Fun

News Feed - 2023-10-24 12:10:00

William Suberg8 hours agoBitcoin price must break $31K to avoid 2023 ‘bearish fractal’BTC price needs to recoup some more key levels before ditching longer-term bearish risk, the latest Bitcoin analysis says.4575 Total views11 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin (BTC) held above $30,000 at the Oct. 23 Wall Street open as analysis said BTC price strength could cancel its “bearish fractal.”BTC/USD 1-hour chart. Source: TradingViewBTC price preserves majority of early upside


Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hovered near $30,700, still up 2.5% on Oct. 23.


The largest cryptocurrency made snap gains after the Oct. 22 weekly close, stopping just shy of $31,000 in what became its highest levels since July. 


Now, popular trader and analyst Rekt Capital is keen to see the $31,000 level break. 


“Bitcoin has Weekly Closed above the Lower High resistance to confirm the breakout,” he commented alongside the weekly chart.BTC/USD annotated chart. Source: Rekt Capital/X


Rekt Capital argued that BTC/USD could disregard the bearish chart fractal in play throughout 2023 next. This had involved the two year-to-date highs near $32,000 forming a doubletop formation, with downside due as a result.


Specifically, Bitcoin requires a “breach” of $31,000 in order to do so. #BTC

Is Bitcoin on the cusp of invalidating the Bearish Fractal?

Here are the Bearish Fractal Invalidation Criteria:

a) Bull Market Support Band holds as support ✅

b) Weekly Close beyond Lower High resistance ✅

c) Breach of $31k yearly highs ❌$BTC #Crypto #Bitcoin https://t.co/4H3OMiDzFB pic.twitter.com/mjoO8OF1Qs— Rekt Capital (@rektcapital) October 23, 2023


More encouraging cues came from the True Market Deviation indicator from on-chain analytics firm Glassnode.


As noted by its lead analyst, Checkmate, on Oct. 23, the metric, also known as the Average Active Investor (AVIV) profit ratio, has crossed a key level.


Bitcoin’s True Mean Market price (TMM) — the level that BTC/USD spends exactly 50% above or below — is now below its spot price, at $29,780. 


“Have we now paid our bear market dues?” Checkmate queried, describing TMM as Bitcoin’s “most accurate cost basis model.”Bitcoin True Market Deviation (AVIV) chart. Source: Checkmate/XInstitutions awaken in “Uptober"


Analyzing the potential drivers of the rally, meanwhile, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, flagged the potential approval of the United States’ first Bitcoin spot-price-based exchange-traded fund (ETF).


Related: BTC price nears 2023 highs — 5 things to know in Bitcoin this week


While not yet awarded the green light, a U.S. spot ETF is being treated as an inevitability after legal battles resulted in regulators losing sway.


“The potential approval of a spot ETF for Bitcoin has spurred a significant increase in bullish inflows in the crypto market,” Van Straten wrote in an update published on Oct. 23.


He noted that Glassnode data shows inflows via over-the-counter (OTC) trading desks spiking since late September.


“In addition, the Purpose Bitcoin ETF, with its holdings of approximately 25,000 Bitcoin, has observed consistent inflow throughout the past month. Even though these inflows might not be termed as ‘large,’ they denote a positive market sentiment,” he continued.“This uptick in inflows across various platforms indicates an optimistic market response to the potential approval of a Bitcoin ETF, bolstering the overall landscape of digital assets.”Bitcoin transfers to OTC desk wallets. Source: CryptoSlate/Glassnode


The largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust (GBTC), continues to see a lower discount to the Bitcoin spot price, having already seen its smallest negative margin since December 2021.


This stood at -13.12% as of Oct. 23, per data from monitoring resource CoinGlass.GBTC premium vs. asset holdings vs. BTC/USD chart (screenshot). Source: CoinGlass


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.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreMacro factors to spark next crypto bull market in Q2 2024, Real Vision’s Raoul Pal saysWhy the 2024 Bitcoin halving may play out differently than in the pastBitcoin price cracks $30K, possibly clearing a path for SOL, LINK, AAVE and STX

News Feed

SEC breaks from past policy guidelines in Uniswap crackdown
Ana Paula Pereira6 hours agoSEC breaks from past policy guidelines in Uniswap crackdownThe U.S. SEC Wells notice against Uniswap raises questions about consistency in policy enforcement.11240 Total views9 Total sharesLis
Marcel Pechman5 hours ago3 reasons why Bitcoin is struggling to rally above $28.5KBitcoin started the week with an uptick in investor sentiment, but there are three major factors preventing BTC price from recapturing the
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on Apr
Report: Blockchain Patents ‘Skyrocket’ in 2020, Alibaba Owns the Most Crypto Patents
Report: Blockchain Patents "Skyrocket" in 2020, Alibaba Owns the Most Crypto PatentsA study from the team at Kisspatent shows that Alibaba Group is the largest blockchain patent hol
Biggest Movers: SOL up 15%, as Bullish Sentiment Continues to Rise
Biggest Movers: SOL up 15%, as Bullish Sentiment Continues to Rise Solana extended recent gains on Wednesday, as the token rose by as much as 15% in today’s session. The mov
India Freezes Peter Thiel-Backed Vauld’s Crypto and Bank Assets Worth $46 Million
India Freezes Peter Thiel-Backed Vauld"s Crypto and Bank Assets Worth $46 Million India’s Enforcement Directorate (ED) has frozen crypto exchange Vauld’s crypto and b
SEC Chair Gensler Warns a Lot of Crypto Tokens Will Fail Following LUNA, UST Collapse
SEC Chair Gensler Warns a Lot of Crypto Tokens Will Fail Following LUNA, UST Collapse The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned th
Zhiyuan Sun2 hours agoAxie Infinity developer brings Japanese Web2 games to RoninThe first Web2 game of the series to be bridged to Ronin is Zoids Wild Arena.711 Total views19 Total sharesListen to article 0:00NewsJoin u
William Suberg9 hours agoBitcoin bulls battle to reclaim $30K amid BTC price RSI ‘reset’Bitcoin returns to a tug-of-war over $30,000, with BTC price action costing its RSI weeks of upside.3392 Total views39 Total sha
Elias Ahonen2 hours agoThe story of a crypto influencer’s attempt to bend realityA bizarre tale about Carl ‘The Moon” Runefelt asking Cointelegraph to revise history on his behalf by concealing old claims that he c
Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course
Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course The rollercoaster-ride in cryptocurrency prices on Monday was accompanied
Santo Blockchain and French Artist Jerome Peschard Release Cutting Edge XR-NFT Series
Santo Blockchain and French Artist Jerome Peschard Release Cutting Edge XR-NFT Series press release PRESS RELEASE. Santo Blockchain Labs have joined forces with F