bitcoin market
Global Liquidity Hits All Time High, Bitcoin To Follow?
Published
4 months agoon
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adminAccording to data from Bitcoin Magazine Pro, the global money supply, also known as global liquidity, has hit an all-time high of $95 trillion; Bitcoin investors and analysts closely watch this key indicator, as higher liquidity has historically preceded major bull runs.
Global liquidity is the total amount of money circulating in the global financial system. It encompasses the M2 money supply of major economies like the U.S., China, EU, Japan, etc. M2 includes cash, bank deposits, money market mutual funds, and other near-money assets.
This figure recently hit $95 trillion, approaching the $100 trillion milestone. The previous all-time high was around $95 trillion, as well, when Bitcoin hit a new ATH in March this year at $73,000 and $90 trillion when Bitcoin hit its peak of $69,000 in November 2021.
Higher global liquidity encourages spending on riskier assets like Bitcoin. Past data shows a strong correlation between liquidity expansion and Bitcoin bull markets. This is because more money creation typically leads central banks to lower interest rates and implement quantitative easing. This dynamic has played out repeatedly over Bitcoin’s history.
Some investors view Bitcoin as an alternative to the central banking system because it has a fixed supply schedule. Bitcoin could be poised for another price surge if the current upward liquidity trend persists.
Bitcoin has already recovered to around $64,500 after dipping below $60,000 briefly last month. With global liquidity hitting new highs, Bitcoin appears primed to continue its bull run.
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Bitcoin Buying Pressure Rises, But Here’s Why A Pullback Could Be Coming
Published
1 week agoon
November 12, 2024By
adminA recent analysis from BaroVirtual, a CryptoQuant analyst, offers a nuanced perspective on the current state of the Bitcoin market.
According to the analyst, fluctuations in the Coinbase premium—a key metric that tracks the price difference between Bitcoin on Coinbase and other exchanges—can offer significant insights.
Retail Leverage And Premiums: A Double-Edged Sword
Rising or elevated Coinbase premiums typically suggest intense buying pressure, indicating strong medium-term sentiment for Bitcoin. However, BaroVirtual warns that in the short term, these high premiums may present a double-edged sword, as they often precede a localized downward movement in Bitcoin’s price.
This phenomenon stems from market dynamics, as high premiums reflect surges in demand that can lead to overheating. When this occurs in combination with a high volume of leveraged retail positions and an excessive number of long contracts, the risk of a market pullback increases.
Notably, BaroVirtual pointed out that this scenario has been evident in some Asian exchanges, where traders’ aggressive positions and leveraged setups further amplified market vulnerabilities.
The analyst’s observations extend beyond the Coinbase premium to the broader market context. When premiums soar, they signal strong demand and positive sentiment among investors. This can provide a floor for Bitcoin’s price, strengthening support levels and creating a bullish sentiment over the medium term.
However, in the short run, the influx of highly leveraged retail positions can destabilize market balance, leading to sharp corrections. High leverage implies that even minor price swings can force liquidations, exacerbating downward price movements.
The CryptoQuant analyst emphasized leverage dynamics’ major role in determining bullish trends’ sustainability. Retail traders’ aggressive positioning on some Asian exchanges reflects a growing risk appetite, which may lead to sudden market shifts if sentiment turns or if premiums dip.
Bitcoin Nears $100,000
After previously trading just above $83,000 earlier today, Bitcoin’s price has now pushed further. So far, BTC has achieved a latest all-time high of (ATH) of $84,929 less than an hour ago. However, the asset has seen a slight correction with a current trading price of $84,929, at the time of writing.
Regardless of this slight pullback, with the current bullish momentum in Bitcoin, it is evident that the asset could continue this rally and rise above $85,000 soon, bringing it closer to a six digit ATH of $100,000 and beyond.
Renowned crypto analyst known as Javon Marks on X has highlighted that Bitcoin still has “more upside coming” especially since it recently broke above a descending broadening wedge pattern.
Prices of $BTC (Bitcoin), after breaking out of this descending broadening wedge pattern, have been climbing MAJORLY, moving roughly +24% since but there can still be much more upside coming!
