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Bitcoin stubbornly refuses to give up its latest gains as BTC price seeks to flip $27,000 to support into September's last Wall Street open. Bitcoin (BTC) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC price action upward. BTC/USD 1-hour chart. Source: TradingView BTC price maintains overnight strength Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “ short squeeze.” The day prior offered a trip past the $27,000 mark, with Bitcoin bulls nonetheless unable to seal a fresh peak for September. Topping out at $27,300 on Bitstamp, BTC price strength then returned to consolidate, still up 4% versus the week’s low at the time of writing. Analyzing the situation on low timeframes (LTFs), popular trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs. “LTF stuff but pretty clear spot absorption around the high so $...

Bitcoin and several major altcoins continue to show weakness, but a few data points do favor bulls in the short-term. Bitcoin (BTC) has been trading between $25,333 and $26,156 since Sep. 1. Typically, a volatility squeeze is followed by an expansion in volatility but it is difficult to predict the direction of the breakout with certainty.  CoinGlass data shows that Bitcoin has fallen for six consecutive years in September. This historic data could keep the bulls at bay in the near term and embolden the bears. Additionally, the United States dollar index (DXY) which has an inverse correlation with Bitcoin has risen sharply in the past few weeks. Both these suggest that Bitcoin could remain under pressure in the short term. Daily cryptocurrency market performance. Source: Coin360 It is not all gloom and doom for the crypto bulls because lower levels are likely to attract buyers. The prospect of one or more Bitcoin spot exchange-traded fund applications receiving approvals may limit the...

Bitcoin SLRV Ratio data performs a moving average crossover absent since before the FTX implosion hit the market. Bitcoin (BTC) could have dropped much more last week after one on-chain metric repeated its move from the FTX crash. As noted on Sep. 5 by James Straten, research and data analyst at crypto insights firm CryptoSlate, the SLRV Ratio has “flipped” for the first time since November 2022. Bitcoin SLRV Ratio channels FTX warning BTC price weakness is getting market observers ready for a drop toward $23,000, but the fallout from Bitcoin’s August comedown could have been much worse. According to the Short to Long-Term Realized Value (SLRV) Ratio, a spike in sales of “older” bitcoins occurred in mid-August. Devised by famed analyst David Puell and ARK Invest, SLRV uses the popular HODL Waves metric to track Bitcoin on-chain velocity. HODL Waves split up the circulating BTC supply by the age of coins used in transactions. SLRV takes coins that previously moved within the past 24 h...

BTC price action is causing some to panic, but Bitcoin miner confidence in the network is there for all to see. Bitcoin (BTC) network fundamentals are in no mood to follow bearish BTC price action this week. The latest on-chain data confirms that difficulty has hit new all-time highs, with hash rate not far behind. Bitcoin mining difficulty ends slump Despite BTC/USD dropping 10% last week, Bitcoin miners appear to be taking the price downturn in their stride. This was cemented in network activity on Aug. 22, as difficulty increased by 6.17% at its latest biweekly automated readjustment. Not only was this enough to take difficulty to new record highs, it marked Bitcoin’s sixth-largest difficulty uptick of 2023, figures from monitoring resource BTC.com show. Difficulty is a reflection of both miner competition and Bitcoin network security, and its upward trajectory suggests that miners are not yet struggling when it comes to profitability. The next automated readjustment is already d...

Bitcoin and most major altcoins are reeling under intense selling and charts suggest that the market sell-off is not complete. A tight range usually resolves with a range breakout and that is what happened in Bitcoin (BTC) on Aug. 17. Bitcoin fell sharply, resulting in a $1 billion liquidation for derivatives traders, the biggest since the FTX collapse in 2022. It is difficult to pinpoint any specific reason for the sell-off but analysts believe that the confusion arising from the alleged write-down of SpaceX’s $373 million Bitcoin holdings may have been one of the potential triggers. Daily cryptocurrency market performance. Source: Coin360 Whatever the reason, the decline has started. The next major question troubling investors is how low could Bitcoin fall. Several analysts have turned bearish and expect Bitcoin to continue its downtrend in the near term. Will Bitcoin continue to drop, dragging the rest of the cryptocurrency markets with it? What are the important support levels to...

