Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback

Key Takeaways Bitcoin’s total hashrate has recovered after dropping 35% in October, flagging a buy signal.   The leading crypto is, however, witnessing movement from old BTC wallets as prices reached all-time highs.  Analysts predict that Bitcoin’s price may witness a short-term pullback, but the momentum remains bullish.  Share this article In November, the Bitcoin network witnessed higher profit-booking tendencies after its price increased by 42.5%, reaching a peak value of $19,860. New buyers and derivatives traders have been apprehensive of a bullish trend reversal. However, the growth of mining hashrate…

Oldest Bitcoin mining pool ‘immortalizes’ bullish Reuters headline

Slush Pool, the world’s oldest mining pool, put a Reuters’ headline about Bitcoin’s 2020 bull run in a block on Dec. 2. “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak” is now part of Bitcoin block number 659678. Announcing the news on Twitter, Slush Pool said that the pool’s miners wanted to “immortalize” the bullish Bitcoin (BTC) headline from mainstream media, making it live forever on the Bitcoin blockchain. Our miners asked us to immortalize it. Block 659678: Reuters 01/Dec/2020 Dollar plummets on U.S. stimulus hopes; bitcoin hits all-time peakhttps://t.co/pmzK3HXhpw pic.twitter.com/LKpvlj9TC4 —…

PayPal CEO Is “Bullish” on Many Cryptocurrencies

Paypal CEO Dan Schulman endorsed cryptocurrency during a web summit today and expanded on his company’s plans for the future. PayPal CEO Praises Crypto During the web summit, Schulman heaped praises on the advantages that cryptocurrencies bring to the world of FinTech. He believes that digital currencies can bring down the cost of payments and enable the broader inclusion of people from less fortunate areas of the world. Schulman concluded that he is “bullish on digital currencies of all kinds” in the long run. He also suggested that the COVID-19…

Why a “Blue Wave” Victory in U.S. Politics Is Bullish for Bitcoin

Key Takeaways “It’s never been good for markets to have one party control everything,” says Yusko. Yusko describes how corruption in both parties erodes the checks and balances in politics. The CEO’s comments highlight the importance of the upcoming runoff elections for the Georgia senate. Share this article Mark Yusko is the CEO of Morgan Creek Capital Management, a VC firm that has invested over $100 million in the crypto ecosystem. Yusko is bullish on Bitcoin, recently describing Bitcoin as a saving asset rather than a consumable asset like fiat.…

Bloomberg lists 5 bullish trends for Bitcoin price despite ‘Thanksgiving crash’

Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits that this bull run is nothing like 2017.  In an article on Nov. 27, the publication known for its pessimism highlighted a range of Bitcoin metrics pointing to a bullish future — despite Thursday’s $3,000 price rout. Bloomberg: Bitcoin market “far more liquid” Included as evidence were record-high Bitcoin futures open interest, non-zero wallet numbers, hash rate and the lack of correlation between Bitcoin and other macro assets. “Just look at market technicals…

Overwhelming bullish sentiment once again proves costly

According to data collected from 1000+ crypto social media channels, the average crowd sentiment towards Bitcoin adapted from slightly bullish to overwhelmingly bullish over the days leading up to Thursday’s dramatic pullback, mirroring the levels previously observed during its May and August price tops, respectively.  The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicated that with both short-term and long-term Bitcoin holders in a position of +15% and +63% profit, the likelihood of profit-taking became high. To make matters more ominous, the funding rate on Bitcoin’s derivatives…

Institutions Crowding Out Retail With Bullish Bitcoin Predictions

Key Takeaways The world’s leading investment managers are endorsing Bitcoin, predicting a strong uptrend in 2021.  Fund managers’ targets range from $100k up to $500k per BTC.  Share this article Investment banks and hedge fund managers are no longer shorting Bitcoin. Instead, leading advisors are strongly advocating BTC to attract institutional clients eager to benefit from the top coin’s lucrative gains.  Asset Managers Give Ambitious BTC Targets  It began with veteran investor Paul Tudor Jones earlier this year when he recognized Bitcoin’s potential as an inflation hedge under the presence…

Key Bitcoin and Ethereum options metrics show traders are wildly bullish

In the last few days, Bitcoin (BTC) price has underperformed Ether (ETH) by almost 20%. Even though BTC seems to be struggling to break the $18,800 barrier, both cryptocurrencies display the same bullishness according to derivatives markets data. BTC/USD and ETH/USD at Bitstamp. Source: Digital Assets Data Ether is entering a parabolic rally as its Eth2 network launch progresses, and this optimism is reflected in the options markets. Despite the lack of similar price action from BTC, Bitcoin traders seem unfazed, and data shows they are still wildly bullish. Futures…

Despite Bullish Factors, Litecoin Suffers Brutal Rejection At Downtrend Resistance

Litecoin was one of this week’s biggest movers and shakers in crypto, beating even Bitcoin substantially. The bullish impulse took the altcoin to a year-long downtrend line against BTC but unfortunately was rejected hard. With the general consensus being that Litecoin often leads the way for altcoin trends, a further fall against Bitcoin – as analysts have been predicting – could be coming. Litecoin Lights Up Green As The Cheapest Crypto Coin On PayPal Litecoin was left behind this summer’s altcoin season, while Ethereum and DeFi soaked up all of…

Yearn.finance (YFI) Could Soon “Moon” as It Forms Highly Bullish Pattern

Yearn.finance’s YFI governance token has seen some immense volatility throughout the past few days and weeks, with buyers sending it rocketing over 100% from its recent lows while now attempting to hold it above a crucial resistance level. The selling pressure at this resistance had held strong throughout the past several days and weeks, with buyers ardently attempting to spark multiple downside movements when it reached this level. However, bulls are flashing signs of immense strength today and are now moving to flip this level into support. Holding above it…