Category Archives: Bitcoin
Traders: Bitcoin price needs fresh all-time highs to end pump-and-dump cycles – Cointelegraph
Bitcoin bears have been selling on every rally over the last few months, and analysts believe that a liquidity boost fueled by BTCs fresh all-time highs will help break the cycle.
Market is in need of a big liquidity boost, pseudonymous crypto trader Daan Crypto Trades wrote in a June 13 post on the X social media network.
The traders sentiments appear to have been informed by Bitcoins (BTC) whipsaw price action as it consolidates within a wide range, stretching from $66,500 to $72,000.
Full-swing bleeding and selling into every pump has been the theme for the past couple of months, explained the trader, adding that one of the best ways to end this cycle has always been a fresh all-time high for #Bitcoin.
Data from Cointelegraph Markets Pro and Binance shows BTC is trading at $67,474, 10% below its all-time high of $73,808 reached on March 11.
Daan Crypto Trades said that the price can move swiftly up and it doesnt always need some catalyst besides price simply going up.
This requires high liquidity, which allows market participants to buy more BTC, resulting in a tighter bid-ask spread and driving prices higher.
Fortunately for Bitcoin bulls, this liquidity might come soon, asMicroStrategy, the largest corporate BTC holder, revealed its intention to raise $500 million via a convertible senior note offering to acquire additional Bitcoin and other general corporate purposes.
Thats a fresh $500M liquidity impulse for you right there, said Daan Crypto Trades in a June 13 X post reacting to the MicroStrategy news.
The trader also added that increased inflows into the spot Bitcoin ETFs could also add to the liquidity required to push BTC out of consolidation.
Fellow trader Jelle shared similar sentiment,declaring that the more than $100 million inflows into spot Bitcoin ETFs on June 12 and a possible $500 million more from MicroStrategy being poured into BTC could provide the liquidity that the market needs.
Meanwhile, the price of the pioneer cryptocurrency remains stuck in a post-halving reaccumulation range, which could last up to September 2024, according to popular analyst Rekt Capital.
In a June 13 post on X, the analyst said, This cycle has been filled with Re-Accumulation ranges, which inevitably break to the upside over time.
Out of all consolidations, the current one is the longest, Mags told their 79,500 X followers in a June 9 post.
In a previous cycle after the 2020 Bitcoin halving, there was a 21-day consolidation period before Bitcoins price broke out, eventually reaching an all-time high at the time of $69,000 in November 2021. In 2017, the consolidation period was 48 days.
Related: Bitcoin price tracks $68K as 'chicken' crypto market shrugs off US PPI
Bitcoin shows no changes, with the price still chopping sideways within the $67K-$72K price range as market participants lose their minds, declared Daan Crypto Trades, adding that BTC is likely to stick to the horizontal levels.
Additional data from market intelligence firm IntoTheBlock helps to explain the ongoing stalemate between buyers and sellers. Its in/out of the money around price (IOMAP) model reveals that the price is currently between two significant levels.
There is robust support around the $63,500 to $67,500 demand zone, where approximately 1.62 million BTC were previously bought by 3.94 million addresses.
On the upside, the supplier congestion zone between $67,600 and $70,500 poses a stiff barrier for the bulls. This is where approximately 1.86 million BTC were previously bought by roughly 3.32 million addresses.
This suggests that high demand-side liquidity is required to push BTC's price past the said resistance, breaking it out of consolidation and into price discovery.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Traders: Bitcoin price needs fresh all-time highs to end pump-and-dump cycles - Cointelegraph
3 reasons why Bitcoin analysts believe BTC price recovery is overdue – Cointelegraph
Bitcoins (BTC) price is down 6.5% over the last seven days and is currently trading 10% below itsall-time high of $73,835 reached on March 14.
Despite this performance, the technical setup, positive investor interest and onchain data make Bitcoin analysts believe that a trend reversal into an exponential uptrend could be in the making.
