Tag: Analysis

Hopes of a BTC ETF approval sent Bitcoin charging toward a new all-time high and several altcoins are also breaking out of bullish setups. Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various documents pointed to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy…

Bitcoin remains strong above its recent breakout level, but several major altcoins will be under pressure until BTC reveals its next move. Bitcoin (BTC) has been sustaining above $54,000 for the past few days but that has not resulted in euphoria among investors. Google Trends data shows that Bitcoin search interest has not picked up in recent days and is nearing one-year lows. Some analysts believe that this is a sign that only stronger hands are accumulating. A recent report from CoinShares also showed that institutional investors pumped more than…

Analysts say Bitcoin has started its journey toward a new all-time high and the sideways action from altcoins suggests traders are shifting funds into BTC. Bitcoin (BTC) resumed its rally today and has climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is only having a temporary effect. The strong rally in Bitcoin in the past few days has boosted sentiment and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research…

Bitcoin and select altcoins are facing selling at higher levels, indicating that short-term traders may be booking profits after the recent rally. Bitcoin’s (BTC) rally above $50,000 seems to have received a boost from institutional buyers who are looking to hedge their portfolio against increasing inflation, said JPMorgan in a note to its clients on Oct. 7. The bank’s analysts speculated that institutional investors may be preferring Bitcoin over gold as a better hedge against inflation. A recent study titled “Cryptocurrencies and the Sharpe Ratio of Traditional Investment Models” by…

Bitcoin has surged above the overhead resistance and that has pulled several altcoins higher. Bitcoin (BTC) skyrocketed above the $1 trillion market capitalization today, pulling the total crypto market capitalization close to $2.3 trillion. This marks a complete 100% recovery from the June 22 lows when the total crypto market capitalization had plunged to about $1.15 trillion.  According to Chainalysis, the Central and Southern Asia and Oceania region has seen a massive increase of 706% in crypto transactions between July 2020 and June 2021. The total transaction value was $572.5 billion,…

Bitcoin bulls have set their sights on $50,000 and this renewed push is also boosting large and small-cap altcoin prices. Bitcoin (BTC) is facing rejection near $50,000, indicating that bears are not ready to give up without a fight. Many analysts expect Bitcoin to soar in the last quarter of the year and stock-to-flow model creator PlanB says the “worst-case scenario” for Bitcoin in October is $63,000 and $98,000 by November. PlanB is not alone in his bullish projection. Using Bitcoin’s relative strength index (RSI) indicator during the four-year cycle, Twitter commentator…