Category: Bitcoin Analysis

Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

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Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC must clear $30,600 to move further into a positive zone. Bitcoin formed a base above $28,500 and started a fresh increase. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above $30,600.…

MicroStrategy’s bitcoin bet looks shaky and is now underwater

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Rafael Henrique | LightRocket | Getty Images MicroStrategy, the enterprise software maker that’s bet big on bitcoin over the past two years, is now underwater on its holdings of the world’s largest cryptocurrency due to the market tumble. Bitcoin traded around $28,000 apiece on Thursday morning, recovering somewhat from earlier losses that brought the digital token below $27,000. Just last week, it touched a recent high around $40,000. Its all-time high, just below $69,000, was reached in November. MicroStrategy’s cost basis was roughly $30,700 per bitcoin, as of March 31,…

Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

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Michael Sonnenshein, CEO, Grayscale Investments at the NYSE, April 18, 2022. Source: NYSE Grayscale, the asset manager running the world’s largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF, CNBC has learned. Turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up to $8 billion in value for investors, according to a 24-page presentation obtained by CNBC. That’s…

Bitcoin Struggles Below $32K, Why Downtrend Could Resume

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Bitcoin attempted a recovery wave above $32,000 against the US Dollar. BTC is struggling and remains at a risk of more losses below $30,000. Bitcoin started a short-term recovery wave after it tested the $30,000 zone. The price is now trading below $31,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might resume decline if it stays below the $32,400 resistance zone. Bitcoin Price Faces…

Bitcoin Price Hits Three-Month Low, What’s Driving This?

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At this point, it is no longer news that bitcoin has now hit its lowest point in three months. The last time the digital asset had seen its price break below $34,000 had been in late January but had continued to hold up well after this. Last time, the low market momentum following the market crash on December 4th had been the culprit. This time around, a whole different beast is behind the wheel of the tumbling asset value. Stock Market On The Rocks Bitcoin’s correlation with the stock market…

Bitcoin Price Breakdown Looks Real, Why BTC Could Dive Below $35K

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Bitcoin started a strong decline from the $40,000 resistance against the US Dollar. BTC broke the key $37,500 support to move into a bearish zone. Bitcoin started a strong decline below the $37,500 and $36,500 levels. The price is now trading below $37,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate further lower below the $35,000 support zone in the near…

Why Bitcoin Futures And Spot Signals Don’t Match Up

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Bitcoin price bounced to the tune of 5% following yesterday’s Federal Reserve meeting. However, the move has almost fully retraced. What’s interesting about the situation, is that traders at one particular platform could have seen this coming a lot more clearly, while others might have suffered a fake out. Here is a closer look at a comparison between BTCUSD spot index price charts and BTC CME Futures that puts a spotlight on the strange discrepancy. We also shed some light on how to possibly take advantage when these instances occur.…

Luna Foundation Guard further bolsters stablecoin reserve by raising $1.5 billion in bitcoin

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People walk through the North American Bitcoin Conference held at the James L Knight Center on January 18, 2022 in Miami, Florida. Joe Raedle | Getty Images The Luna Foundation Guard has acquired $1.5 billion in bitcoin to bolster the reserves of its most popular stablecoin, known as U.S. Terra. Stablecoins are cryptocurrencies that aim to peg their market value to a more stable asset. This latest transaction by the Luna Foundation Guard brings it closer to its goal of accumulating $10 billion of bitcoin to back the U.S. Terra…

Bitcoin Price Technical Indicators Suggest Break Below $37K

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Bitcoin is facing resistance near $38,200 against the US Dollar. BTC remains at a risk of more downsides unless there is a move above the $39,000 resistance. Bitcoin is facing a major resistance near the $38,200 and $39,000 levels. The price is now trading below $38,500 and the 100 hourly simple moving average. There is a key bearish trend line with resistance near $38,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $38,350 and $38,800 resistance levels to start a steady…