Bitcoin has been experiencing its largest exchange outflows since mid-September as investors increasingly move BTC off exchanges.
Despite terrible ETH/BTC underperformance in this cycle, Bitcoin (BTC) has to deal with more dangerous monetary roadblocks, expert Adriano Feria says
The post Sui Price Slips 23%, Is This The Final Dip Before A Run To $3? appeared first on Coinpedia Fintech News With the Bitcoin price plunging below the $67,000 level, the crypto market has experienced a significant correction in its valuation over the past few days. Moreover, the altcoin market has recorded a major correction with top tokens breaking down their important support levels. Will the Sui coin price regain momentum and head toward a new …
With the global cryptocurrency market facing a notable decline, having dropped in market cap by 1.68% to settle at $2.28T, smart investors are searching for opportunities to profit from possible recoveries. Out of many choices, three cryptocurrencies, Bitcoin (BTC), Rexas Finance (RXS), and Shiba Inu (SHIB), are considered potential high-earning options. Bear Market Cryptos At The post 3 Cryptocurrencies to Buy in This Bear Market for 10X Gains appeared first on CoinGape .
Bitcoin (BTC) is currently on the brink of a major breakout, with an analyst predicting a potential surge to $230,000. This bullish forecast is supported by the formation of a classic cup and handle pattern, suggesting that significant gains may be on the horizon. Meanwhile, predictions for the Shiba Inu price and an innovative AI The post Bitcoin Cup And Handle Pattern Presents Path To $230,000, Here’s How Much Shiba Inu And This AI Altcoin Will Be Worth appeared first on Times Tabloid .
Bitcoin (BTC) has recorded a remarkable surge in the past 14 days, nearing the $70,000 mark earlier this week. However, some market watchers shared their worries about the recent retraces, suggesting the cryptocurrency could face another correction ahead of the US Presidential election. Related Reading: Is The Cat Season Here? MEW Hits $1 Billion Market Cap After New ATH Bitcoin To Face Another Shakeout Soon This ‘Uptober,’ Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark. The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoin’s price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday. Based on BTC’s recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoin’s “extremely chippy conditions” are headed in the short term. Sherpa shared that the cryptocurrency could see one last shakeout “sometime in November.” He suggested BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5. However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTC’s near future. Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to “start moving 5-6x from the current position,” according to the analyst. Is BTC Set For A Green Weekly Close? Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as “insanely important support levels.” To the analyst, if BTC’s price holds its support there, it will hit $70,000 soon. After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was “ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000. Related Reading: Web3 Automation Provider Ava Protocol’s Demand Surges 900% Ahead Of Token Launch Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s old downtrend line is supporting, which serves as post-breakout confirmation. Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a “very bullish weekly close” ahead of October’s last week. At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
A longtime regular on the crypto scene, Sovryn and BitcoinOS founder Edan Yago learned the importance of financial sovereignty at an early age.
Summary Dogecoin (DOGE-USD) has outlived the naysayers like myself who called labeled it a 'sell' at 8 cents. If there is any fundamental value in DOGE beyond the meme, it's when transaction fees spike on the Bitcoin (BTC-USD) Blockchain. Which appears to be starting to happen once again. Historically, daily active addresses on Dogecoin lead price higher. We're seeing active addresses start to move up. I don't currently have an active DOGE position on. But it's not something that I'm ruling out in the instance of a deeper pullback to the coin's 50 day MA. My history with Dogecoin ( DOGE-USD ) on Seeking Alpha is not one of admiration. In December 2023, I was highly bearish the coin and called DOGE my top crypto bear pick for 2023. More recently, I upgraded the coin to 'hold' and noted that despite what I view to be a somewhat pointless coin, the power of the meme was no longer something I felt made sense to fade. Data by YCharts That turned out to be a well-timed pivot as DOGE rallied more than 100% shortly after the upgrade. Currently, we find DOGE well off those highs from March of this year but ahead of the August lows of 8 cents. In this update, we'll take a look at key metrics from the network and the technical setup that can be currently viewed in the price. Network Metrics Two of the primary ways we analyzed DOGE in my late-February piece was through active address data and fee data. Fees are important because they show network usage through ledger validation revenue and daily active addresses are important because they show the closest thing we have to users. On that latter point, daily active addresses are not - and should not be viewed as - a viable 'unique users' comparison because one person can operate several different