Fun

Bitcoin bull-bear cycle indicator flips bullish as price holds $60K

News Feed - 2024-08-10 10:08:20

Ciaran Lyons7 hours agoBitcoin bull-bear cycle indicator flips bullish as price holds $60KThe Bitcoin bull-bear market indicator has turned green once more after Bitcoin"s drop below $50,000 triggered its first bearish signal since January 2023.4524 Total views11 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe Bitcoin bull-bear market cycle indicator, which tracks investor sentiment phases, has flipped to signal bullish conditions, following three days of flashing red as Bitcoin’s price plummeted to levels not seen since February.


“Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market,” CryptoQuant founder and CEKi Young Ju wrote in an Aug. 9 X post.


“Bitcoin is still in a bull market,” pseudonymous crypto trader PlanB added.The indicator fell into "Bear" territory as Bitcoin"s price fell below $50,000. Source: CryptoQuant


“BTC was discounted for only three days,” Ju claimed. The analysis comes after Bitcoin fell to $49,751 on Aug. 5, which is being called “Crypto Black Monday.” It was its first drop below $50,000 since February.


Bitcoin then traded below the critical key level of $60,000 until Aug. 8, according to CoinMarketCap data.


At the time of publication, Bitcoin is trading at $60,732.Bitcoin is down 0.35% over the past seven days. Source: CoinMarketCap


The Bitcoin bull-bear market cycle indicator hadn’t flashed a bear signal since January 2023, shortly after the FTX collapse. 


It wasn’t alone in signaling bearish sentiment, the Crypto Fear and Greed Index also hit an “Extreme Fear” score of 17 on Aug. 6, the lowest since the FTX crash.


Since then, the score has bounced back to a “Neutral” reading of 48.


Some Bitcoin traders believe the quick reversal suggests that the recent price dip might have been a bear trap — when experienced traders sell Bitcoin in a controlled manner to temporarily lower the asset’s price to trap short-sellers.Analyst split on where to next


While some analysts think Bitcoin"s recent downturn mirrors previous trends before bull runs, others are more skeptical.


On Aug. 7, 10x Research head of research Markus Thielen stated that “to ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s.”


Related:Bitcoin speculators hodl 2.8M BTC in ‘worst performing’ price cycle


In an Aug. 6 report, Cathie Wood"s investment firm Ark Invest stated that Bitcoin"s most important price supports are at $52,000 and $46,000.


Meanwhile, veteran trader Peter Brandt explained that Bitcoin"s “decline since halving is now similar to that of the 2015-2017 halving bull market cycle,” suggesting that a bull run may follow.


Magazine:How Chinese traders and miners get around China’s crypto ban# Bitcoin# Bitcoin Price# TradingAdd reaction

News Feed

XRP Gears Up For Major Move — Chart Signals Are Clear
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Here’s How Aptos Price Could Slide Further Down Toward $4.3
Este artículo también está disponible en español. Investor confidence in the altcoin market appears to be in a slump lately, and the Aptos price performance succinctly re
Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs
Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed
Derek Andersen4 hours agoRegulated Liability Network identifies proof-of-concept use case with digital poundThe RLN, which places tokenized assets and liabilities on the same ledger, was tested with simulated cross-borde
Bitoro launches perpetual futures on Injective protocol
Vince Quill3 hours agoBitoro launches perpetual futures on Injective protocolThe perpetual futures trading network is now available on five other ecosystems, including Avalanche, Base, Arbitrum, Optimism, and Mantle.1036
Bitcoin’s Mining Difficulty Taps All-Time High — 220 Exahash of Hashpower Remains Strong
Bitcoin"s Mining Difficulty Taps All-Time High — 220 Exahash of Hashpower Remains Strong Bitcoin’s mining difficulty reached a new all-time high at block height 753,984 fr
Amaka Nwaokocha10 hours agoMeta Platforms fined $14 million for Onavo privacy issues: ReportThe decision in an Australian court was driven by increasing concerns about illicit activities in the crypto market and the desi
Elon Musk Promises to Step Down as Head of Twitter — Edward Snowden Throws His Name in the Hat for CEO
Elon Musk Promises to Step Down as Head of Twitter — Edward Snowden Throws His Name in the Hat for CEO Tesla CEO and Twitter chief Elon Musk has promised to step down as head of
TNC IT Group’s Token to Be Listed This April
TNC IT Group’s Token to Be Listed This AprilTNC IT Group (TNC), an international blockchain company, will have its native currency TNC Coin listed on crypto exchanges by April 30.
Judge finds Ripple Labs liable for $125M penalty in SEC case
Turner Wright3 hours agoJudge finds Ripple Labs liable for $125M penalty in SEC caseRipple’s civil case with the SEC has been ongoing since December 2020, when the regulator alleged the blockchain firm used XRP as an u
Blockchain and Cryptocurrency Is ‘Here to Stay and Impossible to Regulate at Large’ — CEO of a United Arab Emirates Based Bank
Blockchain and Cryptocurrency Is "Here to Stay and Impossible to Regulate at Large" — CEO of a United Arab Emirates Based Bank According to the chief executive officer (CEO) of t
EigenLayer’s EIGEN token unlock looms, futures tip a $6.8B FDV
Alex O’Donnell6 hours agoEigenLayer’s EIGEN token unlock looms, futures tip a $6.8B FDVEigenLayer’s EIGEN token is scheduled to unlock at 5:00 am UTC on Oct. 1 and will start trading on exchanges such as Binance so