Fun

News Feed - 2023-10-28 12:10:40

William Suberg8 hours agoBitcoin beats S&P 500 in October as $40K BTC price predictions flow inBitcoin has “plenty of fuel” to get it to $40,000, analysis argues, as BTC price stares down the weekly and monthly candle close.3175 Total views8 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin (BTC) surfed $34,000 at the Oct. 27 Wall Street open as attention turned to BTC price performance against macro assets.BTC/USD 1-hour chart. Source: TradingViewBitcoin range faces weekly, monthly close


Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.


The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.


“I think Bitcoin will hang around this range for some time,” popular trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27.“Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade.” BTC/USD annotated chart. Source: Daan Crypto Trades/X


Daan nonetheless noted that open interest (OI) had recovered near levels last seen before the sudden uptick, which sent Bitcoin to 17-month highs. As Cointelegraph reported, open interest highs had formed a feature of BTC price “squeezes” during prior weeks.#Bitcoin Open Interest on Bybit has almost recovered to the level before the massive short squeeze this week.

During that squeeze, we saw a 21% decrease in Open Interest on Bybit which was worth ~$450M pic.twitter.com/YbCM6XWZHW— Daan Crypto Trades (@DaanCrypto) October 27, 2023


Elsewhere, on-chain monitoring resource Material Indicators flagged a downside signal on one of its proprietary trading instruments.


With two such daily signals in place, Material Indicators said that only a move to $38,850 would “invalidate” the bearish implication.


“That doesn’t mean we can’t go there before the Monthly candle close,” it reasoned in part of its X commentary.Trend Precognition continues to show the way.

For me, a move above $34,850 invalidates on the D chart. That doesn’t mean we can’t go there before the Monthly candle close.

If you want to get these #TradingSignals when they are actionable, subscribe.

Get the tools. Gain the… pic.twitter.com/bpOomEv5Tq— Material Indicators (@MI_Algos) October 27, 2023 Analysis: “Plenty of fuel” to send BTC price to $40,000


More optimistic perspectives came from macroeconomic comparisons.


Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research


Popular social media trader Kaleo noted that Bitcoin had outperformed the S&P 500 considerably since September, with the odds of continued BTC price upside still good as a result.


“Over the course of the past month, we’ve finally seen ‘the bullish decoupling’ for BTC from equities that everyone was waiting for,” he wrote in part of Oct. 27’s commentary.“While BTC is up only 36% vs USD from the September lows, BTC is up 48% vs. SPX.”BTC/USD vs. S&P 500 annotated chart. Source: Kaleo/X


An accompanying chart showed BTC/USD versus the S&P 500, with key recent events in Bitcoin’s history marked. Kaleo argued that there was “plenty of fuel left in the tank for a move higher to $40K.”


Others focused on the significance of recent resistance levels being within days of flipping to weekly and monthly support.


“Not sure how anyone could look at this Bitcoin chart objectively and conclude that breaking through $32k is no big deal,” crypto and macro analyst Matthew Hyland argued.


Hyland suggested that bears had few options left open.


“The last line of hope for them is the weekly & monthly closing below,” he concluded.


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# Markets# Stocks# PredictionsAdd reactionAdd reactionRead moreWhy the 2024 Bitcoin halving may play out differently than in the pastBitcoin is evolving into a multiasset networkInflation and war impact markets, but Paul Tudor Jones says, ‘I love Bitcoin and gold’

News Feed

While Speculators Believe Bitcoin’s Third-Largest Wallet Is a Mystery Whale, Onchain Data Suggests It’s an Exchange
While Speculators Believe Bitcoin"s Third-Largest Wallet Is a Mystery Whale, Onchain Data Suggests It"s an Exchange The price of bitcoin has dipped below the $60K zone, a number of
Ethereum Sees $1.4 Billion In Exchange Outflows This Week – Strong Accumulation Trend?
Este artículo también está disponible en español. Ethereum has faced a challenging start to the year, shedding 15% from its recent local highs and dipping to a low of $3,
A List of Self-Proclaimed Bitcoin Inventors and Satoshi Clues Debunked in 2019
A List of Self-Proclaimed Bitcoin Inventors and Satoshi Clues Debunked in 2019 Since the inception of Bitcoin, a variety of unique individuals have come forward saying they inven
El Salvador’s newest Hilton hotel to tap into tokenized debt on Bitcoin
Brayden Lindrea8 hours agoEl Salvador’s newest Hilton hotel to tap into tokenized debt on BitcoinInvestors will need to make a minimum $1,000 investment to purchase the token, which will be issued on the Bitcoin layer
Joe Biden Claims Inflationary Pressure ‘Rests With the Federal Reserve,’ Praises the Fed’s ‘Extraordinary Support’ 
Joe Biden Claims Inflationary Pressure "Rests With the Federal Reserve," Praises the Fed"s "Extraordinary Support"  On Wednesday, U.S. president Joe Biden explained that the count
Billionaire David Rubenstein Bullish on Crypto, Optimistic About Regulation
Billionaire David Rubenstein Bullish on Crypto, Optimistic About Regulation Billionaire David Rubenstein, Carlyle Group’s founder, believes that U.S. lawmakers will not push
Shiba Inu Millionaire Numbers Fall Below 1,000 After Market Crash, How Much Do They Control?
Este artículo también está disponible en español. The number of Shiba Inu millionairescontinues to decline as the recent market crash puts a damper on holder’s profits.
Chainlink data streams go live on Avalanche Network
Vince Quill8 hours agoChainlink data streams go live on Avalanche NetworkGMX, a perpetual futures trading platform, will be a launch partner and leverage Chainlink’s tech to fuel the decentralized futures exchange.1024
Prashant Jha10 hours agoBitcoin ETF applications: Who is filing and when the SEC may decideDespite BlackRock’s application for a Bitcoin spot ETF, its approval remains uncertain, with the SEC favoring another futures-b
Ethereum Gets Massive $12,000 Price Tag From Research Lead Ahead Of Major Upgrade
Este artículo también está disponible en español. DeFi protocol Derive’s Head of Research, Dr. Sean Dawson, has provided a bullish prediction for the Ethereum price. He
Bitcoin, Ethereum Technical Analysis: BTC Falls From Recent High, Ahead of US Non-Farm Payrolls
Bitcoin, Ethereum Technical Analysis: BTC Falls From Recent High, Ahead of US Non-Farm Payrolls Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahe
Analyst Says Duke Energy Corporation Is Studying Bitcoin Mining Applied to Demand Response
Analyst Says Duke Energy Corporation Is Studying Bitcoin Mining Applied to Demand Response According to the lead rates and regulatory strategy analyst at Duke Energy Corporation, t