3 things traders are saying about Bitcoin and the state of the bull market

Bitcoin’s (BTC) dip below $29,000 on June 22 rocked the markets a handful of analysts to call for a potential drop below $20,000.  Many traders on crypto Twitter were focused on the formation of a death cross on the Bitcoin chart as an omen for another potential drop in the price but analysts with a more contrarian point of view look at this chart pattern as a signal that it is time to buy the dip.  The ultimate thread on #BTC deathcross and cycle data analysis 1) Historical #deathcross until…

Data shows derivatives had little to do with Bitcoin’s drop to $29K

After a brief recovery to $41,000 on June 14, Bitcoin (BTC) investors might have thought that the bear market was finally over. After all, it was the highest level since May 21 and the date that MicroStrategy (MSTR) announced a successful $500 million debt offering.  The funds are usually available in one or two business days, and the proceeds would be used to acquire even more Bitcoin for the business intelligence company’s balance sheet. MicroStrategy followed this fund-raise with another surprise filing to sell up to $1 billion of its…

computer programmer and crypto evangelist dead at 75

According to a Wednesday report from Spanish international news agency EFE, John McAfee has been found dead in his prison cell at the Brians 2 Penitentiary Center. Born in 1945, McAfee founded the software company McAfee Associates in his early forties. His company was responsible for one of the most well known antivirus software programs at the time. He resigned from the company in 1994, and went on to found software firm Tribal Voice — behind one of the internet’s first instant message and chat programs — as well technology company…

NFT marketplace Rarible closes $14M fundraising round led by CoinFund

Major venture capital firms responsible for crypto investments have led the latest $14.2 million fundraising round for Rarible, the online marketplace behind many nonfungible token listings. In a Wednesday announcement, Rarible said crypto investment group Coinfund and Venrock — the venture capital arm of the Rockefeller family — had led a $14.2 million Series A fundraising round for the nonfungible token, or NFT, platform. Rarible said it will use the funds to hire new team members. Other participants in the fundraising round include 01 Advisors. In addition, Rarible said it…

Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K

Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true. According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the…

Senator Cynthia Lummis excited to buy the Bitcoin dip

United States Senator Cynthia Lummis, a Republican from Wyoming, took advantage of a deeply discounted Bitcoin (BTC) price this week by adding to her holdings.  In the wake of yet another major price correction for crypto assets, Lummis told Fox News Wednesday that she’s “excited to buy the Bitcoin dip.” U.S. Senator, @CynthiaMLummis, “I’m excited to buy the #bitcoin dip” pic.twitter.com/OHXiA6vhxi — Documenting Bitcoin (@DocumentingBTC) June 23, 2021 When asked about Bitcoin’s rapid price decline, Lummis said: “I’m really excited about it because as soon as it drops a little more,…

Altcoins follow Bitcoin price’s lead as uncertainty grips crypto market

Cryptocurrency investors all over the globe have been facing a challenging time for over a month thanks, in large part, to the unprecedented price drops that have happened across the board in relation to most prominent digital currencies available in the market. Since the start of June, the total market capitalization of this relatively nascent space has dipped from a little over $1.8 trillion to around $1.3 trillion, thus showcasing a loss of over 40%. One thing interesting to note is that as the market has declined and shown signs…

Here’s The Level Bitcoin Bulls Must Reclaim For Setup To $49K

Bitcoin recently had a crash below $30k this week. For the first time since January 2021. $30k had been the stronghold for the coin for a long time since bitcoin began its descent down for its $64k all-time high. A good holding point to make sure that bitcoin does not crash into a bear market. But when the coin finally broke it and went below $30k, all bets were off. Or so it seemed. Within a couple of hours, the coin had bounced back. Trading at above $32k in just…

Bitcoin bounce from $28.8K activates century-old financial model’s bullish thesis

A recent upswing in the price of Bitcoin (BTC) following a nail-biting price crash below $30,000 this Tuesday has activated a classic financial model’s bullish outlook on the cryptocurrency. Titled Wyckoff Method, created by Richard D. Wyckoff in 1888, the model attempts at navigating financial market trends based on the relationship between assets’ supply and demand. The method has two schematics: Accumulation and Distribution. In an Accumulation setup, an asset signals bottoming out following a sharper price decline. It eventually leads to the price rebounding to the upside. Meanwhile, the Distribution…