Category: Bitcoin Analysis

Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

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Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs. Bitcoin extended its downside correction below the $69,000 zone. The price is trading below $69,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $67,500 support. Bitcoin Price Revisits Support Bitcoin price started…

Semler Scientific surges on new bitcoin treasury strategy

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Semler Scientific, a little-known medical technology company, saw its shares surge Tuesday after it said it has adopted bitcoin as its primary treasury reserve asset, taking a page out of MicroStrategy’s playbook. The company, which develops products used in the detection of peripheral arterial disease, also announced a purchase of 581 bitcoins for about $40 million, inclusive of fees and expenses. The stock soared 30% Tuesday, while bitcoin traded lower by about 2%, according to Coin Metrics. Semler, which has a market capitalization of about $210 million, is down more…

Bitcoin faces headwinds challenging miners in near term, says JPMorgan

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Unprofitable bitcoin miners are starting to exit the network after the halving , as expected. That’s a relief to remaining miners because it makes producing a single bitcoin less expensive. But much of their performance relies on bitcoin’s price, which still faces several near-term headwinds, according to JPMorgan. “The current hashrate and power consumption put our central estimate of the bitcoin production cost to around $45,000, i.e. well below current prices,” JPMorgan’s Nikolaos Panigirtzoglou said in a note Thursday. Bitcoin is currently trading at about $66,000, after a 7% rally…

Bitcoin price may not retest this year’s highs for another five months

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After its sharp rally earlier this year, the summer doldrums may have come early for bitcoin . The cryptocurrency is up 48% for the year thanks to bullish enthusiasm surrounding the debut of U.S. bitcoin ETFs in January and the April 19 halving . Bitcoin is on pace for its first positive week in the past six, according to Coin Metrics. However, it’s fallen 11% in the second quarter and is off about 14% from its all-time high above $73,000, reached in March. Analysts remain optimistic on bitcoin long term,…

Recent breakdown suggests $52,000 is the next stop for bitcoin, according to the charts

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Bitcoin started 2024 with a bang, as a first-quarter rally propelled the price up to a new all-time high around $74,000 in mid-March. Over the next six weeks, bitcoin has been decidedly rangebound, rotating between support around $60,000 and resistance around $72,000. With bitcoin finally breaking below that support level at $60k this week, we see much further downside potential before the long-term uptrend resumes. If we look at the recent trading range in a little more detail, we can see how recent support around $60,000 lines up with the…

Bitcoin losses could steepen after the cryptocurrency fell below $60,000, analysts say

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The bitcoin sell-off could get worse before it gets better, according to analysts who look only at price charts. The flagship cryptocurrency just posted its first negative month in eight and worst month since November 2022. The downtrend intensified on Wednesday when it tumbled under the $60,000 level for the first time since February, as stubborn inflation and uncertainty around Federal Reserve interest rate policy kept markets under pressure. That was a key support level for bitcoin, representing the approximate convergence of the March low and 100-day moving average, according…

Bitcoin showing similarities to small caps as it struggles to break $70,000, says Wolfe Research

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Bitcoin has been struggling to break out of its narrow range and reach new highs, and there’s doesn’t appear to be much hope for the cryptocurrency’s price in the near term, according to Wolfe Research. “Bitcoin continues to demonstrate its inability to successfully get through that stubborn $70k resistance level,” Wolfe’s Rob Ginsberg said in a note Wednesday. “It’s the same area where price stalled out in 2021 before going onto fall some 50% from the peak over the next three months” — before bitcoin hit another all-time high that…

Bitcoin just completed its fourth-ever ‘halving,’ here’s what investors need to watch now

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The Bitcoin network on Friday night slashed the incentives rewarded to miners in half for the fourth time in its history. The celebrated event, which takes place about once every four years as mandated in the Bitcoin code, is designed to slow the issuance of bitcoins, thereby creating a scarcity effect and allowing the cryptocurrency to maintain its digital gold-like quality. There may be some speculative trading on the event itself. JPMorgan said it expects to see some downside in bitcoin post-halving and Deutsche Bank said it “does not expect…

JPMorgan likes these mining stocks to play the upcoming Bitcoin halving

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While most of the public cryptocurrency miners are positioned to survive the supply shock of the Bitcoin halving, JPMorgan has named its top picks. “With the bitcoin halving on the horizon, we expect heightened volatility and trading volume in both bitcoin and mining stocks,” Reginald Smith, an analyst at JPMorgan, said in a note this week. “That said, we think recent weakness offers an attractive entry point, and are especially bullish on RIOT and IREN, which we think offer attractive relative valuations.” The Bitcoin halving is estimated to take place…

Bitcoin miners’ revenue is about to be slashed — what investors need to know

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The bitcoin halving is set to take place in the next few days, which will cut miners’ main stream of revenue in half. Scary as that sounds, the bigger, publicly-traded miners are well prepared to survive the halving and thrive, according to analysts — and given the recent weakness in mining stocks, investors may be staring at a big opportunity. “We believe a bitcoin price above $60,000-$65,000 means the halving is de-risked for nearly all public miners,” Needham analyst John Todaro wrote in a note to clients on Tuesday. It…