Data fromCointelegraph Markets Pro andTradingView shows Bitcoins price oscillating between $58,000 and $72,000 for over 10 weeks since turning away from new all-time highs.
Bitcoins weekly chart shows the current price range is retesting a zone that posed a stiff resistance when the BTC hit previous all-time highs, as observed by popular analyst Rekt Capital.
According to Rekt Capital, this area is now supporting BTC since the ongoing sell-off has not substantially pulled the price below this range.
Fellow analyst Moustache made the same observation,sharing a BTC/USD three-week chart showing that the price was trading at a level just above the 0.5 line (MZ BTC Bottom-Indicator).
This indicator uses the Elliot Wave Oscillator Methodology applied on BTC Golden Bottom with Adaptive Moving Average and relative strength index of Resulted EVO to form an oscillator to detect trend health in Bitcoins price.
According to Moustache, BTCs price has retested this line only three times in the past in 2012, 2017 and 2020. In those cases, previous all-time highs supported Bitcoins price, after which the coin went on a parabolic uptrend, hitting new record highs.
In an earlier X post on June 12, Moustache commented on a similar set-up of the BBWP indicator, saying that BTC was going to experience highs after retesting the line.
Responding to the markets drawdown over the last few days, Bitcoin investors felt it was time to take advantage of the entry into local dips and buy more BTC in the dips, according to market intelligence firm Santiment.
The analytics firm noted that Bitcoins latest drop below $67,000 on June 13 resulted in the second-largest spike in crowd BTC buying interest in the past two months.
In a June 14 post on the X social platform, Santiment said:
This means retail investors are showing signs of confidence as they believe that the latest price drops were not warranted, and buy in hopes of a quick recovery.
Additional data from Alternative, a platform that analyzes emotions and sentiments around Bitcoin, shows that the Crypto Fear & Greed Index is in the greed zone at 74, up from 70 on June 13 and last months 64.
Overall, this is a positive sign, as positive social sentiment signals a bullish outlook among different cohorts of investors.
Related: Can Bitcoin whales protect BTC price from new $48K downside target?
Data from onchain metrics analytics firm CryptoQuant shows that BTC balance on exchanges reached a five-year low of 2.822 million BTC after dropping 3.6% over the last 30 days.
Decreasing BTC balances on exchanges simply means investors could be withdrawing their tokens into self-custody wallets, indicating a lack of intention to sell in anticipation of a future price increase.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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3 reasons why Bitcoin analysts believe BTC price recovery is overdue - Cointelegraph
MicroStrategy ‘building the world’s largest bitcoin company,’ Bernstein says – CNBC
MicroStrategy can run another 80% from here thanks to its aggressive bitcoin buying strategy, according to Bernstein. The Wall Street firm initiated research coverage of MicroStrategy on Thursday before the market opened with an outperform rating and a $2,890 price target. That implies upside of another 80% based on the stock's Wednesday close of $1,603.67. By early trading Friday, MicroStrategy was already up 138% year to date, more than double bitcoin's roughly 57% advance in the same period. "Since August 2020, MSTR has transformed from a small software company to the largest bitcoin holding company, owning 1.1% of world's Bitcoin supply worth ~$14.5Bn," Bernstein analyst Gautam Chhugani said in a note. "MSTR's founder chairman, Michael Saylor has become synonymous with brand bitcoin and has positioned MSTR as a leading bitcoin company, attracting at-scale capital (both debt and equity) for an active bitcoin acquisition strategy." MicroStrategy, which launched as a provider of enterprise software, began employing an aggressive bitcoin-buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then. This February, the company said it would shift its focus and brand to bitcoin development. "MSTR positions itself as an 'active-leveraged' bitcoin strategy vs. passive spot ETFs," Chhugani said. "Over the last four years, MSTR's active strategy has delivered a higher bitcoin per equity share. On a dollar basis, MSTR's Bitcoin $ NAV per share has grown ~4-fold beating ~2.4x growth in bitcoin spot price." He noted that bitcoin per share has grown 67%, from 6 BTC per diluted share in the fourth quarter of 2020 to about 10 BTC per MicroStrategy per share today. As part of the call, Bernstein raised its bitcoin target price to a "cycle-high" of $200,000 in 2025 from a previous objective of $150,000. CNBC's Michael Bloom contributed reporting. Correction: This article has been updated to reflect that Bernstein's price target of $2,890, showing upside of about 80%, was based on MicroStrategy's Wednesday closing price of $1,603.67. A previous version gave an incorrect day's closing price.
