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Tag: Bitcoin

  • Bitcoin addresses with 100-10K coins buy $726 million BTC

    Bitcoin addresses with 100-10K coins buy $726 million BTC

    • Bitcoin wallet addresses with 100 to 10,000 BTC bought another $726 million worth of coins in 9 days.
    • The sharks and whales activity highlight the continued accumulation of BTC as market navigates the recent FTX- fueled crash.
    • Bitcoin price rose to highs of $18,385 on Tuesday, before retreating late Wednesday following US central bank interest rate hike.

    Bitcoin rallied well above $18,000 this week as the crypto market moved higher amid exuberance in the risk asset market over cooling inflation in the US.

    The flagship cryptocurrency hit highs of $18,385 ahead of Wednesday’s 50% rate hike from the US Federal Reserve.

    While the Fed Chair Jerome Powell’s hawkish remarks helped dampen sentiment to push BTC below $18k again, the crypto remains poised for a fresh upside given bulls’ holding of prices above the key support base established in the aftermath of the FTX implosion.

    Whales continue to buy the dip

    Bitcoin’s retreat from $18,385 suggests bulls might have to rely on the buffer at $17,200 – the immediate resistance level that’s likely to act as a key support base. Below that, bears could target $15,700.

    Despite the rejection at intraday highs above $18,300 seen this week, its likely bitcoin will look to retest the price level given its strong fundamental outlook.

    According to o-chain data shared by market platform Santiment, more bitcoin sharks and whales have scooped coins this past week. This happened amid the FTX fallout and as the firm’s data shows, addresses holding 100 to 10,000 BTC have added over $726 million BTC in just nine days.

    About 15,900 wallet addresses in this category hold 8.5 million bitcoins worth over $149 billion (at current prices).

    Notably, it adds to the accumulation seen since Bitcoin price registered a sharp decline on news of FTX’s implosion in early November. 

    As well as whales and sharks, shrimps and crabs have also been grabbing some alpha. The two wallet cohorts have aggressively been buying BTC. As we highlighted here, the group has added more than 96,000 BTC worth over $1.6 billion in 30 days.

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  • Why has the Grayscale Bitcoin Trust discount hit an all-time high?

    Why has the Grayscale Bitcoin Trust discount hit an all-time high?

    Key Takeaways

    • Grayscale is the largest Bitcoin fund in the world
    • Discount to underlying asset (Bitcoin) has reached record levels, breaching 50%
    • Concern about reserves, higher fees and other hurdles explain the discount, which likely won’t close anytime soon

     

    The discount to net asset value of the Grayscale Bitcoin trust is at all-time highs. The discount briefly pushed past 50%, before pulling back slightly to where it currently sits at 48.8%.  

    This comes off the back of the SEC reaffirming its reasons for denying Grayscale’s application to convert the trust into an exchange-traded fund.

     The Grayscale Bitcoin Trust is the largest Bitcoin fund in the world, but it has rarely traded at the same level as its underlying asset, Bitcoin. The above chart shows that it had, until this year, traded at a premium since its launch compared to Bitcoin.

    This fund allows accredited investors to gain exposure to Bitcoin without worrying about storing or managing their holdings. It previously traded at a premium as demand for shares surged, with institutions wanting Bitcoin exposure. This convenience does come at a fee, however – and a rather hefty one at 2%.

    Demand falls for Grayscale in 2022

    Since March, the Grayscale shares have been trading at a discount to Bitcoin. The fund has $10.7 billion in assets under management, a stark 65% fall in the last year, reflecting the bloodbath in the crypto markets.

    But the discount to Bitcoin means shareholders are getting hit twice as hard.

    “The fact that Grayscale’s Bitcoin Trust is now trading at nearly 50% discount is just awful for holders of GBTC. It really highlights the vast differences in structure quality between different investment vehicles,” Bradley Duke, co-CEO at ETC Group, told CoinDesk last week.  

