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Tag: Bitcoin

  • Why Bitcoin (BTC/USD) rose to $17K. Here is the potential price action next

    Why Bitcoin (BTC/USD) rose to $17K. Here is the potential price action next

    • Bitcoin rose on Thursday after Powell’s statement indicated slower rate hikes.

    • BTC price has recovered above the 20-day MA.

    • The long-term momentum is bearish for BTC unless bulls win back the $19,000 level.

    Bitcoin (BTC/USD) saw increased buyer interest on Thursday, rising to over $17,100. The price increase reflected renewed optimism in all markets after a soft statement by the US Fed.

    A Wednesday statement by Fed Chair Jerome Powell showed that the central bank might slow rate hikes. According to Powell, smaller rate increases could be pursued starting in December. The suggestion raised hopes of slower economic tightening, which has been hitting markets. However, Powell still warned that monetary policy could remain restrictive until real progress to contain inflation is made.

    Powell’s statement may boost prices of cryptocurrencies for some time, led by Bitcoin after the FTX-inspired selloff. Nonetheless, DFD Partners President Bilal Little shared insights from the gains. Little says that any time markets undergo periods of distress, they tend to oversell. As markets regain clarity again, the prices look up again. However, the DFD Chief warned that the rally would be hard to sustain.

    According to Little, Bitcoin would likely touch the $12,000 to $13,000 level. He warns of other contagion impacts of the FTX collapse amid liquidity risks grappling crypto firms. As such, Little says many crypto firms may be unable to meet liquidity demands or counter the risk concerns.

    BTC is recovering above the 20-day moving average

    BTC/USD Chart by TradingView

    Technically, BTC bulls are pushing the cryptocurrency above the 20-day moving average ($16,586). The cryptocurrency is breaking above a consolidation zone at $16,000. 

    The RSI is slightly below the midpoint, indicating that demand is catching up with the supply. Still, BTC sellers have the upper hand.

    Should you buy BTC?

    Despite the latest gains, BTC remains largely bearish. The price recovery above the 20-day MA may offer optimism that BTC price may rise in the short term. However, bears may try to exert their influence at the 50-day MA. The $19,000 resistance may also counter the upside.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin price prediction as fear and greed index improves

    Bitcoin price prediction as fear and greed index improves

    • BTC has been in a consolidation phase in the past few days.

    • Bitcoin’s fear and greed index has moved to the fear level.

    • The broad fear index by CNN Money is still in the greed zone.

    Bitcoin price remained under intense pressure as concerns about the crypto industry continued. It was trading at $16,516 on Tuesday, where it has been in the past few days. This price is a few points above this month’s low of $15,733. The BTC/GBP and BTC/EUR have also been consolidation phase as well.

    FTX and Alameda contagion continues

    Bitcoin and other cryptocurrencies have been on edge following the collapse of FTX. At its peak, the company was the second biggest cryptocurrency exchange in the world after Binance. It was also seen as a savior of the blockchain industry as the founder made significant investments in a struggling company.

    The contagion in the industry has continued. On Monday, BlockFi, a struggling crypto lender, filed for bankruptcy after the collapse of FTX. FTX had reached a definitive agreement to acquire the company, as we wrote in this report.

    Other companies are struggling as well. For example, over 150 firms have applied for financing from a fund created by Binance and other large players. At the same time, Digital Currency Group (DCG) has hired restructuring experts as its portfolio companies come under pressure.

    Crypto fear and greed index improves

    Bitcoin price has been in a tight range as the cryptocurrency fear and greed index improves. According to AlternativeMe, the fear and greed index was at the fear level of 26 on Tuesday, which was higher than last week’s extreme fear of 22. 

    The fear and greed index is an important gauge in the crypto industry since it measures the overall sentiment of the coin. It looks at key data like Google Trends, market dominance, and social media activity.

