BTC price
5 Altcoins To Watch as BTC Price Eyes $70K
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2 months agoon
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adminThe BTC price surged 3.2% during the U.S trading session on Friday, nearly retesting the $60000 psychological level. A potential breakout from this resistance could accelerate the ongoing recovery and drive a rally to $70000. Here are five altcoins to watch amid a renewed bullish trend.
5 Altcoins Poised for Gains as BTC Price Eyes $70K
The BTC price daily chart shows a V-shaped reversal from $52500 to $59900— a 13.5% increase within two weeks. The bullish turnaround can be attributed to the market expecting a potential 50 BPS interest rate cut at the Sept. 18 FOMC meeting. If it happens, Bitcoin could chase $70000 and fuel bullish momentum in these below altcoins.
- XRP
- Cardano (ADA)
- Tron (TRX)
- Polygon (POL)
- Sui
Xrp (XRP)
XRP, the native cryptocurrency of the global payment solution company Ripple, witnessed a massive inflow on Thursday following Grayscale Investments’ relaunching of its XRP Trust. This development suggests growing institutional confidence in XRP and could potentially lead to the introduction of a new crypto exchange-traded trust (ETT) focused on XRP.
The XRP price currently trades at $0.57, registering a 7% jump in the last 48 hours. Consequently, the market cap was boosted to $32.18.
According to the santiment data, the XRP Whales wallet, holding 10 million to 1 billion coins, has shown steady accumulation since January 2022, carrying 6.94 billion XRPs. This indicates rising interest from large holders, bolsters a potential reversal and stable rally.
Cardano (ADA)
Coinciding with other altcoins, Cardano coin showcased a notable bounce from $0.31 to $0.359, accounting for 14.5% growth. If the bullish turnaround sustains, the ADA price could surge another 7% before challenging the overhead trendline intact since May 2024.
A potential breakout from this barrier will signal a change in market sentiment and accelerate the bullish momentum.
In September, the Cardano coin experienced a steady rise in large transaction volumes, currently at 19.37 billion ADA. The consistent increase in large transactions suggests that whales and institutional investors drive the accumulation.
TRON (TRX)
Defying the recovery momentum from fellow altcoins, the TRX price is down 2.1% today to currently trade at $0.148. Several analysts have marked this reversal as a temporary cool-off after the August rally following the launch of the Sunpump meme coin generator.
According to Intotheblock analytics, TRON has seen a significant rise in long-term holders over the past year. The number of long-term holder addresses increased by 237%, reaching nearly 90 million. This trend reflects growing confidence in TRON’s future as more investors opt to hold TRX for extended periods.
Polygon (POL)
Polygon’s native token, POL (formerly MATIC), surged nearly 15% today after Binance announced plans to integrate it into several key products, including Earn, Buy Crypto, Convert, Margin, and Futures.
By press time, the POL price had traded at $0.418 and maintained a market cap of $2.98 billion. The bullish momentum was further accentuated by a sudden spike in the 24-hour active addresses to 1400, according to Santiment data. This indicates a surge in user engagement and activity on the network following the recent migration from MATIC to POL.
Sui (SUI)
Like XRP, the SUI price recently garnered investors’ attention following the launch of Garyscale’s SUI Trust Fund. This new investment vehicle has sparked optimism for SUI’s future, as it opens up institutional access to the asset, increasing potential liquidity and market participation.
The SUI price reacted strongly bullish on Thursday’s announcement and surged around 11.35% to reclaim the $1 mark. According to DeFiLlama, the Total volume locked (TVL) in SUI surged past $700 Million, indicating the investors are actively locking their assets in SUI-based decentralized finance (DeFi) platforms, which could boost the liquidity and sustainability of the protocol.
If bullish momentum is precious, the SUI price could attempt $1.1, and resistance coincides close to an inverted head and shoulder neckline. For a detailed analysis, check the best altcoins to buy article.
Frequently Asked Questions (FAQs)
If BTC price breaks the $60K resistance and continues toward $70K, it could create a bullish market environment, driving increased demand for altcoins
Cardano saw a 14.5% price increase from $0.31 to $0.359, with rising large transaction volumes suggesting increased whale and institutional activity.
