Analyst Who Predicted Bitcoin’s V-Shaped Reversal at $3,700 Is Bullish

It’s been a tough past few weeks for the Bitcoin market. Some are skeptical that the cryptocurrency is in a bull trend after BTC has sustained multiple rejections at $10,000. Yet a trader that nailed a bold prediction remains optimistic, sharing a number of signals indicating imminent upside. Bitcoin Could Soon See a Bounce, Says Crypto Trader In March, Bitcoin plunged from the $9,000s to $3,700 in the matter of a week. Considering the severity of the drop, coupled with a collapse in the traditional economy, few expected a rebound.…

Bitcoin’s Price Correlation With S&P 500 Hits Record Highs

Ever since its inception, bitcoin has been dubbed “digital gold,” given it is durable, fungible, divisible and scarce like the precious metal.  However, while gold has a strong track record of rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset. In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Street’s equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its…

BItcoin’s Sudden Drop to $9k Coincides With Fed’s Balance Sheet Contraction

Bitcoin plunged back towards $9,000 despite showing signs of upside correction in the early Friday session. The latest price correction coincided with the Federal Reserve’s balance sheet contraction that strengthened the US dollar. S&P 500 remained closed on Friday for the Independence Day holiday. The past 24 hours saw Bitcoin breaking its short-term positive correlation with the S&P 500. The benchmark cryptocurrency plunged to $9,068, down 2.44 percent from its weekly top established during the Thursday trading session. Its latest decline partially came because of high profit-taking sentiment near the…

This New Economic Narrative Could Shift the Tides Into Bitcoin’s Favor

Bitcoin has been closely tracking the traditional markets in recent months, which is part of the reason why it has been caught within such a persistent trading range since the start of May. The equities market has been stable as of late, with its ongoing consolidation coming close on the heels of a historic rebound than can be accurately described as a “V-shaped” recovery. It doesn’t appear that investors are too confident that the economic damages done by the ongoing pandemic will subside anytime soon. The current range-bound trading in…

History Shows That Bitcoin’s Consolidation Phase is Likely to Result in Fireworks

Bitcoin has been caught within a tight trading range between $9,000 and $10,000 for two months now. This trading range is still showing few signs of degrading as buyers continue guarding against a dip below its lower boundary. That being said, history does show that multi-month bouts of consolidation – like the one BTC is caught within currently – do tend to end with explosive movements. Historical data also shows that they can persist a lot longer than two months, signaling that it may be quite some time before the…

Bitcoin’s Current Price Impacted By Miners? It’s Possible, Analytics Company Says

Mike Alfred, co-founder and CEO of data analytics outfit Digital Assets Data, recently pointed toward miners as a potential catalyst for recent Bitcoin (BTC) price activity.  “It is tough to say definitively, but it appears as though the miners’ actions are having a direct, immediate impact on price,” Alfred told Cointelegraph on July 1.  “This is especially evident during outlier events like on the 23rd, where we saw miners offload >300% more BTC than they mined that day,” he added, referencing June 23 activity.  Image courtesy of Digital Assets Data…

Amazon CEO Bezos Now Has More Money Than Bitcoin’s Market Cap

Jeff Bezos, CEO of online shopping giant Amazon, recently tapped record wealth levels, holding more personal wealth than all the speculative capital currently invested in crypto’s largest asset — Bitcoin (BTC).  “Amazon stock shares surged 4.4% to a record $2,878.70 Wednesday, boosting the founder’s world-leading fortune to $171.6 billion,” Bloomberg said in a July 1 article. “That tops his previous high of $167.7 billion, set on Sept. 4, 2018, according to the Bloomberg Billionaires Index.” Bezos’ deep pockets compared to Bitcoin At press time, Bitcoin holds a market cap of…

Blockchain Bites: DeFi and DEXs Surge, Bitcoin’s Negligible Adjustment and an ICO Class Action

DeFi’s agricultural revolution is spurring growth in decentralized exchanges. Meanwhile, the Bitcoin network experienced its lowest difficulty adjustment in 10 years, clocking a negligible change in mining difficulty today, while a novel legal strategy is bringing an initial coin offering project to court. Here’s the story: You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.  Top shelf Breaking Down DeFiDecentralized exchanges (DEXs) are growing due to a surge in decentralized finance (DeFi)…

As S&P 500 Flips 3,000 Into Support, Bitcoin’s Bull Case Grows

Despite a worsening pandemic, geopolitical turmoil, and more, Bitcoin and the S&P 500 have fended off secondary declines after March’s liquidity crash. At least for the time being, BTC holds above $9,000 and the leading stock index remains above 3,000 points. Both measures have held their respective levels for more than a month. With the S&P 500 holding strong, Bitcoin also stands to rally. Related Reading: An Infamous Bitcoin Whale Just Resurfaced — and He’s Got a Bone to Pick S&P 500 Secures 3,000, Boosting Bitcoin Bull Case In early…

Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs

During the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June 24, to a low of $8,965 on June 27. Since then the price has increased and the price per bitcoin is back above the $9k zone but much lower than before. The lower price has affected the profits of miners hashing away to find blocks on the network. Ever since they lost 50% of the block reward on May 11, gathering profits have been tough on miners with bitcoin prices at…