Markets continue to slump, giving advantage to the bears and hinting at a trend change to the downside. Bitcoin (BTC) continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in their latest market update that Bitcoin may remain quiet for a few more weeks before making its move in September.  Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by Q4 2024 and a new cycle peak by Q4 2025. Daily cryptocurrency market performance. Source: Coin360 Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after halving to price-in the effects. Will Bitcoin and the major altcoins remain range...

XRP is currently mirroring a trend from the April-June 2021 that preceded the price falling by 65% in the following months. The double-digit percentage gains for XRP (XRP) this month may have reached the exhaustion point, reflecting the trends elsewhere in the cryptocurrency market. This follows the euphoria surrounding Ripple's partial win versus the U.S. Securities and Exchange Commission, resulting in bullish calls for as high as $15 in the coming months.  $15 is reasonable I believe over 18 months or so. If they IPO and time it correctly, could be up to $35 imo. Make no mistake… it may not go that high… but $XRP IS breaking an all time high this cycle save some sort of pointless, vindictive SEC appeal. (Low chance) https://t.co/rrMCuOacrE — Ben Armstrong (@Bitboy_Crypto) July 19, 2023 Nonetheless, fractal Analysis of XRP's recent candlestick and price momentum patterns hints that a sharp market correction is not off the table, particularly if history repeats. XRP price...

With a score of 17 out of 100, online interest in crypto has taken a big hit from its highest levels reached in May 2021. A two-month-long lull in cryptocurrency optimism has seen online search interest for “crypto” and other common cryptocurrency terms stumble down to late 2020 levels. According to data from Google Trends, the term “crypto” currently has a score of 17, which is well off its reference point of 100 in May 2021. Bitcoin (BTC) and Ethereum have followed a similar downward trajectory. However, search interest for these terms has been in a relatively consistent decline since May 2022, about a month after much of the Terra Luna ecosystem collapsed. A small spike in interest came in early November when the crypto exchange FTX collapsed. Search interest over time for the word "crypto" Source: Google Trends The fall in interest comes as Bitcoin (BTC) has held steady around $28,000 for 10 weeks now — something which Galaxy Digital CEO Mike Novogratz recently describ...

Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects. A bearish technical formation has driven down the total crypto market capitalization over the past seven weeks. Bitcoin’s (BTC) 2% decline — and a 1.7% and 2.5% decline from BNB (BNB) and XRP (XRP), respectively — were the main drivers of the most recent 1.3% correction between May 18 and May 25. Total crypto market cap in dollars, 12-hour. Source: TradingView The descending wedge formation initiated in April indicates a possible breakout near $1 trillion by late July. For bulls, the bearish structure that drove the total capitalization to $1.11 trillion on May 25 means that an eventual break to the upside would require extra effort. Bitcoin and Ether falter due to weak macroeconomic data Sticky inflation continues to worry investors, who price in higher odds of further interest rate increases by the United States Federal Reserve. The country’s latest personal consumption e...

Forex trading skills can be used to improve crypto trading performance. Cryptocurrency adoption continues to grow, especially more as of late, as the recent banking crisis has highlighted the challenges of the traditional financial system. Despite all the doom and gloom that came in the first quarter from the Fed’s inflation-fighting rate hike campaign, banking turmoil and growing concerns that the economy is headed for a recession, Bitcoin (BTC) has risen significantly, up to 80% year to date. Many traders seem to believe that the dollar will gradually lose some of its preferred reserve currency status, with crypto being one of the beneficiaries. Newcomers may join the crypto market for various activities, such as staking, yield farming, play-to-earn gaming and more, but trading still plays a central role. Despite the fact that digital assets are a relatively new asset class for private investors to trade and invest in, the crypto market is very similar to traditional trading in some...