Bitcoin

Bitcoin Could Retest $93K Soon – ‘Weekend Relief’ Coming?

Published

2 months ago

March 1, 2025

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This week’s market correction has seen Bitcoin (BTC), the largest cryptocurrency by market capitalization, retest some of its key support levels. As the price starts to recover from the recent lows, some analysts consider the weekend might bring some bullish relief for investors.

Bitcoin Recovers From $78,000 Drop

Bitcoin has experienced significant selling pressure over the last week, fueling doubts about a potential market top. The flagship crypto has dropped 21% from last week’s high of $99,000, dipping below the $80,000 level for the first time since November.

The correction also saw BTC drop nearly 30% from its January all-time high (ATH) and trade below its post-US election price range. A week after the market bleeding started, Bitcoin hit a new three-month low, retesting the $78,000 support on Friday morning.

Various market watchers noted that BTC’s most recent decline reached and partially filled its November 2024 CME Gap between $78,000 and $80,700. Rekt Capital pointed out that Bitcoin is experiencing a “strong rebound against the partially filled CME Gap and is doing so on above-average seller volume.”

The flagship crypto has surged around 7% from today’s lows, hovering between the $83,000 and $84,000 support zone for the past few hours.

To the analyst, the CME Gap support and sell-side volume will be two key indicators to pay attention to over the weekend as constant, uninterrupted BTC sell-side pressure is unsustainable, and seller exhaustion potentially accelerates in the next few days.

Bitcoin is finally starting to experience above-average seller volume. There’s still scope for more seller volume to come in, but the chances of Seller Exhaustion occurring are increasing. And Seller Exhaustion tends to precede price reversals.

Is A Weekend Rebound Coming?

Crypto analyst Jelle highlighted that Bitcoin has done “three drives in deeply oversold territory” this week and is retesting the local lows before today’s drop, which suggests that a “weekend relief seems likely.”

The analyst stated that reclaiming the $84,500 support is key for BTC’s recovery as “the past two retests ended up resulting in new lows.”

Nonetheless, he noted that today’s rebound seems different due to BTC “touching the 200-ema cluster” for the first time this week and breaking above it. To Jelle, this could signal an “interesting weekend,” with the new CME Gap at $93,000 open.

Rekt Capital pointed out that Bitcoin “has filled every CME Gap that has formed since mid-March 2024” and that only the newly formed CME Gap between $92,800 and $94,000 remains open after this retrace. If BTC continues this pattern, the price could see a rebound to fill the new gap soon.

The analyst has outlined two potential scenarios for BTC’s current “downside deviation.” According to the post, Bitcoin’s price could revisit $93,500 by the end of the week if the deviation “is to end up as a downside wick.”

Meanwhile, if the deviation is “to end up as the Post-Halving deviation featuring Weekly Candle Closes below the Re-Accumulation range,” BTC’s price could revisit the $93,500 level in the next two to three weeks as “part of a post-breakdown relief rally.”

As of this writing, Bitcoin trades at $85,120, a 0.5% increase in the daily timeframe.

Bitcoin, btc, btcusdt — Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin

Tariff Carnage Starting to Fulfill BTC’s ‘Store of Value’ Promise

Published

27 minutes ago

April 27, 2025

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April has been a month of extreme volatility and tumultuous times for traders.

From conflicting headlines about President Donald Trump’s tariffs against other nations to total confusion about which assets to seek shelter in, it has been one for the record books.

Amid all the confusion, when traditional “haven assets” failed to act as safe places to park money, one bright spot emerged that might have surprised some market participants: bitcoin.

“Historically, cash (the US dollar), bonds (US Treasuries), the Swiss Franc, and gold have fulfilled that role [safe haven], with bitcoin edging in on some of that territory,” said NYDIG Research in a note.

Safe haven asset performance (NYDIG Research)

NYDIG’s data showed that while gold and Swiss Franc had been consistent safe-haven winners, since ‘Liberation Day’—when President Trump announced sweeping tariff hikes on April 2, kicking off extreme volatility in the market—bitcoin has been added to the list.

“Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is,” NYDIG wrote.

Zooming out, it seems that as the “sell America” trade gains momentum, investors are taking notice of bitcoin and the original promise of the biggest cryptocurrency.

“Though the connection is still tentative, bitcoin appears to be fulfilling its original promise as a non-sovereign store of value, designed to thrive in times like these,” NYDIG added.

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Bitcoin Continues To Flow Out Of Major Exchanges — Supply Squeeze Soon?

Published

11 hours ago

April 27, 2025

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Este artículo también está disponible en español.

It was quite the coincidence that the cryptocurrency market jolted back to life after Easter Sunday, with Bitcoin leading the way with more than a double-digit gain. While the price of BTC continues to hold above the critical $94,000 level, the premier cryptocurrency seems to be losing some momentum.

