Chain News by Thebittimes.Com

Bitcoin has risen above $38,000, clearing the path for a rally higher. Will altcoins follow? Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to pick up in early 2024. The major catalysts for next year is the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With two main events on the horizon, Bitcoin is likely to find buyers on dips. Daily cryptocurrency market performance. Source: Coin360 Analysts expect a retracement from $40,000 in the near term. That could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past mon...

Bitcoin is due to spend some time ranging before an "impulse" move ensues, bullish BTC price analysis predicts. Bitcoin (BTC) traded $1,000 off weekly lows after the Nov. 22 Wall Street open as a BTC price relief bounce held firm. BTC/USD 1-hour chart. Source: TradingView Bitcoin respects "very clear" key levels Data from Cointelegraph Markets Pro and TradingView followed crypto markets as they recovered from snap downside the day prior. As the dust continued to settle on news that largest global exchange Binance would be fined $4.3 billion by United States lawmakers, Bitcoin traders eyed the latest important price levels. Daan Crypto Trades showed BTC/USD respecting a trading range in place for two weeks despite dipping to $35,600 after the Binance event. “Nice tap and bounce of the range low yet again,” he told X subscribers in part of his latest commentary. “Pretty clear that the most improtant levels are 35.7K and 38K in this area.” BTC/USD range chart. Sour...

Bitcoin returns to 18-month highs as whipsaw BTC price action manages to avoid another open interest blowout. Bitcoin (BTC) circled a key level into the Nov. 16 Wall Street open after copycat BTC price action produced a fresh attack on $38,000. BTC/USD 1-hour chart. Source: TradingView BTC price matches 18-month highs Data from Cointelegraph Markets Pro and TradingView showed a swift turnaround for Bitcoin, which reversed upward after a precipitous comedown earlier in the week. The daily chart thus printed a near identical pattern to that seen a week prior, with $38,000 still acting as firm resistance. Now at around $37,400, BTC/USD was testing what analysts highlighted as an essential support zone to retain. $BTC 4H price in area of interest now bulls should pray here imo https://t.co/0wG1NhLJy2 pic.twitter.com/trnnG1hU0D — Skew Δ (@52kskew) November 16, 2023 Monitoring resource Material Indicators, revealing a tentative long signal on one of its proprietary trading indicato...

Bitcoin posted a classic "Uptober," but risk assets across the board risk a serious contraction, forecasts warn. Bitcoin (BTC) will “reassert” itself to deliver over 100% annual BTC price gains, says one of the crypto industry’s major proponents. In an interview with CNBC airing Oct. 5 and published Oct. 31, Dan Morehead, CEO of hedge fund Pantera Capital, predicted continued crypto expansion. Morehead: "We could easily see" 40% stocks meltdown Bitcoin closed October up 29%, seeing its second best month of 2023 and returning to 18-month highs in the process. Eyeing macroeconomic conditions, however, Pantera’s Morehead and others are concerned about another risk asset class — what he describes as “massively overvalued ” stocks . “Equities are overvalued because the P/E is the same level it was when rates were falling, but now rates are much higher and rising,” he told CNBC. “If you took the 50-year average equity risk premium with a 5.00% 10-year note, equities shou...

The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term. Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016. If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist. Daily cryptocurrency market performance. Source: Coin360 Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar inde...

Bitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR, ARB, and THETA. Bitcoin (BTC) has been trading in a tight range for the past three days even as the S&P 500 fell for the last four days of the week. This is a positive sign as it shows that cryptocurrency traders are not panicking and rushing to the exit.  Bitcoin’s supply seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing Glassnode data that Bitcoin’s short-term holders (STHs), investors who have held their coins for 155 days or less, hold the least amount of Bitcoin supply in more than a decade. Crypto market data daily view. Source: Coin360 In the short term, the uncertainty regarding Bitcoin’s next directional move may have kept traders at bay. That could be one of the reasons for the subdued price action in several large altcoins. But it is not all negative across the board. Several altcoins are showing signs of a recovery in ...

After weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. dollar index may limit the upside recovery. Bitcoin (BTC) has been stuck inside a tight range in August. Glassnode lead on-chain analyst Checkmate highlighted that the spread between the upper and lower Bollinger Bands for Bitcoin has shrunk to 2.9%, its third tightest ever.  Typically, periods of low volatility are followed by a range expansion. The longer the time spent inside a range, the stronger the eventual breakout from it. The only problem is that it is difficult to time the breakout with certainty. Therefore, traders should be watchful else they may miss out on the opportunity to ride the next trending move. Daily cryptocurrency market performance. Source: Coin360 One reason that could be weighing down on the risky assets is the strength in the U.S. dollar index (DXY), which has risen for four consecutive weeks. In contrast, the United States equities markets entered a correct...