On Saturday, Feb. 10, 2024, bitcoin’s price soared beyond the $48K mark, reaching heights unseen since prior to Dec. 28, 2021. On Sunday, the leading digital currency maintained its robust momentum, consistently staying above the newly established price level. Over the last 24 hours, the crypto asset’s value has risen by over 2.6%, and it […]
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The Avalanche token has been in a positive form recently, with the AVAX price turning in a good performance over the past week. This latest price boost makes a run to the $40 level more or less inevitable for the altcoin.
However, investors are curious to see how long this rally will last, especially with the unlocking of a substantial amount of AVAX tokens on the horizon.
As of this writing, the AVAX price is slightly above $39, reflecting a nearly 8% jump in the last 24 hours. This recent increase only underscores how well the cryptocurrency has been performing in recent weeks.
According to data from CoinGecko, the value of the Avalanche token has increased by approximately 10% in the past week. After sinking to a low of $28 in late January, AVAX’s price has recovered quite well in the new month, surging by more than 17% since February started.
With the latest price growth, Avalanche looks set to reclaim $40, a level it occurred between December 2023 and early January 2024. The token, however, lost this level due to the downturn that hit the entire crypto market following the Bitcoin spot ETF approval.
With $40 already in sight, the question is whether AVAX can sustain a rally above this mark in the long term. While price indicators like the Relative Strength Index (RSI) are not showing any signs of trend reversal, upcoming events suggest that the Avalanche token might need to overcome some degree of bearish pressure in the coming days.
According to on-chain data, Avalanche will unlock 9.54 million tokens (worth about $372 million) on February 22. This figure represents about 2.6% of AVAX’s total supply and will be disbursed in four tranches.
Breaking it down, 2.25 million AVAX is expected to go to strategic partners, 1.67 million coins to the foundation, 4.5 million tokens to the Avalanche team, and 1.13 million AVAX are set to be released in a little over a week.
It is common for crypto projects to execute token unlocks, which may have a corresponding impact on the value of the unlocked token (AVAX, in this case). This effect is because this substantial amount of token, once unlocked, may become available for trading on the open market.
If these newly unlocked tokens are dumped on the open market, this can place some bearish pressure on the burgeoning price of AVAX. This selling pressure could halt the recent growth of the Avalanche token.
AVAX price approaches the $40 mark on the daily timeframe | Source: AVAXUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Cardano is currently riding on the back of a modest 3.76% gain in the past seven days with the cryptocurrency on its way to the $0.55 level which will define its short-term price trajectory. On-chain data shows that the bulls are working hard in the background to push the crypto toward this price point, as evidenced by the buy orders piling up.
Particularly, Cardano has experienced a surge in buy orders, tipping the bid-ask volume imbalance in the direction of the bulls. With so many buyers and so few sellers, the price of ADA has only one way to go.
At the same time, activity on the Cardano blockchain is exploding but the question remains whether this interest and optimism will continue to drive ADA prices up or whether the rally will run out of steam as some traders take profits.
On-chain data show that Cardano bulls are currently out in full force, driving a huge imbalance in buy and sell orders that’s currently sending the bid volume outpacing ask volume by 678%. This strong imbalance tells the current bullish sentiment among Cardano investors.
The dynamic nature of the battle between buyers and sells means the imbalance can change at any time. If the spread narrows, it could signal that the rally is losing steam and a reversal may be on the horizon.
Cardano currently trading at $0.54 on the daily chart: TradingView.com
However, Cardano seems to be holding on, as indicated by this week’s price action. Presently trading at $0.5361, Cardano has shown incredible resilience to continue trading above the $0.50 price level throughout the week.
ADA is still down in a monthly timeframe, but many crypto analysts are hopeful on the crypto’s future price trajectory. The first step in establishing a very bullish run is a break over the psychological price resistance at $0.55 which it has tested in the past 24 hours. Failure to break over this resistance would either mean a continued range trading between $0.55 and $0.50 or a bearish breakout below $0.50.
According to crypto analyst Ali Martinez, ADA might continue consolidating until April before going on a sustained breakout past its current all-time high to reach $8 by January 2025.
For Cardano to maintain this momentum, it is necessary for the cryptocurrency to continue demonstrating robust market fundamentals and meaningful advances within its ecosystem. Despite facing multiple criticisms,
Cardano remains one of the most actively developed blockchains, with a vibrant open-source community. According to founder Charles Hoskinson, Cardano’s main hurdle is not technological but human in the aspect of decentralized on-chain governance.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
According to data from CoinMarketCap, Bitcoin (BTC) has maintained its upward price trajectory over the last day, gaining by 4.04% to briefly trade above the $48,000 mark. As BTC now hovers around the $47,100 price zone, investors and market experts remain highly speculative about the token’s next action. On that note, popular analyst Ali Martinez has called a major prediction that could spell weighty losses for many investors.