TRON’s long-term holders grew by 237%, reaching nearly 90 million addresses, signaling investor confidence in TRON’s long-term potential.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The Bitcoin (BTC) price has experienced a significant downturn over the past 24 hours, falling below the critical $70,000 threshold. After reaching a peak of $73,620 on Tuesday, the cryptocurrency has declined by approximately 5.7%, hitting a low of $68,830 on Friday. Analysts point to several key factors behind this decline:
#1 Risk-Off Sentiment Ahead of US Election
The timing of Bitcoin’s price drop coincides with a narrowing lead for former President Donald Trump over Democratic candidate Vice President Kamala Harris in prediction markets such as Polymarket and Kalshi, where users bet on election outcomes. Bitcoin has been considered a “Trump hedge” due to the former president’s strong advocacy for the cryptocurrency sector.
Donald Trump has proposed establishing a “strategic Bitcoin reserve” in the United States if re-elected. Speaking at the Bitcoin 2024 Conference, he outlined plans to retain all Bitcoin currently held or acquired by the US government as part of this reserve. This initiative is a core element of his campaign to strengthen the US as a leader, aiming to make the country the “crypto capital of the planet.”
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Earlier in the week, when Trump’s lead over Harris was more substantial, Bitcoin neared its all-time high of $73,777. The shrinking of Trump’s lead appears to have prompted investors to adopt a risk-off stance, contributing to the price decline.
Crypto analyst HornHairs noted that derisking before elections has precedent. “Derisking into the election 5-6 days before it takes place happened in both 2020 and 2016. Price then went on to never retest the lows set the week before the election ever again. Be careful what you sell here,” he remarked via X.
#2 S&P 500 Loses 3-Month Trendline
The correlation between Bitcoin and traditional financial markets may have also influenced BTC’s price movement. The S&P 500 has fallen to its lowest level since October 9, potentially affecting investor sentiment in the crypto space.
Analysts from The Kobeissi Letter observed that despite major tech companies like Apple reporting strong earnings, their stock prices have declined. “Yet another tech giant to beat earnings but trade lower,” they noted, adding that technology stocks faced widespread selling even as Meta, Amazon, and Apple exceeded earnings expectations. They added, It appears that markets are de-risking ahead of the election next week. Brace for volatility.”
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Crypto trader Marco Johanning highlighted concerns about the S&P 500 losing its three-month trendline. “Given that the S&P 500 lost the 3-months trendline yesterday, it looks more like a potential selloff before the US election on Tuesday and lower prices in the short term. The perfect bounce level is the 7-month trendline (blue). I don’t want to see prices below the POC/key level around 63k (red),” he wrote via X.
#3 Leverage Flush Out
A significant unwinding of leveraged positions in the markets has also contributed to Bitcoin’s price decline. The market correction appears to be a healthy response to an overextension driven by leverage.
Renowned crypto analyst Miles Deutscher noted: “This pullback is normal (and expected). Market was looking overextended the last few days, and largely driven by leverage. Still not buying heavy as it isn’t a full cascade yet—will wait for one of those days around the election. Not a bad DCA day for certain coins tho.”
Austin Reid, Global Head of Revenue & Business at crypto prime brokerage firm FalconX, pointed out that the crypto derivatives market was “on fire” ahead of the election, with futures open interest for BTC, ETH, and SOL crossing the $50 billion mark for the first time.
On-chain analyst Axel Adler Jr reported that open interest was reduced by $2.1 billion, implying a significant leverage flush out.
According to data from Coinglass, over the past 24 hours, 93,864 traders were liquidated, with total liquidations amounting to $286.73 million. The largest single liquidation order occurred on Binance’s BTCUSDT pair, valued at $11.26 million. For Bitcoin alone, $81.38 million in long positions were liquidated—the largest amount since October 1.
At press time, BTC traded at $69,446.
Featured image created with DALL.E, chart from TradingView.com
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24/7 Cryptocurrency News
Bitcoin Price Forms A Golden Cross Showing BTC All-Time High Is Imminent
Published
1 week agoon
October 31, 2024By
adminThe Bitcoin price saw strong gains over the past week adding another 8-9% and is currently trading around $72,200 levels. Also, charts showing the “Golden cross” formation suggest that we might be seeing news all-time highs for BTC very soon.
Bitcoin price “Golden Cross” Indicator suggests Bullish Momentum
As per the latest data from CryptoQuant, Bitcoin’s active addresses suggest a major shift in momentum as the 30DMA has crossed above the 365DMA, forming a “golden cross” — historically associated with upward price momentum.
Following Bitcoin’s last all-time high in March, a “death cross” pattern had emerged which pushed the Bitcoin price into a bearish territory. Since then, BTC has yet not been able to breach the March levels. However, the momentum seems to be shifting now with bulls in place and the latest formation of the “Golden cross” pattern. Additionally, transaction counts are nearly twice what they were in the 2021 cycle, underscoring heightened market activity.
