Category: Cryptocurrency News

Join us as we discuss the best way to find the next big altcoins before they pump and what every trader should be doing right now.

On-chain data shows a large amount of Bitcoin older than 10 years has suddenly moved today, a sign that could be bearish for the price. Bitcoin Dormant From More Than 10 Years Ago Has Abruptly Moved As pointed out by an analyst in a CryptoQuant post, this movement of dormant coins may be a sign of selling. The relevant indicator here is the “Spent Output Age Bands” (SOAB), which tracks the movements that the different age bands are making on the blockchain right now. The “age bands” here refer to groups of coins divided based on the total amount of time that they have been sitting still on the network for. In the context of the current discussion, the 10+ years age band is of interest, which is a cohort that includes all coins that haven’t moved from a single address in more than 10 years. The SOAB metric, when applied for this particular age band, would naturally tell us about the number of coins that investors belonging to this group are transferring at the moment. Related Reading: Bitcoin Contrarians Win As Rebound Occurs Against Crowd Expectations: Santiment Now, here is a chart that shows the trend in the Bitcoin SOAB for the 10+ years age band over the past couple of days: The value of the metric seems to have been quite high in recent hours | Source: CryptoQuant As shown in the above graph, the Bitcoin SOAB for this specific group has registered a large spike during the past day. In total, this surge in the metric has corresponded to around 1,433 BTC moving across wallets on the network. The general cohort for all investors that have been holding their coins since more than 155 days ago is called the “long-term holder (LTH) group.” Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. Due to this reason, the LTHs are considered the resolute hands of the market. As the movement in question is coming from an investor who had been holding for more than 10+ years, the holder would have been one of the oldest ones among even these LTHs. Related Reading: Bitcoin Realized Loss Remains Low Despite Volatility, What Does This Mean? Such old supply, however, is usually considered to have been lost due to wallet seed phrases becoming inaccessible. This means that there is a big chance that the wallet activation today may have come because of a user rediscovering a previously lost wallet. While movements from the LTHs are usually a bad sign for the market, as they show that even the diamond hands may have lost their belief in Bitcoin, this latest transaction wouldn’t be reflective of the general sentiment, considering the special circumstances around it if it’s truly coming from a lost address that has now been recovered. Nonetheless, the transfer is still a probable sign that the coins are being moved around for selling-related purposes, so it’s possible that the asset may face some bearish impact from the move. BTC Price At the time of writing, Bitcoin is trading around $26,400, down 2% in the last week. Looks like BTC has been consolidating sideways | Source: BTCUSD on TradingView Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Regulatory concerns continue to impact the entire crypto market, and this week’s BTC options expiry could play a decisive role in pushing the Bitcoin price under $26,000.

Heath Tarbert will serve as the company’s chief legal officer and head of corporate affairs, bringing experience with all three branches of government.

Bittrex owes $29 million on penalties for sanctions violations and may still face penalties in a case brought by the SEC.

The Cardano (ADA) price experienced a decline, breaking below the $0.33 level. This downward movement has resulted in bears gaining control of the market. ADA has lost around 4% of its value in the past 24 hours and has seen a weekly plunge of approximately 10%. The technical outlook for ADA indicates a bearish intent for the altcoin. Demand and accumulation have significantly decreased on the chart, reflecting a lack of buying interest. The overall market sentiment has remained negative, with Bitcoin also exhibiting volatility. Most other altcoins have followed a similar downward trend. For ADA to initiate a recovery, it would require renewed buying interest in the upcoming trading sessions. Otherwise, there is a possibility that ADA may reach a multi-month low. The recent news of the SEC suing Coinbase and Binance US has had a notable impact on market sentiment, fueling further selling pressure. Related Reading: Shiba Inu Breaks Below This Formation: Signals Potential Further Losses The overhead resistance for ADA is crucial, and breaching that level would be necessary for the altcoin to revive its price. The decline in the market capitalization of ADA suggests that sellers are dominating the market currently. Cardano Price Analysis: One-Day Chart As of the time of writing, ADA was trading at $0.32. In recent trading sessions, ADA broke below the long-standing support line at $0.33, suggesting a potential continuation of the downtrend. The key overhead resistance at $0.33 becomes important for ADA to regain bullish momentum and surpass $0.38. However, if ADA fails to sustain its current price level, there is a possibility of a further decline below $0.30, potentially revisiting its March low of $0.29. The trading volume for ADA in the last session is already lower, indicating weaker buying strength in the market. Technical Analysis As ADA broke below the crucial $0.33 support line, buyers’ confidence diminished, leading the coin to hover around the oversold zone. The Relative Strength Index (RSI) is currently below the half-line and near the 30-mark, indicating nearly oversold conditions. If sellers exert further pressure, ADA may enter the oversold territory. Additionally, ADA is trading below the 20-Simple Moving Average (SMA), indicating that sellers are driving the price momentum in the market. In alignment with other bearish indicators, ADA formed sell signals on the one-day chart. The Moving Average Convergence Divergence (MACD), a momentum indicator, displayed red histograms that are associated with sell signals for the altcoin. Related Reading: Chainlink Bulls Must Uphold This Critical Support Line For Potential 8% Rally This suggests a weakening bullish momentum. The Bollinger Bands, which measure volatility, have diverged significantly. This indicates the potential for price fluctuations and increased volatility in the upcoming trading sessions. Featured Image From UnSplash, Charts From TradingView.com

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