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Bitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say increases the chance of a rally to $40,000. Bitcoin (BTC) is trying to sustain above the overhead resistance of $38,000 for the second consecutive day and start the next leg of the uptrend. The excitement among market observers may have increased after the United States Securities and Exchange Commission (SEC) delayed its decision on the applications of Franklin Templeton and Hashdex exchange-traded funds. Bloomberg ETF analyst James Seyffart speculated in a X (formerly Twitter) post that the SEC may have taken this step “to line every applicant up for potential approval by the Jan. 10, 2024 deadline.” While many analysts believe that the ETF listing will be a watershed moment for Bitcoin, Genesis Trading head of derivatives Joshua Lim cautioned in a X post that traditional finance investors have already bought the rumor and may exit the trade close to the ETF announcem...

Bitcoin experienced its first-ever halving 11 years ago today, and since then, its price has soared from $12 to its current price of $37,000. Bitcoin (BTC), the largest cryptocurrency by market value, experienced its first-ever halving 11 years ago today. As the community celebrates the anniversary of the first Bitcoin halving , it’s timely to revisit some of Bitcoin's historical milestones ahead of the next halving expected in April 2024. The first Bitcoin transaction occurred nearly 15 years ago on Jan. 3, 2009, a few months after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, published the Bitcoin white paper in October 2008. On Nov. 28, 2012, or three years and ten months after Bitcoin’s initial block was mined, the first-ever halving event took place. At the time, BTC traded at just around $12, according to data from StatMuse, or 308,200% below Bitcoin's current price, according to data from CoinGecko. Though Bitcoin halving — as well as the digital currency...

ProShares and Grayscale lead a surge of activity in Bitcoin investment products, with analysis confident of implied demand for a Bitcoin spot ETF. Bitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources including Bloomberg showed Bitcoin exchange- trade d funds (ETFs) and others nearing record weekly inflows. BITO, GBTC trade $2.5 billion  Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind. In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27. Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light i...

Bitcoin may see a deeper retracement at the hands of positive funding rates and a lack of bid liquidity below BTC price, the latest market takes suggest. Bitcoin (BTC) consolidated near $34,000 after the Oct. 24 Wall Street open as the dust settled on 15% daily gains. BTC/USD 1-hour chart. Source: TradingView Opinions diverge on Bitcoin funding rates Data from Cointelegraph Markets Pro and TradingView tracked BTC price volatility through the day, with $34,000 a focus at the time of writing. The pair had previously hit 17-month highs near $35,200 on the back of fresh excitement over the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States. Analyzing the sequence of events which led to a $5,000 daily candle, monitoring resource Material Indicators revealed a support/resistance (R/S) flip at $30,600. The speed at which the market broke through resistance in place throughout the past year-and-a-half was surprising, an X post read. Material Indicator...

Prominent Bitcoin developers and market analysts highlight BTC’s relative performance to the broader cryptocurrency markets at Bitcoin Amsterdam. The Bitcoin (BTC) value proposition continues to be a source of confidence for investors and proponents amid prevailing depressed market conditions in the broader crypto currency space. This was a key takeaway from in-depth interviews with Bitcoin developers, advocates, analysts and influential figures during the Bitcoin Amsterdam 2023 conference. Jameson Lopp, the CEO of Bitcoin custody firm Casa, provides food for thought with less than a year to go before Bitcoin’s next mining reward halving. In a conversation with Cointelegraph, the Bitcoin advocate and software engineer said BTC’s value proposition has been a stronghold through months of tough market conditions: “During the bear market, so many people have lost money on all these other tokens. Once again, Bitcoin is shining as the safer asset.” Dylan LeClair is another prominent voic...

A Coinshares crypto market flow report reveales that traders are showing more confidence in the likes of XRP and Solana. Crypto investment products registered their sixth consecutive week of outflows in the week ending on Sept. 24. According to data shared by Coinshares, digital asset outflows from crypto investment products reached $9 million last week. Weekly crypto asset flows. Source: CoinShares Bitcoin (BTC) registered a third consecutive week of outflows with the past week's outflows reaching $6 million. Short-bitcoin positions saw outflows of $2.8 million. On the other hand, Ethereum (ETH) registered its sixth consecutive week of outflows with $2.2 million flowing out over the past week. The largest altcoin ETH registered its sixth consecutive week of outflows , other altcoins especially XRP and Solana have gained traders' trust with net in flows of $0.66 million and $0.31 million respectively. The report noted that investors are becoming more discerning in the al...

