Crypto analyst Benjamin Cowen believes that the price action of gold could indicate an upcoming correction for Bitcoin. Gold’s Breakout in 2019 Cowen points out that in 2019, Bitcoin’s rally ended shortly after gold broke out to new highs. He suggests that a similar pattern may be emerging now. Bitcoin’s Recent High and Gold’s Breakout…
Sentiment Shifts to Neutral After the recent Bitcoin crash below $61,000, investors have shifted their sentiment from greed to neutral. The Fear & Greed Index, which measures market sentiment, has dropped to 51. This indicates a decrease in greed compared to yesterday’s value of 55. Bearish Momentum The drop in sentiment is attributed to the…
Dogecoin has taken a hit, dropping by 6.87% in the last day. But this dip might be a blessing in disguise. Enter the Opportunity Zone Dogecoin has entered a historically bullish zone, according to the MVRV ratio. This ratio compares the current market value to the total amount paid for coins in circulation. When the…
Concerns Over Spot Crypto ETFs A report from the Korea Institute of Finance (KIF) raises concerns about the introduction of spot crypto exchange-traded funds (ETFs) in South Korea. These ETFs could: Drain capital from local markets into the volatile crypto sector Increase exposure to crypto risks in the financial system Weaken financial stability Digital Currency…
On-Chain Data Reveals Less Optimistic Outlook Julio Moreno, Head of Research at CryptoQuant, has analyzed on-chain data to assess Bitcoin’s current market sentiment. Bitcoin Bull-Bear Market Cycle Indicator This indicator tracks the distance between the P&L Index (a valuation indicator) and its 365-day moving average. When the indicator is above zero, it suggests a bull…
Seed Funding Round SoSoValue, a Singapore-based AI-driven financial research platform, has raised $4.15 million in seed funding. The round was led by HongShan, with participation from GSR Markets, Alumni Ventures, CoinSummer, and OnePiece Labs. Notable individual investors also contributed. AI Revolutionizing Crypto Investment SoSoValue’s AI capabilities organize and present vast amounts of cryptocurrency information. Users…
A well-respected trader known for accurately predicting the May 2021 Bitcoin crash has issued a warning about a potential correction. Trendline Break According to Dave the Wave, a pseudonymous analyst with 146,000 followers on X, Bitcoin’s bull market trendline is breaking, indicating a potential move to the downside. Support Levels The analyst predicts that Bitcoin…
Crypto analyst TechDev believes altcoins are on the cusp of a significant rally, with Bitcoin’s dominance set for its biggest drop in four years. Bitcoin Dominance Weakness TechDev’s analysis shows a bearish divergence on the five-day Bitcoin dominance chart, indicating that Bitcoin is losing momentum against altcoins. He expects this divergence to lead to a…
Whale Traders in Risk-Averse Mode According to Ki Young Ju, CEO of CryptoQuant, the largest Bitcoin (BTC) traders are now adopting a more cautious approach. The interexchange-flow-pulse (IFP) indicator, which tracks the flow of BTC between spot and derivatives exchanges, suggests that whales are entering “risk-off mode.” When traders deposit assets into derivatives exchanges, they…
Miner Exodus Since the Bitcoin halving in April, miners have seen their earnings cut in half. This, combined with low revenue, has led to a mass exodus of miners, especially those with less efficient equipment. Impact on Bitcoin Price The sell-off of over 30,000 BTC by miners has contributed to Bitcoin’s price drop to around…