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MicroStrategy 'building the world's largest bitcoin company,' Bernstein says - CNBC
Bitcoin whales scoop up $1.4B in 24 hours amid market correction – Cointelegraph
Bitcoin whales took full advantage of the Bitcoinprice slump on June 11, accumulating a combined 20,600 BTC worth $1.38 billion.
According to blockchain analytics firm CryptoQuant, it was the largest inflow day for Bitcoin whales since Feb. 28, when spot Bitcoin (BTC)exchange-traded funds (ETFs) were barely six weeks old and BTC approached a new all-time high.
Inflows into Bitcoin whale accounts hovered between 1,300 and 2,200 Bitcoin per day as Bitcoin fell from $71,650 on June 7 to around $69,000. The price plummeted again days later, leading to a massive day with 20,600 Bitcoin flowing into whale accumulation addresses on June 11.
The data hasnt yet been updated for June 12, which saw Bitcoins price briefly spike after better-than-expected United States Consumer Price Index results. At the time of writing, Bitcoin is trading for $67,500.
It comes as Bitcoins supply on cryptocurrency exchanges fell to 942,000 its lowest level since Dec. 22, 2021, according to onchain intelligence platform Santiment.
A fall in Bitcoin reserves often indicates a strengthening market where investors anticipate upward price action over the mid to long term.
Bitcoin is still down 8.45% from its all-time high price of $73,737 set on March 13, according to CoinGecko.
Ethereum whales have recently bought over 240,000 Ether (ETH)worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.
Related: Analyst targets $91.5K Bitcoin next despite Feds hawkish tone
However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges has increased in recent days.
There is currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges, according to Santiment data.
Ether is down 8% from $3,815 on June 7 to $3,510 at the time of writing.
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Bitcoin whales scoop up $1.4B in 24 hours amid market correction - Cointelegraph
How low can the Bitcoin price go? – Cointelegraph
Bitcoin (BTC) faces new lower BTC price targets after dropping as much as 8% over the last seven days.
Traders and analysts are debating whether the market may drop further and how low it can go.
After a failed attempt to climb above $70,000 on June 12, the BTC has retraced toward the $66,000 demand zone.
At the time of publication, the price of the leadingcryptocurrency was exchanging hands at $66,842, down 4% over the last 24 hours, according to data from CoinMarketCap.
Popular analyst Mark Cullen utilized the Elliott Wave method to demonstrate that a final down move could come imminently, taking Bitcoin to around $63,000.
Bitcoin is sweeping the weekend highs and then continuing with the downside move, Cullen said in a June 11 post on X, adding that there is still more to go.
Fellow analyst Matthew Hyland noted that BTC/USD was trading above a key support level at $67,000, which appeared to be the first line of defense before the price prints lower lows.
Sharing a chart in an X post, Hyland explained that the price is consolidation on longer timeframes, which favors a continuation of the uptrend. However, if the price drops below the said level, the analyst sets a lower target for BTC around the $64,700 level.
The $63,000 to $65,000 demand zone would put BTC price action at its lowest since mid-May and could represent one of the largest drawdowns from the current all-time highs of around 15%.
Continuing, MN Capital founder Micheal van de Poppe examined BTCs price action on the daily timeframe for insights into the nature of support the coin enjoyed on the downside.
Uploading a chart to X, van de Poppe noted that BTC/USD had lost the support of its 50-day exponential moving average (EMA), which is currently at $67,011.