The measured breakout target is another near 20% away just around the $100,000 mark and… https://t.co/F01HbCd1kv pic.twitter.com/k0bv9xqUwK
— JAVONMARKS (@JavonTM1) November 11, 2024
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Bitcoin
Analyst Reveals Bitcoin’s ‘Chopsolidation’ Phase Nears End—Are New Highs in Sight?
Published
2 weeks agoon
November 6, 2024By
adminBitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst Percival.
Percival described Bitcoin’s current phase as “chopsolidation,” a term used to describe a period of minimal directional movement where price consolidation occurs without a clear trend.
This period, he suggests, may be drawing to a close, with an imminent market movement expected in the coming weeks. The Chopsolidations metric, as Percival notes, doesn’t predict the direction of Bitcoin’s next move.
Instead, it assesses the exhaustion level of the current trend, helping to determine whether Bitcoin’s price is due for a reversal or continuation. Percival’s analysis highlights that while there are indicators of strength at various points, the market remains divided on Bitcoin’s next direction.
So far, some investors believe that recent accumulation is sufficient to push Bitcoin past its all-time high, while others expect a more cautious upward movement or even a potential correction.
Assessing Bitcoin’s Support Levels And Potential Price Rebound
Percival’s analysis further points to two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones.
These areas, which he identified as orange zones on his chart (shared above), served as points where Bitcoin’s price “reloaded” — essentially, zones where demand was strong enough to halt price declines temporarily.
With the current price hovering near these support levels, Percival suggests that the market may find a new bottom if Bitcoin faces any short-term downward pressure. This support could create a foundation for upward movement in the weeks ahead.
The Chopsolidations indicator, according to the CryptoQuant analyst’s breakdown, is showing signs of readiness for a strong trend based on weekly and monthly readings.
Although he did not specify a particular directional bias, he noted that the current market strength could be enough to drive Bitcoin’s price upwards if additional demand or a favorable macroeconomic environment aligns with market sentiment.
This trend could play out over the short term, where sufficient market activity might lift Bitcoin’s price.
Bitcoin Continuous Struggle To Make A Major Move
So far, Bitcoin’s price has continued to face a struggle to make a significant move, especially to the upside. Instead, the asset has seen a form of calmness in volatility following its recent decline below the $70,000 price mark.
Particularly, at the time of writing, the asset currently trades for $68,721—a price region BTC has remained quite stable for the past 3 days since its most recent decline.
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Bitcoin
Dormant Bitcoin Wallet From 2012 Awakens, Moving Millions—BTC Price To Dip?
Published
3 weeks agoon
October 30, 2024By
adminA Bitcoin wallet containing around 749 BTC, equivalent to roughly $53.2 million, has been reactivated after nearly 12 years of inactivity.
This sudden move in funds was detected in the early hours of Tuesday, as blockchain tracking platforms such as Mempool and Whale Alert recorded a transfer of approximately 159.2 BTC, valued at $11.3 million, from this long-dormant wallet.
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The last known transaction from this address was back in November 2012, when Bitcoin’s price was around $10, making the wallet’s balance worth below $9,000.
💤 💤 💤 💤 💤 💤 A dormant address containing 749 #BTC (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)!https://t.co/5SzBYeKlk1
— Whale Alert (@whale_alert) October 29, 2024
Details Of The Moved Millions
Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender’s address, labeled as “change” by blockchain analytics firm Blockchair.
The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet’s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.
However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000 resistance with a current trading price of $72,638 up by 5.3% in the past day.
Notably, movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these could be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.
Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders’ strategies, driven by favorable market conditions or other personal financial objectives.
Bitcoin Onchain Performance
Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.
For instance, yesterday, a CryptoQuant analyst known as Darkfost disclosed that Bitcoin hash ribbons have flashed a buy signal. Darkfost noted:
Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.
Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent post, this metric has bottomed to levels not seen in 2022. A move that preceded a rally.
Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin’s market cap against that of major stablecoins.
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The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. A low value of the metric signals more stablecoins are being converted to Bitcoin, therefore suggesting increasing demand.
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