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Bitcoin Price Edges Higher: Is New ATH Possible Ahead Of HalvingBitcoin price hovers close to All time high value and is showing accumulation in the last few sessions. The BTC price currently trades close to $69,400 and has dropped nearly 2.60% in Intraday. The Bitcoin price started off the week with a negative note on Monday and has dropped nearly 2.60% in Intraday on Monday. At press time, the crypto was hovering close to $69,400 and has loomed towards the lower boundary of the accumulation. Earlier, the BTC/USD pair has been witnessing an accumulation near the previous all time high value. The accumulation has been of nearly six intraday sessions and the pride hasn’t been able to find a clear direction since then. On the higher side, the $71,600 level has been acting as a supply and stooping to price to rise further. Whereas, on the lower side, $68,076 level has been acting as a demand and preventing further fall. The long term trend outlook is bullish due to which a breakout of the range is anticipated. Also, the key moving averages are leaving a positive note which adds a confirmation for a breakout. Whereas, if the BTC price breaks the lower boundary of the accumulation and 20 day EMA, it may head straight towards the 50 day EMA. The 50 day EMA is currently placed at $62,700 which is also the previous support zone. Bitcoin Crypto Volume Analysis The volume analysis shows that Bitcoin received $24.25 Billion volume inflow in the past 24 hours which is nearly 38% higher than the previous day. The live market capitalization of BTC cryptocurrency is 1.371 Trillion USD. The volume to market capitalization ratio is 1.74% indicating low volatility. It has a current circulating supply of 19.67 Million BTC tokens which is 93.67% of the total supply. The total supply of Bitcoin is 21 Million tokens. Bitcoin Price Holdings Analaysis The above chart demonstrates the number of addresses holding a particular amount of Bitcoin along with the change in time. Starting from the smaller one, given below is the number of wallets holding from 0 to 1,000,000 Bitcoins by the end of March 2024. No of Bitcoins No of addresses 0 to 0.0001 BTC:- 28.2 Million 0.0001 to 0.01 BTC:- 11.79 Million 0.01 to 0.1 BTC: 7.91 Million 0.1 to 1 Bitcoin: 3.51 Million 1 to 10 BTC: 856.19 K 10 to 100 BTC: 137.16 K 100 to 1,000 BTC: 13897 1,000 to 10,000 BTC: 1961 10,000 to 100,000 BTC: 106 100,000 to 1,000,000 BTC: 3 Bitcoin Price Technical Outlook The technical indicators imply a bullish outlook in the short term as BTC price hovers higher than the key exponential moving averages of 20, 50 and 200 days. The short term EMAs are aligned above the larger EMA of 200 days suggesting a trend continuation until the price is maintained above the 20 day EMA. At the time of writing, the RSI line was placed at 55.98 points and that of the SMA line 55.66 points. Both the RSI and SMA line were placed above the mean line suggesting a positive outlook in the short term. Also, a bearish crossover of both the lines is observed indicating a possible correction in the price. Bitcoin Price Prediction April 2024. The short term trend outlook positive which may trigger a breakout of the current accumulation range. On the higher side, the short term traders and investors may target previous ATH as the 1st level of profit booking. If the momentum resumes, then the Investors may hold till the $80,000 level. Also, in case of breakdown of the accumulation, the BTC price may go volatile and might retrace the 50 day EMA if it lowers below the 20 day EMA. Conclusion. The Bitcoin price is exhibiting an accumulation near the $70,00 level for the last six consecutive sessions. The crypto started off the week on a negative note and has lowered by 2.60% in Intraday indicating the intention to stay in the range as of now. The long term trend outlook is bullish due to which a breakout is anticipated. Any sustained move above $71,600 level may drive the price near the next targets of $75,000 and $80,000. Technical levels: Support levels: $65,500 and $62,000 Resistance levels: $71,650 and $73,890 Disclaimer The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
BINANCE:BTCUSD
by Ritika_TCR
