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...

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...

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...

Bitcoin price surged to $31,000 as a handful of BTC spot ETF applications and Fed chair Jerome Powell's views on stablecoins appear to have improved crypto investors' view of the market. BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF) has encouraged other financial firms to follow suit. First, it was the New York-based asset management fund WisdomTree which made a new filing on June 21 for a Bitcoin ETF. This was then followed by investment manager Invesco, which reactivated its application for a spot ETF. These announcements boosted investor sentiment, resulting in a short squeeze and additional buying interest from traders who may have been waiting on the sidelines. The slew of events over the past few days has increased buying interest in Bitcoin, which sent its market dominance to above 50% on June 19. Daily cryptocurrency market performance. Source: Coin360 The short-term traders who are expecting a quick rally to the all-time highs may be in ...

Cryptocurrency and stock markets could see a sharp spike in volatility due to this week’s CPI print, interest rate hike and a conference from Federal Reserve chair Jerome Powell. The consumer price index (CPI) data on Dec. 13 and the outcome of the Federal Reserve meeting on Dec. 14 could influence the United States stock markets and the cryptocurrency markets in the near term. Traders are likely to play it safe and not take large directional bets until the CPI print because any nasty surprise could produce a sharp knee-jerk reaction. Daily cryptocurrency market performance. Source: Coin360 Some analysts believe that Bitcoin (BTC) could fall further before it hits a bottom, but Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, thinks that Bitcoin may have passed its worst phase for this cycle. While speaking with podcaster and independent market analyst Scott Melker, Hayes said that he believesthe “largest most irresponsible entities” have largely dumped their Bitcoi...