Category: Bitcoin Analysis

Bitcoin—a risk asset and safe haven—is worth owning at these levels, says Wolfe Research

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Bitcoin has long perplexed investors with its ability to act as both a store of value and a high risk asset, but Wolfe Research says it’s worth owning either way and to lean into the nuance. There’s been a fog over the price of bitcoin this year. It’s remained in a tight range between $25,000 and $30,000 and fluctuated between acting like a risky tech stock and a type of digital gold. It isn’t the first time bitcoin’s narrative has wavered, and it may be time for traders to embrace…

Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

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Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside. Bitcoin is still struggling to clear $26,500 and $26,700. The price is trading above $26,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could again climb higher unless there is a close below $26,200 and $26,000. Bitcoin Price Faces Uphill Task Bitcoin price…

Bitcoin price and Coinbase volumes are showing a rare decoupling, Mizuho says

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It’s becoming clear that investor apathy in this year’s crypto market is starting to hurt Coinbase , according to Mizuho analysts. The crypto exchange’s trading volume historically has been influenced by moves in the price of bitcoin . But that trend has been falling apart since the beginning of the year, Mizuho managing director Dan Dolev said in a note Tuesday, calling it a “stark” and “likely unprecedented” bifurcation. Dolev highlighted that while bitcoin has risen from its fourth-quarter 2022 trough to an average of $28,500 in the third quarter…

Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K

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Bitcoin price broke the key $25,350 support. BTC is now consolidating near $25,000 and remains at a risk of more downsides in the near term. Bitcoin traded below the $25,600 and $25,350 support levels. The price is trading below $25,600 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it stays below the $25,600 resistance. Bitcoin Price Breaks Key Support…

Bitcoin Bulls Continues To Struggle, Here’s Why Upsides Could Be Limited

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Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance. Bitcoin is still trading in a range above the $25,500 support zone. The price is trading below $26,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt to recover but the bears might remain active near $26,200. Bitcoin Price Stuck In Range…

Bitcoin and crypto are about to embark on a ‘much stronger fundamental’ rally, Bernstein predicts

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The setup for the next bitcoin bull run has become even clearer wiafter last week’s landmark ruling in Grayscale’s suit against the Securities and Exchange Commission delivered what Bernstein calls a “game changer” for asset managers. This time, however, it will be led by institutions rather than retail investors, which helps explain why crypto prices remain stagnant despite having several positive catalysts in recent weeks. “The strong showing in the courts (Ripple and Grayscale in two months), improved ETF chances and the progressive institutional interest are positioning crypto for an…

Here’s the bitcoin outlook for September as crypto industry turns focus on Washington

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Bitcoin is poised to end August on a down beat despite the crypto industry scoring a milestone win on the regulation front. The cryptocurrency could be mired in a range during September, market participants say. The cryptocurrency is on pace for a 10% decline this month, according to Coin Metrics. Bitcoin recently jumped 7% after a federal appeals court sided with Grayscale over the Securities and Exchange Commission in a key crypto ETF case. However, that wasn’t enough to lift the flagship crypto back to the $29,000 level. Investors are…

Here’s what’s next for bitcoin ETFs after a court ruled in favor of Grayscale over the SEC

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The Securities and Exchange Commission’s approach to regulating the crypto industry took another blow on Tuesday in a court case that could prove to be a key milestone in the ongoing fusion of bitcoin and traditional asset management. A federal appeals court struck down the SEC’s order denying the conversion of the Grayscale Bitcoin Trust (GBTC) into an exchange traded fund. Specifically, the ruling swatted down the regulator’s argument that the spot and futures markets for bitcoin were separate enough to justify holding off direct crypto ETFs even though futures…

Bitcoin’s most faithful are staying put despite the crypto market’s recent weakness

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Even after a big correction, which followed weeks of almost complete inactivity, and a new focus on real rates, bitcoin’s most patient investors are still holding onto their coins. The cryptocurrency closed at $25,972.52 on Friday and lost 0.25% for the week – its eight negative week in the past nine, according to Coin Metrics. It had posted an 11% decline for the previous week. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. ET stock market close one Friday to the next.…

Bitcoin ordinals inscriptions have been climbing steadily this summer despite lull in prices

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Ordinals inscriptions have been consistently higher this summer, while the price of bitcoin was in a lull. The number of ordinals recorded onto the Bitcoin blockchain has spiked above 400,000 three times since July 30, surpassing their May high of 400,091, according to Dune Analytics. Twice in July they jumped above 385,000. Ordinals are a new protocol that makes it possible to store and trade digital content on the Bitcoin blockchain. The idea is similar to NFTs, barring some technical differences, and investors are excited about their ability to bring…