Bitcoin Rebounds To 67K Amid Increased OI Data & Whales ActivityBitcoin Rebounds To 67K Amid Increased OI Data & Whales Activity The Open Interest contracts have noted a surge of $1.4 Billion a day as BTC price took a rebound from $64K. At the time of writing, Bitcoin was exchanging hands close to $67.45K recording a strong intraday development of 2.5%. Bitcoin surged nearly 4.5% from yesterday's low, and has again registered its presence above the $67K. For the last few sessions, BTC was suffering a selling pressure which deepened yesterday losing over 3%. However, the bulls made a strong comeback in the later session yesterday and the price took a sharp rebound rising over 3.5% to close higher. Furthermore, along with the advancement in the BTC price, the Open Interest contracts saw a significant surge of nearly $1.4 Billion a day. Decoding The Derivatives Data The Bitcoin derivatives data recorded a positive inflow of nearly $1.4 Billion contracts as the BTC price took a rebound from the day low of $63.5K. The increase in Open Interest contracts indicates new positions being opened for longer term expectations of volatility. Moreover, the recent Bitcoin 2024 conference is creating a buzz due to Donald's Trump presence. The Bitcoin 2024 conference is set to be held in Nashville, Tennessee. The recent surge in derivatives data highlights that the short term futures traders seemed to be skewing towards long positions ahead of Donald Trump's speech at the Bitcoin's 2024 conference. Additionally, in hope of a positive remark from Donald Trump, the Future traders are heavily skewed toward long positions. As a results, Even a slight retrace back towards $65,000 may put $1.4 billion worth of long positions at risk, according to data obtained from an on-chain analytics website app.santiment.net Bitcoin Whales Found Accumulating Again Furthermore, On-chain analytics platform CryptoQuant has observed significant Bitcoin accumulation by large-volume investors, known as whales. Also, the same was highlighted by the CEO Ki-Young Ju who described this trend as “unprecedented,” in a recent post on X (formerly twitter). x.com He mentioned that nearly 358,000 BTC has been moved to permanent holder addresses over the past month. In July alone, global spot ETF inflows reached 53,000 BTC. Although not all BTC is in custody wallets, the accumulation phase is clear, indicating a substantial transfer of wealth within the crypto market. Additionally, the Total Value Locked (TVL) in Bitcoin stands at $701.92 million, reflecting ongoing engagement and investment in the cryptocurrency market. Can Bitcoin Conquer The $70K Mark This Time? BTC/USD daily chart highlights of a strong rebound yesterday, which resumed today as well. The largest cryptocurrency saw an impressive 2.5% rise in intraday reclaiming back the FWB:67K mark. Moreover, the BTC price took a rebound from the 50 day Exponential moving average suggesting a bullish continuation. The long term trend is already bullish as the price hovers nearly 14% higher than the 200 day exponential moving average. The $68k may act as the most recent hurdle which once surpassed could pave the way towards $70 K. On the contrary, if the price suffers below the recent support of $63K, it may invalidate the bullish scenario and the price may retreat further. At the time of writing, the MACD (moving average convergence divergence) line and signal line was revealing a divergence suggesting a trend continuation. Keyword: Bitcoin Meta Description: Bitcoin surged nearly 4.5% from yesterday's low, and has again registered its presence above the $67K.
CRYPTO:BTCUSDLong
by Ritika_TCR
Weekly BTC-USD(14th February)After two weeks of the continuous rally, BTC took a nosedive in the latter part of the last week and declined by ~1%. On the weekly TF, BTC formed an Inverse Hammer candlestick pattern, which indicates that the market is again in control of bears. As the overall trend is still bearish, the recent positive rally can be considered as a pullback. At the time of writing, BTC is trading slightly above $42,500. On the Daily TF, BTC has given a breakout from its Descending channel formation and is currently hovering above its major resistance of $40,000 from the last 7-8 days, which mildly depicts that momentum can be shifting towards the bull’s side in the coming days. On the higher side, BTC is facing stiff resistance in the range of $45,000-$45,500 as it tried to breach this range thrice in the last week but was unsuccessful. However, if we get a decisive breakout from this range in the coming days, the next major hurdle is placed at $47,500 followed by $49,500-%50,000. On the downside, BTC is witnessing buying strength in the range of $41,500-$42,000 as none of the last 3 daily candles have not closed below $42,000 which is a positive signal, however, if this support range is broken again, BTC can again take a nosedive to the levels of $40,000 followed by $38,500.