He further explained that the price still held a crucial level of support above $66,000, where the 100-day EMA currently sits.
A closer look at the daily chart below shows that BTC also lost this support during todays drawdown, increasing the odds of deeper drops.
The 200-day EMA at $64,000 now presents the last line of defense for BTC and could be where the downside could be capped in the short term.
The downward trend displayed by the relative strength (RSI) and the price strength at 44 suggested that the market conditions favored the downside.
Interestingly, data from Coinglass shows significant liquidity building up between $63,000 and $65,500 over the last 30 days.
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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How low can the Bitcoin price go? - Cointelegraph
Donald Trump wants all the Bitcoin that’s left to be made in the U.S. – Quartz
Photo: Carlos Barria ( Reuters )
Republican presidential candidate and former cryptocurrency skeptic Donald Trump wants all remaining Bitcoin to be made in the U.S.
Where did Cool Ranch Doritos come from?
Bitcoin mining may be our last line of defense against a CBDC, Trump said late Tuesday night in a post on his social media site Truth Social, referring to a Central Dank Digital Currency. Bidens hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!
Trump met with Bitcoin miners at his Mar-a-Lago resort earlier Tuesday. He told them that Bitcoin miners help stabilize the electric grids energy supply, Bloomberg reports.
Bitcoin is generated by miners who use computer hardware to solve complex mathematical problems and verify transactions on the blockchain network. Bitcoin has a fixed supply of 21 million, which is expected to be fully mined by 2140.n About 90% of that supply has already been mined.
Current Bitcoin mining countries include China, countries in Central Asia, El Salvador, and some European countries.
Trump has emerged as a strong Bitcoin supporter ahead of his 2024 election rematch with President Joe Biden contrary to Trumps stance just a few years ago. He has previously denounced Bitcoin as a scam against the U.S. dollar. He has also called cryptocurrency a disaster waiting to happen and said he is not a fan of it. But now he says he is good with it.
Last month, he declared himself the pro-crypto candidate. His campaign also now accepts donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies.
Trumps shift on cryptocurrency puts him in opposition to some Democrats, who have traditionally opposed it. Sen. Elizabeth Warren, D-Mass., has pushed for more crypto regulation. But this year even some Democrats are singing a more pro-cryptocurrency tune, distancing themselves from Warren on the issue. The House last month passed a crypto bill that aims to regulate the industry at large.
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Donald Trump wants all the Bitcoin that's left to be made in the U.S. - Quartz
Bitcoin bull flag joins MACD to tease new BTC price all-time high next – Cointelegraph
Bitcoin (BTC) could be preparing to repeat its ascent to all-time highs from March, on-chain analysis shows.
In a post on X (formerly Twitter) on June 2, popular trader and commentator Alan Tardigrade drew a key comparison to BTC price action now and in mid-February.
Bitcoin needed less than a month to hit new all-time highs earlier this year when a classic on-chain indicator flashed green.
Now, the same setup is in the process of executing with clear implications for BTC price strength.
Coincidence or Price action?? Tardigrade queried while presenting the phenomenon.
The metric in question is moving average convergence divergence (MACD). On three-day timeframes, MACD, which measures trend strength, is busy building positive bars after a red period, which began in early April.
At the same time, BTC/USD Is consolidating within a bull flag and last time it exited to the upside along with green MACD, new all-time highs required a matter of weeks.
Three-day MACD has long been on the radar for market observers tracking the current Bitcoin bull market.
In late December, data from Cointelegraph Markets Pro and TradingViewconfirms, a trip back into red territory preceded the turbulence around the debut of the United States spot Bitcoin exchange-traded funds, or ETFs.
Tardigrade adds to the varied opinions over the current sideways BTC price landscape.
Related: Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip
Now consolidating below the March highs for nearly three months, Bitcoin, some warn, will continue to stay rangebound for weeks or more.
