyk) February 2, 2024 As Bitcoin’s price currently sits above the critical level of $43,000 up by 4.7% in the past week, it suggests a growing momentum among buyers, hinting at a potential uptrend. At the time of writing, Bitcoin has seen a 2.1% increase in its price over the past 24 hours, reaching $43,144. This price movement occurs against a backdrop of fluctuating daily trading volumes, which have decreased from over $25 billion to below $20 billion in a day. Notably, this pattern’s emergence is particularly noteworthy as Bitcoin options are set to expire, with 22,000 BTC options nearing their expiry date. These options have a Put Call Ratio of 0.66, a Maxpain point of $42,000, and a notional value of $960 million, as per data from Greekslive. For context, the Put Call Ratio is a key indicator in options trading, representing the number of put options relative to call options. A lower ratio suggests a bullish sentiment, as it indicates more call options (bets on the price rising) are being traded compared to put options (bets on the price falling). Market Trends And BTC Halving Anticipation The broader crypto market, including Ethereum (ETH) options, is also approaching expiration. 230,000 ETH options are set to expire, with a Put Call Ratio of 0.33, a Maxpain point of $2,300, and a notional value of $530 million. These figures suggest a more bullish outlook for Ethereum compared to Bitcoin. Furthermore, according to GreekLive, the market has seen subdued activity recently, with both realized volatility (RV) and implied volatility (IV) trending lower for major cryptocurrencies. Feb. 2 Options Data 22,000 BTC options are about to expire with a Put Call Ratio of 0.66, a Maxpain point of $42,000 and a notional value of $960 million. 230,000 ETH options are about to expire with a Put Call Ratio of 0.33, a Maxpain point of $2,300 and a notional value of… pic.twitter.com/tEQWxRXxtB — Greeks.live (@GreeksLive) February 2, 2024 However, introducing Bitcoin spot exchange-traded funds (ETFs) is beginning to attract incremental capital to the crypto market, compensating for the slowdown in grayscale sell-off. Meanwhile, the anticipation around Bitcoin’s halving event, scheduled for April 2024, is creating a buzz in the market. A recent survey by Bitget indicates a bullish sentiment among investors regarding the upcoming Bitcoin halving. 84% of respondents globally believe that Bitcoin will exceed its all-time high of $69,000 in the next bull run. Related Reading: Market Survey Signals Bull Run: Investors Predict Bitcoin To Surpass $69,000 Post Halving Predictions for Bitcoin’s price during the halving are varied, with over half expecting it to be between $30,000 and $60,000, while about 30% foresee it is surpassing $60,000. Featured image from Unsplash, Chart from TradingView

An analyst has revealed the four key Bitcoin price levels that could be to keep an eye on, as they may have an influence on the spot price’s trajectory. These Are The Four Key Price Points For Bitcoin In a new post on X, CryptoQuant Netherlands community manager Maartunn has shared four key price levels for Bitcoin. Three of these levels involve some kind of variation of the “realized price” on-chain indicator. The realized price keeps track of the price at which the average investor on the network acquired their coins. In other words, the metric measures the average cost basis of the asset’s user base. Related Reading: BitMEX Whales Buy Bitcoin: What History Says Will Happen Next When the spot price of the cryptocurrency is greater than the realized price, it means that the average holder in the sector can be assumed to be carrying some profits right now. On the other hand, the price being under the indicator implies the market as a whole is underwater some net amount at the moment. Naturally, the price is exactly equal to the metric, suggesting the average holder is just breaking even on their investment currently. Historically, this is the condition that has been of particular importance for the coin, as such retests can flip the profit-loss situation of the investors. Now, here is the chart shared by Maartunn that reveals the trend in the four key Bitcoin price points in question over the last few years: The four historically relevant price levels for the cryptocurrency | Source: @JA_Maartun on X In the above graph, the red colored line (which also happens to have the highest value out of these right now) corresponds to the realized price of the “short-term holders” (STHs). The STHs refer to the investors who bought their coins within the last 155 days. At present, the average cost basis of this cohort stands at $38,750. In bullish periods, this level has often been a point of major support for the asset, and Bitcoin came quite close to retesting it during its latest drawdown. Opposite to the STHs are the “long-term holders” (LTHs), whose realized price is shown by the green curve in the chart. The indicator’s value is only $18,740 for this cohort currently, implying that these HODLers are carrying high amounts of profits. The purple line in the graph represents the “adjusted realized price,” which is a metric that provides a baseline for the market in general. Bitcoin found its bottom back in September when it retested this level. Currently, the indicator’s value stands at $31,190. Related Reading: XRP Whales Are On The Move, What Are They Up To? Close to this line right now is the fourth and final price level pointed out by the analyst, the 200-week moving average (MA), which is at $30,500. 200 weeks is approximately how long the popular 4-year Bitcoin cycle lasts for, so this MA can help reveal the cycle baseline momentum for the coin. Maartunn, in particular, finds this 200-week MA and the adjusted realized price to be the most intriguing levels out of the four listed here. BTC Price Bitcoin had made a visit under the $42,000 level yesterday, but it appears the asset has already bounced back, as it’s now trading above $43,000 again. Looks like the price of the asset has seen some surge over the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com

