Bitcoin
Bitcoin Indicator Signals ‘Shift To Bullish Territory’ – Can BTC Break Past $65,000?
Published
5 hours agoon
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adminBitcoin has experienced a significant price surge since Tuesday, following the Federal Reserve’s announcement of a 50 bps interest rate cut. This move pushed BTC past the critical $62,000 mark, a psychological level that has become a turning point for investor sentiment. With Bitcoin now testing local supply, market participants are closely watching for further upside potential.
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As the price continues to push higher, analysts are pointing to crucial data indicating a potential shift in Bitcoin’s trend after months of downtrend price action. Glassnode metrics reveal a notable trend change, suggesting BTC may be entering bullish territory once again. This resurgence is drawing increased attention from both retail and institutional investors as they evaluate whether Bitcoin’s rally has staying power or if the market will face resistance at higher levels.
With renewed momentum, the coming days will be critical in determining if Bitcoin can sustain this upward trajectory and fully break out of its previous bearish phase.
Bitcoin Signals A Bullish Return
Bitcoin investors have seen sentiment shift dramatically from fearful to hopeful in just a few days. Following the Federal Reserve’s rate cut announcement on Wednesday, Bitcoin surged over 8%, breaking critical levels and testing local supply. This sudden price action has sparked renewed optimism in the broader crypto market, giving investors hope for a fresh start after months of bearish price movement.
Prominent crypto analyst Ali Martinez has shared valuable insights on X, drawing attention to key data from Glassnode that suggests a significant shift in Bitcoin’s price trend. Specifically, Ali highlights the Market Value to Realized Value (MVRV) ratio, which tracks the difference between BTC’s market price and its actual value.
The MVRV ratio, which had been in a downtrend since April, is now rising, signaling that Bitcoin may be regaining strength. Ali notes that the MVRV is a critical indicator for assessing momentum, and the current upward trend hints at a potential return to bullish territory.
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The analyst further explains that if the MVRV can close above its 90-day moving average, it would confirm a stronger bullish outlook for Bitcoin. Given the aggressive price surge and the increasing demand reflected in recent price action, this scenario seems increasingly likely. Investors are now watching closely, as Bitcoin’s next moves could mark the beginning of a new bull phase.
Technical Levels To Watch
Bitcoin (BTC) is trading at $63,024 after days of consistent “only up” price action since hitting local lows. The price recently broke above the daily 200 exponential moving average (EMA) at $59,350 and is now testing the critical daily 200 moving average (MA) at $63,954.
This daily 200 MA is a key long-term indicator, signaling overall market strength. If Bitcoin can reclaim this level as support, it would likely trigger a significant price surge, bolstering the bullish outlook.
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For bulls to maintain momentum, the next target would be around this critical level, with a potential push toward $65,000, a price last tested in late August. However, should BTC fail to hold above $60,000 in the coming days, investors may see a retracement to lower demand levels. The ability to stay above key support zones will determine the next phase of price action.
Featured image from Dall-E, chart from TradingView
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Aethir, Filecoin Foundation Form Alliance for Enterprise-Grade Decentralized GPU Compute
Published
1 hour agoon
September 21, 2024By
adminAethir, a project for decentralized GPU cloud computing, and Filecoin Foundation are establishing an alliance to provide clients with enterprise-grade solutions to support their businesses with decentralized infrastructure, according to a blog post: “As part of our collaboration with the Filecoin Foundation, Aethir will explore GPU leasing to Filecoin’s storage providers, thus providing Filecoin’s infrastructure network with a reliable and secure source of GPU cloud computing supplies. In parallel to becoming sealing-as-a-service providers, some of Filecoin’s storage providers can borrow GPU capacity from Aethir if they need excess processing power to seal data onto Filecoin’s network… Aethir’s vast network of 43,000+ top-grade GPUs and our premium selection of 3000+ NVIDIA H100s for advanced GPU workloads can provide a highly scalable and trustworthy solution for all Filecoin storage providers needing additional GPU resources.” From a press release: “Additionally, Aethir has integrated with Lighthouse, a platform built on Filecoin offering perpetual storage, encryption, custom gateways and multi-chain smart contracts. Aethir plans to upload AI and node-focused data to the Filecoin network, via Lighthouse. By archiving critical data sets such as TensorOpera Fox-1 to the Filecoin network, Aethir is ensuring transparency, accountability and robust audit trails for AI model governance. Moving forward, Aethir plans to expand its use of Filecoin storage solutions to archive chain state data, enhance data management capabilities, and drive the vision of a fully decentralized ecosystem with minimized operational costs.” CoinDesk 20 asset: (FIL)
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Bitcoin
Ethereum Could Bottom Out Relatively Soon Against Bitcoin, Says Analyst Benjamin Cowen – Here Are His Targets
Published
9 hours agoon
September 21, 2024By
adminCryptocurrency analyst Benjamin Cowen is forecasting that Ethereum could be in the process of carving cycle lows against Bitcoin (ETH/BTC).
