3 reasons why Bitcoin price has not been able to rally back above $40K

The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs. Bitcoin’s price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic stimulus and a slew of technical factors connected to Bitcoin’s price action. A strong dollar threatens Bitcoin’s recovery According to…

This classic trading pattern signaled that Bitcoin price had hit a top

Traders tend to focus too much on timing the right entry to a trade, but very few focus on developing a strategy for exiting positions. If one sells too early, sizable gains are left on the table and if the position is held for too long, the markets quickly snatch back the profits. Therefore, it is necessary to identify and close a trade as soon as the trend starts to reverse. One classical setup that is considered reliable in spotting a trend reversal is the head-and-shoulders (H&S) pattern. On the…

3 altcoins whose tweet volume spiked before a strong rally

On Crypto Twitter, a surge of attention directed at a coin often comes in response to dramatic price action. Quite naturally, rallying assets attract the attention of traders and take over Twitter conversations, which can also create positive feedback loops that further prop up the momentum. This is exactly what happened with some of the coins that saw a greater increase in average daily tweet volume this month, compared with the last. KuCoin Shares (KCS), which went up from $7.40 on July 4 to $14.20 on July 14, generated a…

SpaceX owns BTC, daily Dogecoin volume surged in Q2, Grayscale eyeing ETF: Hodler’s Digest, July 18–24

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week   SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener Elon Musk, Dogecoin (DOGE) proponent and fair-weather friend to Bitcoin (BTC), revealed for the first time on July 21 that his aerospace firm SpaceX owns an undisclosed amount of Bitcoin.  “I…

$10B asset manager registers new Bitcoin fund with SEC

Stone Ridge Asset Management, the alternative investment manager behind New York Digital Investment Group, has filed a new prospectus with the United States Securities and Exchange Commission, or SEC, to add Bitcoin (BTC) to its open-end mutual fund.  The prospectus for Stone Ridge Bitcoin Strategy Fund appeared on the SEC website on Friday, though the actual filing is dated July 26, 2021. The Fund is part of an investment portfolio of Stone Ridge Trust, an open-end investment company registered in Delaware. According to the prospectus, the primary investment objective of…

Bitcoin price hits $34K as trader forecasts fresh weekend resistance showdown

Bitcoin (BTC) touched $34,000 on July 24 after the latest resistance flip held to propel the market higher. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin battles $34,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD just hitting the $34,000 on Bitstamp on Saturday before returning to linger around $200 lower. The past 24 hours were profitable for traders as Bitcoin launched from $32,000 to deliver 4% gains that were holding above $33,800 at the time of writing.  For Cointelegraph contributor Michaël van de Poppe, it was necessary for the…

The future of art? World-famous artists delve into NFTs

For millennia, the world of art has remained unchanged for the most part. The tradition has always revolved around artists selling their work to museums, galleries, or individual collectors. In return, the artist would get a market value for their work which was often kept in private vaults and only displayed to the public ever so often. With the advent of NFTs, many artists are now able to take their work and offer it up for sale as a digital collectible. Through these blockchain-enabled digital assets, the artist cannot only…

Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

Bitcoin’s (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern. Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among investors. As a result, the price forms higher interim peaks and lower interim lows. Bitcoin appears to be trading inside a similar structure, as shown in the chart below. Nonetheless, the cryptocurrency lacks volatility, one…

DeFi industry draws in commercial banks? Siam bets with $110M fund

While serious institutional interest in crypto is perhaps becoming more of an established trend than an emerging narrative, the focus of big-money players is usually on Bitcoin (BTC). However, assets like Ether (ETH) and decentralized finance (DeFi) are beginning to pique the attention of major investors. For Siam Commercial Bank (SCB), DeFi is a major focus point of its current digital asset drive, as Thailand’s oldest bank prepares itself for the expected financial technological disruption of decentralized finance. While other banks are still undecided or only making temporary forays into…

Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds

In the past two decades, index and exchange-traded funds (ETF) have become some of the most popular forms of investing because they offer investors a passive way to gain exposure to a basket of stocks as opposed to investing in individual stocks which increases risk of loss.  Since 2018, this trend has extended to the crypto sector and products like the Bitwise 10 Large Cap Crypto Index (BITX) tracks the total return of Bitcoin (BTC), Ether (ETH), Cardano (ADA), Bitcoin Cash (BCH), Litecoin (LTC), Solana (SOL), Chainlink (LINK), Polygon (MATIC),…