Bitcoin Trades Flat After Fed Maintains Interest Rate Level At FOMC
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As we continue our stallmate right now at the Crypto market with prices continuing to crab at the $26k range and us entering a vital part of Crypto history. A part which will possibly define the whole decade going forward, with Spot ETF approvals, regulatory uncertainties and the SEC struggling to win over Crypto. The…
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Here’s what the Bitcoin network fundamentals have to say regarding whether the cryptocurrency could see a bull run soon or not. Monthly Average Bitcoin New Addresses Have Shot Up Recently In a new post on X, analyst Ali discussed the possibility of a bull run starting soon for the cryptocurrency. According to the analyst, “a bull run is often characterized by increased on-chain activity.” To measure the activity, Ali has used the “new addresses” metric, which keeps track of the total number of new addresses coming online on the Bitcoin blockchain every day. When the value of this metric is high, it means that many users have joined the network during the past day. This could suggest that the cryptocurrency is observing high adoption right now. On the other hand, low values imply not many newcomers are currently attracted to the blockchain, potentially a sign of a lack of interest in the market around the coin. Related Reading: Here’s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective Now, here is a chart that shows the trend in the Bitcoin new addresses, as well as the 30-day and 365-day simple moving averages (SMAs) of the indicator over the past few years: The data for the daily new addresses on the network since January 2018 | Source: @ali_charts on X The increased activity, which may be associated with a bull run, can be “spotted when the monthly average of new wallets (red) surpasses the yearly average (blue), which indicates strengthened network fundamentals and increased use,” as explained by the analyst. The graph shows that the 30-day SMA of the Bitcoin new addresses had been under the 365-day SMA during the bear market, but with the rally this year, the former had managed to break above the latter. The reverse cross had happened during the slowdown in May-June, but as the subsequent rebound in the price had occurred, the monthly average new addresses had broken back above the yearly average, and it has since stayed there. Recently, despite the struggle in the price, the 30-day SMA of the metric has only continued to rise sharply. This could naturally be a constructive sign for the asset, and going by historical precedence, it may even mean a return toward bullish momentum. The lead on-chain analyst at Glassnode, @_Checkmatey_, however, has replied to Ali’s post, saying, “with the advent of ordinals, it is always a great idea to pair ‘addresses,’ and ‘transactions’ metrics with ‘volume’ metrics.” “Ordinals” here refer to inscribing data directly into the Bitcoin blockchain. They are utilized in various applications, including making non-fungible tokens (NFTs) on the network. Related Reading: Bitcoin May Not See Lasting Bullish Momentum Until This Happens Such chain applications can skew the address-related metrics, as new ones may be created solely for using the blockchain in this way and not for actually trading the coin itself. The Glassnode lead explains that they assign a slightly higher weight towards the volume metrics because the Ordinals-related transactions don’t involve much volume. The exchange volume over the last few years | Source: @_Checkmatey_ on X Unlike the new addresses metric, the bullish pattern isn’t yet forming for the exchange volume (which includes both inflows and outflows). This would suggest that the activity on the network may not be at a bull run stage right now. BTC Price At the time of writing, Bitcoin is trading at around $27,000, up 3% over the past week. BTC has stagnated around the $27,000 mark | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com
Despite approaching the issue from vastly different angles, the two sides were able to agree on a few basics before the committee recessed.
In a highly anticipated announcement for the overall cryptocurrency market and Bitcoin (BTC), the Federal Reserve (Fed) opted to maintain interest rates at their current level, ranging between 5.25% and 5.5%. The decision aligns with market expectations and signals a continuation of the Fed’s existing policy stance. While the interest rate decision had no immediate impact on Bitcoin’s price, cryptocurrency analysts anticipate a potential shift in market dynamics. Analysts Predict Bitcoin Reversal Following Fed’s Decision Bitcoin, the leading cryptocurrency in terms of market capitalization, has experienced a period of consolidation around the crucial $27,000 support level for the past two days. Despite the absence of significant price fluctuations immediately following the recent interest rate decision, market experts believe this stability could potentially signify the beginning of a trend reversal. Related Reading: Grayscale Takes New Approach As It Files For Another Ethereum Futures ETF Renowned cryptocurrency analyst Michael Van De Poppe shared his perspective on X (formerly Twitter), suggesting that the era of interest rate hikes may have reached its conclusion. Van De Poppe went on to indicate that Bitcoin is likely to embark on an upward trajectory from this juncture, noting the importance of exercising caution when interpreting price movements following major news events. Van De Poppe’s remarks mirror the sentiment among BTC enthusiasts who anticipate the Federal Reserve’s decision to act as a catalyst for the cryptocurrency’s resurgence. The prevailing hope is that this decision could mark the end of the current market downtrend, paving the way for Bitcoin