Bitcoin price races toward $27K, but a swift recovery is not confirmed by market data
BTC’s price recovered quickly from this week’s swing low, but derivatives data hints that a challenging road lies ahead.
BTC’s price recovered quickly from this week’s swing low, but derivatives data hints that a challenging road lies ahead.
Poke holes in my plan to have a “cold” metamask wallet since Ledger blew themselves up: Step 1: Create a new wallet in a separate browser from where I do my day to day trading. This is to ensure if my very active wallets sign a malicious transaction it doesn’t effect other wallets in that…
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Bitcoin (BTC), the largest cryptocurrency in the market, is currently trading sideways after showing signs of recovery in the wake of the Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. Although BTC managed to briefly recover the $27,000 level on Tuesday, it has failed to consolidate above it and is now stuck in a narrow range between $26,300 and $26,600 over the last 24 hours. The question on everyone’s mind now is whether Bitcoin will be able to regain its bullish momentum or if it will test its 200-day Moving Average (MA) at $25,200 once again. Bitcoin Pattern Points To Further Bullish Momentum Bitcoin traders and investors have reason to be optimistic, as the cryptocurrency appears to be forming a bullish butterfly pattern. According to technical analysis expert Mags, this harmonic reversal pattern is a strong indication of further potential upward movement for Bitcoin. Related Reading: UK Financial Conduct Authority Clamps Down on Crypto Marketing The bullish butterfly pattern is a type of harmonic reversal pattern that is often used by traders to identify potential trend changes in the markets. It is characterized by a series of price movements that form the shape of a butterfly, with a distinct “M” pattern followed by a smaller “W” pattern. The pattern is considered bullish because it suggests that the price of the asset is likely to reverse its previous downward trend and begin moving upward. In Bitcoin’s case, the bullish butterfly pattern is signaling a potential target of around $32,500. This projection is based on the historical price movements of Bitcoin, as well as the shape and structure of the butterfly pattern itself. While no pattern is foolproof, the bullish momentum of Bitcoin in recent months lends further support to this target. However, Bitcoin faces a potential challenge ahead, as it struggles to surpass its nearest resistance level at $27,500 and consolidate above it. If BTC fails to break through this price point, it may be vulnerable to retesting its 200-day Moving Average. This key support level is crucial for BTC’s short-term bullish momentum, and failure to hold above it could lead to further price drops. In such a scenario, the $24,000 and $23,000 marks may become the next trading range for BTC. Currently, the bulls’ threshold in the short term is the 200-day MA, which will need to hold if BTC is to maintain its upward trend. Short-Term BTC Liquidations Favor The Bulls Recent data provided by ‘The King Fisher’ indicates that most Bitcoin liquidations are skewed to the upside, signaling possible upside movements in the near term for BTC. As seen in the chart above, the majority of Bitcoin positions in the past few days have been short positions, with 87% of traders betting on a price decrease, compared to only 12% who are bullish on an upward movement. However, this situation may not favor BTC bears in the long run, as institutional investors historically take advantage of high levels of liquidations, which could lead to what is known as a “short squeeze,” to further fuel a movement in the opposite direction. This dynamic could potentially fuel the bullish momentum that Bitcoin needs to break through its nearest resistance and regain the $30,000 level that was lost in April. Related Reading: FUD Storm: Top 5 Market Losers In Heightened Uncertainty At the time of writing, Bitcoin has a trading value of $26,600, representing a modest gain of 0.8% over the past 24 hours. Bitcoin’s market capitalization currently stands at $516 billion. Featured image from iStock, chart from TradingView.com
Armstrong was selling shares under a plan set up in August that sometimes made him money and other times not; the June 5 sale was still good timing.
University of Kent researchers compared three quantum systems to an ASIC miner, and the quantum machines were demonstrably more energy efficient.
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According to data from leading crypto analytics firm Santiment, a distinct trend has unfolded in the stablecoin sphere. Even as stablecoins designed to maintain parity with a reserve asset like the US dollar, continue to hold their $1 peg, the combined market capitalization of the top five stablecoins – Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD) – has been experiencing a consistent decrease. Santiment reports earlier today that this downtrend began about 15 months ago, following a peak in March 2022. According to Santiment, Stablecoin market capitalization serves as a reliable indicator of the overall health of the crypto market. An upswing in the market cap signifies an increased buying power to purchase Bitcoin or altcoins in the future, often hinting at a potential market recovery. Conversely, a declining market cap could indicate that Bitcoin and altcoins are being liquidated, suggesting that large holders have been banking profits. Related Reading: Sharks & Whales Accumulate Stablecoins, Why This Could Be Bullish For Bitcoin Sharks And Whales Remain Unshaken Among the stablecoin ecosystems, large holders, colloquially known as ‘whales’ or ‘sharks,’ represent an interesting variable. These entities, which typically hold between $100,000 and $10 million in assets, play a crucial role in market dynamics. Despite the decreasing market cap, Santiment’s analysis reveals that these whales are far from unnerved. Specifically, the analytics firm reports that sharks and whales holding Tether, USD Coin, and Dai currently command over 40%, 37%, and just under 40% of the respective supplies. These holdings are the highest they’ve been since November 2021 or February 2023, suggesting that these whales are merely holding their wealth in stablecoin form, biding their time for an opportune moment to jump back into other more volatile assets. Steady Accumulation Amid Dormant Stablecoin Movements While the collective stablecoin market cap has been dropping, Santiment notes a steady accumulation of assets among whales. This pattern lacks any sudden major moves, which might otherwise signify a potential market bottom in a declining environment. The recent weeks have also seen minimal movement among dormant stablecoins, which could have suggested major buys of Bitcoin or altcoins. Although USD Coin has shown some promising dormant movement at the end of May, the activity falls short of the dormant stablecoins surge witnessed in mid-March, which ignited a notable bull rally. Meanwhile, according to data from DeFillama, the total stablecoin market capitalization currently stands above $120 billion, down by nearly 1% in the past 7 days. Notably, out of all the stablecoins, Tether’s USDT holds the most dominance at 64.57%. Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode The stablecoin currently has a market capitalization above $80 billion while Circle’s USDC Coin ranks second in the stablecoin market with a market cap of $28.7 billion. It is worth noting that as the stablecoin market has decreased steadily, larger crypto assets such as Bitcoin and Ethereum may be benefitting from this metric. Over the past 24 hours, both Bitcoin and Ethereum have shown an uptick up by nearly 1% respectively. This uptrend comes despite the regulatory scrutiny in crypto which has recently affected the world’s largest crypto exchanges, Binance and Coinbase. Featured image from Unsplash, Chart from TradingView
Given the new complaints presented to Binance and CoinBase and they have to be the most transparent that is possible to fulfil the investigation of the S.E.C . And what seems to me as and organized attack on the crypto community subsequently forcing out crypto . My main concern is about the security if a…
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With the recent lawsuit hitting Binance, and probably other problems to come, is there an increased risk for binance pegged assets, i.e. assets on the Binance Smart Chain? Could they for example be worth 0 should the actual underlying asset (think USDC, DAI) be seized or frozen as part of a legal procedure? submitted…
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