Bitcoin
Bitcoin ETF outflows surpass $300m: Watch key price levels
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3 hours agoon
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adminSpot Bitcoin exchange-traded funds in the U.S. recorded outflows of over $300 million this week as global macroeconomic events sparked uncertainty over short-term direction.
After closing the historically bearish September with over $1.1 billion in inflows, roughly $388.4 million moved out of the 12-spot Bitcoin ETF funds between Oct. 1 and Oct. 3 coinciding with the escalating Iran-Israel conflict, which pushed Bitcoin’s price to a weekly low of $60,047.
On Oct. 4, better-than-expected U.S. payroll data brought some relief to the market, allowing Bitcoin to reclaim the $62,000 level, while ETF products saw $25.59 million in inflows.
However, this recovery wasn’t enough to fully offset the impact of the three-day outflow streak.
Since Sept. 13, three consecutive weeks of inflows brought in about $1.91 billion into spot Bitcoin ETFs, but this week’s outflows caused these funds to end the first week of October in negative territory, with $301.54 million flowing out, according to SoSoValue data.
Underlining the last trading day’s activity, Bitwise’s BITB saw the most inflows, while seven out of the twelve Bitcoin ETF products, including BlackRock’s IBIT, saw no movement.
- Bitwise’s BITB led with inflows of $15.29 million.
- Fidelity’s FBTC, $13.63 million.
- ARK and 21Shares’ ARKB saw its first inflow this week, bringing in $5.29 million.
- VanEck’s BTCW, $5.29 million.
- Grayscale’s GBTC recorded outflows of $13.91.
Analysts point to key levels
Besides the ETF market, some selling pressure also came from Bitcoin miners, who, according to crypto analyst Ali, have offloaded approximately $143 million worth of Bitcoin (BTC) since Sept. 29. See below:
The selling activity could intensify, according to Ali, who pointed out in a subsequent X post that Bitcoin had been trading below the short-term holders’ realized price, which currently stands at $63,000.
This price represents the average cost at which short-term investors acquired their Bitcoin, and when the market dips below it, these holders are more inclined to sell in an attempt to minimize losses—risking a “cascading sell-off” that could exert further selling pressure.
As such, Ali advised investors to watch the $63,000 mark as the next key level that BTC needs to conquer to avoid further losses.
On the other hand, Crypto analyst Immortal pointed to a slightly higher short-term target of $64,000, adding that if the flagship cryptocurrency manages to break above this key resistance level, it could signal the beginning of a strong bullish move.
However, on a longer time frame, experts remain optimistic, citing Bitcoin’s historical Q4 performance and expectations of U.S. rate cuts, which could drive prices toward the $72,000 range despite short-term volatility.
At the time of writing, Bitcoin was hovering just above $62,200, marking a drop of over 5% in the past week.
Meanwhile, market sentiment appears to be picking up, with the Fear and Greed Index nudging back to a neutral 49, up from a more cautious 41 the previous day, per data from Alternative.
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Bitcoin Core 28.0 Launches With Major Improvements
Published
11 hours agoon
October 5, 2024By
adminThis week, the Bitcoin development team announced the launch of the Bitcoin Core 28.0 version bringing along major bug fixes and performance improvements to the BTC mainnet. As we know, the Bitcoin Core is a critical program within the BTC ecosystem that helps in maintaining decentralization.
Bitcoin Core 28.0 Version Brings Higher Security
The BTC development team has published the release notes outlining several updates designed to boost the program’s functionality and security. Along with the bug fixes, the recent update focuses on introducing more security and privacy features for the users.
Bitcoin Core 28.0 has been released!
Welcome Testnet4 😁https://t.co/LZDKhXy7KF
— Jameson Lopp (@lopp) October 5, 2024
Last month, the BTC developers issued a warning about a high-risk vulnerability and a software bug that was affecting one in every six Bitcoin nodes. The vulnerability allowed malicious actors to launch a DoS attack by exhausting nodes with low-difficulty header chains. This would need the nodes to download long chains exceeding their bandwidth thereby ultimately resulting into its potential crash.
With the latest version update, the Bitcoin Core developers have patched this vulnerability along with additional security enhancements. Back in August, BTC Core integrated new security advisories in order to keep the protocol safe amid the growing adoption.
In addition to this update, the BTC Core 28.0 version supports reproducible builds that allow experienced users to compile identical binaries along with those distributed on the BTC Core official website. This feature helps to boost trust and transparency within the BTC community.