    On the other hand, the broader CNN Money fear and greed index remained at the greed level of 59. Key numbers like stock price strength, stock price breadth, and put and call options are at the greed level. Bitcoin tends to do well in periods of sustained greed.

    Bitcoin price forecast

            Bitcoin chart by TradingView

    The daily chart shows that the BTC price has been under intense pressure in the past few months. It remains slightly below the important support level at $17,606, which was the lowest level in June. The coin has also moved below all moving averages. It has also formed what looks like a bearish pennant pattern.

    Therefore, the coin will likely have a bearish breakout as sellers target the next key support at $15,000. A drop below that support means that the coin has higher chance of falling to $10,000.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • What crypto analyst Benjamin Cowen thinks of Bitcoin (BTC/USD) before a reversal occurs

    What crypto analyst Benjamin Cowen thinks of Bitcoin (BTC/USD) before a reversal occurs

    • Bitcoin could undergo another Capitulation event around Christmas – Cowen

    • The cryptocurrency is consolidating but lacks an upside momentum

    • BTC price could break into upside or downside

    When will Bitcoin price (BTC/USD) bottom-up after slipping below the crucial $19,000 level? Crypto analyst Benjamin Cowen believes Bitcoin has to undergo one capitulation event before a price reversal. Cowen examines the historical patterns to explain when this is likely to occur.

    Cowen points out that the final capitulation event will occur around Christmas this year. A capitulation event occurs when a sizable portion of investors succumb to bear pressure and sell their holdings. Capitulation events are characterised by unusually high trading volumes coinciding with sharp price falls. When the price reaches its lowest point, it signals a market bottom that ushers in a bullish move.

    Relating to the historical patterns, Cowen says that Bitcoin bear markets last around a year. In 2014, he says, the bear markets lasted 14 months, while in 2018, it was 12 months. Thus, if the current one is to reflect historical patterns, the dates around December 25th, 26th, and 27th, could be.

    Bitcoin has been very choppy heading to this important prediction at year-end. Cowen thinks that $15,000 is the balanced price for Bitcoin. The analyst says that the cryptocurrency has to fall below this level to hit bottom. That will prompt attempts to recapture the fair value.

    BTC outlook as price consolidates at $16,000

    BTC/USD Chart by TradingView

    On the daily chart, Bitcoin is choppy and consolidates around $16,000. The MACD indicator is in the bearish zone. The RSI remains below the midpoint, indicating that the sellers are in control.

    What next for BTC?

    Bitcoin lacks a directional bias. Although bulls have continually defended $16,000 successfully, they are unable to take the price higher. That’s despite the recent Fed statement indicating slower rate increases.

    With the current choppy trading pattern, Bitcoin can go either way. Just as Cowen predicted, BTC could claim a new bottom. For that to happen, the price must break below the $16,000 support zone.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Eco-friendly Bitcoin mining pool PEGA will launch in 2023

    Eco-friendly Bitcoin mining pool PEGA will launch in 2023

    • PEGA Pool is set to launch next year and will become the first eco-friendly Bitcoin mining pool in the world.
    • PEGA Mining is focused on reducing the environmental effects of Bitcoin mining.
    • Clients that join the “Early Access” waiting list would benefit from a permanent 50% reduction in pool fees.

    PEGA Pool will become the first eco-friendly Bitcoin mining pool 

    PEGA Pool is set to become the first eco-friendly Bitcoin mining pool and is expected to launch next year.

    PEGA Pool, a platform dedicated to reducing the environmental effects of Bitcoin mining, is expected to launch in 2023. The project focuses on making Bitcoin mining eco-friendly.

    PEGA Pool is owned and operated by PEGA Mining, a UK-based cryptocurrency mining firm. 

    According to the development team, PEGA Pool will focus on reducing bitcoin mining’s carbon footprint to create a more sustainable and eco-friendly industry. On its official website, the company said it would plant trees to help reduce the Bitcoin mining carbon footprint.

