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The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31. Notably, BTC recorded its first green weekly closing candle in five weeks yesterday. As of press time, the Bitcoin price has reached an intra-day high of $27,267. Why Is Bitcoin Price Up Today? One major indicator that has captured analysts’ attention is the rapid increase in Open Interest. DaanCrypto, a noted figure in the crypto space, commented on the Open Interest of Bitcoin: “Bitcoin Open Interest has been ramping up like crazy these past few hours. Up +$850M in hours.” According to him, this can be an issue if spot bid disappears which could cause for a full retrace similar to before. “This would then be due to underwater positions that entered near the top. If spot bid remains then these positions are obviously fine. Open Interest is now back to post Grayscale pump levels,” Daan stated, further noting the resilience in the spot premium at the moment, “Longs are comfy as long as spot bid is present.” Maartuun, the community manager at CryptoQuant Netherlands, also highlights the rapid surge in Open Interest: “Fasten your seat belts. The Open Interest goes bonkers on this break-out attempt. It has increased by $600 million (7%).” Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem Interestingly, Coinglass data reveals that as of press time, short liquidations for BTC remain modest, with just about $20 million in shorts being liquidated. At press time, OI skyrocketed further, up almost $1 billion (from $11.04 to $12.03 billion). Renowned analyst @52kskew emphasized the trading behavior on Binance: “Majority chasing shorts aggressively from what I can see so far. Binance Open Interest: Binance perp OI starting to moon again with minimal price difference ~ big move brewing. OI up and insignificant change in perp delta (positions opening into price). Takers still aggressively selling into price, bulls want to see constant limit chasing on the bid here. $26.7K pivotal price for direction.” Ali Martinez, another analyst, pointed towards Bitcoin’s 3-day chart and noted a buy signal by the TD Sequential yesterday. “A boost in $BTC buying pressure might drive prices to the channel’s mid or upper boundary – targeting $28,000 or $31,000. Still, watch the TD Risk Line at $24,500. It’s the key invalidation point.” From macro perspective, renowned analyst Ted (@tedtalksmacro) indicated a correlation between USD liquidity and Bitcoin price movements: “If you can track/forecast USD liquidity, you’ll have a solid idea of where price is headed.” He went on to highlight a divergence between the rise in USD liquidity and the previous stagnation of BTC, emphasizing the recent shift which might be driven by returning liquidity. Monthly Close Will Be Crucial As NewsBTC reported, September is historically one of the worst months of the year for the Bitcoin price. However, this year could be different if BTC continues its trend of the last few days. Rekt Capital highlighted the potential significance of the upcoming monthly candle close for Bitcoin in a recent tweet, stating: “The upcoming Monthly Candle Close will be pivotal.” According to the analyst, Bitcoin often produces long upward wicks when it transforms old Monthly supports into new resistances. Related Reading: Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000 In simple terms, an upward wick on a candlestick chart indicates price levels where Bitcoin traded during a period but didn’t close. A long wick suggests a strong rejection from those higher price levels. This could mean that while buyers tried to push the price up during the month, by the close, sellers had brought it back down, leaving a long ‘wick’ on the candlestick. Rekt Capital suggests that these wicks can extend up to +8% beyond the candle body. The analyst notes that if the monthly candle close produces an upside wick of +7% beyond the ~$27,100 level, it could mean the price might go beyond the weekly lower high. This could be a positive sign if the monthly close remains above $27,100, indicating it as a support level. However, if the price closes the month below $27,100 after reaching higher levels, it may confirm $27,100 as a new resistance, hinting that the recent price movement might be just a temporary upward rally. At press time, BTC stood at $27,241. Featured image from iStock, chart from TradingView.com
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Solana (SOL) has been making positive noise recently with a surge in its price. However, one crypto strategist known as Altcoin Sherpa on the social media platform X, believes that the euphoria may be short-lived. Despite last week’s notable rally, Altcoin Sherpa argues that Solana is still trapped in a downtrend, casting doubts on the sustainability of its current momentum. Altcoin Sherpa points out a critical resistance level at approximately $19.50 that Solana must overcome to change its trajectory. The crypto analyst highlights a concerning pattern: Solana has been consistently forming lower highs since reaching its 2023 peak of $32.30 back in July. This pattern suggests that each attempted rally has been met with increasing selling pressure, raising questions about the strength of the recent recovery. Related Reading: Dogecoin Price Outlook: Could We See A 10% Dip Due To Supply Pressure? Altcoin Sherpa advises caution for those considering entering the market, stating: “It’s nice to see some recovery, but every rally in the last few weeks has resulted in just a lower high. Regardless, if you’re in it for an investment, it can’t be bad to accumulate sub-$20.” Currently, Solana is trading at $19.12, according to CoinGecko, showing a modest 1.1% gain in the last 24 hours and a seven-day rally of 4.5%. Solana Support Hinges On FTX Liquidation In the event that SOL’s latest rally loses steam, Altcoin Sherpa identifies the $14 level as a potential support zone. However, he underscores a crucial