In an X post on Friday, Martinez predicted an incoming dip in Bitcoin’s price driven by a planned liquidation. Using data from the cryptocurrency futures trading platform, CoinGlass, the analyst stated the Bitcoin liquidation heatmap indicated that there is potential strategic liquidation in play.
According to the #Bitcoin liquidation heatmap, there’s a potential strategy unfolding where liquidity hunters could drive the price of $BTC down to $45,810. This move is aimed at triggering liquidations amounting to $54.73 million! pic.twitter.com/monFlZmvQ6
— Ali (@ali_charts) February 9, 2024
Martinez stated that liquidity hunters in the BTC market could be looking to push the token’s price as low as $45,810 for personal benefits. For context, liquidity hunters are traders or investors who actively seek opportunities in the financial markets to exploit changes in liquidity.
This set of market players often targets specific price levels where there is a concentration of stop-loss orders or where market liquidity is expected to be thin. By triggering liquidations or capitalizing on price movements, liquidity hunters aim to profit from short-term market inefficiencies.
According to Martinez, the liquidity hunters in the BTC market are currently looking to induce an estimated 3% decline in the token’s price. While this change may seem minimal, it represents an astounding $54.73 million in liquidations. Based on these numbers, BTC traders and investors should be wary of potentially significant losses in the coming days.
The premier cryptocurrency has recently taken flight, gaining by 8.6% in the last two days after a flat period of consolidation stretching to the beginning of February. Interestingly, the asset’s pathway to higher gains appears more confident with recent developments in the Bitcoin spot ETF market, which recorded a total net flow of $403 million on February 8 – the highest value of that metric since January 17.
At the time of writing, Bitcoin trades at $47,238, with a 0.26% gain in the last hour. Meanwhile, the coin’s daily trading volume has soared by 56.33% and is now valued at $39.42 billion. In addition, BTC maintains its top spot in the crypto market with a total market cap of $924.67 billion.
BTC trading at $47,229 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Nairametrics, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin’s recent surge past $47,000 is accompanied by a notable development — over 92.5% of its circulating supply is now in profit. The figure represents the percentage of existing coins whose price at their last movement was lower than the current price.
Interestingly, during Bitcoin’s previous peak at $49,000, just above 93% of the supply was in profit, reflecting a correlation between the digital currency’s price increase and the percentage of its supply in profit.
Historical data offers another intriguing perspective. When over 95% of Bitcoin’s supply was in profit, it has typically indicated a local top in the price. The last instance was in November 2021, when Bitcoin reached its all-time high of $69,000.
Conversely, when less than 50% of its supply was in profit, it usually pointed to a price floor. The most recent occurrences were during the FTX collapse in November 2022 and the COVID-19 pandemic’s market impact in March 2020.
The post Over 92% of Bitcoin supply now profitable as price soars past $47,000 appeared first on CryptoSlate.
Bitcoin broke over the $46,000 level twice in the past 24 hours for the first time since the approval of spot Bitcoin ETFs by the SEC, signaling a bullish return into most cryptocurrencies spearheaded by BTC. In particular, Bitcoin investors seem to be gearing up for action as the next Bitcoin halving approaches with an interesting time of withdrawal from exchanges.
Serious money has been on the move from exchanges in the past 30 days, as shown by on-chain data. As a result, the Bitcoin balance across various exchanges has seen a drastic drop to the lowest level in six years.
A large portion of Bitcoin holders have been holding onto their coins for the long haul. According to IntoTheBlock data, about 69% of Bitcoin holders have been holding their coins for longer than one year.
Data from the on-chain analytics platform Santiment also showed that the supply of Bitcoin on exchanges recently dropped to 5.3% of the total circulating supply for the first time since December 2017, indicating 94.7% of the supply is currently in private custody. This metric is particularly interesting, considering BTC’s total circulating supply has grown by 2.84 million since December 2017.
As shown in Santiment’s chart, the supply on exchanges has been on a free fall since January 10, around when the first spot Bitcoin ETFs went live in the US. This isn’t surprising, as the sentiment around Bitcoin turned fully bullish during this period despite a prolonged price struggle.
📈 #Bitcoin‘s price dominance has continued to grow over #altcoins, as its market value surged as high as $45.5K today. Traders remain skeptical toward the asset for a 3rd straight week. This is the lowest ratio of $BTC on exchanges since December, 2017. pic.twitter.com/4MwvXE28RC
— Santiment (@santimentfeed) February 8, 2024
In a similar manner, whale transaction tracker Whale Alerts has disclosed large bouts of BTC exiting crypto exchanges to private wallets in the past month. Notably, Bitcoin’s dominance over altcoins has gained ground, with the institutional demand for Bitcoin post-ETF approval also surging.