That has not stopped sky-high BTC price predictions from making a return, among them a $150,000 target for 2024 by research firm Fundstrat Global Advisors.
June, meanwhile, has traders eyeing $85,000 or more.
Consensus nonetheless agrees that the most parabolic stage of the bull run has not yet entered.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin bull flag joins MACD to tease new BTC price all-time high next - Cointelegraph
Researchers cracked open $1.6 million Bitcoin wallet after 20-character password was lost well worth the six months … – Tom’s Hardware
Hardware hacker Joe Grand, also known as Kingpin, along with a partner from Germany, successfully cracked into a 10-year-old crypto wallet by utilizing a flaw in the password manager RoboForm, as requested by the wallet's owner. Since losing access to his wallet in 2013, the owner finally has access to his 43.6 Bitcoins, now worth over $3 million.
Joe Grand, or Kingpin not to be confused with EVGA legend Kingpin was first requested to break into this Bitcoin wallet by Michael (last name unknown per Wired) in 2022 after Grand went viral for breaking into another wallet. Grand turned down this first request; Kingpin's skills are in the world of hardware hacking, so his initial break into a hardware wallet was a far cry from Michael's request for help with his software wallet. But the second time the call was issued in 2023, Grand had the help of his friend Bruno, a software hacker, and got to work.
The problem with the wallet arose from Michael's redundant security failing. When creating his cryptocurrency digital wallet, Michael generated a password using RoboForm's password manager and then stored the password in a file encrypted with TrueCrypt rather than RoboForm. The TrueCrypt file corrupted soon after creation, and with no secondary storage for the password, Michael found himself locked out of his 43.6 Bitcoins.
Thankfully for Michael, RoboForm releases pre-2015 have a major flaw: their randomly generated passwords are not actually random. RoboForm used to link its random generation software to the date and time when the password was created, meaning anyone who can reverse engineer the software and determine the date and time a password was generated can recreate a password. Grand and Bruno did precisely this. Following some pains in determining the date and time the password was created, Grand and Bruno gave Michael access to his account in November 2023, when the unlocked Bitcoin wallet was worth $1.6 million (roughly $38,000 per Bitcoin versus the $68,000 current price). Grand and Bruno reserved a percentage of the unlocked Bitcoin wallet for their services before handing over the password.
Kingpin's greatest takeaway from the months-long ordeal is the potential danger behind old passwords made with RoboForm. Any password generated before RoboForm version 7.9.14, released in 2015, is vulnerable to the same exploit and should be replaced immediately. "We know that most people don't change passwords unless they're prompted to do so," said Grand. "I'm still not sure I would trust [RoboForm] without knowing how they actually improved the password generation in more recent versions."
Bitcoin will forever be linked with stories of lost passwords and corrupted wallets though a recent $25 million Ethereum heist cut out the middleman to acquire crypto straight from the tap of mining rigs. If you want to improve your password safety with less risk of losing them forever, check out our list of the best password managers (RoboForm didn't make the cut even before this discovery). However, be careful when typing those passwords in, as recent research reveals that noisy keystrokes can reveal your passwords to nefarious ne'er-do-wells.
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Researchers cracked open $1.6 million Bitcoin wallet after 20-character password was lost well worth the six months ... - Tom's Hardware
Veteran Trader Peter Brandt Makes Sensational Bitcoin Fiat Argument By U.Today – Investing.com
U.Today - Peter Brandt, a veteran trader known for his keen market insights, has recently put forth a compelling argument for , underscoring the potential for the eventual decline of fiat currencies. Brandt's analysis draws on historical parallels and technical patterns to highlight Bitcoin's growing significance in the global financial landscape.
According to Brandt, the argument for Bitcoin relates to the eventual destruction of fiat currency units. To illustrate his point, Brandt shared a chart comparing Bitcoin (BTC) against the total U.S. money stock (M1), a ratio that he says remains below the December 2017 high.
Placing side by side, Brandt highlights striking similarities between this chart and the (DJIA) during the Great Stagflation of the 1970s.
