Category: NewsBTC

NewsBTC: Bitcoin Price Breaks Above $18,200 – CPI Data Comes In Better Than Expected

The first of two key events in a historic week for Bitcoin and financial markets worldwide is in the books. While the CPI release was today at 8:30 ET, the last FOMC meeting of the year is scheduled to take place tomorrow featuring a new dot plot. CPI and FOMC coincide this week for the first time in a while, making it blockbuster week for Bitcoin. And drum roll! The Bureau of Labor Statistics released the November figures for the Consumer Price Index (CPI) and Core CPI a few minutes ago. The expectation for CPI was 7.3% CPI (0.3% MoM),...

NewsBTC: Maple Finance Debt Indicates Crypto Lending Risks With No Collateral

The emergence of Maple Finance brought a different approach to the entire process. This bold DeFi lending protocol requires no deposit of extra crypto tokens as collateral for borrowing. In the decentralized finance (DeFi) space, cryptocurrency lending came as a means that allows investors access to their preferred tokens. However, they must deposit other crypto coins as collateral before borrowing the given assets. This will help curtail risks and losses for the DeFi lending platform. Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC – Scenarios To Prepare For This Week Instead, it all lies in the hand of the...

NewsBTC: JPMorgan Says S&P 500 Can Soar Over 10% Today – Will Bitcoin Follow?

Today and tomorrow are probably the most important days of the year for the Bitcoin and crypto market. Today’s release of the Consumer Price Index (CPI) will possibly be the key for the coming weeks and months. At 8:30 ET, the CPI for November will be released. Tomorrow, Wednesday at 2:00 PM ET, the Federal Open Market Committee (FOMC) will announce its interest rate decision for December. Following that, Federal Reserve Chairman Jerome Powell will address the press at 2:30 p.m. and provide the rationale for the decision and the updated forecast for inflation and interest rates (dot plot). Related...

NewsBTC: Bitcoin Long-Term Holder Supply Reclaims ATH, Return Of Conviction?

Data shows the Bitcoin long-term holder supply has climbed back up and set a new all-time high, suggesting that conviction may be returning in the market. Bitcoin Long-Term Holder Supply Recovers From FTX Panic Selling According to the latest weekly report from Glassnode, BTC long-term holders now hold around 72.3% of the total circulating supply. The “long-term holder” (LTH) group is one of the two major cohorts in the Bitcoin market and includes all investors who have been holding onto their coins for at least 155 days ago, without having moved or sold them from their wallet. Related Reading: Bitcoin...

NewsBTC: Ethereum Price Key Indicators Suggest Strengthening Case For Upside Break

Ethereum remained supported above the $1,240 level against the US Dollar. ETH is rising and might soon attempt an upside break above the $1,300 barrier. Ethereum remained well bid above the $1,240 and $1,220 levels. The price is now trading above $1,260 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $1,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong increase if there is a clear move above the $1,300 barrier. Ethereum Price Eyes Upside Break Ethereum price started a downside correction from the...

NewsBTC: Cardano Community Expects ADA To Jump 50% By End Of Year, Is This Possible?

Cardano (ADA) has taken some of the largest hits through the bear market. The digital asset has seen massive declines that have pushed its price toward one-year lows. However, the community remains steadfast behind Cardano, and the outlook for its native ADA token shows that investors remain extremely bullish on the cryptocurrency. $0.47 For ADA By Year End The Cardano community on Coinmarketcap has shown a very bullish outlook for the future. The Price Estimates feature allows users to input a value they believe the price of a digital asset will reach by a certain time period and then provides...

NewsBTC: Bitcoin NVT Golden Cross Still In “Overbought” Region, Volatility To Follow?

Data shows the Bitcoin NVT Golden Cross is still in the “overbought” region, a sign that there may be more volatility to come for the cryptocurrency. Bitcoin NVT Golden Cross Continues To Be At A High Value As pointed out by an analyst in a CryptoQuant post, the BTC long-term holders have been moving their coins recently. The “NVT ratio” is an indicator that measures the ratio between the Bitcoin market cap and the transaction volume on the chain (both in USD). What this metric tells us is whether the value of the cryptocurrency (the market cap) is comparable to...

