Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.  Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100. BTC/USDT daily chart. Source: TradingView Sentiment among traders received a slight boost after Bitcoin price reversed course…

Pundits say Bitcoin’s brutal quarter could see Tesla report up to a $100M loss for Q2

Bitcoin’s second-quarter price battering has pundits speculating that Tesla may have to report a loss of up to $100 million for Q2. With the price of Bitcoin recently dropping to revisit levels last seen in January, CNBC business analyst Kate Rooney asserted on July 6 that Tesla may face an “impairment charge” — requiring it to report the drawdown in a disclosure to the U.S. Securities and Exchange Commission (SEC). She noted that as Tesla first disclosed its $1.5 billion in Bitcoin purchases in February, onlookers believe the electric vehicle…

Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. What Happens Now?

Bitcoin whales have resumed accumulating coins in what has turned out to be the biggest Bitcoin accumulation event in 2021.  A number of Bitcoin whales addresses that currently hold a number of 100 to 10,000 bitcoins in their wallet accumulated over 60,000 bitcoins in a single day. Lately, Bitcoin has been sluggish in the market due to a high number of sell-offs and not enough people buying back in the coin. But over the past six weeks, the whale wallets have accumulated over 100k bitcoins. With over 60% of these…

Bitcoin’s key momentum metric hints at bullish divergence as BTC clings to $33K

A recent run-down in the Bitcoin (BTC) market faces the prospects of exhaustion before confirming a full-fledged bearish breakdown, so reflects a classic momentum-based oscillator. RSI forming higher lows Dubbed as Relative Strength Index, or RSI, the indicator measures the speed as well as change of directional price movements. It operates within a set range of numbers—between 0 and 100. The close is RSI to 0, the weaker is the price momentum. Conversely, an RSI reading near 100 reflects a period of strong momentum. The range also helps determine an…

Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks

The number of addresses active on the Bitcoin network has crashed roughly 60% in the past six weeks from 1.3 million to roughly 500,000. The collapse in activity has seen Ethereum overtake Bitcoin by number of active addresses, with the Ethereum network hosting roughly 200,000 more active wallets than Bitcoin on July 27. It is the third time this month, with Ethereum also having overtaken Bitcoin by the metric June 5, 2021, and June 6, 2021. The previous time ETH was in the lead was at the beginning of 2017.…

3 key areas traders are watching as Bitcoin’s monthly close occurs

Bitcoin’s (BTC) whipsaw volatility has been on full display throughout June, leaving traders confused and in search of the latest technical indicator or major news announcement that might provide some hint at which way the price will move.  As the month of June comes toward an end, traders are now focused BTC’s on the monthly close to determine if the forward outlook is tilted toward bulls or bears. BTC/USDT 1-month chart. Source: TradingView At the time of writing, Bitcoin price is still 47% away from its all-time high at $64,873 and analysts…

Bitcoin’s evolving narratives make it antifragile

Over the years, Bitcoin has been able to overcome naysayers by frequently reinventing its narrative. Because Bitcoin (BTC) is multifaceted, it is able to quickly change to confront new criticism. We have seen this over the years. For example, Bitcoin used to be frequently assailed by the media for its volatility — many articles pushed the notion that Bitcoin was too volatile to ever succeed as a currency. We do not hear too much about Bitcoin’s volatility today, in part because observers have been accustomed to its frequent price swings,…

Winklevoss’ Gemini buys carbon credits to cut Bitcoin’s CO2 footprint

Gemini, a major cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is responding to Bitcoin’s (BTC) environmental issue by purchasing carbon credits.  On Thursday, the company announced its long-term initiative to incorporate climate-conscious measures into its business, launching a collaboration with Climate Vault, a non-profit founded at the University of Chicago. Through the initiative, Gemini plans to purchase carbon credits for nearly 350,000 metric tons of carbon to offset non-renewable energy consumed by Bitcoin miners and help decarbonize Bitcoin on the BTC network. According to the announcement, the partnership will have…

Data shows derivatives had little to do with Bitcoin’s drop to $29K

After a brief recovery to $41,000 on June 14, Bitcoin (BTC) investors might have thought that the bear market was finally over. After all, it was the highest level since May 21 and the date that MicroStrategy (MSTR) announced a successful $500 million debt offering.  The funds are usually available in one or two business days, and the proceeds would be used to acquire even more Bitcoin for the business intelligence company’s balance sheet. MicroStrategy followed this fund-raise with another surprise filing to sell up to $1 billion of its…

Bitcoin’s correlation with gold and stocks is growing

Bitcoin (BTC) is an uncorrelated asset, or so the narrative used to go. For much of Bitcoin’s lifetime, it existed as something of value to a very small group of people. Now, awareness and demand are accelerating rapidly. So, what does this mean for the status of BTC as a supposedly uncorrelated asset?  That Bitcoin was an uncorrelated asset isn’t just conjecture — the numbers back it up. According to data compiled by VanEck in early 2021, there was almost no discernible pattern between the movements of Bitcoin and other…