submitted by /u/FitScore3115 [link] [comments]

Ripple Labs, a leading American-based payment firm has locked away a substantial amount of XRP tokens in its escrow wallet as part of its monthly unlock program to help bolster its ecosystem and XRP. Ripple Takes Back 800 Million XRP  A recent report from on-chain tracker Whale Alert revealed that Ripple took back about 800 million XRP tokens. This is no surprise, as the stated transaction has been a recurring outcome by the payment firm. The payment firm locked the aforementioned funds after its monthly 1 billion XRP release, which has caught the attention of the crypto space. According to Whale Alert, the firm carried out the transaction in two distinct transfers.  Related Reading: Why Does Ripple Return Unlocked Tokens To Escrow? Pro-XRP Lawyer Provides Answers For the first transaction, Ripple locked away 500 million XRP tokens, valued at $253 million at the time of the report. Data from XRPScan shows that the 500 million XRP were initially transferred from “Ripple 23” to “Ripple 11” wallets before they were locked away. Meanwhile, the second transaction saw 300 million XRP valued at about $151 million being transferred to the company’s escrow wallet. Whale Alert revealed the transaction was carried out by another wallet address identified as “Ripple 10,” according to data from the XRPScan.  The firm has been releasing XRP from its escrow holdings every first day of the month. This process is a component of Ripple’s strategy to regulate the amount of XRP in circulation and uphold stability in the dynamic world of digital assets.  After making up 55% of all XRP supply at first, the escrow accounts now own 40.7% of the supply. This is a result of the progressive unlocking process since it began in December 2017. As of December 2017, the firm held 55 billion XRP as part of the escrow system initiative, which was mostly implemented on the XRP Ledger (XRPL). XRP Whales On Dumping Spree Whale Alert has also detected a substantial dump of XRP on cryptocurrency exchanges (CEXs). Whale Alert reported that over 67 million XRP was observed being moved to Bitso and Bitstamp platforms. Related Reading: XRP Whales Moves $47 Million To Exchange, As Price Dips Further data shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn transferred 37.9 million XRP to a Bitso-based wallet address. As of the time of transfer, the funds were valued at approximately $19 million. Later on, 29.7 million XRP was moved to Bitstamp, a Luxemburg-based crypto exchange, in a separate transaction. According to the tracker, the same wallet address carried out the transaction worth about $15 million. This particular wallet address has been carrying out this type of transaction to the CEXs for a while now. It is believed that this might be due to Ripple’s strategic partnership with these centralized exchanges. The price of XRP is still down by over 2% in the past week, trading at $0.505. Its market capitalization is currently up by 2%, but its trading volume has decreased by over 36% in the past 24 hours. Featured image from iStock, chart from Tradingview.com