Ethereum Whales Accumulate As Bullish Momentum Builds Up

Ethereum appears to have entered a stagnation phase without giving any clear signals of where it is heading next. Its price action has been mostly contained within a narrow trading range over the last couple of weeks. But a decisive price movement that defines the direction of its trend has yet to occur. Spencer Noon, the head of DTC Capital, believes that despite the lackluster there are different factors that suggest that Ether is poised to rally. The renowned analyst maintains that the growth of the Grayscale Ethereum Trust (ETHE)…

Africa Is Bullish on Crypto Despite Infrastructure and Regulatory Hurdles

A new report published by Arcane Research shows that African countries have some of the highest cryptocurrency ownership rates worldwide.  South Africa ranked third throughout the world with 13% of its internet users owning or using cryptocurrencies. Nigeria took the fifth spot with 11% of internet users owning cryptocurrencies. The worldwide average for the same stands at 7%. Indeed, as Cointelegraph recently reported, Bitcoin (BTC) trading volume in Sub-Saharan Africa broke past records posted at the heights of 2017’s rally. Clear interest in crypto Arcane Research noted that Uganda, Nigeria,…

Spike in User Activity Drives Bullish Divergence for Maker

Crypto market data analysis firm Santiment has published data suggesting bullish activity surrounding MKR — the token underpinning decentralized finance (DeFi) project MakerDAO. On May 20, Santiment published data indicating bullish divergence between the number of daily active MKR addresses and price action for the token. “$MKR looks to be forming a major bullish divergence in our Daily Active Addresses vs. Price Divergence model today,” Santiment tweeted. “MakerDAO’s network is indicating a high level of unique addresses transacting, which typically can lead to a price surge with some maintained longevity.”…

Bitcoin Halving Readies Ethereum, XRP, and Litecoin for Bullish Breakout

Bitcoin recorded its highest daily sentiment score since 2017. Now, it looks like this bullish sentiment is spilling over into Ethereum, XRP, and Litecoin. Key Takeaways Ethereum must hold above $200 to continue its upward momentum, which may take it to $240 or even $270. Meanwhile, large investors behind XRP have been accumulating heavily since mid-March, signaling further gains ahead. Along the same lines, a significant number of idled Litecoin tokens were recently moved, which in the past has led to higher prices. Share this article Bitcoin sentiment is at…

Record CME BTC Open Interest Shows Institutions Bullish on Bitcoin Price

Bitcoin’s (BTC) options markets are finally taking off at CME. This week Cointelegraph reported that the combined volume traded over the last ten days surpassed $140 million, as institutional investors delved in call options. The buyer of a call option can acquire Bitcoin for a fixed price on a predetermined date. For that privilege, this investor pays an upfront premium for the call option seller. CME Bitcoin Options Volumes – USD. Source: Skew As halving uncertainties became less of a risk, institutional investors began mounting bullish positions. Despite being more…

Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support. Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect. …

Bitcoin Hashrate Drops 30% — A Bullish Sign, Say Insiders

Bitcoin (BTC) hashrate has decreased by 30% in the last three days in line with the predictions made by industry insiders. Before the halving, Cointelegraph surveyed a number of industry insiders about their expectations for post-halving changes in hashrate. Costs of Bitcoin mining The halving of the block reward erodes Bitcoin miners’ revenue, reduces their margins, and sometimes even makes operations unprofitable at a given difficulty level. Whereas revenue per given hashrate is the same for all miners, the costs they incur will vary greatly. For Bitcoin miners, by far,…

Twitter Remains Bullish on Bitcoin Price Despite Muted BTC Halving

The long awaited Bitcoin halving came and went, bringing with it whipsaw volatility which saw the price whipsaw 5% to 7% in each direction for the last three hours leading up to block 630,000.  Earlier in the day, the top-ranked digital asset on CoinMarketCap managed a quick 8% rally from $8,475 to $9,168 but it was quickly snuffed out once the price dropped below the support at $8,750.  Crypto market daily price chart. Source: Coin360 On a more interesting note, as the 629,000 block was mined, f2pool inserted the message…

Bitcoin Price Volatile 24 Hours Before Halving, Key Indicators Bullish

With Bitcoin’s (BTC) third mining rewards halving just over 24 hours away, mainstream market hype surrounding the event has grown exponentially, especially after balancing on the $10K threshold for some time. On May 9, BTC dropped to the $8,100 mark before making a small recovery to around $8,800. Nevertheless, the fact that BTC has overall been able to stave off bearish market pressure instilled a certain amount of confidence in the hearts of investors all over the globe — despite Bitcoin facing a 15% value slip on May 9. Additionally,…

Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds

Just 24 hours ago, analysts expected for Bitcoin to gun for fresh highs past $10,100. The cryptocurrency was holding $9,800-10,000, seemingly poised to press even higher than it already had. Bears, however, had the upper hand, sending Bitcoin crashing by $2,000 within a day’s time. It was a move that liquidated $250 million worth of BitMEX positions, as reported by NewsBTC previously. Since the move transpired, BTC has recovered slightly, now trading at $8,500, a few hundred dollars higher than the $8,100 lows. A V-shaped recovery hasn’t formed, that’s for…