Bitcoin’s key momentum metric just flashed bearish with BTC price pinned under $50K

The run-up in the Bitcoin (BTC) price toward $50,000 last week risks exhaustion due to a mismatch between the cryptocurrency’s price and momentum trends. So it appears the Bitcoin’s price and relative strength index (RSI) have been moving in the opposite direction since late July. In doing so, even a strong push higher in the BTC/USD bids has coincided with lower peaks in momentum, suggesting that the pair’s upside momentum is weakening out. Bearish divergence A normal RSI momentum tends to tail the price action. That said, it rises when…

Pro traders are mildly skeptical about Bitcoin’s recent return to $50K

The price of Bitcoin (BTC) is back at the $50,000 level, and there’s little doubt that the 47% positive rally over the past 30 days has been fueled by whale accumulation, institutional adoption and positive remarks from regulators regarding a possible exchange-traded fund (EFT) approval. Despite the positive newsflow, the top traders at crypto exchanges and derivatives data appear unmoved by the recent rally to the $50,000 resistance. Crypto analyst Will Clemente highlighted the accumulation from addresses containing 1,000 to 10,000 BTC. Price down today while whale holdings went up…

Bitcoin’s race to $50K heats up as solid institutional backing continues

The crypto market has been surging recently and there’s one cryptocurrency — Bitcoin (BTC) — leading the way. After having suffered through volatility for the better part of the last 60-some days, the flagship crypto has showcased a high level of recovery, even breaking past its 200-day moving average earlier this month, suggesting that a move to the $50,000 psychological barrier may be in the cards soon. To really put things into perspective, over the last month alone, BTC has registered gains of more than 55%, helping to take the…

Bitcoin’s weekly MACD just crossed bullish for the first time in 11 months

Bitcoin (BTC) kept traders guessing later on Aug. 18 as one forecast said that a $40,000 dip would be the “most obvious” next move. BTC/USD 1-hour candle chart. Source: TradingView.com $37,000 is last chance saloon for BTC Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged around the $45,000 mark on Wednesday, with no clear direction on lower timeframes. A dip to $44,200 earlier on the day reversed upwards, but the pattern for the pair remained a cycle of lower highs on the hourly chart. Therefore, Cointelegraph…

Bitcoin’s off-chain data points to more upward momentum for BTC price

After months of unrelenting turbulence, the crypto industry has been on somewhat of a tear over the last couple of weeks, with the total market capitalization of the space recently topping the $2 trillion mark for the first time since May.  In fact, over the last 21 days alone, a whopping $700 billion entered the digital asset sector, leading many to believe that more may be in the cards in the near term. Two recent events seem to have created this bullish sentiment: Ethereum’s successful London hard fork, which makes…

Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.  Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100. BTC/USDT daily chart. Source: TradingView Sentiment among traders received a slight boost after Bitcoin price reversed course…

Pundits say Bitcoin’s brutal quarter could see Tesla report up to a $100M loss for Q2

Bitcoin’s second-quarter price battering has pundits speculating that Tesla may have to report a loss of up to $100 million for Q2. With the price of Bitcoin recently dropping to revisit levels last seen in January, CNBC business analyst Kate Rooney asserted on July 6 that Tesla may face an “impairment charge” — requiring it to report the drawdown in a disclosure to the U.S. Securities and Exchange Commission (SEC). She noted that as Tesla first disclosed its $1.5 billion in Bitcoin purchases in February, onlookers believe the electric vehicle…

Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. What Happens Now?

Bitcoin whales have resumed accumulating coins in what has turned out to be the biggest Bitcoin accumulation event in 2021.  A number of Bitcoin whales addresses that currently hold a number of 100 to 10,000 bitcoins in their wallet accumulated over 60,000 bitcoins in a single day. Lately, Bitcoin has been sluggish in the market due to a high number of sell-offs and not enough people buying back in the coin. But over the past six weeks, the whale wallets have accumulated over 100k bitcoins. With over 60% of these…

Bitcoin’s key momentum metric hints at bullish divergence as BTC clings to $33K

A recent run-down in the Bitcoin (BTC) market faces the prospects of exhaustion before confirming a full-fledged bearish breakdown, so reflects a classic momentum-based oscillator. RSI forming higher lows Dubbed as Relative Strength Index, or RSI, the indicator measures the speed as well as change of directional price movements. It operates within a set range of numbers—between 0 and 100. The close is RSI to 0, the weaker is the price momentum. Conversely, an RSI reading near 100 reflects a period of strong momentum. The range also helps determine an…

Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks

The number of addresses active on the Bitcoin network has crashed roughly 60% in the past six weeks from 1.3 million to roughly 500,000. The collapse in activity has seen Ethereum overtake Bitcoin by number of active addresses, with the Ethereum network hosting roughly 200,000 more active wallets than Bitcoin on July 27. It is the third time this month, with Ethereum also having overtaken Bitcoin by the metric June 5, 2021, and June 6, 2021. The previous time ETH was in the lead was at the beginning of 2017.…