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Bitcoin is witnessing profit-booking near $38,000, but the correction is likely to be shallow as lower levels are likely to attract buyers. Bitcoin (BTC) has started the week on a negative note. The failure of the bulls to pierce and sustain above the $38,000 resistance has given a small window of opportunity for the bears to try and make a comeback. Strong selling has pulled the price below $37,000 on Nov. 27. However, lower levels are likely to attract buyers as the bulls will want to maintain the momentum going into the final month of the year. The bears are likely to have other plans as they will attempt to deepen the correction. That could boost volatility in the last few days of November as both the bulls and the bears try for a monthly closing in their favor. Daily cryptocurrency market performance. Source: Coin360 While near-term uncertainty remains, Rich Dad Poor Dad author Robert Kiyosaki reiterated his long-term bullish view on Bitcoin, gold and silver in a X (formerly Twit...

Bitcoin is facing resistance at $38,000, but UNI, IMX, VET and ALGO may extend their up-move in the short term. Bitcoin (BTC) rose above $38,000 on Nov. 24, but the bulls could not build upon this strength. This suggests hesitation to buy at higher levels. Bitcoin is on track to form a Doji candlestick pattern on the weekly chart for the second consecutive week. This signals indecision among the bulls and the bears about the next directional move. With Bitcoin maintaining near its 18-month high, BitMEX co-founder Arthur Hayes retained his bullish stance. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which is likely to push Bitcoin higher. Crypto market data daily view. Source: Coin360 Another bullish projection came from PlanB, creator of the stock-to-flow family of BTC price models, who said in a post on X that Bitcoin may not stay at the current levels for long. PlanB expects Bitcoin to maintain an average price of at least $100,...

The latest Cointelegraph Report explains everything you need to know about a potential spot Bitcoin ETF approval in the U.S., its impact on the market, and its significance for the crypto industry. A wave of optimism around the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has ignited bullish price action in the crypto market in recent weeks.  But that could be just the beginning: If a spot Bitcoin ETF receives a greenlight by the U.S. Securities and Exchange Commission (SEC), it would mark a major milestone in the history of digital assets. The spot Bitcoin ETF will provide institutional investors with a simple and regulated way to get exposure to Bitcoin with potentially explosive consequences for the Bitcoin market. According to many analysts, a spot Bitcoin ETF could spark a demand shock that, coupled with next year's Bitcoin halving event, could spark the new crypto bull market. The SEC has so far rejected all spot Bitcoin ETF applicat...

Over 81,000 wallet addresses now hold $1 million or more worth of Bitcoin. The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year.  BitInfoCharts data shows the number of addresses with more than $1 million in BTC increased from 23,795 on Jan. 1 to 81,925 currently, a 237% increase in the last 11 months. Currently, 81,925 wallet addresses hold more than $1 million in BTC. Source: BitInfoCharts The million aire wallet s are not one-to-one with individual users as many addresses with more than $1 million BTC belong to crypto exchanges and financial institutions. Comparative data from Glassnode shows the number of addresses holding more than $1 million in Bitcoin peaked during the top of the last bull market in November 2021, posting a record 112,573 addresses on Nov. 9, 2021, the day before Bitcoin notched its all-time high of $69,000 on Nov. 10, 2021. The number of “millionaire” Bitcoin wallets has grown more than 237% fr...

BTC price should see a serious shake-up in the coming days, but Bitcoin market participants are increasingly worried it will be to the downside. Bitcoin (BTC) threatened fresh downside over the weekend as markets geared up for the July 23 candle close. BTC/USD 1-hour chart. Source: TradingView $19,000-$23,000 "still on the cards" for Bitcoin Data from Cointelegraph Markets Pro and TradingView showed acting below $30,000, now set as intraday resistance. July 22 saw a brief dip to $29,640 before a recovery in time for the daily close, but trader s remained worried that worse was to come. https://t.co/GY0AgGbAnn — Crypto Chase (@Crypto_Chase) July 22, 2023 “So we have a double top rejection currently on BTC, so we need to really make a note of levels incase we drop,” popular trader Crypto Tony warned Twitter followers in fresh analysis of the 3-day chart. “Those two levels are $25,000 & $20,000, and these are both key psychological levels. Make a note.” BTC/USD annotated ...

Bitcoin and several altcoins are stuck in a tight range, indicating that a breakout is brewing. A large part of the recent leg of Bitcoin’s (BTC) rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15. Several applications by other firms have been rejected by the United States Securities and Exchange Commission in the past. However, BlackRock’s filing has a 50% possibility of getting approved, said Bloomberg senior ETF analyst Eric Balchunas.  Another bullish catalyst for the cryptocurrency markets could be a filing by asset manager Fidelity Investments to launch its Bitcoin spot ETF. CoinShares Chief Strategy Officer Meltem Demirors said that firms managing $27 trillion of assets are “actively” pursuing efforts to allow their clients exposure in the crypto space. Daily cryptocurrency market performance. Source: Coin360 Most of the focus in recent days has been on institutional money but the retail trader’s power should not be underestimated....

Bitcoin traders always talk about BTC’s correlation with gold and equities, but how much attention should average investors pay to this discussion? Some news sources have been fond of making comparisons between Bitcoin’s (BTC) price action and that of other assets. In particular, the two most commonly compared asset classes are gold and tech stocks. While a correlation holds, it tends to be a big news story. Throughout much of 2022 and early 2023, for example, the “Bitcoin trades in tandem with tech stocks” narrative was prevalent. Since that correlation has broken down, however, there doesn’t seem to be much related news coverage. Now a new narrative has taken the spotlight: that of Bitcoin’s correlation to gold. Ever since the failures of Silvergate, Signature Bank, and Silicon Valley Bank in March, both assets have rallied. Both of these narratives make sense on the surface. If Bitcoin is to be seen as a speculative asset, then it might trade similar to a tech stock. And if Bitcoin...

Bitcoin is down 15% from its 2023-highs, but $40,000 may be closer than you think due to several important factors. Bitcoin (BTC) has dropped nearly 15% from its yearly high of around $31,000, with the recent regulatory crackdowns on Coinbase and Binance crypto exchanges and the Federal Reserve's hawkish forward guidance accelerating its selloff. Still, Bitcoin is up 60% year-to-date (YTD), holding above a technical support level of $25,000. Moreover, a new bull cycle can begin for a few reasons. Bitcoin halving The next Bitcoin halving, a pre-programmed event that slashes the cryptocurrency's supply rate by half every four years, is in April 2024. The previous three Bitcoin halvings (2012, 2016, 2020) have all preceded massive BTC price rallies and new all-time highs. For instance, BTC is up 276% since the previous halving in May 2020.  Bitcoin price performances since the last three halvings. Source: Glassnode The market will likely be in an accumulation zone until the halv...

Bitcoin and altcoins feel the pressure of the week's regulatory bombshells, with BTC price action steadying below the key 200-week moving average. Bitcoin (BTC) challenged three -month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Altcoin bloodbath as exchanges reshape landscape Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high. While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges. Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC). These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in ...