Bitcoin’s Dead Act Sets Rival Cardano Towards Its 15-Month High

As Bitcoin sails on calm waters, its rival Cardano is up more than 36 percent already in the third quarter. Traders looking to diversify from the top yet flat cryptocurrency could pump Cardano further into July. The upside sentiment takes cues from the altcoin’s upgrade to proof-of-stake at the end of this month. When bitcoin traders get bored, they pump altcoins. So it appears in the last week’s price action across the alternative cryptocurrency universe. As Bitcoin trends inside a 0-1 percent trading range, its top blockchain rivals, including Ethereum,…

As Bitcoin’s Volatility Hits Historic Lows, Traders are Eyeing a Move to $13,000

All of Bitcoin’s recent volatility has occurred within a relatively tight trading range between $9,000 and $10,000. There have been a few occasions in which the cryptocurrency has broken above or below these range boundaries, but each time has been short-lived and followed by a swift movement back into the range. This range was first formed in early-May. It isn’t showing any signs of breaking anytime soon. A result of this price action has been Bitcoin’s volatility hitting historic lows. Volatility levels this low are rare and are virtually always…

Bitcoin’s Correlation With Gold Is Weakening, Says New Kraken Report

Though Bitcoin’s (BTC) correlation with gold has diminished, the asset’s correlation with the S&P 500 stock market index is on the rise, researchers from Kraken exchange found. Kraken Intelligence, a research arm of major United States cryptocurrency exchange, Kraken, released a “Bitcoin Volatility Report” for June 2020. Bitcoin’s volatility hits a 6-month low Published on July 9, the new report outlines a 31% drop in Bitcoin trading that resulted in a six-month low of Bitcoin’s annualized volatility, which accounted for 51% in June. According to the report, the significant decline…

Trend Indicator: Bear Market Didn’t End After Bitcoin’s $3,700 Capitulation

Bitcoin price is once again flirting with resistance above $10,000 but has yet to penetrate and hold above the key level. This latest visit has resulted in a lower high. Unless the cryptocurrency can get through and set a new local peak, the asset is at risk of setting a new lower low. It could also put the asset at risk of setting a new bear market bottom, even despite what market sentiment may suggest. Sentiment Says Bull Market Is Here, But Has Bitcoin Really Bottomed? All markets are cyclical…

Bitcoin’s “Intrinsic Value” Nears $13k — Here’s Why That’s Big for Bulls

Bitcoin has performed extremely well since March’s lows, rallying over 150% from the $3,700 capitulation bottom. Even after a strong $1,200 retracement from the $10,500 highs, BTC is still one of the best-performing assets of 2020. Yet a crucial indicator suggests that Bitcoin is still intrinsically undervalued, boding well for the bull case. Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum A Crucial Bitcoin Indicator Suggests Bitcoin Is Seriously Undervalued Many analysts, especially those on Wall Street, find it hard to value Bitcoin. The…

There’s a Key $12 Million Buy Wall Boosting Bitcoin’s Immediate Outlook

After attempting to break below $9,000 on Sunday, Bitcoin has mounted somewhat of a comeback. As of the time of this article’s writing, the cryptocurrency trades at $9,350. This is the highest BTC has traded in over a week. BTC price chart from TradingView.com While some doubt it can make it past the imminent $9,500 resistance, buyers are stepping in en-masse to support price action. This supports the chances that BTC rallies higher in the days ahead. Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk &…

World’s Largest Pension Fund Lost the Equivalent of Bitcoin’s Entire Market Cap in Just Three Months

The biggest pension fund in the world lost $164.7 billion in the first quarter of 2020. This is equivalent to the entire market capitalization for Bitcoin (BTC). Bitcoin didn’t do any better Japan’s Government Pension Investment Fund, or GPIF, decreased in value by almost 11% to 150.63 trillion yen or $1.4 trillion. This was the fund’s steepest quarterly decline since 2008.  Dow Jones & BTC. Source: Yahoo Finance. GPIF was not alone in its poor performance, major stock indexes like Dow Jones posted negative numbers. Interestingly, Bitcoin’s performance was almost…

Analyst Who Predicted Bitcoin’s V-Shaped Reversal at $3,700 Is Bullish

It’s been a tough past few weeks for the Bitcoin market. Some are skeptical that the cryptocurrency is in a bull trend after BTC has sustained multiple rejections at $10,000. Yet a trader that nailed a bold prediction remains optimistic, sharing a number of signals indicating imminent upside. Bitcoin Could Soon See a Bounce, Says Crypto Trader In March, Bitcoin plunged from the $9,000s to $3,700 in the matter of a week. Considering the severity of the drop, coupled with a collapse in the traditional economy, few expected a rebound.…

BItcoin’s Sudden Drop to $9k Coincides With Fed’s Balance Sheet Contraction

Bitcoin plunged back towards $9,000 despite showing signs of upside correction in the early Friday session. The latest price correction coincided with the Federal Reserve’s balance sheet contraction that strengthened the US dollar. S&P 500 remained closed on Friday for the Independence Day holiday. The past 24 hours saw Bitcoin breaking its short-term positive correlation with the S&P 500. The benchmark cryptocurrency plunged to $9,068, down 2.44 percent from its weekly top established during the Thursday trading session. Its latest decline partially came because of high profit-taking sentiment near the…

History Shows That Bitcoin’s Consolidation Phase is Likely to Result in Fireworks

Bitcoin has been caught within a tight trading range between $9,000 and $10,000 for two months now. This trading range is still showing few signs of degrading as buyers continue guarding against a dip below its lower boundary. That being said, history does show that multi-month bouts of consolidation – like the one BTC is caught within currently – do tend to end with explosive movements. Historical data also shows that they can persist a lot longer than two months, signaling that it may be quite some time before the…