Current Situation Bitcoin has taken a hit, dropping 7% to $59,478 last week. It’s since tried to recover but has been stuck between $60,100 and $62,300. Bollinger’s Prediction John Bollinger, the creator of the Bollinger Bands, believes Bitcoin will continue to consolidate. He sees no clear direction after a price reversal at the lower Bollinger…
The Dip Bitcoin has been taking a hit lately, falling as low as $59,500. Investors are hoping the worst is over, but it’s hard to say if Bitcoin is ready to bounce back. Support Level to Watch CryptoQuant, a crypto intelligence firm, has identified a crucial support level for Bitcoin: $56,000. This level has acted…
Miner Capitulation as a Bullish Indicator Crypto expert Willy Woo believes Bitcoin’s price may have bottomed out, signaling a potential market reversal. Miner capitulation, where miners sell off their holdings, has historically indicated a subsequent price surge. Technical Analysis Suggests Price Reversal Woo’s analysis shows a TD9 reversal signal on Bitcoin’s daily chart, suggesting a…
Key Points Bitcoin faces a critical juncture after failing to break above $62,000. Analyst DonAlt warns of a potential drop below $60,000, signaling a bearish trend. The analyst predicts a possible decline of up to 30%, with sideways movement lasting for up to four months. Worst-case scenario sees Bitcoin falling to $40,000, while best-case scenario…
Reduced Miner Selling CryptoQuant analyst Crypto Dan has observed a decline in miners selling Bitcoin. Miners have been major sellers in recent months, contributing to the market downturn. However, the recent reduction in selling pressure suggests a potential shift. Market Absorption The market appears to be absorbing the miners’ sell-off. The volume and frequency of…
Sell-Offs by Major Governments One key factor behind Bitcoin’s decline has been large sell-offs by governments. The German government recently sold around 2,786 BTC, while the US government has also moved 4,000 BTC from its wallets to Coinbase. These transfers suggest that these coins are likely to be sold, as centralized exchanges like Coinbase offer…
Government Sales: Not a Cause for Concern Despite recent sales of Bitcoin by the US and German governments, industry experts believe these moves could actually be bullish for the market. Minimal Impact on Market Ki Young Ju, CEO of CryptoQuant, argues that the impact of these sales on the market is likely minimal. He notes…
Bitcoin and other cryptocurrencies have been facing another week of outflows, leading to a decline in prices. Bitcoin Correction CoinShares reports that Bitcoin investment products have seen $630 million in outflows, suggesting a growing pessimism among investors due to expected interest rate hikes. This indicates a “true correction” may be underway for Bitcoin. However, short…
Ongoing Sell-Off The German government has continued to sell off its Bitcoin holdings. Today, the Federal Criminal Police Office (BKA) sold about 2,786 BTC, worth around $67 million. Transfers to Exchanges Five of the transactions were direct transfers to crypto exchanges and market makers, suggesting the government intends to sell. The largest transfers included: 125…
Bitcoin recently hit a roadblock at $62,498, indicating that the bears are in control. This failure to break through a key resistance level suggests that selling pressure is strong and could lead to further declines. Technical Indicators Point to Bearishness Technical indicators on both the 4-hour and 1-day charts show that Bitcoin is in a…
