Bitcoin Coinbase premium turns negative as BTC price stalls under $63K

October 8, 2024 Coin Telegraph

Bitcoin

Bitcoin price stagnates below $63,000 as on-chain data highlights an uptick in selling activity.

Bitcoin (BTC) dropped briefly below $62,000 after reaching an Oct. 7 high of $64,448. Although the weekly open had restorted traders’ hopes for a bullish October, today’s pullback to $62,000 signals that bulls are not in control just yet.

Bitcoin 1-hour chart. Source: Trading View

Data from CryptoQuant highlights that the Coinbase premium has remained largely negative since the beginning of October, illustrating a lack of demand from Coinbase traders.

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Bitcoin drops to $63K, fails to rebound after Fed hints at future interest rate cuts

September 30, 2024 Coin Telegraph

Bitcoin drops to K, fails to rebound after Fed hints at future interest rate cuts

Bitcoin Analysis

Bitcoin surprised traders by opening the week in the red, and the Federal Reserve’s announcement about future rate cuts failed to reverse the downtrend.

Bitcoin opened the week with a sell-off to $63,000, and the intra-day trend was not impacted by United States Federal Reserve Chair Jerome Powell’s statement that additional rate cuts were part of the Fed’s plan. Despite the correction, Bitcoin price remains on track to close Q3 with positive returns.

On Sept. 30, Bitcoin (BTC) fell from a high of $65,634, dropping approximately 4% to an intraday low of $63,049, according to data from Cointelegraph Markets Pro and TradingView. At the time of publication, Bitcoin price was exchanging hands at $63,344, down 3.6% over the last 24 hours.

BTC/USD hourly chart. Source: TradingView

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Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K

September 26, 2024 Coin Telegraph

Bitcoin

Bitcoin’s strong rally puts it in a “good position” where the 200-MA and $65,000 level could potentially serve as a new level of support.

Bitcoin (BTC) price rallied to $65,851 on Sept. 26 as markets responded to global macroeconomic events, placing BTC in a ‘good position,’ according to traders.

BTC/USD daily chart. Source: TradingView

The strong reversal in Bitcoin’s price direction has many traders wondering what to expect next from BTC going forward.

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Bitcoin rally above short-term holder metric has traders calling for new BTC price highs

September 19, 2024 Coin Telegraph

Bitcoin

Bitcoin’s recent rally put its price above a key bull market metric. Are new highs inbound?

Bitcoin (BTC) rallied above $62,000 on Sept. 19, rising above its short-term holder (STH) realized price and showing potential for further gains, according to onchain data.

The STH realized price is a metric that calculates the average price at which short-term investors—those who have held their coins for less than 155 days–have purchased their Bitcoin. It acts as support in uptrends because these holders are more likely to buy if the price rises above their entry point.

CryptoQuant analyst Avocado_onchain explains that STH realized price “has consistently acted as a critical support and resistance level” for Bitcoin.

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Bitcoin set for 3-month historic rally as analysts eye $92K BTC

September 15, 2024 Coin Telegraph

Bitcoin set for 3-month historic rally as analysts eye K BTC

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According to market analysts, this could be the last dip buying opportunity for Bitcoin before the next leg up.

After several months of downward movement, Bitcoin may be poised for a three-month rally, with some analysts predicting a breakout above $92,000.

Bitcoin’s price could be on the brink of a three-month rally based on historical post-halving chart patterns.

Bitcoin (BTC) recently retested a key support level on the weekly chart, which could set it up for a rally above $90,000, according to popular analyst Titan of Crypto.

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Did the crypto market bottom this week? — Here’s what the data shows

September 13, 2024 Coin Telegraph

Bitcoin

Bitcoin is chasing $60,000, and altcoins are showing modest gains today. Does that mean the crypto market has bottomed?

Bitcoin’s (BTC) relief rally has seen it rise 21% above the Aug. 5 bottom of $49,577. The recovery has also been witnessed across the broader crypto market, with the total market valuation reclaiming the $2 trillion level, up 20.5% since Aug. 5.

Market participants are now looking for clues on whether the crypto market has bottomed and begun the early stages of a trend reversal.

Some analysts believe that investors are holding onto their positions until the Federal Reserve decides on interest rate cuts during the next FOMC meeting scheduled for Sept. 18.

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Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining

September 13, 2024 Coin Telegraph

Bitcoin

Bitcoin’s “anxiety stage” suggests more potential September downside before the next leg up, recent price analysis suggests.

Bitcoin analysts are eying a breakout point in the coming weeks, but market sentiment and historical data threaten more potential downside in September.

Bitcoin’s (BTC) price could be setting up for a rally, based on a bullish divergence forming on the daily chart, according to crypto analyst Mikybull Crypto.

The analyst wrote in a Sept. 13 X post:

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Arthur Hayes predicts Bitcoin rally after closing short position

September 8, 2024 Coin Telegraph

Arthur Hayes

Bitcoin could start its rally next week on a potential liquidity injection in the world’s largest economy.

Arthur Hayes has closed his Bitcoin short position following initial concerns about a deep correction over the weekend.

On Sept. 6, Hayes, the former CEO of the BitMEX cryptocurrency exchange, warned that Bitcoin (BTC) could correct below the $50,000 psychological mark this weekend as he opened a short position to capitalize on the downside.

Easing investor concerns, Hayes announced the closure of his short Bitcoin position, expecting a potential Bitcoin rally as soon as next week, he wrote in a Sept. 8 X post:

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Sub $50K Bitcoin correction remains in play as whales look to sell BTC

September 7, 2024 Coin Telegraph

Sub K Bitcoin correction remains in play as whales look to sell BTC

Arthur Hayes

Bitcoin could experience more downward pressure leading up to the Sept. 18 US interest rate cut, but will it fall below $50,000 this weekend?

A Bitcoin correction below the $50,000 psychological mark could occur as soon as this weekend, threatening to create more downward pressure in September, which is a historically bearish month.

The Bitcoin (BTC) price could see more downside pressure this weekend as whales (entities holding large amounts of BTC) look to lock in profits.

One savvy whale address sold 100 BTC, worth over $5.3 million, to lock in over $206,000 in profit.

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Crypto market enters ‘extreme fear’ as analysts warn of Bitcoin below $50K

September 6, 2024 Coin Telegraph

Bitcoin

Market analyst concerns over a correction below $50,000 are mounting, as crypto market sentiment returns to early August lows.

Crypto market sentiment has dropped to an over one-month low, as analysts warn of a potential Bitcoin (BTC) price correction below $50,000 as soon as this weekend.

The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, fell to a one-month low of 22, last seen at the beginning of August.

Fear & Greed Index. Source: alternative.me

Bitcoin Analysis

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