Bitcoin price saw a day of major volatility after topping out at $34,800 yesterday. From there, the primary cryptocurrency started the week by dropping a sharp 16% to reach as low as $27,800 on Bitstamp in a much-needed retracement following an enormous rally.As shown on the daily chart below, Bitcoin reached the lower line of the ascending channel.In our yesterday’s analysis, we mentioned some bearish divergence on the 4-hour timeframe, which seems to have played out today. This retracement...
Read More »Three Arrows Capital Holds Nearly 37,000 BTC Through The Grayscale Bitcoin Trust
Three Arrows Capital, a fund management company registered and supervised by the Monetary Authority of Singapore, disclosed a massive BTC position through the Grayscale Bitcoin Trust. The firm owns over 6% of all GBTC shares, meaning a total amount of almost 37,000 bitcoins.According to a document that Three Arrows Capital filed with the US Securities and Exchange Commission (SEC), the company owns 38,888,888 shares of the Grayscale Bitcoin Trust.This represents 6.1% of all 638,906,600 shares...
Read More »Bitcoin Lost $5,500 in Hours as the $29K CME Gap Got Filled: Is The Correction Over?
Since the opening of today’s candle, Bitcoin went on a rollercoaster, dropping around $5,500 and recovering some of it already. On its way down, BTC filled the latest CME gap at about $29,000 and jumped back above $30,000 immediately after.This raises speculations within the crypto community if this was a necessary correction triggered by the CME gap and if it’s already over.CME Gap At $29K FilledThe Chicago Mercantile Exchange allows institutional investors to trade bitcoin on its regulated...
Read More »Stuck on Uniswap: Average Ethereum Transaction Fees Spike Above $10
ETH’s price is not the only Ethereum metric rising in the past few days as the transaction fees on the network have skyrocketed to an average price of above $10. The popular decentralized exchange Uniswap still accounts for the largest share with over 30,000 ETH spent in the past 30 days.Surging Fees On The Ethereum NetworkAccording to data from the monitoring resource Ycharts, the average fees on the Ethereum network have surged recently to above $10. This development came following months...
Read More »Correction Time: $70 Billion Evaporated in 2 Hours As ETH Plunged From $1170 To $900
It’s perhaps safe to say that the past two hours have been some of the craziest on the cryptocurrency market for the past few years.The total cryptocurrency market cap surged to more than $900 billion, only to lose around $70 billion in an instant.ETH Lost Almost $300 In Two HoursThere’s no doubt that the center of attention over the past couple of days is Ethereum. ETH went on a rampage yesterday, claiming major resistance levels on the way up. It managed to surge to a high of $1,173 on...
Read More »Bitcoin Is In Its Biggest Bubble Believes Former Merrill Lynch Economist
Founder and chief economist at Rosenberg Research, David Rosenberg, has doubled-down on his narrative that bitcoin, similarly to the stock markets, is in a massive bubble. He warned that another bear market could emerge, similarly to what transpired following the previous bitcoin bull run in 2017.Bitcoin Is In A Bubble: RosenbergIn a recent CNBC interview, the former top North American economist at Merrill Lynch said that he’s avoiding getting into bitcoin, especially after its impressive run...
Read More »We Will Never See Bitcoin Price Below $20,000, Explains Willy Woo
Popular on-chain analyst Willy Woo believes that bitcoin’s latest rally is here to stay as the asset will not drop beneath $20,000 again.At the same time, more data comparing BTC’s behavior in previous rallies concluded that retail investors have not arrived yet but the cryptocurrency may already be in a liquidity crisis.Bitcoin Won’t Go Down Below $20K?It’s safe to say that bitcoin has been on a roll since Q4 2020. The primary cryptocurrency dabbled with the $10,000 level in late September...
Read More »Bitcoin Price Analysis: BTC Retraces From $35K, Cool-off Before Another ATH or Correction Inbound?
The BTC ongoing bull run is still intact as the primary cryptocurrency records an unbelievable 75% price explosion over the past month alone.During the past 24 hours, the Bitcoin price saw another 6% increase and is currently trading around $33,500. Like the past days, Bitcoin recorded another fresh all-time at $34,810 (Coinbase price).As mentioned here yesterday, BTC went extremely parabolic after breaking above the upper boundary of a 3-week long ascending price channel.Despite the...
Read More »5 Possible Reasons For Bitcoin’s Price Surge Over $30,000
In yet another leg up, Bitcoin recorded a brand new all-time high just shy of $35,000. While this may have seemed surprising a few weeks back, at this point, most are somewhat used to it. The cryptocurrency is charting consecutive highs daily, and it shows no signs of slowing down.The spike may bring some 2017 flashbacks when Bitcoin was going up with no apparent limits, only to plummet nearly 70% the following year. And considering we’re already in a new year after a super bullish December...
Read More »Happy 12th Birthday: BTC Heading to $35,000 As ETH Crosses $800
Bitcoin celebrates its 12th birthday by breaking down another milestone at $34,000 and yet another all-time high of $34,800. As some alternative coins have followed BTC’s move upwards, including ETH surpassing the $800 level, the total market cap has also reached a new record.Bitcoin’s Latest ATH Eyes $35KIf the ending of 2020 seemed impressive with several consecutive all-time highs, bitcoin’s new year so far is kicking it out of the park. The primary cryptocurrency has broken down barriers...
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