Bitcoin
BlackRock Says Bitcoin a ‘Unique Diversifier’ Amid Geopolitical, Fiscal and Political Risks
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2 months agoon
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adminFinance giant BlackRock is saying that Bitcoin (BTC) is a unique investment opportunity offering investors something much different than traditional assets.
BlackRock, a firm with over $10 trillion in assets under management, says in a new report that Bitcoin could act as a hedge against the United States’ mounting debt and other macroeconomic concerns.
“While Bitcoin has shown instances of short-term co-movements with equities and other ‘risk assets,’ over the longer term its fundamental drivers are starkly different, and in many cases inverted versus most traditional investment assets. As the global investment community grapples with rising geopolitical tensions, concerns over the state of US debt and deficits and increased political instability around the world, Bitcoin may be seen as an increasingly unique diversifier against some of these fiscal, monetary and geopolitical risk factors investors may face elsewhere in their portfolio.”
The report says the appeal of alternative reserve assets is growing amid concerns over the potential impact of US federal deficits and debt on the dollar.
“This dynamic appears to be also taking hold in other countries where debt accumulation has been significant. In our experience with clients to date, this explains a substantial portion of the recent broadening institutional interest in Bitcoin.”
BlackRock’s iShares Bitcoin Trust (IBIT) launched earlier this year, among other Bitcoin exchange-traded funds (ETFs). Bitcoin ETFs grant traders exposure to the top crypto asset without them having to actually purchase it.
Bitcoin is trading for $62,098 at time of writing, up nearly 4% in the last 24 hours.
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Bitcoin Cash (BCH) added nearly 35% to its value in the past month and rallied 12% on Nov. 21. Bitcoin’s (BTC) observed a rally to $98,384 early on Nov. 21, with BCH and other top cryptocurrencies tagging along for the ride.
An analysis of on-chain and technical indicators and data from the derivatives market shows that BCH could extend gains and retest its mid-April 2024 peak of $569.10.
Bitcoin hits all-time high, fork from 2017 ignites hope for traders
Bitcoin hit a record high of $98,384 on Nov. 21, a key milestone as the cryptocurrency eyes a run to the $100,000 target. BTC was forked in 2017, creating a spin-off or alternative, Bitcoin Cash.
BCH hit a peak of $1,650 in May 2021. Since April 2024, BCH has been consolidating with no clear trend formation.
BCH price rallied nearly 30% since Nov. 15, on-chain indicators show that further rally is likely in the Bitcoin spin-off token.
Bitcoin Cash’s active addresses have climbed consistently since August 2024. Santiment data shows an uptrend in active addresses, meaning BCH traders have sustained demand for the token, supporting a bullish thesis for the cryptocurrency.
The ratio of daily on-chain transaction volume in profit to loss exceeds 2, is 2.141 on Thursday. BCH traded on-chain noted twice as many profitable transactions on the day, as the ones where losses were incurred. This is another key metric that paints a bullish picture for the token forked from Bitcoin.
Binance funding rate is positive since Nov. 10. In the past eleven days, traders have been optimistic about gains in BCH price, according to Santiment data.
The network realized profit/loss metric identifies the net gain or loss of all traders who traded the token within a 24 hour period. NPL metric for Bitcoin Cash shows traders have been taking profits on their holdings, small positive spikes on the daily price chart represent NPL.
Investors need to keep their eyes peeled for significant movements in NPL, large positive spikes imply heavy profit-taking activities that could increase selling pressure across exchange platforms.
84.48% of Bitcoin Cash’s supply is currently profitable, as of Nov. 21. This metric helps traders consider the likelihood of high profit-taking or exits from existing BCH holders, to time an entry/ exit in spot market trades.
Derivatives traders are bullish on BCH
Derivatives market data from Coinglass shows a 33% increase in open interest in Bitcoin Cash. Open interest represents the total number of active contracts that haven’t been settled, representing demand for the BCH token among derivatives traders.
Derivatives trade volume climbed 613% in the same timeframe, to $2.35 billion. Across exchanges, Binance and OKX, the long/short ratio is above 1, closer to 2, meaning traders remain bullish on BCH and expect prices to rally.
BCH futures open interest chart shows a steady increase in the metric, alongside BCH price gain since November 5, 2024. Open interest climbed from $190.74 million to $254.87 million between November 5 and 21.
Technical indicators show BCH could gain 18%
The BCH/USDT daily price chart on Tradingview.com shows that the token remains within the consolidation. The token is stuck within a range from $272.70 to $568.20. BCH could attempt to break past the upper boundary of the range, a daily candlestick close above $568.20 could confirm the bullish breakout.
The April 2024 high of $719.50 is the next major resistance for BCH and the second key level is at $805.80, a key level from May 2021.
The relative strength index reads 64, well below the “overvalued” zone above 70. RSI supports a bullish thesis for BCH. Another key momentum indicator, moving average convergence divergence flashes green histogram bars above the neutral line. This means BCH price trend has an underlying positive momentum.