    PEGA Pool is currently in the pre-launch phase and will be open to the public in Q1 2023. Clients can join the early access waiting list until launch. The team added that the PEGA Pool is open to all bitcoin mining clients regardless of their renewable energy usage.

    PEGA Pool added that for clients that mine with non-renewable energy, it would use a portion of their pool fees to plant trees to help offset their mining carbon footprint. Clients that use renewable energy to mine cryptocurrencies will enjoy certain incentives. 

    For instance, clients that mine with renewable energy will enjoy a 50% reduction in pool fees. Furthermore, pool fees are 2% for non-renewable energy clients and 1% for renewable energy clients.

    Clients that join the early access waiting list will enjoy certain benefits

    The use of non-renewable energy to mine Bitcoin is a subject that gained wide coverage over the past few years. Companies like Tesla had to suspend accepting Bitcoin as a payment method due to concerns over its carbon footprint during mining. However, the company said it intends to start accepting Bitcoin as a payment option for its vehicles again in the future. PEGA’s effort toward ensuring eco-friendly Bitcoin mining could be what is needed to convince Tesla to start accepting BTC payments again. 

    With PEGA Pool currently in its pre-launch phase, the team said clients that join the “Early Access” waiting list would benefit from a permanent 50% reduction in pool fees.

    PEGA Pool said it had planted 41,715 trees so far, for an estimated annual CO2 offset of 1111T. According to their official website, the team said PEGA Pool was built by miners and is run by miners. With years of experience in the crypto mining sector, the team understands what it is that miners need in order to be successful and profitable.

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  • Bitcoin (BTC/USD) rebounds slightly after the FOMC but is the cryptocurrency bullish?

    Bitcoin (BTC/USD) rebounds slightly after the FOMC but is the cryptocurrency bullish?

    • Bitcoin has been steady after FOMC statement

    • The cryptocurrency remains tied to wider crypto concerns

    • BTC needs to overcome $16,500 to become bullish

    Bitcoin (BTC/USD) rose slightly on Thursday after the US Federal Reserve statement. The cryptocurrency was held to the $16,500 level after a soft stance by the officials. BTC was already gaining ahead of the remarks as investors were optimistic that the Fed would cool down on rate hikes.

    Friday’s Fed statement just confirmed what the market expected. Officials indicated that they would slow down the pace of interest rate increases. Fed cited the uncertain lags associated with the monetary actions on inflation and economic health. The monetary committee settled on the fourth 75 basis points hike regardless. Although this didn’t signal that the interest rates would remain low, it gave markets a softer landing. 

    Despite the somewhat positive signal from the Fed, the price of Bitcoin should be viewed within the wider risks contagion. In particular, the confidence crisis created by the collapsed FTX exchange could linger longer. Combined with a potential recession, we could wait a bit longer to see a sustained surge. The slow pace of gains recorded by cryptocurrencies after a dovish statement confirms a lacklustre market. To a technical reader, Bitcoin is not yet bullish.

    Bitcoin struggles to rise above $16,500

    BTC/USD Chart by TradingView

    On the daily chart, Bitcoin’s price has slightly increased since finding support at $15,700. However, buyers are facing challenges taking the cryptocurrency above the $16,500 level. 

    Although the RSI has slightly improved from the near-oversold level, the reading is still below the midpoint. 

    What next for Bitcoin?

    A mixed trading outlook suggests that the BTC price could go higher or lower. There is no confirmed bullish reversal unless the cryptocurrency clears the $16,500 level. That would allow bulls to ride a bullish surge to the $19,000 resistance.

    If bear pressure escalates, a price below $15,700 is still on the cards. That would pit Bitcoin at a potential price of $14,000 and $11,000. 