Short-term holder supply has declined to just 2.56 million BTC, but the current Bitcoin market may be "top heavy," warns Glassnode. Bitcoin (BTC) speculators are leading a period of “exhaustion and apathy” across the market, new research says. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode waning conviction among Bitcoin’s short-term holders (STH). Bitcoin speculators risk unrealized losses After several months of stagnant BTC price action, frustration among market participants has lead to predictions of deeper downside to come. Bulls remain unable to break resistance, while sellers likewise face multiple support zones in the form of trend lines between the current $29,000 and $25,000. Among these is the STH cost basis, or realized price. STHs are defined by Glassnode as entities hodling coins for 155 days or less, and correspond to the more speculative end of the Bitcoin investor spectrum. The STH cost basis has functioned as ...

A popular Bitcoin price model returns to center stage as BTC’s next halving approaches. Bitcoin is struggling to reclaim its psychologically important level of $30,000 as analysts predict that choppy accumulation may last for months. Bitcoin (BTC) soared to a new yearly high of over $31,800 on July 13, driven by optimism surrounding the potential approval of exchange-traded funds (ETFs) in the United States and Ripple’s landmark legal victory in its case against the U.S. Securities and Exchange Commission regarding the classification of XRP (XRP) as a security. However, five days after the pump, BTC closed below $30,000 as buyers struggled to push the price back above the crucial support level. Despite Bitcoin’s price showing weakness in the short term, historical on-chain movements and empirical data suggest that the worst days of the bear market are likely over. Long-term holders are unmoved, but short-term investors could sell Glassnode’s latest report shows that Bitcoin’s price ac...

As reported on Friday, movement to $35,000 and $38,000 would have been confirmed if BTC broke and upheld support above $32,000. advertisement With the pullback to $30,000 apparent, a shift in the technical outlook of the largest cryptocurrency boasting $586 billion and $7.5 billion in trading volume, is required to validate the uptrend to $35,000 and $38,000, respectively. Bitcoin Price Must Reclaim $30,200 Last week’s failure to reinforce a bullish grip on Bitcoin price saw a gradual retracement with coin-sweeping liquidity at $30,000. However, according to leading analysts like Michaël van de Poppe, most liquidity is situated in the lower support area around $28,000. The renowned trader and analysts told over 660k followers on Twitter that Bitcoin must “reclaim $30,200 and we’ll be good for continuation to the upside. Recommended Articles ...

Bitcoin manages another attack on $31,000, while traders hope for further BTC price upside in the coming days. Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation. BTC/USD 1-hour chart. Source: TradingView $31,000 returns amid Fidelity Bitcoin ETF rumor Data from Cointelegraph Markets Pro and TradingView showed BTC price action edging higher after holding $30,000 support. The start of U.S. trading saw fresh positive news as asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF). "First it happens slowly, then all at once," financial commentator Tedtalksmacro wrote in part of a reaction, referring to existing ETF plans from largest global asset manager BlackRock and others. Despite not yet repeating the rapid gains seen last week, BTC/USD preserved the majority of its progress, with commentators hopeful that bulls would come through. “Bitcoin r...

CoinShares’ latest weekly inflow report shows a substantial increase in investor appetite for digital asset investment products with Bitcoin leading the rally. A recent surge in activity surrounding exchange-traded funds has led to the largest weekly inflow for digital asset investment products since July 2022, according to a June 26 report via CoinShares. Totalling $199 million, inflows for the week of 19–23 June turned around a nine-week string of consecutive outflows, with Bitcoin (BTC) representing the lion’s share at $187 million (94% of overall inflows). This week in Fund Flows, by @jbutterfill: A sharp shift to bullishness among investors, injecting US$199m in digital asset investment products. This marks the largest single weekly inflow since July ’22, correcting almost half of 9 consecutive weeks of outflows. (1/5) pic.twitter.com/TvZ0EM2KLU — CoinShares (@CoinSharesCo) June 26, 2023 CoinShares analysts attributed the reversal to increasing activity from exchang...

Amidst the bearish outlook, Bitcoin has showcased a very defined accumulation level according to evidence gleaned from on-chain data. Sharing his insights, crypto analyst @Ali_Charts showed that the digital currency is experiencing an intense accumulation around the $26,360 and $27,160 price levels respectively. advertisement According to the data presented, a total of 2.36 million addresses purchased a total of 1 million BTC within this range. The accumulation is notably recent and we may soon begin to see the impact in the price of the cryptocurrency moving forward. Bitcoin traded at a low of $25,878.43 and with the broad uncertainties that was presented to the market over the past month, it failed to breach the resistance point above $30,000. With the effect and impact of the supply scarcity the recent accumulation is bound to introduce, we may see the digital currency soar beyond its current monthly high of $29,820.13. Bitcoin Price and Fundamental S...