🚨 🚨 🚨 1,150 #BTC (51,452,847 USD) transferred from #Coinbase to unknown wallet
— Whale Alert (@whale_alert) February 8, 2024
This mass BTC exodus from crypto exchanges signals that long-term holders feel more comfortable keeping their coins in self-custody rather than on exchanges.
The total Bitcoin withdrawals from exchanges in the past seven days were to the tune of $8.64 billion, outpacing a $8.42 billion inflow by $220 million. Wallets holding more than 1,000 BTC have also accumulated 1.03% of the total circulating supply in the past month.
Withdrawals from exchanges are generally a good phenomenon for crypto assets, as they reduce the amount of cryptocurrencies readily available for sale. Fewer BTC available means less selling pressure and the opportunity for the value to go up based on supply and demand.
At the time of writing, Bitcoin is trading at $46,250, up by 4% in the past 24 hours and 7.15% in the past seven days. The cryptocurrency is currently aiming for the $50,000 mark, which it can reach very soon if the accumulation strategy continues.
BTC price crosses $47,000 | Source: BTCUSD on Tradingview.com
Featured image from Forbes, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Charles Edwards, the founder of Capriole Investments, has recently provided an analysis in Capriole’s Update #13, predicting a significant upswing in the Bitcoin price to $58,000. His forecast is rooted in a detailed examination of market trends, ETF developments, technical patterns, and fundamental indicators.
The analysis begins with a detailed look at the market’s recent behavior, focusing on the aftermath of Bitcoin ETF launches. Edwards points out, “Two months of chop and ETF readings under the microscope appears to be resolving to the upside as of writing.”
He highlights the significant shift in momentum following the initial “sell the news” reaction to the ETF launches, noting a considerable decrease in outflows from the Grayscale Bitcoin ETF. This change, according to Edwards, aligns with his previous predictions.
Furthermore, Edwards highlights the massive success of Blackrock and Fidelity’s Bitcoin ETFs (IBIT and FBTC), which have collectively absorbed over $6 billion in assets in less than a month. This achievement not only underscores the ETFs’ historic launch success but also signals a broader acceptance of Bitcoin within the traditional finance sector.
“Bitcoin [is] the most successful ETF launch in history by a very wide margin,” Edwards notes, referencing data from Eric Balchunas to emphasize the unprecedented scale of Bitcoin’s entry into the ETF market.
Here’s a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). $IBIT and $FBTC in league of own w/ over $3b each and they still have two days to go. $ARKB and $BITB also made list. pic.twitter.com/Yyi1nxukUk
— Eric Balchunas (@EricBalchunas) February 8, 2024
A major milestone in Bitcoin’s institutional adoption is Fidelity’s decision to include Bitcoin in its “All-in-One Conservative ETF.” Edwards considers this move a significant endorsement of Bitcoin’s value as an investment asset, stating, “Bitcoin is finally being acknowledged in traditional investment vehicles.”
He predicts that this could set a precedent, with most major ETFs likely to allocate between 1-5% to Bitcoin in the next 12-24 months, emphasizing the critical importance of this development for Bitcoin’s mainstream acceptance.
Turning to the technical analysis, Edwards points out the bullish trend that has taken shape, with Bitcoin breaking past the $44,000 resistance level. This breakout, according to Edwards, is a strong indicator of the market’s bullish sentiment and a precursor to further gains.
He notes, “The Weekly closing above $47K mid-range bound on Sunday would give a great technical confirmation of a new bullish trend,” highlighting the significance of this level as a determinant of the market’s direction.
Furthermore, Edwards elaborates on the low timeframe technicals, indicating a measured move towards the monthly resistance, which presents an attractive risk-to-reward (R:R) setup for investors. This technical breakout, combined with the strategic management of risk, underscores the potential for significant price appreciation in the near term.
A clean breakout on the daily timeframe of the $44K resistance is suggestive of a measured move to Monthly resistance. This is a good R:R setup. ‘Risk’ can be easily managed (a close back into the range at $44K would be a logic stop) with “Reward” 3-4X higher at $58-65K.
The foundation of Edwards’ bullish outlook is also built on a robust analysis of fundamentals and on-chain data. The Capriole’s Bitcoin Macro Index, which aggregates over 50 Bitcoin-related metrics into a single model, plays a crucial role in this analysis.
“The fundamental uptrend resumed on Wednesday which is also supportive of continuation of the technical move. We want to see on-chain fundamental growth continue with price to support confirmation of this mid-range breakout. Monday’s reading will be particularly important,” Edwards states.