    In the words of Bitcoin enthusiast Michael Saylor, if you buy BTC in a timeframe of fewer than four years, you are “just speculating it.” Longer-term buyers would still find BTC attractive, not necessarily for four years, but up to the next bull run.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin (BTC/USD) choppy pattern continues. Here is why the next breakout could be catastrophic

    Bitcoin (BTC/USD) choppy pattern continues. Here is why the next breakout could be catastrophic

    Since breaking below $19,000, Bitcoin (BTC/USD) has been unable to recover to the crucial psychological level. As of press time, the cryptocurrency trades slightly above $16,000, the level it bottomed at post-FTX collapse. It’s nearly two weeks now, and the price of BTC has been consolidating at this yearly low. Can it recover in the next few days?

    It is hard to tell if BTC will find a bullish footing as crypto sentiment remains weak. Besides the FTX-inspired crash, BTC remains a key barometer of global economic health. Central banks are tightening the belts with rate increases to tame high inflation. With the situation looking gloomy, it could take a while before we find the right balance to take BTC higher. 

    Once again, BTC’s decline below $19,000 indicated its bottom still needs to be found. Is $16,000 the likely bottom, or could we see a further decline below this level? A potential breakout is imminent that could help answer the question. Let’s turn to the technical levels and price action:

    BTC eyes a potential bearish inside bar breakout at $16,000

    BTC/USD Chart by TradingView

    On the daily chart, BTC trades with weakening momentum at the support of $16,000. The MACD indicator shows a strong bear market for BTC. Multiple pin bars formed at the level, indicating indecision in the market.

    What’s likely to happen for BTC?

    Two possible scenarios are likely for the BTC price in the coming days. If bulls defend the $16,000 level successfully, it will set BTC for a recovery to $19,000. An improved market outlook or momentum will strengthen a bullish market. A bullish signal at the crucial support zone will be needed to confirm an upside. 

    On the flip side, Bitcoin could fall to $11,000 if bulls fail at the $16,000 level. This is a more likely outcome, given the weak momentum at the current BTC price. In the bear scenario, a bearish breakout of the inside bars formed at $16,000 will be confirmed. That will give bears control to take BTC lower.

    Where to buy BTC    

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin could slip below $16k as market losses nearly $40 billion

    Bitcoin could slip below $16k as market losses nearly $40 billion

    The cryptocurrency market has started the week in a negative manner, with prices of most coins down by more than 4% in the last 24 hours.

    Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last few hours. The price of Bitcoin is down by more than 3% in the last 24 hours and is now trading at around $16,071 per coin.

    The poor performance could see Bitcoin drop into the $15k region over the next few hours. There is no major catalyst behind Bitcoin’s poor performance as it coincides with that of the broader crypto market.

    The total crypto market cap has dropped below the $800 billion mark for the first time in months, after losing 4% of its value in the last 24 hours.

    Ether, the second-largest cryptocurrency by market cap, has lost 7% of its value today. The price of Ethereum is now trading at around $1,110 per coin.

    Key levels to watch

    The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming over the last 24 hours. The technical indicators show that the bears are in control.

    The MACD line has dropped into the negative zone, due to Bitcoin losing 3% of its value in the last 24 hours. The 14-day relative strength index of 32 also shows that Bitcoin could enter the oversold region soon if the bearish trend continues.

    If the bears remain in charge, Bitcoin could fall below the first major support level at $15,813 before the end of the day. In the event of an extended bearish performance, BTC could dip toward the $15,500 support level.

    However, the bulls could make a comeback and push Bitcoin toward the $16,535 resistance level over the next few hours. Unless there is a massive bullish run, BTC will find it hard to move past the $17k resistance level in the near term. 

    Where to buy Bitcoin now

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • 7 facts about Bitcoin casinos you need to know

    7 facts about Bitcoin casinos you need to know

    Bitcoin casinos have seen a great increase in popularity recently, with many people now looking for cool games to play. On such a website, just like on the vast majority of online casinos, offers great bonuses. But what’s unique about these crypto casinos is that they also accept payment with Bitcoin, making it easier for those holding crypto.