Unsurprisingly, investors appear to be increasingly confident in the promise of this recent rally, as significant amounts of BTC continue to make their way off major centralized exchanges over the past few days. Here’s how much investors have moved in the past few days.

Over 35,000 BTC Move Out Of Coinbase And Binance

In a Quicktake post on the CryptoQuant platform, crypto analyst João Wedson revealed that Binance, the world’s largest cryptocurrency exchange by trading volume, has seen increased activity over the past few days. The exchange netflow data shows that huge amounts of Bitcoin have been withdrawn from the platform in recent days.

According to CryptoQuant data, a total of 27,750 BTC (worth $2.63 billion at current price) was moved out of Binance on Friday, April 25. This latest round of withdrawals represents the third-largest net outflow in the centralized exchange’s history.

The movement of significant crypto amounts from exchanges, which offer services like selling to non-custodial wallets, suggests a potential shift in investor sentiment and strategy. Large exchange outflows often signal increased confidence of holders in the long-term potential of an asset.

Wedson noted that the recent outflows do not guarantee a price rally for Bitcoin, but they do signal strong institutional activity, which is often a precursor for major volatility. Citing China’s crypto ban in 2021, the crypto analyst highlighted how massive exchange outflows didn’t prevent the dump.

At the same time, Wedson mentioned that the continuous Bitcoin outflows over several days, like during the FTX collapse, preceded a price bottom and the eventual market recovery. Ultimately, the online pundit hinted at paying close attention to the overall trend of the exchange netflow rather than a single-day activity.

Similarly, more than 7,000 BTC (worth approximately $66.5 million) have made their way out of the Coinbase exchange. According to the CryptoQuant analyst Amr Taha, this negative exchange netflow could be an indicator of increased institutional activity, as Coinbase is known as the primary crypto vendor for US-based institutions.

Taha said:

These large outflows typically suggest accumulation by institutions or large investors, potentially signaling bullish sentiment.

The analyst outlined that if the dwindling exchange reserves correlate with an increased spot demand or ETF inflows, a supply squeeze could be on the horizon, potentially pushing the price to the upside.

Bitcoin Price At A Glance

As of this writing, the price of BTC sits just beneath $95,200, reflecting an almost 2% increase in the past 24 hours.

Featured image from iStock, chart from TradingView

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Bitcoin Perpetual Swaps Signal Short Bias Amid Price Rebound – Details

Published

19 hours ago

April 26, 2025

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The Bitcoin market saw another rebound in the past week as prices leaped by over 12% to hit a local peak of $95,600. Amid the ongoing market euphoria, prominent blockchain analytics company Glassnode has shared some important developments in the Bitcoin derivative markets.

Bitcoin Short Bets Rise Despite Price Rally, Setting Stage For Volatility

Despite a bullish trading week, derivative traders are approaching the Bitcoin market with skepticism, as evidenced by a build-up of leveraged short positions.

In a recent X post on April 25, Glassnode reported that Open Interest (OI) in Bitcoin perpetual swaps climbed to 218,000 BTC, marking a 15.6% increase from early March. In line with market activity, this rise in Open Interest aligns with increased leverage, introducing the potential for market volatility via liquidations or stop-outs.

Bitcoin

Generally, a rise in Open Interest amidst a price rally is expected to signal long-term market confidence. However, Glassnode’s findings have revealed an opposite scenario. Despite Bitcoin’s bullish strides in the past week, short market positions appear to be dominating the perpetual futures markets.

This concerning development is indicated by a decline in the average funding rate, which has now slipped into negative territory to sit around -0.023%. The perpetual funding rate is a periodic payment between long and short traders aimed at keeping the contract price in line with the underlying spot price.

A negative funding rate indicates short traders pay long traders as Bitcoin’s perpetual contract price is trading below the spot price. This is caused by a higher number of short positions as traders are largely bearish about Bitcoin, even despite recent gains.

Furthermore, the 7-day moving average (7DMA) of long-side funding premiums has dropped to $88,000 per hour, reinforcing this short-dominant sentiment. This downtrend indicates a waning demand for long positions, as traders exhibit a short bias.

However, Glassnode presents a bullish note stating that the present combination of rising leverage and short positions paves the way for a potential short squeeze, where an unexpected upward price move forces short-sellers to close their positions, thereby driving prices even higher.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $94,629 following a 1.01% retracement from its local peak price on April 25. Despite creeping developments in the perpetual futures market, the BTC market remains highly bullish, indicated by gains of 1.02%, 11.12%, and 8.32% in the last one, seven, and thirty days, respectively. With a market cap of $1.88 trillion, the premier cryptocurrency ranks as the largest digital asset and fifth-largest asset in the world.

Bitcoin