Author: Sollcrypto
Bitcoin remains the most closely watched digital asset, with changes in its market indicators often prompting extensive analyses and forecasts. Recently, developments in Bitcoin’s futures market have garnered significant attention from analysts and investors alike. Axel Adler Jr, an analyst at CryptoQuant, has provided insights into these fluctuations, highlighting the inconsistency in market movements over the past few days. Adler noted a noticeable shift in Bitcoin’s Funding Rate, which turned negative, while Taker orders became bullish. This marked a reversal from the previous day’s market behavior, underscoring the volatility and changing sentiments among traders. Such shifts are crucial as they…
Since Bitcoin’s inception in 2009 and the subsequent surge of innovation, the web3 industry has encountered numerous challenges. In addition to managing regulatory issues, enhancing user experience, and eliminating bad actors, blockchain engineers continue to grapple with two primary obstacles: scalability and interoperability. Many Layer 2 solutions aim to scale Layer 1 networks like Bitcoin and Ethereum by increasing throughput and lowering transaction fees. Meanwhile, protocols like Union are working to achieve interoperability at scale, addressing both key challenges simultaneously. The Necessity of Blockchain Interoperability Regardless of your opinion on the WEF, its 2020 whitepaper on blockchain interoperability accurately highlighted…
Bears have seized the initiative on the last day of the week, according to CoinMarketCap. BTC/USD The price of Bitcoin (BTC) has decreased by 0.19% since yesterday. However, over the past week, it has increased by 9.57%. On the hourly chart, BTC is showing bearish signs as it approaches the support level of $66,853. If this trend continues throughout the day, a breakout is likely, potentially driving the price down to the $66,500 area. On the larger time frame, Bitcoin has experienced a false breakout at the $67,482 resistance level. If the candle closes near its low, there is a…
In this analysis, we’ll delve into Litecoin’s (LTC) recent price movements and on-chain activity to grasp the underlying patterns and potential mid-term trajectories. Bitcoin’s challenges in surpassing the $61K price mark have exerted downward pressure on LTC, causing it to trade beneath the pivotal $80 support threshold. What factors are influencing this behavior? Let’s explore further. LTC Hovers Slightly Above a Crucial Support Threshold In the provided chart, we analyze Litecoin’s price dynamics within the 4-hour timeframe, with key support and resistance levels highlighted by red lines. Presently, the price stands at approximately $79. Should it dip below the $75…
In recent weeks, Ethereum has undergone notable price fluctuations, mirroring a broader downturn in the cryptocurrency market. According to CoinStats data, Ethereum (ETH), the second-largest cryptocurrency, has experienced a 7% decrease over the past month and a 4% decline in the last seven days. ETH/USD 24-Hour Chart (Source: CoinStats) At the time of writing, ETH is valued at $2,900.37, indicating a 1.48% drop in the past 24 hours. This downward movement has also affected Ethereum’s market capitalization, which currently stands at $348,268,608,219, reflecting a 1.17% intraday decrease. Additionally, Ethereum’s trading volume has dwindled to $12,024,693,712, showing a 2.23% decline over…
A quantitative analyst has elucidated the implications of a potential leading Bitcoin indicator, shedding light on what it could signify for the cryptocurrency’s future price movements. The Bitcoin Coinbase Premium Might Provide Insight into BTC’s Next Move In a recent CryptoQuant Quicktake post, an analyst discussed the current trend in the Bitcoin Coinbase Premium. The quant noted, “We can use the trend of Coinbase Premium as a leading indicator of the future direction of BTC price.” The “Coinbase Premium” is a metric that tracks the variance between the Bitcoin price listed on the cryptocurrency exchanges Coinbase (USD pair) and Binance…
Bitcoin initiated a new downtrend after encountering resistance around the $62,000 mark. With BTC now below $61,000 and the 100-hourly Simple Moving Average, the risk of further declines looms, especially if it breaches the crucial $60,000 support level. The recent hourly chart of the BTC/USD pair from Kraken indicates a break below a bearish flag pattern, with support previously near $60,950. Should the price maintain its position below $60,000, it could gather bearish momentum. Bitcoin’s Price Indicates a Breakdown Bitcoin’s price discovered support near the $60,250 region and initiated a recovery phase. It managed to surpass the 23.6% Fibonacci retracement…
Bitcoin might have posted the deepest correction since the FTX crash in November 2022, dipping over 20% from its all-time high of around $74,000. However, Glassnode analysts, while sharing their preview on X, remain cautiously optimistic. Bitcoin has declined by 20% since its peak in March, but Glassnode maintains a bullish stance. Glassnode highlights that despite corrections, the Bitcoin macro uptrend remains remarkably resilient, with relatively shallow declines. The platform also notes an improvement in liquidity, reducing volatility. However, significant price rallies will likely depend on fundamental factors rather than just structural support. Glassnode suggests that historical patterns indicate market events as…
Ethereum (ETH) price has been oscillating around the $3,000 mark as traders keep a close eye on a surge in whale activity, raising the question of whether the cryptocurrency might soon be primed for a rebound. On-chain analytics Twitter account @lookonchain reported on Wednesday that a whale recently accumulated $32.14 million worth of ETH. According to the report, a whale who is long on Ethereum withdrew 6,030 ETH (valued at $18.09 million) from Binance just 20 minutes prior. The whale has been steadily increasing their holdings, accumulating a total of 10,758 ETH ($32.14 million) from Binance since May 2. The…
Ethereum’s ‘ultrasound’ money narrative could face challenges following the Dencun upgrade, according to CryptoQuant. Ethereum’s EIP-7702 aims to address concerns stemming from EIP-3074. Meanwhile, Ethereum’s recent price movement indicates it may be building momentum for a bullish run. The latest price action for Ethereum (ETH) on Wednesday suggests it could be gathering momentum for a potential rally, as a recent CryptoQuant report highlights that its ultrasound money narrative may be at risk. Additionally, Ethereum co-founder Vitalik Buterin, along with other contributors, has proposed Ethereum Improvement Proposal (EIP) 7702 as a replacement for EIP-3074. Daily Market Movers Digest: Ultrasound Money, EIP-7702,…