Category: Bitcoin Analysis

January was bitcoin’s best month since 2021, but crypto isn’t ready for a ‘rocket ship rally’ yet

boss

Bitcoin is rounding out its best month in more than a year. It’s already recovered more than half of its 2022 losses and some say it’s found a bottom in this crypto winter. For some investors, however, its strong month isn’t necessarily a green light to jump back into the crypto market. As of Tuesday, bitcoin is set to finish the month up 38.39%, which would make it its best month since October 2021 and its best January in 10 years, according to Coin Metrics. Ether , which led the…

Chart analyst Katie Stockton says she remains skeptical of bitcoin’s 2023 rally

boss

Katie Stockton, founder of Fairlead Strategies, said Tuesday that bitcoin’s rally in the new year doesn’t look sustainable. “The positive development is that it has rallied enough to give folks an exit,” Stockton said on CNBC’s “Squawk Box.” “The catch with that is when you see such strong, very steep rallies, they are more characteristic of counter-trend moves.” After finishing 2022 down more than 60%, bitcoin has already risen about 40% year to date. The world’s largest cryptocurrency touched the highest level since August on Saturday, rising above $23,300. BTC.CB= 1Y…

Grayscale Bitcoin Trust could double by midyear: Ned Davis Research

boss

Crypto is off to a hot start in 2023, and an embattled bitcoin fund gives investors a tool to squeeze more out of this rally, according to Ned Davis Research. Pat Tschosik, a senior portfolio strategist at the firm, said in a note to clients that the Grayscale Bitcoin Trust (GBTC) could give investors a 100% return by midyear. Bitcoin has rallied more than 25% to start the year and is trading above $20,000 again. The largest cryptocurrency appears to have broken out of its long slump, Tschosik said. “We…

Jamie Dimon says bitcoin itself is a ‘hyped-up fraud’

boss

Bitcoin and other cryptocurrencies have been an unnecessary distraction for investors and the industry is rife with scams, JPMorgan Chase CEO Jamie Dimon said Thursday. “I think all that’s been a waste of time… Bitcoin itself has been a hyped-up fraud, a pet rock,” Dimon said on CNBC’s ” Squawk Box .” The crypto industry appeared to be making inroads into Wall Street before 2022, before a dramatic decline in market prices and the blow-up of several high profile firms dampened investor appetite and raised more questions about the safety…

Bitcoin Price Could Top In Short Term, Why Dips Might Be Attractive

boss

Bitcoin price is still struggling to clear the $21,500 resistance zone. BTC could correct further lower if there is a clear move below the $20,500 support zone. Bitcoin struggled to clear the $21,500 resistance zone and corrected lower. The price is trading below $21,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $21,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down below the $20,650 and $20,500 support…

Developers soured on Bitcoin over the last year. Here’s why that matters

boss

Crypto prices suffered badly in 2022, but developer activity for the year paints a more optimistic picture for investors. New data published by Electric Capital Tuesday shows Ethereum had the largest number of full-time developers in 2022 at 1,873, as of Dec. 15. That puts developer growth at 9% for the year, the report showed, even as the price of ether dropped 67%, according to Coin Metrics. Ethereum rivals like Polkadot and Solana followed closely behind, showing growth of 9% and 36%, respectively. For Solana, that growth came despite the…

Bitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone

boss

Bitcoin price extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 zone. Bitcoin extended its increase above the $17,000 and $17,200 resistance levels. The price is trading above $17,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise further if it stays above the $17,000 support and the trend line. Bitcoin Price Extends Increase…

Why Bitcoin volatility falling to lows this week might be bad news

boss

Bitcoin’s volatility fell near an all-time low this week, and while the stillness of the price action these past couple months may be welcome, investors may not want it to last forever. Volatility has always been a key characteristic of the cryptocurrency. Lately, some investors have been comforted to see bitcoin react less to volatile macroeconomic events, especially as the stock market stayed highly sensitive to them. On top of that, bitcoin has been relatively stable in the wake of the FTX implosion, aside from an initial decline when the…

Bitcoin Price Jumps To $17K and Prints Bullish Continuation Signal

boss

Bitcoin price climbed higher above the $16,800 resistance. BTC could rise further if it clears the $17,000 and $17,050 levels. Bitcoin is slowly moving higher above the $16,800 and $16,850 resistance levels. The price is trading above $16,700 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise steadily if there is a close above the $17,000 resistance. Bitcoin Price Climbs Higher Bitcoin price remained…

Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

boss

Bitcoin price is still facing resistance below $17,000. BTC could decline heavily if there is a clear move below the $16,000 support zone. Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels. The price is trading above $16,500 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if there is a clear move below the $16,000…