Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce

Bitcoin (BTC) could still fall under $30,000, but some prominent sources are already calling the end of the latest bearish turn on BTC/USD. In a tweet on Jan. 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, eyed Bitcoin’s position relative to its 20-week moving average, noting that historically, current levels have marked a turning point. McGlone: Bitcoin “a bit extended” at all-time highs Still hopeful for Bitcoin to weather a macro storm this year, McGlone’s data places BTC/USD at the same position in which it halted downtrends in March…

NFL star’s massive tax bill highlights problems with BTC salaries

NFL Star Odell Beckham Jr’s (OBJ) decision to take his $750,000 salary in Bitcoin appears to have cost him dearly due to the market crash after he signed the deal. Owing to the vagaries of cryptocurrency tax laws and current prices, OBJ is estimated by some to have made 61% less than if he’d taken his salary in fiat. The loss has highlighted the tax complications from receiving a salary or yield in cryptocurrency as crypto investors have to pay tax on the amount it’s worth when it was received,…

‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall

Bitcoin (BTC) is being aggressively bought up at prices near $30,000 as bidders begin to soak up liquidity from short-term sellers. Data from on-chain monitoring resource CryptoQuant shows that as of late December, Bitcoin exchanges have begun to shed their BTC reserves once more. BTC conspicuously attractive at current levels After a period of traders sending BTC to exchanges, possibly to sell or to have on the side to divest away from further losses, exchanges are now seeing larger overall outflows than inflows. Between Dec. 7 and Dec. 28, 2021,…

BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue? UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0. If history were to repeat itself, Bitcoin may have to fall some…

Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

Bitcoin (BTC) set new multi-month lows on Jan. 24 as the new week began with some classic price behavior. BTC/USD 1-minute candle chart (Binance). Source: TradingView “Rangeplay” for BTC after CME gap fill Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $32,967 on Bitstamp prior to the Wall Street open Monday. That level represented the start of a CME futures gap left over from July 2021, Bitcoin “filling” it almost to the dollar before reversing upwards to add over $1,000 in minutes. With volatility clearly in the air,…

Bitcoin ‘enters value zone’ as BTC price floor metric goes green again

Bitcoin (BTC) has just reentered a key price zone which has signalled the beginning of the end for bear phases, data confirms. In a tweet on Jan. 24, Charles Edwards, founder of crypto investment firm Capriole, flagged Bitcoin’s network value to transaction (NVT) ratio metric as it delivered a new and rare “oversold” signal. NVT says it’s reversal time Bitcoin price losses accelerated over the weekend, with the market not far off a retest of the seminal $30,000 mark prior to Monday’s Wall Street open. Nonetheless, for on-chain analysts, there…

BTC price falls to $34K as Bitcoin RSI reaches most ‘oversold’ since March 2020 crash

Bitcoin (BTC) refused to stem recent losses during Jan. 22 as predictions of a flight to $33,000 and lower looked increasingly likely to become a reality. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView. Open interest “still not flushed” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it fell through $35,000 during the first half of Saturday. With few silver linings available for the bulls, lower weekend volume was poised to deliver some classic erratic moves after Bitcoin lost $40,000 support on Friday. While some, including El Salvador, made the most of…

Bitcoin fundamentals diverge from BTC price dip as difficulty hits new all-time high

Bitcoin (BTC) may have tanked to six-month lows this week, but under the hood, the network is now verifiably stronger than ever. Data from on-chain monitoring resources including Glassnode and BTC.com confirms that as of Friday, the Bitcoin network difficulty is at a new all-time high. Difficulty passes 26 trillion for the first time The difficulty, which expresses how much miners need to work to solve the equations to process transactions on the blockchain, is arguably the most important of fundamental Bitcoin network components. The metric automatically adjusts to increase or…

Bulls aim to turn the tide in Friday’s $580M options expiry after BTC tops $43K

Bitcoin (BTC) investors seem uncomfortable with adding positions after the most recent 40% correction from the $69,000 all-time high made on Nov. 10. In addition to the prolonged downtrend, remarks from the United States Federal Reserve on Dec. 15 about rising interest rates are also weighing on risk-on assets. The Fed signaled that it could raise its benchmark rate three times this year and there are plans to increase the pace of its asset purchasing taper. Consequently, traders are worried that these plans will negatively impact traditional and crypto markets…