COINBASE:BTCUSDLong
by TradeDog-Research
Weekly BTC-USD(22nd November)After making a new ATH of $69,000 in the previous week, BTC witnessed a massive profit booking last week which caused BTC to close ~15% lower from its ATH level. It formed a big bearish candlestick on the weekly TF with a more than a 10% decline to close the week at $58,671. At the time of writing, BTC is trading slightly above $57,200. As per the Elliott Wave formation, it seems BTC will be completing its 4th corrective wave in the coming days and further selling pressure can be witnessed. Currently, BTC is trading in a very crucial range of $56,000 to $59,000. On the lower side, the nearest support level is present at $55,500. However, if this level is broken, further downside swing is most likely to continue till the level of $53,000. On the higher side, a strong sell wall is present above $65,000 as none of the weekly candlesticks has been able to close above this level. However, BTC has decisively broken the support of $60,000 now and this will act as the immediate crucial resistance for the way up, if bulls manage to close above this level, then further upswing rally is most likely to continue till the previous ATH levels. As per the major TF’s, the overall trend is still strong and currently, BTC is just completing its Elliot Wave structure and also strong buying can be expected from the Fibonacci retracement level of 0.618 which is present in the range of $51,500 to $52,000, therefore, these corrections are a part of the cycle and provide traders with a new opportunity to go long.
COINBASE:BTCUSD
by TradeDog-Research
Weekly BTC-USD(6th September)After a week of consolidation, BTC, this week, breaks out from its sideways trend and currently trading above its psychological resistance of $50K. On the weekly TF, BTC formed a strong bullish candle which slightly resembles a Hammer Candlestick patter and gained by more than 6%. At the time of writing, BTC is trading at $52K. BTC has been trading in the Rising Channel formation for the past 7 weeks and has been respecting its lower band supports as every dip has resulted in a strong bounce back, it depicts that there is solid buying pressure is present at lower levels. Daily RSI is showing slight divergence with the price and has been facing a trendline resistance, which suggests a mild correction can take place in the coming weeks and with that it will retest its support zone of $50 to $51K. On the higher side, the immediate hurdle is present at $53K followed by the major resistance at $55K. On the lower side, the support levels have been shifting higher with the rising trendline. The nearest support is present at $50K followed by $48K. As compared to other top 10 crypto assets, BTC has been lagging in this rally till now but with this fresh breakout, one can expect that BTC may lead the pack this time. Also, the combined crypto market cap is now more than $2.35 Tr but still, the BTC’s market cap dominance is trading around its lower levels which suggests that we can expect a bounce-back in BTC M cap dominance.
COINBASE:BTCUSDLong
by TradeDog-Research
Weekly BTC-USD(26th July)BTC started the week of July 19th to 25th with the bearish movement, falling to the low of $29,300 on July 0th, however, a strong pullback rally followed and helped BTC to close the week in the green territory and formed a big bullish engulfing candle to close the week with 11% gain at $35,428. At the time of writing, BTC is trading slightly above $38,200. This strong upward rally is most likely triggered by the massive short liquidation streak, in fact, it spiked to about $48K on Binance futures as over $100 Million of short positions were wiped off. However, BTC is still trading in its horizontal channel and it has to sustain above $41K that will act as a confirmation of trend reversal. Even after this 17% gain, the major trend of BTC is still bearish. BTC is currently above 0.786 Fibonacci retracement level which is placed around $35K and also its 50-DEMA is also present in this range, therefore, the range of $34.5k to $35k will act as the nearest support level followed by the next support at $32.5K and $30K. On the higher side, BTC is facing selling pressure from the upper band of the channel which is placed at $39.7K to $41K, also, its 100-DEMA which is placed at $38.6K is also acting as an immediate resistance, once we get a decisive breakout from this range and BTC starts sustaining above $41K, this will act as a confirmation to go long for the next wave. On the plus side, Daily RSI has given a fresh breakout from its trendline resistance which it was respecting from past January 2021. Weekly MACD is also suggesting a trend reversal as it is trying to enter the positive territory. This depicts that the trend reversal can be expected in the coming days but a confirmation would be required to conclusively suggest that trend has reversed.