NewsBTC: Bitcoin Price Looks Ready For Another Leg Higher Over $17.5K

Bitcoin price remained well bid above the $16,920 support. BTC climbed higher and might soon aim an upside break above the $17,500 resistance zone. Bitcoin found a strong buying interest near the $16,920 and $16,900 levels. The price is trading above $17,000 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $17,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $17,250 and $17,450 resistance levels. Bitcoin Price Eyes Upside Break Bitcoin price corrected lower from the $17,292 swing...

NewsBTC: This Bitcoin Metric Suggests Selling Pressure May Be Reaching Exhaustion

On-chain data shows the Bitcoin binary CDD has been going down recently, a sign that selling pressure may be getting exhausted in the market. Bitcoin 21-Day MA Binary CDD Has Been Observing Downtrend Recently As pointed out by an analyst in a CryptoQuant post, there was some heavy distribution going on in the market just a while ago. The relevant indicator here is “Coin Days Destroyed” (CDD). A coin day is the amount that 1 BTC accumulates after sitting still in a single address for 1 day. When a coin that was previously dormant (and was thus carrying some coin...

NewsBTC: Bullish Divergences On Ethereum Chart, What’s Incoming?

The Ethereum price is trading laterally on its daily chart. The coin has moved south by 1.8% in that timeframe. Both the bulls and bears are trying to take over the market as the altcoin remains within a congested price zone. If the altcoin price is rejected at higher levels, the chance of a reversal might increase. This would mean that bulls represented an upper hand. Moving sideways, however, will bring the asset close to its local support line of $1,220. The current technical outlook indicates that the bulls have not exited the market. If the bulls remain in the...

NewsBTC: Cardano Sees A Spike In On-Chain Activity, Should You Buy ADA Now?

Charles Hoskinson, Cardano (ADA) founder, has explained how the cryptocurrency’s future privacy protocol (Midnight) would work within their ecosystem.  In a recent YouTube interview, he claimed that the planned integration would help establish a confidentiality network of smart contracts. According to him, Midnight aims to resolve the paradoxical issue of having privacy and disclosure of a protocol’s rules simultaneously. Related Reading: Quant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin The announcement yielded positive results, evident with a spike in on-chain activity. Data from Santiment on Cardano’s Age Consumed showed a movement of over 107 billion ADA...

NewsBTC: Why The GBTC Discount Could Lead To A Bitcoin Sell-Off

Grayscale Bitcoin Trust (GBTC) remains the largest bitcoin trust in the world with billions of dollars worth of BTC, but in the last year, the trust has had a hard time keeping up with the market. The result of this has been a large premium that has continued to widen through the bear market. Currently, the GBTC is trading at a record-high premium, which has sparked speculations of a potential BTC sell-off in the pipeline. GBTC Nears 50% Premium The month of November was fraught with adversity for the crypto space and this is mirrored by the GBTC premium. It...

NewsBTC: Solana Price Sees Downside, New Low On The Horizon?

The Solana price slid more than 3% over the last 24 hours and landed in the red. The price of the asset has been consolidating over the past few weeks. SOL has been struggling to get past its immediate resistance mark, which is further fueling the coin’s downslide. In the last week, the altcoin depreciated by over 4%. The bulls tired out the moment Solana attempted to breach the $14 price mark. The technical outlook suggests that sellers have taken over the price action in the market. After a brief bullish run up to the $13.98 mark, this could be...

NewsBTC: LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days

Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales have on their wallets. Here’s a quick overview of LINK: In the short-term, the 4-hour chart of the market shows signs of bullishness Downturns are still a possibility, thus caution is warranted However, the token’s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3% in the last seven days. Data from CryptoQuant suggests that LINK reserves on exchanges are...

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