Category: Cryptocurrency News

On-chain data shows the Bitcoin profit-taking has risen to a two-month high, which could provide resistance to the BTC surge. Bitcoin Profit-Taking Volume Has Shot Up With The Price Rise According to data from the on-chain analytics firm Santiment, investors have started to take profits following the latest cryptocurrency price increase. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” as its name already implies, it tells us how the profit-taking volume in the market currently compares against the loss-taking one. The indicator separates these two volumes by going through the on-chain history of each coin being sold/transferred on the network to see what price it was previously moved at. If this last selling price for any coin was less than the current spot price, the sale of that particular coin contributes to the profit-taking volume. Similarly, their transactions would count under the loss-taking volume for the opposite type of coins. Related Reading: Bitcoin Net Taker Volume Turns Highly Positive, Bullish Sign? When the indicator has a value greater than zero, the profit-taking volume is currently overwhelming the loss-taking volume. On the other hand, values under this mark suggest that loss-taking is currently the dominant behavior among investors. Now, here is a chart that shows how the value of this Bitcoin indicator has changed over the past month: Looks like the value of the metric has surged to a high value in recent days | Source: Santiment on X As displayed in the above graph, the indicator’s value has risen as Bitcoin’s rebound from the $25,000 level occurred during the past few days. This suggests that the investors have started increasing their profit-taking volume. During the past day or so, the metric has seen exceptionally high values, as the difference between the profit-taking and loss-taking volumes is at a two-month high now. Usually, profit-taking is a normal sign during price rallies. Still, considering that this latest increase in BTC’s value isn’t too extraordinary, the level of the profit selling may be a cause for concern. Perhaps some of the holders selling here have lost hope for the asset after it has been stuck in consolidation for some time now. These investors might be jumping on this relatively minor exit opportunity because they don’t think a better one will emerge shortly. In the chart, Santiment has also attached the data for another metric: the active addresses. This indicator keeps track of the total number of addresses taking part in some transfer activity on the blockchain daily. It’s visible that this metric has been at notably high values in the past few days, suggesting that many traders have been paying attention to the cryptocurrency. Related Reading: Ethereum Leverage Ratio Is Rising, What Does It Mean? While sellers may be present in the market, the high activity could also suggest the presence of buyers. It remains to be seen whether the profit-takers would pull the asset back down, or if the buyers are strong enough to hold them off. BTC Price Bitcoin had climbed to the $26,700 mark yesterday but dropped back under $26,500 today. BTC has observed a net rise during the past few days | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Santiment.net

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In a recent YouTube interview with TechnicalRoundup, crypto Analyst DonAlt revealed he had purchased Bitcoin after the asset fell below the $25,000 level. According to the analyst also predicted the crypto market bottom in 2022, he had two choices before opening the new BTC position DonAlt Shares Insights On Bitcoin’s Next Price Moves Explaining the reasoning behind his decision to purchase Bitcoin, DonAlt told TechnicalRoundup: We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong, you get stopped out, and you get to buy at $19,000. The problem with kind of not doing anything, and the reason why I took a trade – I bought like a little bit, not too much, but a little bit of Bitcoin – is, basically, because I’m just guessing that I will not get an entry otherwise. Furthermore, DonAlt stated that if his prediction is correct, he will exit the trade after attaining a profit level of double-digit percentage points. According to him, his profit target is $30,000, but with a neutral sentiment on the trade.  “I’m not too bullish. I’m not too bearish. The reason why I kind of think this is an interesting trade in general is, basically, because I think if this fails… if you break down here [below $24,900]. I think we’re going to start capitulating. And then we’re going to start capitulating proper. And we’re going to go to $20,000. So, you basically have an invalidation around $25,000 right now,” he added. Meanwhile, bitcoin trades at $26,638 today, September 15, above the $24,900 capitulation zone. And according to another crypto analyst, Ali Charts, the TD sequential indicator has displayed a buy signal for BTC on the weekly chart. However, he believes that for this sentiment to be confirmed, BTC must close this week above $25,600. If this happens, BTC could rally to $28,350 or up to $31,800.  Crypto analyst Titan of Crypto, with over 44,000 Twitter followers, also chimed in on the asset, saying that past performance does not guarantee future results. However, he believes comparing the present price action to previous ones is important. He said that if BTC follows its past price action and there is no negative event before its halving, it can attain $37,500 before a pullback.  Will Bitcoin Hit The $30,000 Mark? Bitcoin has entered an accumulation phase after breaking above the 38.2% Fibonacci Level ($26,406). The buyers control the market, as evidenced by the four consecutive green candles on the daily chart.  However, it faces resistance at the 50% Fib level ($26,738). If the buyers continue to mount pressure, BTC will rise to the 61.8% Fib level ($27,069).  Also, the Relative Strength Index (RSI) indicator displays a value of 52.11 and is rising from the neutral zone into the buy zone as more traders enter long positions. Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal liner and displays a strong buy signal.  Related Reading: XRP Price Prediction – Key Reasons Why Bulls Could Aim Rally To $0.60 The green Histogram bars confirm that BTC is in a positive price trend. BTC will likely continue its rally in the coming weeks if the buyers sustain their pressure and break above the $26,738 resistance level. Although if traders begin to take profit, then a brief retracement will likely occur before a continuation of the uptrend.  Featured image from Pixabay and chart from TradingView.com

According to local media, Nikkei.com, this updated system is specifically applicable to a category of funds known as Investment Business Limited Partnerships (LPS).

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Yesterday I made a poll with the question: Why would YOU hold Bitcoin? I got over 600 respondents and therefor decided to visualise the data for you guys, but keep in mind. Im no graphic designer and used a free website it not the most beautiful designed pie chart. ​ Pie Chart 602 by FreekTheDog…
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i'm following significant accounts on alternative platforms, however i'm looking for best blogs/ YT channels/ subreddits where i could learn specifics about web3 gaming. Especially I am interested in cross-chain solutions and projects implementing new ERC standards, however I will appreciate anything. Thanks! submitted by /u/0xBBrainz [link] [comments]