to reach new yearly highs before the conclusion of 2023. BTC’s Historical Patterns Suggest Potential Bottom Formation Crypto Con, a renowned crypto analyst provided insights into Bitcoin’s price movements, focusing on its historical patterns and the MVRV (Market Value to Realized Value) deviation bands. Crypto Con’s analysis highlights the significance of BTC’s recent visit just below the green band, as seen in the chart above, drawing parallels to previous market cycles. Drawing on historical data, Crypto Con notes that Bitcoin spent approximately 10 months hovering around the bottom purple and blue deviation bands before making its second visit just below the green band. In 2016, this particular pattern marked a local bottom, and in 2019, it would have done the same if not for unforeseen circumstances such as the black swan event. Related Reading: Chainlink: Analyst’s Vision Of A 20% Rally And How It Could Happen Comparing the duration spent at the bottom during the current cycle to that of 2015, Crypto Con highlights a striking similarity. This observation raises the question of whether the significant downside experienced in 2019 was a consequence of the massive price surge that preceded it, with Bitcoin even reaching the cycle top band. The current value of the red band stands at $54,000, according to Crypto Con’s analysis. However, he assures that this value is subject to change as the market progresses toward “the endgame”. At present, Bitcoin is trading at $27,100, indicating no change in the 24-hour timeframe. As a result, the impact of the Federal Reserve’s decision on the cryptocurrency and the broader market in the short term remains uncertain. Whether this news will have a positive effect shortly or prove beneficial for the remainder of the year is yet to be determined. Featured image from iStock, chart from TradingView.com
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Tashi and Swing will integrate Wormhole bridged tokens for USDC, USDT, wETH, and others, potentially making Cosmos DeFi easier to use.
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Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery. Rekt Capital, a prominent figure in the crypto community, took to the social media platform X to share insights on Chainlink’s recent performance. According to the analyst, LINK has shown resilience by respecting its range-high resistance, a crucial milestone following its notable surge in price back in July. This achievement has ignited hopes of a sustained upward trajectory. Despite its promising trajectory, LINK has experienced some fluctuations in recent weeks. The cryptocurrency dropped to a recent low of $5.76, a level that Rekt Capital points out as being close to the asset’s range-low support. Related Reading: Halving Hype: Bitcoin Gearing Up For A Parabolic Ride, Analyst Says However, Chainlink seems to be regaining its footing, with its current price sitting at $6.81 according to CoinGecko, marking a 1.2% increase in the last 24 hours and an impressive seven-day rally of 15.5%. These positive indicators have fueled anticipation within the crypto community. $LINK has rejected from its Range High resistance Price is down -13% since then But if #LINK were to drop into the Range Low support… Price would need to drop an additional -20% to the downside#Crypto #Chainlink pic.twitter.com/GS3C2IYeiw — Rekt Capital (@rektcapital) August 4, 2023 A Bullish Prediction For Chainlink Rekt Capital’s analysis doesn’t stop at the current price trends. The crypto analyst predicts that Chainlink “should be able to revisit the range-high resistance,” which is situated at around $8.186. If this prediction holds true, it would represent an additional 20.5% increase from the current price, promising further gains for LINK holders. This price surge coincides with a notable uptick in Chainlink’s Relative Strength Index (RSI), which, as of the latest analysis, stands above 60. An RSI above 60 indicates a robust bullish trend in the market. Moreover, Chainlink’s price has climbed above the short-term Moving Average, previously acting as a resistance level. It is also approaching a position where it may surpass the long-term Moving Average, signaling potential for sustained upward movement. Chainlink (LINK) is currently trading at $6.81. Chart: TradingView.com Mysterious Wallet Activity Intriguingly, recent wallet activity has garnered significant attention in the Chainlink ecosystem. Data from Lookonchain reveals that over 35 new LINK addresses were established just three days ago. These newly created addresses have started withdrawing LINK tokens from Binance (BNB), with a cumulative withdrawal exceeding 755,000 LINK tokens, valued at over $5 million. We noticed that ~35 fresh wallets created 3 days ago started withdrawing $LINK from #Binance today. And have withdrawn a total of 755,687 $LINK ($5.08M) so far. Are there whales accumulating $LINK? pic.twitter.com/IYte19TmTE — Lookonchain (@lookonchain) September 19, 2023 Related Reading: BNB Trading Sideways In Last 30 Days – Is Stagnation Likely Until October? The motive behind these substantial withdrawals remains undisclosed as of now, leaving room for speculation within the crypto community. Some analysts suggest that this activity might indicate a significant accumulation move by a whale investor, potentially adding another layer of intrigue to Chainlink’s evolving narrative. As Chainlink continues to make strides in the crypto space, investors and enthusiasts will undoubtedly be closely monitoring its progress, hoping that Rekt Capital’s bullish predictions come to fruition. In the ever-volatile world of cryptocurrencies, the only certainty is that surprises are never far behind. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Vecteezy
Meta has rolled out early access for Horizon Worlds on web browsers and mobile devices.