The good thing is that Bitcoin Core has relatively high system requirements compared to other Bitcoin software. By default, it allows up to 125 peer connections, with 11 outbound connections. This connectivity ensures that users stay integrated within the Bitcoin network, contributing to its decentralized structure.
Where’s BTC going Next? $50K or $70K?
Since the beginning of October, the Bitcoin price has come under strong selling pressure moving all the way to $60,000 before recovering back past $61,000 levels. However, amid the current cycle, it seems that BTC whales have shifted to the least profit-taking so far. This shows confidence among long-term holders who are eyeing a potential upside of $70,000.
If this #Bitcoin bull cycle is done here, whales have just set a record for the least profit-taking across all cycles ever. pic.twitter.com/tx5GCKDnp4
— Ki Young Ju (@ki_young_ju) October 4, 2024
On the other hand, some market analysts are predicting that the BTC price first needs to take a dip to $57,000 before resuming the uptrend. However, if the bulls manage to reclaim the crucial support zone of $63-$64k, they can start a further journey to $70K.
A counterargument to my calls for $BTC $57k before $70k is this 4h channel.
If #Bitcoin can reclaim $63-$64k, we can start talking about sweeping the $69-$70k shorts.
If it can’t and these support levels start to fail, $57k becomes the target. pic.twitter.com/xefdqEOFjn
— Justin Bennett (@JustinBennettFX) October 4, 2024
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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artificial intelligence
AI Tokens Lead Crypto Rebound Amid Strong U.S. Economy
Published
11 hours agoon
October 5, 2024By
adminBitcoin may have bottomed at $60,000 earlier this week, and the Fed easing into a strong economy points to more upside, Will Clement said.
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Analyst
Similarities Between October 2023 And 2024 Suggests The Bitcoin Price May Still Experience ‘Uptober’
Published
15 hours agoon
October 5, 2024By
adminBitcoin has yet to rally in October, with many bullish proponents awaiting the resumption of an uptrend. Among those closely monitoring the price action in anticipation of an uptrend is a well-known analyst on the social media platform X. This analyst, who goes by the name Ash Crypto, recently highlighted a striking similarity between Bitcoin’s current price behavior and a notable pattern observed earlier in 2023. Ash Crypto pointed to Bitcoin’s decline in early October 2023, which ultimately reversed into a multi-month rally to its current all-time high.
Explaining The Similar Price Action
October 2023 was the turning point for the price of Bitcoin and many cryptocurrencies. It was during this month that the crypto industry finally broke out of a lengthy bear cycle, with Bitcoin heralding the charge toward renewed optimism and significant price gains.
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For the first time since January, Bitcoin’s market capitalization surged by an impressive 28.52%, sparking a shift in market dynamics that rippled throughout the industry. Although altcoins followed a similar upward trajectory, their gains were modest compared to Bitcoin. However, their collective impact was able to push the entire cryptocurrency market capitalization past the $1.25 trillion mark for the first time since May 2022.
However, while October 2023 was the start of the new bull cycle, what most investors don’t know or have forgotten is that the month started on a negative note. As Ash Crypto pointed out, the price of Bitcoin dropped by 7.5% in the first week of October 2023. According to the BTC/USD price chart, this decline saw the price of Bitcoin fall below $26,500. However, it soon rebounded from this point. By the end of October 2023, Bitcoin had rallied to close the month at over $35,000, representing a remarkable 33% increase from the month’s low.
Fast forward to October 2024, and it appears that Bitcoin is once again repeating its pattern from the previous year. At the start of the month, Bitcoin was trading just below $64,000, a strong position given its recent bullish trends. However, in a movement similar to October 2023, the cryptocurrency experienced another sharp decline, this time dropping by 6.5% within the first three days. Notably, the price briefly touched $60,750 during this period.
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What Does This Mean For Bitcoin?
If history were to repeat itself in full, Bitcoin could maybe or maybe not drop a little bit more before rebounding to the upside. According to Ash Crypto’s projection, a similar 33% surge would see Bitcoin shooting above its current all-time high, with a monthly close right in the middle of $75,000 and $76,000.
At the time of writing, Bitcoin has recovered a bit and is now trading at $61,580. Despite this early setback, many bullish investors are keeping a close eye on Bitcoin in anticipation of Uptober coming to fruition.
Featured image created with Dall.E, chart from Tradingview.com
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