Good news means bad news? Bitcoin shrugs off weakest US dollar of 2024

August 21, 2024 Coin Telegraph

Bitcoin

Bitcoin price action seems uninterested in rapidly declining US dollar strength, as a shock payroll revision adds to DXY pressures.

Bitcoin (BTC) refused to budge at the Aug. 21 Wall Street open while a “massive” United States employment revision boosted bullish risk-asset bets.

Data from Cointelegraph Markets Pro and TradingView showed flat BTC price action continuing despite a bombshell drawdown in US nonfarm payroll figures.

According to data from the US Bureau of Labor Statistics (BLS), these were revised down by 818,000 on the day. The period from April 2023 through March 2024 thus overstated payrolls by an average of 68,000 per month.

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Bitcoin short-term holders ‘over-reaction’ a factor in BTC’s drop below $50K — Glassnode

August 20, 2024 Coin Telegraph

Bitcoin

Glassnode says short-term holders have “carried the brunt” of losses from Bitcoin’s recent drop below $50,000.

On Aug. 5, Bitcoin price crashed more than 15% to a six-month low of $49,050. Glassnode analysts believe the correction was an “overreaction” by short-term holders.

With Bitcoin (BTC) price hovering around $58,800 on Aug. 20, the average short-term holder (STH) — those who have held Bitcoin for less than 155 days — is now holding their coins in an “unrealized loss” position, according to an Aug. 20 report published by Glassnode analysts.

This group mainly consisted of those who purchased Bitcoin during the 2024 rally, when it reached its all-time high of $73,835 on March 14.

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Bitcoin metrics line up bull signals with $60.6K BTC price level to beat

August 18, 2024 Coin Telegraph

Bitcoin

Bitcoin is giving hints that an upward BTC price phase is about to begin, as measured by two popular trading tools.

Bitcoin (BTC) sought a reclaim of $60,000 into the Aug. 18 weekly close as “out of hours” BTC price action saw strength.

Data from Cointelegraph Markets Pro and TradingView showed new local highs of $60,271 on Bitstamp on the day.

Despite the absence of traditional market traders, BTC/USD slowly edged higher throughout the weekend, while price indicators hinted at continued upside to come.

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US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears

August 15, 2024 Coin Telegraph

Bitcoin

Governments divesting themselves of their BTC is a non-event, but Bitcoin bears make sure that the market feels the heat regardless, analysis says.

Bitcoin dropped further on Aug. 15 as a new United States government BTC transfer added to selling pressure.

Data from Cointelegraph Markets Pro and TradingView tracked multiday lows of $57,816 for Bitcoin (BTC).

The largest cryptocurrency reacted badly to the US government’s largest shipment of confiscated coins year-to-date, totaling 10,000 BTC ($581 million) and heading to exchange Coinbase, according to data from crypto intelligence firm Arkham.

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BTC price suddenly drops 5% as Bitcoin rejects low CPI print

August 14, 2024 Coin Telegraph

Bitcoin

Bitcoin shrugs off notionally good news on US inflation with a BTC price plunge below $59,000.

Bitcoin (BTC) delivered classic “fakeout” moves around the Aug. 14 Wall Street open as bulls lost out on United States macro data.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action spiking to near $62,000 on the back of the latest Consumer Price Index (CPI) print.

Coming in below expectations, the result was slated to boost risk assets and crypto, but Bitcoin’s reaction was short-lived.

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Bitcoin metric calls ‘local bottom’ as traders eye sub-$60K BTC price

August 11, 2024 Coin Telegraph

Bitcoin

BTC price expectations demand a trip below $60,000 before upside continuation, but a market top and bottom metric says the worst is over.

Bitcoin (BTC) is signaling a third “local bottom” in 2024 as a leading BTC price metric sees room for growth.

Fresh research from onchain analytics platform CryptoQuant on Aug. 8 shows bullish moves from the network value to transaction golden cross (NVT-GC) tool.

Bitcoin has fielded warnings of another breakdown on BTC/USD this week as moving averages produce a so-called “death cross.”

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Bitcoin whale games get traders nervous as 12K BTC appears for sale

August 9, 2024 Coin Telegraph

Bitcoin

Bitcoin order book action is currently marked by significant sell-side liquidity, but this could disappear at any time, analysis says.

Bitcoin dipped below $60,000 at the Aug. 9 Wall Street open as traders eyed “unreasonable” whale moves.

Data from Cointelegraph Markets Pro and TradingView showed the latest Bitcoin (BTC) price uptick running out of steam after reaching $62,775 on Bitstamp.

Now down 3% versus the daily open, BTC/USD faced significant resistance above the $62,000 mark, with analysis suggesting that this could be intentional manipulation.

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Bitcoin speculators sit on 93% unrealized losses after $365M ‘wipeout’

August 8, 2024 Coin Telegraph

Bitcoin

Bitcoin futures liquidations leave market newcomers licking their wounds after a giant BTC price drawdown.

Bitcoin has “purged” market speculators as liquidations reach $365 million, new research says.

In the latest edition of its weekly newsletter, “The Week Onchain,” crypto analytics firm Glassnode confirmed a “statistically significant capitulation.”

Bitcoin (BTC) short-term holders (STHs) have come under intense pressure thanks to this week’s BTC price crash.

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Bitcoin’s impending ‘death cross’ might not be ‘so deadly’ for BTC bulls — Analyst

August 7, 2024 Coin Telegraph

Bitcoin

Bitcoin appears on the verge of confirming a death cross, but one analyst says historical data suggests it's nothing to worry about.

Bitcoin’s (BTC) price action looks to be approaching a “death cross,” but one crypto analyst believes it might not be “so deadly” based on historical patterns. Instead, it could be a bear trap before Bitcoin enters a “super bull rally,” looking at a theoretical BTC’s seven-year super cycle.

A death cross is a bearish signal that occurs when the 50-day simple moving average (SMA) of an asset’s market price falls below the 200-day SMA.

Currently, Bitcoin’s 50-day SMA is at $62,141 and falling, indicating a potential crossover with the 200-day SMA at $61,676.

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Bitcoin Premium Climbs to 6% in South Korea Amid Market Turbulence

August 7, 2024 Bitcoin.com

Bitcoin

On Wednesday, at approximately 4:11 p.m. EDT, bitcoin’s value against the U.S. dollar stood at $54,709 per unit, reflecting a 3.41% decrease over the preceding 24 hours. Concurrently, in South Korea, the price of bitcoin was $57,027 per coin, representing a 4.23% premium. According to data from cryptoquant.com, the South Korean premium has seen an […]

BTC price

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