COINBASE:BTCUSD
by TradeDog-Research
Weekly BTC-USD(31st January)After the continuous declines, crypto markets took a breather last week and closed the week with ~1% gains. BTC also bounced back after making a recent low of $32,933 and closed the week with 4.46% gains. At the time of writing, BTC is trading slightly below $37,000. BTC formed a bullish Hammer candlestick pattern on the weekly TF, which depicts that we can expect a pullback to the higher side in the coming days, this analysis also coincides by the fact that the Bitcoin balance on exchanges has reached 2.55 million, which indicates that the majority of traders on the markets are leaving exchanges and preferring long-term holding in cold or hot wallets. On the smaller TF’s, BTC is trading in a Descending channel formation and is still making lower lows. On the downside, the immediate support is present at $35,500, if bears manages to break this level again, further downswing rally can be expected till the level of $32,800 followed by the next major support at $31,000. On the higher side, BTC is facing stiff resistance from the range of $38,000 to $38,500, if we witness a weekly closing above this level, we can pullback rally to continue till the first level of $40,500 followed by the next level at $43,500. BTC is witnessing a strong buying strength from its 100-WEMA which is placed at $35,625, it has tried to breach this level twice but failed to close below that level. Weekly RSI is making lower lows and there is no divergence with the price at the moment, which suggests that there is no strong buying momentum in the market and therefore we advise traders to avoid taking fresh leverage positions.
COINBASE:BTCUSD
by TradeDog-Research
Weekly BTC-USD(27th December)After consolidating in the range of $46,000 to $50,000 from the last 15-20 days, BTC closed the last week on a positive note with ~8.81% gains. Other crypto assets also witnessed a positive week as the combined crypto market increased from $2.10 Tr to close the week at $2.395 Tr. BTC formed a strong weekly candle which slightly depicts further movement to the higher side that can be expected in the coming days. As per the Daily TF, BTC is trading between its 200-DEMA and 50-DEMA for the last 4 days but the trading range is getting narrower with every passing day, which suggests that a breakout can be expected in the coming days. On the higher side, the immediate resistance is presented by 50-DEMA which is placed at $52,500, however, a decisive breakout above this level can trigger a fresh new move to the higher side till the first level of $54,000 followed by $55,600. On the lower side, BTC has sustained above its 200-DEMA from last 4-5 days, which suggests that strong buying pressure is present at this level, but if bears managed to break this level again, downside rally can continue for the first level of $48,500 followed by $46,000. As per the candlestick patterns, BTC has formed a Bullish Engulfing kind of pattern on the weekly TF which suggests that trend reversal is on the cards, however, momentum indicators are still lagging the strength, therefore, we advise traders to Go long only with tight Stop Loss.
COINBASE:BTCUSDLong
by TradeDog-Research
Weekly BTC-USD(20th December)Bears continue to dominate the crypto markets as well as the traditional equity markets due to the news flowing in about the Omnicon Virus outbreak in many parts of the world. The combined Crypto M.cap declined by more than 4% last week whereas BTC prices took a dip of 6.79% in the same period. At the time of writing, BTC is slightly trading below the level of $46,000. On the weekly TF, BTC formed a solid bearish candlestick which depicts negative sentiments in the market. The nearest support is presented by its 50-WEMA, placed at $44,800 as a strong recovery was witnessed from these levels. On the Daily TF, BTC is forming a descending channel kind of formation, depicting that market trend to be sideways to bearish. On the higher side, the immediate hurdle is present at $48,000 followed by $50,000 as its 200-DEMA is also present at this level, decisive closing above the $50K would be the first signal for the trend reversal. On the lower side, the support is present at $45,400 followed by $44,000. Momentum indicators like RSI are depicting flat sentiments as it is trading in a range from the last 3-4 days. BTC is most likely to trade in the range of $48,500 to $44,000 for the coming days, so we advise traders to wait for the market to break any major level before taking any new positions.
