Category: Bitcoin Analysis

Small bitcoin stake makes sense regardless of cryptocurrency thesis, says Fidelity

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Some investors might be trying too hard to understand bitcoin and missing an investing opportunity in the process, according to an executive from Fidelity Digital Assets. Matt Horne, head of digital asset strategies at the firm’s custody and trading arm for institutional investors, said investors and advisors are busy sharpening their cryptocurrency thesis when a small portfolio allocation is likely appropriate for them regardless of their thesis. “You could have multiple investment theses on bitcoin, and that’s okay,” Horne said Monday at the 2024 Vision conference, a crypto investing conference…

Bitcoin investors see sideways trading in June as focus turns to Washington

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Markets are nearing the official start of summer, but bitcoin may languish in June. The flagship cryptocurrency jumped 13% in May, according to Coin Metrics, its eighth monthly gain in the past nine months and its best month since February, when it soared 44%. That’s thanks to last week’s ether-led rally ahead of the SEC’s approval of a rule change allowing ether ETFs in the U.S., when ether surged 20% in two days. Now, aspiring sponsors of ether ETFs need to file their S-1 registration forms for the individual funds.…

Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery

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Crypto analyst Pierre has provided insights into why $69,000 is a significant price level for Bitcoin. He suggested the flagship crypto could hit a new all-time high (ATH) if it successfully holds above that range.  A Breakout Above $69,000 Could Lead To A Bitcoin Recovery Pierre mentioned in an X (formerly Twitter) post that Bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the ATH region of $73,000. This could also open up the possibility of the flagship hitting a new ATH…

Bitcoin ETFs aren’t winning the hearts and minds of financial advisors

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Omer Taha Cetin | Anadolu | Getty Images A major thesis around bitcoin ETFs was that financial advisors needed regulated funds like them to direct their wealthy clients to invest in bitcoin. Almost six months after the launch of those ETFs, there are few signs that advisors are clamoring for the funds. Many remain just as averse to bitcoin now as they were before. That doesn’t mean the ETFs were a failed experiment, however. For one, bitcoin ETFs have been hailed as the most successful ETF launches in history, with BlackRock’s iShares Bitcoin Trust (IBIT) reaching…

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…