In a video update, Cowen tells his 813,000 YouTube subscribers that based on historical precedent, the bottom for the Ethereum/Bitcoin pair is close at hand.
“One of the things I have mentioned before is the 2016 and 2019 fractals. If you look at either of these fractals, it would suggest that the bottom for Ethereum/Bitcoin is going to happen relatively soon.”
Looking closer at the price action of ETH/BTC, Cowen says the pair’s current market structure appears to be following in the footsteps of its 2016 and 2019 price action. The analyst says that in this cycle, ETH/BTC printed a lower high and consolidated above the range lows for a time before breaking down – very similar to what happened during the 2016 and 2019 cycles.
Cowen adds that the timing for the ETH/BTC bottom appears to be closely following the 2016 and 2019 cycles as well.
“It took about seven weeks for Ethereum/Bitcoin to bottom – that was in 2016.
Now if you look at 2019, after it broke the range low, it took about eight weeks to bottom. So you have seven weeks and then you have eight weeks. So how long has it been?
It looks like it broke below its [range low] the week of July 22nd. So it’s already been eight weeks, it’s been eight weeks already.
In terms of time, it would be dangerous to assume that it’s going to go a lot lower. It could go a little lower but it would be dangerous to assume it’s going to go a lot lower in terms of time.
Now when does it actually bottom? It could be this week, it could be next week. I don’t really know. But my guess is that it’s going to happen sometime soon.”
At time of writing, ETH/BTC is trading for 0.0405 BTC worth $2,544.
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24/7 Cryptocurrency News
Will Bitcoin Price Crash Again Soon?
Published
14 hours agoon
September 21, 2024By
adminThe Bitcoin price has surged significantly since the US Federal Reserve’s 50 basis points (bps) interest rate cut. However, there are projections that the flagship’s price rally may be shortlived and that a price crash is imminent. Crypto analyst CrediBULL Crypto has predicted that the BTC price could drop to as low as $49,000 soon enough.
The Bitcoin Price Might Crash Again
CrediBULL Crypto predicted in an X post that BTC could drop below $49,000 soon enough. Based on his analysis, he expects the flagship crypto to rise to a local top of $70,000 and then suffer another flush to “ideally under” $49,000 before the actual breakout begins.
As Coingape reported, the US Fed rate cut is one of the things that could spark a Bitcoin price rally to $70,000. However, a price crash could follow shortly after just like CrediBULL crypto warned. Analyst Ali Martinez also recently hinted that the flagship crypto might soon suffer downward pressure.
He stated that nearly $2 billion in Bitcoin futures contracts have been opened over the last three days, which could lead to a potential long squeeze. Meanwhile, CrediBULL alluded to the “Binance spot plunge production team,” which he claimed had arrived to make the Bitcoin price crash manifestation come true.
It is also worth mentioning that Martinez revealed that BTC was again testing the 200-day simple moving average (SMA). He noted that this was a critical level for confirming the bull run. Historically, Bitcoin’s failure to reclaim this level of support has led to “significant corrections.” The analyst added that a rejection could signal trouble for the flagship crypto.
Why A Price Crash Might Not Happen
Crypto analyst Bonk Guy has outlined why a Bitcoin price crash might not happen. He mentioned that the market is just weeks away from the fourth quarter of this year, which is seasonally the most bullish for risk assets.
Specifically, Bitcoin enjoys the most returns in Q4 of each year. Moreover, the flagship crypto has enjoyed positive monthly returns in October, November, and December of the last two halving years.
The analyst further mentioned that the US presidential election is 45 days away. Historically, Bitcoin enjoyed a price surge after past elections since the aftermath brings market certainty. There are projections that BTC price could reach $90,000 if Donald Trump wins.
Despite the crypto community favoring a Trump presidency, history shows that the flagship crypto could still rise no matter who wins. Moreover, Anthony Scaramucci revealed that he is helping Kamala Harris develop crypto policies, which is a positive for BTC.
Meanwhile, BONK Guy mentioned the FTX customers that are set to receive $16 billion in cash as their repayments following FTX’s collapse. This is bullish for the Bitcoin price since these users could allocate some of their repayments to the flagship crypto. These users receiving their repayments in cash also means that BTC won’t suffer any selling pressure from these customers like it did following the Mt. Gox repayments.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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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