Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches

Bitcoin price is making a strong push toward $12,000 with just 24-hours before the weekly close occurs Despite multiple rejections at the $12K mark, BTC continues to make higher lows and traders are buying dips at underlying support levels Chainlink reached a new all-time high at $19.80 and Ether is struggling to push above $430 Cryptocurrency daily market performance snapshot. Source: Coin360 Typically, for Bitcoin (BTC), weekends are marked by reduced trading volume as day traders take a break and the CME Bitcoin markets are closed.  Experienced traders will also…

Ethereum Price Regains Bullish Momentum, But $400 Still A Key Hurdle

Ethereum recovered nicely above the $380 and $390 levels against the US Dollar. ETH price must surpass the $400 barrier for another leg higher in the near term. Ethereum is up over 5% and it broke the key $380 and $390 resistance levels. The price traded close to the $398 level and it settled above the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $390 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct a…

Number of Bitcoin Cash Whales Drop Following 39% Price Surge

Following a 39% price surge at the end of July, at least 10 Bitcoin Cash whales have left the network, possibly trading or selling their millions in holdings.  According to Crypto Twitter user Ali Martinez, data from analytics site Santiment shows the number of investors holding between 10,000-100,000 Bitcoin Cash (BCH) — roughly $3-30 million — has fallen by 10 since Aug. 1. The drop comes after the token surged 38.7% from $224.46 on July 17 to a three-month high of $311.34 on July 31, implying that a number of…

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback

The price of Bitcoin (BTC) has increased from $10,995 to over $10,200 in the past 12 hours. But while the momentum of BTC also pushed up the price of other top cryptocurrencies, including Ether (ETH), key metrics and technical patterns suggest the chances of a pullback are rising.  Cryptocurrency market snapshot July 31. Source: Coin360 Three factors that hint at a drop are the fear and greed index, a potential Wyckoff pattern and major resistance. The crypto market sentiment is at “greed,” data shows According to data from Alternative.me’s Crypto…

This Coin’s Supply Goes Down as the Price Rises

Ampleforth (AMPL) is a cryptocurrency built with an elastic supply that expands and contracts depending on demand. According to its co-founder Evan Kuo, the team was trying to learn from the failures of the gold standard and Bitcoin (BTC) to create a more flexible monetary system. Investors hoard Bitcoin & gold Although many in the crypto space perceive the finite inelastic supply of Bitcoin and gold as a major advantage over fiat, Kuo disagrees: “The only problem with gold arises when you start to use it as a base money…

When Robinhood FOMO? Bitcoin Price Pulling a ‘Kodak’ Means Six Figures

Retail traders on Robinhood have been increasingly seeing “fear of missing out” or FOMO rallies around certain stocks. The latest beneficiary has been the stock price of the renowned camera manufacturer Kodak (KODK) whose stock surged from $2 to $60 in one day.  Therefore, given the current climate of economic uncertainty and “infinite QE,” if the optimism around risk-assets flows over to Bitcoin, chances of a similar rally for BTC price — as some analysts are currently predicting — certainly increase. Moreover, following the Federal Reserve’s FOMC meeting on July…

There’s “Only Air” From Here to $20,000 For the Bitcoin Price: Analyst

Bitcoin has begun to consolidate after its explosive breakout on Monday. Over the past 48 hours, the leading cryptocurrency has jumped between $10,800 and $11,300, attempting to establish a short-term range. Some fear that this is a sign that the market is reaching a top. After all, Bitcoin failed to pass $11,500 in the recent rally while funding rates have reached extremely high levels. Yet an analyst is convinced that on a macro scale, there’s only “air” from here to $20,000. That’s to say, Bitcoin rallying to $20,000 in the…

Bulls Control Bitcoin Price Even as Funding Rates Reach Record Highs

Bitcoin (BTC) price finally woke up and surged to a new 2020 high but as the markets surged past $10,000, some traders seem to have opened excessively leveraged long positions.  This effect became more noticeable as the funding rate for perpetual contracts reached the second-highest level this year at 12.4% per month. Funding alone shouldn’t be considered a red flag, especially in short-term periods. The problem lies mostly in contango, also known as futures basis, which has been unusually high in the past couple of days. This indicates that professional…

Crypto Traders Discuss Bitcoin Price Direction After $11.4K BTC Rally

The price of Bitcoin officially surpassed $10,400 on July 27, breaking out of a multiyear range as a result. Traders are now mixed on where Bitcoin’s (BTC) price will go next, as many indicators and data points show conflicting trends. The general sentiment around Bitcoin and the cryptocurrency industry has been positive since April. The United States Office of the Comptroller of the Currency granted banks permission to operate crypto custody services, institutional investors have continuously invested in Bitcoin and other top cryptocurrencies through Grayscale, and most recently, the Tether…