factor that could influence Solana’s fate in the short term—the imminent liquidation of a massive Solana stash held by the troubled crypto exchange FTX, amounting to a staggering $1.16 billion. The outcome of this liquidation could significantly impact Solana’s price stability. SOL market cap currently at $8.08 billion. Chart: TradingView.com Supporting Altcoin Sherpa’s bearish outlook is an analysis of key technical indicators. The Relative Strength Index (RSI) is indicating a decline in momentum, hinting at a potential downturn for Solana. Furthermore, the Awesome Oscillator (AO) has ventured into the negative territory, providing additional validation for the bearish sentiment. Related Reading: Toncoin Shatters Bearish Predictions With 40% Rally – What’s The Story? If selling pressure continues to intensify, Solana’s price could test the psychological level of $18.00, hovering around the midline of its current trading channel. In a more dire scenario, SOL could plunge even further to reach the lower boundary of the channel at $17.29. The quantity of long positions that have already been liquidated is 45 times that of short positions, according to the liquidation statistics provided by CoinGlass. Source: Coinglass Potential Turning Point However, there is a glimmer of hope for Solana investors. In the worst-case scenario, if the downtrend persists, Solana’s price could eventually find support in the demand zone, marked by the last candlestick before the remarkable July uptrend began. This area tends to attract buyers and might serve as a potential turning point for SOL’s fortunes. While Solana’s recent rally has generated excitement, caution is advised, as technical indicators and market dynamics point towards a possible continuation of the downtrend. The crypto world remains as unpredictable as ever, and investors should carefully consider their options before diving in. (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 Adobe Stock
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Crypto exchanges HTX (formerly Huobi) and OKX have seen their traffic surging 200% and 185% YTD, respectively.
Malta has joined France and other EU nations in revising its existing crypto regulatory policies to align with MiCA, which comes into effect in December 2024.
The next generation of crypto mining will focus on alternative energy sources for efficiency.
Oracle service provider Chainlink native token LINK has surged today as the crypto market records a significant uptick. The cryptocurrency is up by 9.02%, trading at $6.80 with a trading volume of $198 million, representing an over 179% increase in the last 24 hours. One of the factors likely to affect LINK’s price growth in the coming days is the massive movement of tokens from the network’s wallet to exchanges. On September 16, four wallets associated with Chainlink transferred 18.75 million LINK tokens across various platforms, amounting to $119 million. Related Reading: Toncoin Shatters Bearish Predictions With 40% Rally – What’s The Story? These wallets were originally intended for holding tokens that were not yet in circulation. But recently, around 15.7 million LINK tokens (approximately $100 million) left these wallets headed straight to Binance. Furthermore, 3.05 million LINK tokens (roughly $19 million) left the wallets in a multi-signature wallet identified as 0xD50f. Following these significant on-chain activities and potential implications, investors are eager to see how LINK price will react. LINK Breaks Above $6.3 Resistance Level LINK is in an uptrend, forming a bullish engulfing pattern to break above the $6.3 resistance level. Although LINK is still below its 200-day Simple Moving Average (SMA), today’s green candle has broken above the 50-day SMA, showing increased pressure from buyers. The buyers at the $6.1 support level have forced the crypto coin to rally after the brief retracement between September 16-17. Also, the Relative Strength Index (RSI) displays a value of 58.00, rising from the neutral zone and approaching the overbought region of 70. LINK has overcome the $6.3 resistance level today. Therefore, the buyers will likely sustain the rally in the coming days. Furthermore, the Moving Average Convergence/Divergence displays a strong buy signal confirmed by its green Histogram bars. The cryptocurrency will likely record more price gains in the coming days if the buyers continue to accumulate the tokens. However, the unlock and transfer of 21 million LINK tokens on September 16 could lead to a brief retracement in the long term when the buyers relent. Whales Increase Holdings After Swift Test Since August 31, when Chainlink entered into a partnership with Swift and other companies, LINK has exhibited positive market moves. The interbank communication system Swift and Chainlink, successfully transferred tokenized value across various private and public blockchains in an experiment. The positive development boosted investors’ confidence in buying more LINK tokens, potentially pushing the token’s value up. On September 7, Santiment noticed that Chainlink’s top-tier holders, those with 10,000-100,000 LINK tokens, were actively increasing their holdings. The number of wallets holding 10,000 to 100,000 LINK tokens increased to 3,127, the highest since December 3, 2022. These wallets collected $9.6 million worth of LINK in just three days, 0.154% of the total supply. Additionally, Santiment’s report showed that 98 new wallets in this category were created. Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem On September 9, a crypto expert, Ali, revealed that these whales bought more than 4 million LINK coins, amounting to $24 million in just 10 days. These accumulations show heightened investor interest in Chainlink and will likely drive demand, thereby increasing the token’s price in the coming days. Featured image from Pixabay and chart from TradingView.com
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