Category: Cryptocurrency News

Bitcoin’s (BTC) recent performance has been a source of concern for its investors, as the world’s largest cryptocurrency struggles to maintain its upward trajectory. While the currency recently recorded a 12-month high slightly above $31,000, it is now facing potential profit-taking as miners signal a massive $128 Million move. Bitcoin Bulls Brace For Impact According to Yan Allemann, co-founder of Glassnode, the miner’s transfer could lead to significant sell-off pressure in the market. This could cause friction in the current bull run, which has already seen Bitcoin struggle to hold steady at the crucial $30,000 support line. Adding to the uncertainty is that Bollinger Bands, a technical analysis tool used to measure volatility, remains tight despite the low volatility. This has been shown to lead to abrupt market moves in the past, which could cause further complications for Bitcoin bulls. Related Reading: Altcoin Whales Show Highly Active Day, Volatility Incoming? The support at $30,000 is crucial for the revival of the uptrend, and investors are now anxiously watching to see how the market reacts to the miner’s move. While Bitcoin has faced similar challenges in the past and managed to overcome them, the current situation is causing some concern among market observers. Furthermore, Bitcoin’s current price stagnation is reflected in its Average Directional Index (ADX) on the daily chart, which is set to spike downward.  This ADX movement suggests that Bitcoin’s trend for the next 10 days could be to the downside. This development raises the possibility that Bitcoin might either consolidate for the next week-and-a-half, revisit the $29,600 support line, or even drop further to the $28,300 level if the downside movement persists. Either way, it has been a common price action for Bitcoin for the majority of the year to experience periods of correction or consolidation before taking another uptrend. The current ADX movement and potential downside trend are no exception to this pattern, as seen in the chart above. As Bitcoin corrects or consolidates, the liquidity of late-long positions taken from these levels is likely to be absorbed. This is a natural part of market cycles, and it is not unusual for Bitcoin to experience this type of price action. Once the correction or consolidation phase passes and the late longs liquidity is taken from these levels, Bitcoin may be poised to begin another uptrend. This could potentially result in a 6,000-point uptrend, which has been seen in previous cycles. BTC Faces Further Decline Yan Allemann also pointed out other technical indicators that suggest a short-term reversal in Bitcoin’s price. The Relative Strength Index (RSI) peaked at 72.92 over the weekend, which is within the limit of overbought territory. The RSI has since remained in the upper and lower levels, which indicates a possible decrease in buying pressure. Furthermore, the double-top pattern and the Moving Average Convergence Divergence (MACD) also suggest that a short-term reversal in Bitcoin’s price may be imminent. The MACD being overbought, along with the RSI at the top level, adds to this likelihood. Related Reading: Compound (COMP) Surges Nearly 10% In The Past Day, Here’s Why However, there are also positive indicators for Bitcoin’s price. The funding rates remain positive, reflecting bullish sentiment among investors. Additionally, Bitcoin mining stocks have been moving higher, suggesting the potential catalyst for the next major move in Bitcoin’s price. As of now, BTC trades at $30,500, slightly up by 0.5% in the last 24 hours but failing to conquer the $31,000 mark.  Featured image from Unsplash, chart from TradingView.com 

According to the protocol’s closing schedule, part of the operations will cease on July 19, while the withdrawal period ends on August 26.

SEC Chair Gary Gensler’s lawsuits against Coinbase and Binance are a turning point for crypto — and an opportunity to fight back.

BTC price sideways trading is not dampening the optimism of Bitcoin traders prior to a giant options open interest expiry.

The way it works is pretty simple. You enter a wallet address and press “apply” and it shows you the profit & loss and total return of the wallet. Dashboard link: https://api.syve.ai/dashboards/pnl_checker/ Profit & Loss is calculated based on DEX trades only. (Think: The profit you would get if you were to 1-1 copy trade…
Read more

submitted by /u/Charon751 [link] [comments]

The crypto community is currently in a state of constant speculation as renowned analyst Willy Woo sets forth a prediction suggesting Bitcoin could potentially scale up to a price of $310,000 under a specific set of circumstances. Woo’s hypothesis, which has sparked a flurry of discussions in the crypto community, is hinged on an assumption that notable institutional players might decide to designate a fraction of their assets under management (AUM) to the largest digital currency, Bitcoin. The Theoretical Path To $310,000 Bitcoin Woo breaks down his perspective, detailing that a significant augmentation in Bitcoin’s market cap, coupled with a corresponding increase in its realized cap, could set the stage for this quantum leap in price. However, he underscores that the timing of these potential institutional inflows would significantly determine the trajectory of Bitcoin’s price. Related Reading: Crypto Analyst Predicts: Bitcoin (BTC) To Reach $69,000 And Above In 2023 Woo noted: It [BTC potential to $310,000] would really depend on whether they [institutional players] deploy in a bearish or bullish phase of the market but the range would be between $128,000 – $398,000. Right now it’s $310,000. According to Woo, if such investment decisions take place during a bearish market phase, Bitcoin may dip to around $128,000. On the flip side, a bullish market condition could propel BTC to $400,000. Woo’s projections, albeit well-reasoned, were met with a fair share of skepticism, particularly concerning the assumption of institutional asset reallocation towards Bitcoin. Reacting to the doubts, Woo emphasized the hypothetical nature of his argument, stressing that the ultimate control of asset allocation rests with the investors and not the institutions. Investor Decisions VS Wealth Manager Discretion Splitting wealth management into two distinct categories – investor-driven decisions and wealth manager discretion – Woo explained that any large-scale movement toward Bitcoin would likely necessitate the approval of the individual investors represented by these institutions. Tweeting about his analysis, Woo stated that If these institutions “allocated 5% of AUM into BTC,” his calculations project above $300,000 per coin and could vary significantly to below it. However, currently, the estimate stands at $310,000, based on a methodology measuring market cap increase versus realized cap increase. Meanwhile, at the time of writing, Bitcoin currently trades above $30,000 after trading below that price range earlier this month due to its bloodbath from the United States Security and Exchange Commission (SEC) lawsuit on the two largest crypto exchanges, Binance and Coinbase. However, following financial giants such as BlackRock expressed acceptance of the crypto market, Bitcoin has seen significant growth up by more than 20% in the past two weeks. Notably, over the past 14 days, more than $100 billion has been added to the crypto market cap. Related Reading: Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level This surge comes amid BlackRock and other financial giants’ recent filing of a Bitcoin Exchange-traded fund (ETF) and the launch of EDX Markets, a digital-asset exchange supported by esteemed traditional finance giants such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. Featured image from iStock, Chart from TradingView

Crypto companies operating in the EU must begin work now to comply with MiCA and assess how it might affect their global operations.