COINBASE:BTCUSD
by TradeDog-Research
Weekly BTC-USD(15th November)The crypto markets witnessed a profit booking towards the end of last week, with the flagship coin BTC getting dipped by ~4%. BTC managed to close the week in green and closed the week with 3.47% gains and even made a new ATH of $69,000. The sell-off is mostly triggered by the fears of earlier Federal Reserve Interest rate hikes which overshadowed the awaited Taproot upgrade. BTC started the new week with mild gains of 0.41% and at the time of writing, BTC is trading slightly above $65,500. The past week’s closing of $65,505 is the highest in terms of weekly closing. On the higher side, BTC has strong resistance placed at $67,000 once this level is breached the next potential hurdle is present at $69,000 followed by $71,000. With the trend going higher, the support levels have been also shifting higher with the nearest support level present at $62,500 followed by the support presented by 50-DEMA which is placed at $59,300. The overall trend is quite bullish at the moment but on the contrary side, weekly RSI is showing divergence with the price and minor corrections or cooldown periods can be expected on the way up, but these corrections should be considered as buying opportunities.
COINBASE:BTCUSDLong
by TradeDog-Research
Weekly BTC-USD(4th October)BTC closed its monthly September candle in the red territory and formed a bearish Doji kind of candlestick after 2 consecutive monthly gains. However, BTC posted a strong green candle in the Weekly TF with 11.71% gains. BTC market dominance is continuously trading in a sideways trend for the last 4 weeks. At the time of writing, BTC is trading around $47,500. On the higher side, the immediate hurdle is placed in the range of $49K-$49.5K. If it breaks this level decisively on the weekly basis, the next resistance is present at $51.5K followed by the $53.5K. On the lower side, BTC has been trading in a range of $47K to $48.5K for the last 4 days, if the support of $47K is broken the next potential support is present at $45.3K. Overall, on the larger TF’s, the trend is still sideways to bearish, however, once we get a decisive closing above $50K, then the trend will turn in favour of bulls. But, the breakout from the upper and lower level will confirm the direction of the trend.
COINBASE:BTCUSD
by TradeDog-Research
Weekly BTC-USD(30th August)After five weeks of consecutive gains, Bitcoin is facing a bit of a hurdle from the psychological level of $50K. BTC formed a Bearish Doji kind of a candlestick pattern in the last week and dipped minutely by ~1% to close the week at $48,802. BTC has had a volatile last week due to the August monthly expiry in which $2+ Bn F&O contracts expired. At the time of writing, BTC is trading around $47,500. From the past 5-6 weeks, BTC has been trading in a Rising Wedge formation with higher and lower bands placed at $53K and $47.5K respectively. Currently, bulls are trying to hold above this level but if it breaks $47.5K decisively, more profit booking can be expected in the coming days. From the last 5-6 days, BTC has been trading in a range of $47K to $50K. Once we get a decisive breakout from this range, further buying or selling pressure can be expected. Key Levels to watch out for:- The immediate resistance which is present at $50K will be crucial for the move ahead. Once we get a weekly closing above this level, the next potential target is placed at $52.5K followed by $55K. On the lower side, the nearest support is present at $47K followed by $45.5K.