addresses. Regardless, to be bullish the broader Dogecoin network, DOGE holders would theoretically want to see active addresses and fees both increase in tandem. Dogecoin Fees vs FD Cap (Token Terminal) The chart above shows the full history of Dogecoin network fees on a monthly basis. When I last covered Dogecoin, monthly fees were on the rise. In February, fees eclipsed $462k for the month. This is still well below what could reasonably be considered a robust fee market compared to other public blockchain networks. But the main takeaway is that early 2024 fees were a flash in the pan. The network has been averaging about $70k in monthly fees between August and October. This is off the highs from the spring but actually well ahead of the 2023 averages. Switching gears to daily actives, I've added the coin price to the chart and below and we're looking at both price and daily active address count through a 30 day average: 30 Day Average Price vs DAAs (CoinMetrics) What I find interesting about this chart is over the last 5 years we've generally seen starts and peaks in active addresses lead price. In early 2021 active address growth lead coin price between March and May. It happened again between November 2023 and March 2024. The same appears to be happening again with Dogecoin active addresses grinding higher by about 20% starting at the beginning of September. The question is do we have a viable catalyst for a larger sustained move in daily active addresses on Dogecoin? Frankly, I think it comes down to the network usability of Bitcoin ( BTC-USD ). BTC Median TX Fee (30 Day average) (CoinMetrics) In the past, we've generally needed large fee spikes on Bitcoin to get big moves higher in daily active addresses on smaller proof-of-work blockchains. In the chart above, we can see the median transaction fee on Bitcoin started to move higher at the beginning of October. I'm certainly not going to try to predict that this will be the time the Bitcoin fee market grows sustainably, but I suppose anything is possible. Technical Opinion The most straight forward way to look at altcoin charts is to examine the dollar-denominated price levels against moving averages. My assessment of DOGE in this manner is actually somewhat bullish: DOGE Daily Chart (TrendSpider) The daily chart above shows a a coin that has battled trend line resistance from spring of this year, broken that trend, back-tested it, and achieved a subsequent new high since August. Furthermore, the 200 day moving average has been taken out as well. Such analysis is fine but it doesn't always make the case that longing an altcoin is a good idea if it can't realistically be expected that the coin in question will outperform Bitcoin. Below I'm showing peaks the DOGE/BTC ratio over the last five years: DOGE/BTC Ratio (TrendSpider) The number of the ratio itself is a bit dubious to even share as it has so many zeroes following the decimal. The better way to measure it is to do so in Satoshis, or "sats." Currently, it takes about 200 sats to buy 1 DOGE. On the chart above, I've drawn a trend line from the long term high of 1,287 sats in May 2021 down to today. This line has served as resistance on each subsequent pop in the price of DOGE. That changed in September when the ratio moved above trend. We now find the ratio battling to take out the 50 week MA at 208 sats. In a broader crypto rally, I could very easily see a pop to 253 sats - which previously served as support before breaking down. But again, as is the case with transaction fees on Bitcoin, we're guessing. Closing Thoughts When it comes to crypto, I've tried to look for fundamental reasons to be bullish a network, coin, or token. As is often the case, the fundamental thesis for DOGE is not all that straight forward. The coin has survived far longer than I believed it could as little more than a "meme." We could argue that the joke seems to be increasingly less funny as the years go on. Regardless, where I think DOGE does have some fundamental value is in an environment where fees on Bitcoin make the network unusable for most holders. This has proven to lead to surges in usage for other PoW networks and Dogecoin is one of them. Those Bitcoin fees appear to be spiking again. And we know that daily active address increases typically lead price with DOGE. It's a gamble and guess, but I wouldn't be surprised if we see a 25% pop in the DOGE/BTC ratio. That would take DOGE from 200 sats to 250 sats. At a BTC price of $67k, we get a 250 sat price of nearly $0.17 for DOGE. It's not a terrible trade if one chooses to put it on. I don't currently have an active DOGE position on. But it's not something that I'm ruling out in the instance of a deeper pullback to the 50 day MA.
Regret Not Buying Bitcoin Early? These 5 Cryptos Could Be Your Second Chance for Huge Gains The post Regret Not Buying Bitcoin Early? These 5 Cryptos Could Be Your Second Chance for Huge Gains appeared first on TheCoinrise.com .
The Bitcoin community is currently abuzz with the news that tech giant Microsoft is seeking a vote from shareholders on its Bitcoin investment proposal. Although the details of the development remain scant, BTC supporters like Anthony Pompliano explain what could be the reason for Microsoft’s recent pivot to Bitcoin. What’s Behind Microsoft’s Interest in Bitcoin? The post What’s Behind Microsoft’s Interest in Bitcoin? Anthony Pompliano Reveals appeared first on CoinGape .