The awesome oscillator is in agreement with the findings of RSI and MACD, all three technical indicators point at likelihood of gains.
A failure to close above the upper boundary of the range could invalidate the bullish thesis. BCH could find support at the midpoint of the range at $419.90 and the 50-day exponential moving average at $388.50.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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Bitcoin
Bitcoin Breakout At $93,257 Barrier Fuels Bullish Optimism
Published
10 hours agoon
November 22, 2024By
adminBitcoin has shattered expectations once again, surging past the critical $93,257 level in a display of unstoppable momentum. This breakout has ignited fresh waves of bullish optimism across the crypto market, as traders and investors anticipate greater gains. With market sentiment shifting and key indicators aligning, could this be the spark for Bitcoin’s next major rally?
As optimism steadily increases in the market, the goal is to take a closer look at BTC’s impressive breakout above the $93,257 mark, analyze the positive sentiment driving its climb, and assess the potential for continued upward strength in the market.
Bullish Indicators: What’s Fueling BTC’s Uptrend?
Currently, on the 4-hour chart, BTC is sustaining its position after successfully surpassing the $93,257 mark while trading above the 100-day Simple Moving Average (SMA). By maintaining its position above this level and the 100-day SMA, BTC demonstrates resilience and capability for more price growth, targeting new highs.
An analysis of the 4-hour Relative Strength Index (RSI) shows a significant surge, climbing to 70% from its previous low of 56%, indicating strong bullish pressure for BTC. While this increase signals growing positive market sentiment, it raises concerns about the rally’s sustainability since a price correction could occur if profit-taking ensues.
Bitcoin is showing strong positive movement after breaking past the $93,257 level, supported by a rise above the 100-day SMA, reflecting sustained bullish strength and potential for continued upward movement. The fact that BTC is consistently above the 100-day SMA suggests a solid trend and that the bulls are eager to push prices higher, possibly leading to an extended growth if pressure continues to build.
Finally, the RSI on the daily chart is currently at 81%, well above the key 50% threshold, signaling a strong uptrend for Bitcoin. With the RSI at this level, it suggests that the upside pressure is likely to continue, which means that Bitcoin’s price could keep rising in the near term, as there are no signs of a reversal or decline.
What The $93,257 Breakout Signals For Bitcoin
The $93,257 breakout opens the door to a more optimistic future outlook for Bitcoin. This key resistance level has been decisively breached, suggesting that BTC may continue its upbeat momentum, potentially targeting higher price levels such as the $100,000 mark and beyond.
However, careful monitoring is essential for any signs of resistance or market corrections that could hinder its ascent. Should such a scenario occur, Bitcoin’s price could begin to drop toward the $93,257 mark. A break below this level might trigger further declines, possibly testing additional support levels in the process.
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Bitcoin
Bitcoin Approaches $100K; Retail Investors Stay Steady
Published
10 hours agoon
November 22, 2024By
adminBitcoin trades at $99,340.23, approaching the $100K mark as retail investors retain market dominance.
What is more interesting about this rally is the dominance of retail investors, who currently account for 88.07% of all Bitcoin (BTC) in circulation, according to The Block. Contrary to the recent claims that institutional investors are leaving retail investors behind in ownership of BTCs, the asset is still in the hands of retail investors, which underlines their stronghold in the market. This grassroots stronghold contrasts the much smaller shares held by whales at 1.26% and institutional investors at 10.68%.
Adding momentum to BTC, the historic debut of BlackRock’s BTC ETF options witnessed $1.9 billion in notional value traded on the first day. It is a landmark news because it signifies growing institutional interest in BTC, yet lowers entry barriers for everyday investors. But there’s still some way to go, says Jeff Park, Head of Alpha Strategies at Bitwise Invest, in his observations on X about the ETF’s potential to reshape access to BTC.
Bitcoin Breakdown:
How BTC ownership is distributed supports the overall trend of asset availability in the market. Companies such as Coinbase have substantial quantities of BTC, holding more than 2.25 million BTC. However, most of this is kept for their clients. Satoshi Nakamoto‘s wallet, which contains 96,8452 BTC, remains untouched as it played a role in creating the Genesis block.
Overall, funds and ETFs account for 1.09 million BTC, or about 5.2%, while governments such as the U.S. and China collectively hold around 2.5%.
Despite BTC witnessing price surges, the market is far from stable and often shows extreme volatility. For instance, on Nov. 21, the price of BTC dipped to $95,756.24, with trading volume reaching $98.40 billion. This volatility then reflects the vital role that retail investors play during price hikes, even as institutional investors become more active in the market.
Some argue that BTC is becoming more centralized, but the data does not back this claim. Financial products like ETFs are attractive to institutions, but they also make BTC more accessible to retail investors. BTC continues to align with Satoshi Nakamoto’s vision of a decentralized and democratized financial system. As BTC nears the $100,000 threshold, its open-and-shut conversation that BTC’s ownership remains essential.
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