COINBASE:BTCUSD
by TradeDog-Research
Weekly BTC-USD(23rd August)Bitcoin continues its uptrend for the 5th consecutive week, the bulls overall dominated the whole crypto ecosystem as the combined market capitalization reached more than $2.2 Trillion. BTC witnessed a volatile last week as it made a low of $43,955 but strong buying pressure pushed the price to $49,821. At the time of writing, BTC has been trading slightly above $50,100. Currently, BTC has been trading in a crucial range of $50-$51K as it can act psychologically. BTC has now appreciated by more than 70% from its July lows which mildly depicts a cooldown phase or a consolidation phase in the coming days. However, weekly RSI is still not in the overbought zone which suggests that this rally can continue. On the higher side, BTC has a stiff resistance in the range of $50.5K to $51K, if it decisively breaks this range, the next potential target would be $53K followed by $55.5K. On the lower side, the nearest support is present at $48.5K, followed by $47K. Weekly MACD is also entering into the positive zone which depicts that buying momentum should continue in the coming weeks, but a daily closing above the level of $50.5K will act as a confirmation to go Long.
COINBASE:BTCUSDLong
by TradeDog-Research
Weekly Analysis of BTC-USD(22nd June)Bears continue to dominate the crypto markets as almost all the major crypto assets fell by more than 7% in the last week. BTC formed a weekly bearish candlestick pattern with ~ 9% decline, also, BTC witnessed is its 6th consecutive week of institutional outflows. However, it is still holding the $30-$31K support zone and at the time of writing, BTC is trading slightly above $32.5K. BTC also witnessed a ‘Death Cross” on the Daily TF and when this happens in the last bull rally of 2018, BTC further dipped more than 25%. On the downside, the nearest support zone is placed at $30K-$31K, if it decisively closes above the $30K, a further downswing rally is most likely to continue till the next support at $28K, followed by the next significant support at $25K. On the positive side, BTC is still holding its $30K support for the last 4 weeks, and also, it is making higher highs from the last three times. The immediate hurdle is present at $33.5K, once it breaks this level, the net potential resistance is at $36K, followed by the next level at $38.5K. Weekly MACD is also entering into negative territory whereas Daily MACD is also giving a bearish crossover, both indicating bearish sentiments to prevail in the coming sessions. However, the breakdown below $30K will act as a confirmation for the further bearish movement.
COINBASE:BTCUSD
by TradeDog-Research
BITCOIN TECHNICAL ANALYSIS ( 18th Oct 2023 )Price Analysis Current Price: $28739.02 24-Hour Change: 1.88% Circulation Supply: 19.52M Trend Analysis Technical Indicator : Strong Buy (On Daily Basis) Moving Average : Strong Buy (On Daily Basis) Overall Trend : Strong Buy (On Daily Basis) Key Support and Resistance Levels: Support Level 1: 28125.4 Support Level 2: 27850.3 Resistance Level 1: 28639.0 Resistance Level 2: 23378.7 Moving Averages: 50-Day Simple Moving Average (SMA): 26790.70 ( Buy) 200-Day Simple Moving Average (SMA): 27772.0 ( Buy ) Relative Strength Index (RSI) Current RSI: 67.237 RSI Interpretation: Buy Zone Volume Analysis Trading Volume: $14,616,751,761 Volume Trends: Increasing in Nature Candlestick Patterns BULLISH DOJI STAR : Bullish Reversal ( Indication ), Medium ( Reliabilty ), During a downtrend, the market strengthens the bears with a long black candlestick and gaps open on the second one. However, the second candlestick trades within a small range and closes at or near its open. This scenario generally shows the potential for a rally, as many positions have been changed. Confirmation of the trend reversal would be a higher open on the next candlestick ( Description ). HANGING MAN : Bearish Revesal ( Indication ), Low ( Reliabilty ), During an uptrend, there is a sharp sell off after a gap to the upside. However, the candlestick closes at or near its high. This signifies the potential for further sell-offs. Since the certainty for a Hanging Man indicator is low, the trend reversal can be confirmed by a black candlestick or a large down gap on the next candlestick accompanied by a lower close ( Description ). Conclusion The live price of Bitcoin is $ 28,739.15 per (BTC / USD) with a current market cap of $ 560.90B USD. 24-hour trading volume is $ 14.61B USD. BTC to USD price is updated in real-time. Bitcoin is +1.83% in the last 24 hours with a circulating supply of 19.52M. It's essential to exercise caution and apply risk management strategies in your trading decisions.
Long
by tradewith_ritik