Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
Bitcoin, the top cryptocurrency, reached a two-month low due to risk aversion in global markets triggered by concerns about China's economy and U.S. interest rates, as well as a report that Elon Musk's SpaceX sold its bitcoin holdings.
Bitcoin's volatility is expected to decline, signaling a maturation process and potential retracement period, according to Bloomberg analyst Mike McGlone.
The recent price pullback in Bitcoin and the cryptocurrency market is not surprising, as most risk assets typically suffer when the S&P 500 falls; however, volatility for both Bitcoin and the S&P 500 is declining, which suggests mainstream migration and a potential lack of price-pump potential for Bitcoin.
Bitcoin's price dropped below $26,000, losing most of its gains from the previous day, as both cryptocurrencies and traditional markets experience a significant downtrend.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
The current Bitcoin cycle appears to be lining up with previous cycles, showing similarities in the bear market drawdown phase and the convergence of prices after crashes, suggesting that more drawdown may be coming for the price.
Bitcoin prices experienced a sudden drop last week, with analysts attributing it to large liquidations of perpetual futures and a report that SpaceX had sold the cryptocurrency, while industry insiders have mixed opinions on the impact of spot bitcoin ETFs and Coinbase's investment in Circle.
Bitcoin (BTC) price remains stagnant and could potentially slide lower, while Ethereum (ETH) and Ripple (XRP) prices are also experiencing a lack of activity, which may have negative implications as markets tend to be impatient.
Bitcoin experienced a dip in price after the U.S. Federal Reserve Chair hinted at the possibility of an interest rate hike, but an on-chain indicator suggests that Bitcoin is undervalued and presents a good opportunity for long positions in the coming week.
Bitcoin's velocity has decreased to a 3-year low, potentially suggesting that whales are holding onto their positions rather than transferring ownership to new investors. Meanwhile, select altcoins like Toncoin, Monero, Mantle, and Quant are showing signs of strength and could present short-term trading opportunities depending on Bitcoin's next move.
Bitcoin's trading volume has reached its lowest level in four years, with investors waiting for reasons to reenter the market, as the price of bitcoin remains up 57% for the year but has struggled to rebound from its recent decline.
Former Goldman Sachs executive Raoul Pal believes that Bitcoin may be on the verge of a massive rally, based on the historical volatility of the cryptocurrency dropping below 20, a level that has preceded significant price increases in the past. Pal also notes that Bitcoin's Bollinger Bands, a volatility indicator, are the tightest they have ever been, further indicating the potential for a strong upward movement. Ethereum is also highlighted as trading within a bullish pattern despite recent market corrections.
Bitcoin's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Bitcoin's spot trading volumes for the current quarter have been significantly lower compared to previous quarters, potentially indicating a decline of around 14% month over month, while Ethereum's trading volumes are also at a level not seen since 2019, suggesting a similar trend for the cryptocurrency.
Bitcoin experienced a decrease in August, with traders successfully predicting a bearish trend using Elliott Wave theory and range movement analysis, resulting in profitable trades; however, further price movements are still uncertain and may be influenced by the decision on the upcoming Bitcoin ETF.
Bitcoin and other cryptocurrencies are experiencing a decline as analysts predict further decreases ahead.
Bitcoin continues to trade below $26,000, with the crypto market experiencing a sideways trend, while Deribit's options segment saw increased trading volume in August.
Bitcoin, the pioneer digital currency, is showing signs of declining interest as trading volumes and search traffic decrease, indicating a period of uncertainty and potential downside movement in the market.
Bitcoin's price has fallen below its 200-week moving average, indicating a bearish trend, but historical data suggests that this could be a buying opportunity for patient investors.
Bitcoin (BTC) remains near a key long-term trendline as the U.S. dollar strengthens, with market participants predicting further downside for BTC and altcoins.
Bitcoin experienced volatility and a "short squeeze," resulting in new highs for September, punishing late traders chasing the market up and down, with short liquidations totaling $23.5 million on September 7.
The recent decline in the price of Bitcoin has raised concerns of a larger market downtrend, with Ethereum and Ripple also at risk of falling if Bitcoin weakens further.
Bitcoin (BTC) experienced a short squeeze, leading to a rally in prices and a decline in open interest in futures and perpetual swaps trading. However, the lack of immediate bullish catalysts may cap the price recovery.
Bitcoin's hash rate is near a record high, addresses holding 0.1 BTC are at an all-time high, and the amount of Bitcoin held on exchanges is declining, indicating bullish fundamentals for the cryptocurrency.
Bitcoin (BTC) reached new September highs as markets reacted positively to macroeconomic and crypto industry news, with the cryptocurrency trading at around $26,300, up 5.5% from its September lows; traders have expressed optimism about Bitcoin's recent performance and potential future breakout if a Bitcoin spot price ETF is approved by U.S. regulators in the coming months, while some remain cautious and predict a potential relief rally before a further decline in on-chain volume.
The percentage of bitcoin's circulating supply that has been active onchain recently has reached a record low, indicating supply-side weakness and potentially setting the stage for a significant price rally.
August saw the crypto markets experience a downturn, with Bitcoin and Ether losing significant value due to liquidations on the derivatives market, while venture capital investment in the blockchain industry hit a new low and derivatives drove negative sentiment for Bitcoin.
Bitcoin (BTC) consolidated higher on September 15 as analysts described recent price behavior as "textbook," with hopes of a potential bullish breakout and the possibility of avoiding new lows.
Bitcoin has the potential to rally and reach a new high in 2023, according to an analyst, who also states that the current price action looks constructive after a period of downward trend.
Bitcoin and other cryptocurrencies have seen a rise in price as traders anticipate a potential macroeconomic catalyst that could lead to a significant movement in the market.
Despite claims of a bear market, indicators like website traffic suggest that cryptocurrencies may not be experiencing a decline, as some major platforms have seen a significant drop in traffic while others have experienced an increase.
Bitcoin experienced volatility as the Federal Reserve maintained interest rates, with experts predicting no more rate hikes and the potential for Bitcoin to trend upwards.
Bitcoin and other cryptocurrencies experienced a decline after the Federal Reserve decided not to raise interest rates, suggesting that significant gains may not be anticipated in the near future.
Bitcoin (BTC) price remains stagnant and unaffected by recent macroeconomic events, leading traders to believe that it will continue to trade within a range until proven otherwise.
