Tag Archives: Bitcoin (BTC) Price

Bitcoin reached past $21,000 on Wednesday for the first time since mid-September, following a lower-than-expected rate hike at the Bank of Canada.  Economists say the move may signal a reversal from the central bank’s tight monetary policy stance. The Effect of Rate Hikes Canada’s central bank, which announced a 50 basis point increase to its policy rate on Wednesday, said its recent rate hikes are showing evident effects in “interest sensitive” economic areas. “Housing...

As per the data compiled from Morningstar Direct for FT, the Bitcoin Strategy fund (BITO) launched in October 2021 by ProShares lost money on an “unprecedented scale.” The ETF has attracted consistent inflows throughout the past year, with only two withdrawals. However, data suggested net inflows of $1.8 billion in its debut year, while its current assets were recorded at $624 million, meaning a 70% drop in the fund’s equity price. Down 70% Jeffrey Ptak, chief rating officer...

The gloomy market condition has failed to deter long-term Bitcoin holders who are currently in possession of more than 75% of all existing BTC. As per an analyst at the crypto analytics platform CryptoQuant, this level was last seen in October 2015. The sentiment of long-term holders is important as they represent experienced market participants that have been through different phases of the market. The analyst explained that these entities have lower spending behavior...

Following days of inactivity, Bitcoin was struck by another wave of upward volatility on Tuesday. After nearly reaching $20,000, the asset left $100 million in liquidations in its wake.  Bitcoin’s price sat at roughly $19,270 at 12:40 UTC on Tuesday, before rapidly climbing upwards over the next few hours.  The coin touched $19,500 about an hour later, experiencing another hour of flat trading before climbing again to $19,834 by 16:00 UTC. The price is now $19,792, at writing...

The cryptocurrency market went through little volatility over the past seven days and is currently found almost where it was this time last week. The sentiment remains overly fearful as global inflation woes and economic unrest settle in. Starting with Bitcoin, it lost roughly 1.8% in the past seven days, going through almost no volatility whatsoever. The cryptocurrency attempted a break above the critical level of $20,000 but to no avail. It was quickly rejected by the...

Bitcoin’s price continues to trade sideways as no big movements in either direction have taken place. As of this writing, the $18K and $20K levels are yet to be broken. Technical Analysis By: Edris The Daily Chart On the daily timeframe, the price recently retested the broken, bearish trendline and the $18K support level. These levels provided enough support to prevent another dip toward lower prices. However, the 50-day moving average located at around $19K is persisting as...

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, believes Bitcoin is at its most discounted price on a 100-week and 200-week moving average. He also predicted that the crypto asset would trade 5x its current price in five to ten years. During a recent interview with Stansberry Research, McGlone opined that Bitcoin is getting pounded by the Federal Reserve and so is at its most discounted price.  Bitcoin Will Trade at $100k  The Bloomberg strategist is...

It has been a dull weekend for Bitcoin struggling to clear the $20,000 resistance zone. Further indicating a potential case of dwindling institutional interest in the flagship cryptocurrency is the Grayscale Bitcoin Trust (GBTC) discount registering a new record high. It was currently trading at a 36.7% discount against BTC spot prices, setting the largest discount in the history of the Bitcoin fund. The increased figures could also signal that players are looking at other...

Singaporean financial services firm DBS Bank believes that Bitcoin remains an unprecedented opportunity despite concerns about the high volatility in the crypto market.  During a recent media briefing, DBS stated that Bitcoin’s ability to process continuous transactions without needing a central counterparty for clearing makes it an unprecedented opportunity in history.  DBS Exec: Bitcoin Is Driven by Its Utility  The bank’s investment strategist and senior vice president...

Bitcoin’s price has been trapped inside a consolidation range between $18K and $25K for months already, and is trading sideways with extremely low volatility. However, the primary cryptocurrency is now closer to the lower boundary of the range around $18K, and if this level breaks, we can expect new yearly lows. Technical Analysis By Shayan The Daily Chart The following chart indicates that the market suffers from insufficient activity and a lack of demand. As a result, the...