Edwards’ analysis concludes on a bullish note, with a clear technical breakout and a transition of on-chain fundamentals into growth territory. “ETF FUD cleared. A Technical breakout on the daily timeframe and on-chain fundamentals transitioning into growth,” he summarizes, pointing towards a strong start to February and setting an optimistic tone for Bitcoin’s short-term future.
At press time, BTC traded at $46,790.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Cardano (ADA) is attempting a fresh increase from the $0.4720 zone. ADA could start a fresh rally if there is a close above the $0.5350 resistance.
After forming a base above the $0.4720 level, Cardano started a fresh increase. ADA price was able to climb above the $0.485 and $0.500 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair. The bulls pushed the pair above the $0.520 resistance zone. However, the bears are now active near the $0.535 resistance zone.
ADA price is now trading above $0.512 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.535 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.565. If there is a close above the $0.565 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.600 region. Any more gains might call for a move toward $0.620.
If Cardano’s price fails to climb above the $0.535 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.520 level.
The next major support is near the $0.5040 level or the 50% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high. A downside break below the $0.5040 level could open the doors for a test of $0.485. The next major support is near the $0.4720 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.520, $0.5040, and $0.4720.
Major Resistance Levels – $0.5350, $0.550, and $0.600.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In the past 14 days, the Bitcoin price has displayed a significant uptrend of 14.5%, signaling a resurgence in bullish sentiment. This rally comes as Bitcoin spot exchange-traded funds (ETFs) have been trading for nearly a month, with the market already factoring in this development. As a result, Bitcoin is back on its natural course, gaining momentum ahead of the scheduled halving in April.
Currently, Bitcoin has not only regained its bullish momentum after a brief dip to the $38,500 level but has also surpassed the $45,300 mark. It now edges closer to its 25-month high of $49,000, with the $50,000 milestone within reach.
Achieving this level would significantly narrow the gap between the current price and Bitcoin’s all-time high (ATH) of $69,000. However, what are the main catalysts behind this uptrend, and how far can the Bitcoin price climb?
According to the latest analysis by QCP Capital, two key factors are driving Bitcoin’s upward trajectory:
Daily outflows from the Grayscale Bitcoin Trust (GBTC) have decreased from $500-600 million to $100-200 million. Simultaneously, total inflows across all Bitcoin ETFs are now positive. This shift in the GBTC flows, and the emergence of net positive BTC spot ETF inflows contribute to the current bullish trend, according to the crypto trading firm’s analysis
Additionally, notable price movements have been observed around “spot ETF fixings.” Between 3-4 pm EST, QCP has recorded that the Bitcoin price tends to tick higher, possibly due to the one-hour observation window used by the BlackRock ETF (IBIT) to calculate its Net Asset Value (NAV).
Conversely, downward pressure is typically observed after 4 pm EST as GBTC employs a point fix, leading market makers to sell around and after the fix.
Despite the Federal Reserve’s hawkish stance and higher US yields driven by robust February Non-Farm Payroll data (353k actual vs. 180k expected), US equities continue outperforming.
Companies like NVDA and META have rallied due to strong earnings and positive headlines. Underallocated investors will likely continue buying any equities dips as they chase returns.
According to the analysis, this bullish sentiment is expected to “spill” over into BTC and Ethereum (ETH), further fueled by the upcoming BTC halving and the ETH spot ETF narratives.
Ultimately, the trading firm assesses significant interest in accumulators, which enable investors to purchase Bitcoin or ETH at a “substantial discount” to the current spot price. This strategy is believed to present an attractive opportunity for bullish investors looking to build long positions throughout the year.
Despite the uptrend, notable resistance levels could impede further upward movement and potentially lead to a consolidation phase for Bitcoin.
To assess the nearest-term resistances accurately, the 1-hour chart indicates potential price paths for Bitcoin in the coming days if these bearish thresholds are breached.
In the immediate time frame, the $45,500 level emerges as Bitcoin’s next resistance level. This level previously marked a correction in the Bitcoin price shortly after the introduction of ETF trading.
Subsequently, the next target would be the $46,600 level if the immediate resistance at $45,500 is surpassed. However, while these two thresholds may present challenges, no significant resistance levels are evident on Bitcoin’s hourly chart until the $48,500 level.
This particular level represents the final hurdle for Bitcoin before reclaiming its previous high reached on January 11, immediately following the approval of ETFs by the US Securities and Exchange Commission (SEC).
Considering the combined factors of Grayscale’s reduced sell-off and the overall performance of the equity market, alongside renewed investor sentiment, Bitcoin could potentially surge to previous highs and even surpass them, marking new highs since the end of the crypto winter.
The key factor to be seen is how Bitcoin’s price will respond when encountering these highlighted resistance walls and whether the buying pressure will be sufficient to propel Bitcoin back on track toward the bullish momentum observed at the beginning of 2024.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