The 1970s was a period marked by high inflation and stagnant economic growth, a phenomenon known as stagflation. The DJIA during this time exhibited a particular pattern that Brandt believes is now mirrored in Bitcoin's performance against the increasing supply of U.S. dollars. This pattern, known as an inverted head and shoulders, is often interpreted as a bullish signal, suggesting further upward movement in Bitcoin's value.
The inverted head and shoulders pattern is a technical analysis chart formation that indicates a reversal of a downward trend. It consists of three parts: a low point (head) flanked by two higher low points (shoulders). When this pattern forms, it signals the potential for a significant upward price movement once the price breaks above the resistance level formed by the shoulders.
In the context of Bitcoin, this pattern suggests an impending momentum shift that could propel the cryptocurrency to new heights, much like the Dow eventually emerged from the stagflation period.
Brandt's viewpoint is not without skepticism, as he states that some market watchers may disagree with the definition of the pattern as a "continuation inverted head and shoulders." Thus, he presents an argument using many references to back up his statements.
The identified inverted head and shoulders pattern, if validated, might be the technical confirmation of a much larger fundamental shift one that could redefine the very concept of money in the years to come.
At the time of writing, BTC was trading at $67,722.
This article was originally published on U.Today
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Veteran Trader Peter Brandt Makes Sensational Bitcoin Fiat Argument By U.Today - Investing.com
Nigeria’s interest in Bitcoin unfazed by regulatory restrictions – Cointelegraph
Despite President Tinubus administrations crackdown on peer-to-peer (P2P) cryptocurrency trading, which has sparked outrage among many young Nigerians, their enthusiasm for Bitcoin remains unabated.
According to Google Trends statistics, Nigeria, Africas largest cryptocurrency market, is currently the country with the highest interest in Bitcoin (BTC), followed closely by El Salvador.
Geographic analysis reveals that Delta state leads the pack in Bitcoin interest, trailed by states like Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo, and Imo. Notably, Lagos, Nigerias commercial nerve center, falls outside the top 15 cities regarding Google search interest for Bitcoin.
The data suggests that areas characterized by insecurity, low bank penetration, and a high proportion of millennials are likelier to adopt Bitcoin as a trusted means of storing value and facilitating payments.
Nigerians have turned to stablecoins, mainly tied to the U.S. dollar, as a hedge against inflation and currency fluctuations. Tether (USDT)dominates the market as the most popular stablecoin, and its use is becoming increasingly practical for local businesses and the diaspora to conduct transactions.
According to a United Nations study, Nigeria is currently one of the youngest countries in the world and one of the fastest-growing in Africa. The age group under 15 makes up 43% of the population.
The Nigerian government has recently taken some questionable actions in an effort to address economic woes and prevent a currency collapse.
In May 2024, the government of Nigeria began preparing to introduce new regulations banning P2Pcryptocurrency exchanges using the Nigerian naira, the national currency.
Nigerias Securities Exchange Commission (SEC) has also accused the Binance crypto exchange of engaging in currency manipulation and speculation, which they claim led to the nairas devaluation and necessitated government intervention
Related: Nigerias foreign investment at risk due to Binance bribery allegations
The regulatory bodys firm stance was shown earlier this year when it imposed a ban on Binances operations in Nigeria, followed by the arrest and detention of its top executives, Tigran Gambaryan and Nadeem Anjarwalla, in a demonstration of its resolve to uphold regulatory standards.
While Anjarwalla managed to escape custody, Gambaryan was taken into custody in Abuja and now faces trial oncharges of money laundering and tax evasion.
In January 2024, the Central Bank of Nigeria released initial guidelines for banks opening cryptocurrency accounts, though banks are still not allowed to trade or hold virtual assets within their own portfolios
Magazine: Cleaning up crypto: How much enforcement is too much?
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Nigeria's interest in Bitcoin unfazed by regulatory restrictions - Cointelegraph