    Bitcoin as a gambling financier

    Bitcoin is the world’s most popular and most valuable cryptocurrency. It has grown enormously since it was first launched in 2009. Now a Bitcoin is worth around NOK 195,000, but historically it has been worth even more. Those who have Bitcoin thus have some money they can spend, and many prefer to use it when they gamble online. This is partly because they are protected by blockchain technology, which ensures that no one can cheat or lie about payments or deposits.

    1. The very first crypto casino

    Bitcoin as a cryptocurrency first appeared in January 2009, after a person under the pseudonym Satoshi Nakamoto launched it. No more than one year and nine months later, the first crypto casino was launched. This was called SatoshiDice online casino, and they were able to accept their first Bitcoin gamblers in October 2010. Here the very first bet was made on the K-League football league in South Korea.

    It was no more than 0.2 Bitcoin, which at the time was worth 24 US dollars, and today a little more than 18,000. The casino still exists, but is not so popular. Part of the reason is that they do not accept any cryptocurrency other than Bitcoin as payment. 

    2. Crypto gamblers are more anonymous

    Despite the fact that gambling is a common, and possibly incredibly exciting hobby, there are many people who want to remain anonymous on the various gambling sites. This can be for various reasons, including related to work, gains and income. When you gamble with cryptocurrency, you have precisely this opportunity, to be more anonymous. This is because crypto casinos online are completely decentralized and unregulated, which means that transactions are not linked to the player’s identity, and the site does not ask Bitcoin gamblers for personal information.

    3. Lower fees

    In connection with deposits and games, there are some fees when gambling, which can be annoying for many. When you gamble with cryptocurrency, on the other hand, you can worry about these to a lesser extent. There are lower and fewer fees here as the casinos are looking for cryptocurrency with low transaction and exchange costs. Many Bitcoin casinos even offer fee-free transfers to your Bitcoin wallet.

    4. More games for gambling

    Games are obviously an incredibly important part of playing at online casinos, and when you gamble with cryptocurrency, you actually have the opportunity to test out more games. 

    Many crypto casinos will offer more variety in the game, and games from a bunch of categories. Some crypto casinos offer both casino games and betting on sports, and even crypto trading in some cases. 

    On average, you can check out between 300 and 500 different gaming experiences on such sites, and many games are completely unique to each individual platform.

    5. Good customer service

    Another big advantage of playing at crypto casinos is the good customer service. It is set up so that you can always contact the site if you have any questions regarding transactions, exchanges, bonuses and games. 

    The best Bitcoin casinos all offer these and more, with some pages even having VIP communication with some of the most loyal customers, and you can contact them on several digital platforms. 

    Bitcoin casinos are always digital and online, which means that both you and customer service can be logged in at all hours of the day. This is a great advantage, and a luxury you only get at the best casinos. This is one of the many good reasons to check out the casino you want to play at carefully, so that you can make sure that it is safe and can offer you the help you need.

    6. New casinos

    When you gamble online, you often find a casino that you like playing at the most. This allows you to get to know the site well, and play from the same user all the time. Nevertheless, it is always exciting to check out new sites, to see what new games are available, and whether there are various bonuses elsewhere. 

    New crypto casinos are constantly being created, in fact as many as 150 casinos every year! The online casino industry is worth an enormous amount, and it grows every year, and among these we find crypto casinos, which are increasing in value. 

    There is a high demand for such pages, which is why many new pages are created every year.

    7. Exciting bonuses

    One reaction to the increase in the number of ideas that people can play on is bonuses. The already existing pages must ensure that they remain relevant, and new pages must be able to compete with those that already have many customers. They do this with the help of bonuses, which can be very fun and beneficial for you to use. There are many different bonuses out there, for example welcome bonuses. 

    You can find these at the vast majority of online casinos, and they can contain different types of bonus. It is common for them to have free spins, which can be used when playing slot machines. In addition, you can get deposit bonuses, which increase your first bet by a set proportion. 

    Such bonuses make it a little more fun to get started, if more desirable to continue playing.