However, CryptoQuant analysts caution that if the 30DMA does not exceed the 365DMA more strongly, BTC’s current trend may mirror the mid-2021 consolidation phase. This critical period is one to watch closely for investors assessing long-term momentum.
BTC Retail Participation On the Rise
During the previous Bitcoin price rallies to all-time highs, it saw strong retail participation along with institutional participation. However, in the past few weeks, retail participation remained subdued with institutional players and whales driving most of the price action.
But the latest development suggests that retail participation is also picking up once again in the market. Also, on-chain data shows that the retail demand for BTC has surged to the seven-month highs recently.
😱 Retail Investor Demand Hits Highest Level in 7 Months pic.twitter.com/BLF83Kctrr
— Maartunn (@JA_Maartun) October 30, 2024
There are some parts of the world such as Europe and Canada where the Bitcoin price continues to make fresh all-time highs. On the other hand, the institutional demand remains intact.
Inflows into spot Bitcoin ETF reached the second highest on Wednesday, October 30, with BlackRock’s IBIT dominating the show entirely. IBIT’s total inflows have surged past $25 billion since inception within a matter of just 10 months of launch.
On the other hand, the largest BTC corporate holder MicroStrategy unveiled its plans to raise a total of $42 billion and buy more Bitcoins. This shows that corporate interest in BTC remains intact. Players across the globe like Metaplanet have adopted Michael Saylor’s Bitcoin adoption blueprint. On the other hand, Microsoft is also considering shareholder vote to put BBTC to its balance sheet.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Analyst
‘Bird Beak Sign’ Appears On Bitcoin Price Heikin Ashi Chart, Analyst Explain What This Means
Published
2 weeks agoon
October 28, 2024By
adminThe Bitcoin price may be on the verge of hitting new all-time highs as a crypto analyst has unveiled the emergence of a new technical indicator called the “Bird Beak Sign.” Spotted on the Bitcoin Heikin Ashi chart, the analyst suggests that this technical pattern indicates a potential price rally is imminent.
‘Bird Beak’ Pattern Signals Path To $100,000
Optimism in the crypto community is soaring as a popular crypto analyst, ‘Trader Tardigrade’ has shared a bullish prediction for Bitcoin’s price outlook. In an X (formerly Twitter) post, the analyst uncovered a distinct technical pattern known as the “Bird Beak sign” in the Bitcoin Heikin AshiBitcoin Heikin Ashi chart, which is a type of candlestick chart used to spot market trend direction and predict future prices.
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The Bird Beak Sign is a distinct chart pattern that resembles a beak and is created when the Heikin Ashi candlesticks cluster together in a tight consolidated range. Typically when a cryptocurrency consolidates, it means that its price is stabilizing before a potential rally upwards. In the case of Bitcoin, the recent Bird Beak pattern suggests consolidation is preceding an upward momentum.
The analyst notes that in the past when Bitcoin showed the Bird Beak sign on the daily Heikin Ashi chart, it was followed by a strong uptrend. This upward movement was represented by multiple green candles, which showed upward movement.
Sharing a price chart, Trader Tardigrade disclosed that on 2nd January 2023, a Bird Beak sign had appeared in the Bitcoin chart, triggering a price surge to $23,250 at the time. This same chart pattern was also observed on the 7th and 25th of February, 2024, with Bitcoin skyrocketing to $52,000 and reaching between $71,000 to $72,000, respectively.
Trader Tardigrade has revealed that the present Bird Beak sign seen in Bitcoin’s Heikin Ashi chart formed on 27 October 2024. Based on these past signs, analysts have predicted that the new Bird Beak pattern could lead to another sharp increase for Bitcoin, potentially pushing its price to $114,000 this month.
Analyst Expects Bitcoin Price To Hit $71,000 First
In a more recent X post, Trader Tardigrade revealed that Bitcoin was breaking out of a Symmetrical Triangle at the tip of its 8-hour Heikin Ashi chart. Based on this new symmetrical triangle pattern, the analyst forecasts that a successful breakout could lead to a rally towards the $71,000 price target for Bitcoin.
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This bullish sentiment is shared by another popular analyst known as the ‘Titan of Crypto,’ who also projects Bitcoin’s next target at $71,000. This analyst has predicted that Bitcoin will reach this new target before the month closes, highlighting that the cryptocurrency’s monthly candle is looking significantly strong.
It’s important to note that as of writing, the price of Bitcoin is trading at $67,856, marking a 1.3% increase in the past 24 hours, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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