    Conclusion

    Cryptocurrency has been a relevant topic since Bitcoin was launched in 2009, and it is no wonder that many people want to use them to gamble. Right now, many people are keeping their eyes open for Bitcoin’s little brother, and changes happening in the network. This can also be used to gamble with. Crypto casinos help connect a number of hobbies and interests, such as gaming technology, money, cryptocurrency, trends, sports, gambling, and much, much more.

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  • Bitcoin differs from other cryptocurrencies, says Jack Mallers

    Bitcoin differs from other cryptocurrencies, says Jack Mallers

    Bitcoin remains the dominant cryptocurrency and differs from the other coins and tokens currently available in the market.

    Jack Mallers, the CEO of Strike, a company that allows users to buy and sell Bitcoin, said Bitcoin differs from other cryptocurrencies. He mentioned this during a recent interview with CNBC.

    When asked about the recent FTX collapse and whether his company had exposure in the crypto exchange, Mallers said;

    “No. Strike, myself, and Bitcoin at large have nothing to do with Sam Bankman-Fried (SBF) and FTX. It is nothing other than an absolutely disgusting and malicious crime, in the same way, that someone a car down the street from my house. It has nothing to do with Bitcoin, either. However, an important point to note is that the world is finally starting to realise that there is Bitcoin, and then there is everything else.”

    Maller pointed out that many people have taken advantage of Bitcoin’s innovation to develop other coins like Orange Coin, Pink Coin, and FTX. According to Maller, most of these coins are used for crimes and have nothing to do with Bitcoin.

    The use of blockchain technology to create other cryptocurrencies and use them to scam people need to stop, Maller added. He highlighted that FTX’s collapse is an expensive lesson that shows that there is Bitcoin and there is everything else. He said;

    “It doesn’t surprise me that FTX owned zero Bitcoin. Because if you want to commit crime and fraud, you don’t use Bitcoin.”

    Maller added that although FTX’s collapse affected the broader cryptocurrency market, it is a good thing that it happened. The bad actors in the crypto space need to be washed out, and it is best that FTX is eliminated from the cryptocurrency market. 

    Bitcoin is down by more than 1% in the last 24 hours and is currently trading above the $16,500 mark. 

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  • Bitcoin BTC prediction as the token continues to stall

    Bitcoin BTC prediction as the token continues to stall

    Bitcoin (BTC/USD) may have settled above $15,000, but the pressure is mounting. As of press time, the cryptocurrency was trading at $16,623, losing 1.32% on the day. BTC is also largely consolidating rather than making a directional move. A technical outlook shows a potential decline to the next low.

    Bitcoin’s price action comes when data shows that BTC holders are withdrawing their holdings from crypto exchanges. According to Glassnode, there is over $1.75 billion per month of mass exodus of Bitcoin from exchanges. The withdrawals come after the collapse of the crypto exchange FTX.

    Further, Glassnode data shows investors are flooding exchanges with dollar-pegged digital assets. More than $1.04 billion worth of stablecoins flowed into exchanges after the FTX fiasco. The rising suggests that investors are gearing up to buy the dip as most cryptocurrencies tanked.

    An increase in stablecoins flowing to the exchanges preempts investors’ expectations. However, it does not indicate that we have hit the market bottom. From the BTC perspective, this is illustrated by increasing bear pressure for the cryptocurrency. 

    BTC analysis as price stalls below key level

    BTC/USD Chart by TradingView

    On the weekly chart outlook, BTC has a confirmed break below the $19,500 level. The MACD indicator shows the cryptocurrency is bearish. The momentum is also weakening further. 

    Will Bitcoin proceed lower?

    The current BTC price level could fail to hold due to weak momentum. The price also trades at a non-support zone, meaning the cryptocurrency is yet to settle.

    Based on the technical indicators, a lower price is possible for BTC. The next established support for BTC lies lower at $11,000. However, the level around $14,000 has shown price action before and could provide support for BTC. 

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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