    A decline in inflows has been borne out of greater competition as many competitive funds have launched, especially in Europe, as well as multiple filings for Bitcoin ETFs in the US. The discount is also because investors have no way to redeem their holdings for Bitcoin in the trust, but all the while are being charged a 2% fee.

    However, these factors have typically been dulled by arbitrage traders taking advantage of the dichotomy in prices. But happenings this year have reduced that, too.

    Concern about Grayscale’s reserves

    Over the last month, concern has swelled in the market that Grayscale’s parent company, Digital Currency Group (DCG) may file for bankruptcy. This is due to the issues surrounding crypto broker Genesis, whose parent company is also DCG.

    Genesis have denied they will imminently file for bankruptcy, but the firm was caught up in the FTX collapse and is currently undergoing restructuring. Genesis halted withdrawals on November 15th.

    This concern has been elevated by questions around Grayscale’s reserves. Namely, whether they are true to their word and are holding all the underlying Bitcoin securely. With many major crypto companies publishing proof of reserves in the aftermath of the FTX crisis in order to assuage customer fear, Gray scale refused.

    “Due to security concerns, we do not make such on-chain wallet information and confirmation data publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure,” Grayscale wrote in a statement.

    As I wrote at the time, I really can’t fathom how security concerns are a factor here. The blockchain is built so that this kind of information is available to the public.

    Final thoughts

    All in all, the discount sums up investors’ concern around Grayscale, as well as the extra fees and other hurdles which exist compared to owning the underlying. Arbitrage trades are self-destructive by nature, and hence it is notable that the discount is so large and has persisted for so long.

    Then again, there is risk here, as the same thing which I have been writing about for a while now – a lack of transparency – means that it cannot be known for 100% certainty what is going on behind the scenes. And that is why we are seeing a 50% discount.

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  • Bitcoin retreats below $18k as Fed raises interest rate to a 15-year high

    Bitcoin retreats below $18k as Fed raises interest rate to a 15-year high

    • Bitcoin has dropped below the $18k once again following its rally earlier this week.

    • The Federal Reserve raised interest rates by half a point a few hours ago.

    • The total crypto market cap continues to stay above $800 billion.

    Federal Reserve raises interest rate once again

    The Federal Reserve announced on Wednesday that it had raised its benchmark interest rate to the highest level in 15 years. Thus, indicating that the fight against inflation in the United States is not over. 

    The interest rate was increased by half a point, taking it to a targeted range between 4.25% and 4.5%. This latest cryptocurrency news put a halt to Bitcoin’s recent rally. The leading cryptocurrency is down by less than 1% in the last 24 hours and is now trading below $18k. At press time, the price of Bitcoin stands at $17,737. 

    The broader crypto market has also been underperforming, having lost more than 1% of its value in the last 24 hours. The total cryptocurrency market cap now stands at around $860 billion.

    Key levels to watch

    The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the past 24 hours. In the last seven days, BTC has added more than 5% to its value.

    The MACD line remains above the neutral zone, indicating that the bulls have not given up control of the Bitcoin market. The 14-day relative strength index of 54 also shows that Bitcoin has not yet entered the oversold region.

    If the bears gain bigger control, Bitcoin could decline below the $17,090 support level over the next few hours. However, the bulls still maintain a level of control, and BTC could recover from this slight dip. If that happens, BTC could be trading above $18k soon again.

    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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  • Bitcoin (BTC/USD) is still on a limited upside

    Bitcoin (BTC/USD) is still on a limited upside

    • Bitcoin lost 1% on Monday ahead of the US inflation data.

    • A crypto analyst expects the inflation data and Fed’s meeting to affect Bitcoin.

    • Bitcoin lacks a directional bias and could move in any direction.

    Bitcoin (BTC/USD) traded down more than 1% on Monday, with the cryptocurrency’s price slightly below $17,000. Bitcoin has traded at this level since the start of the month. The price is also slightly improved from $16,000 at the end of November. But should we expect this price to improve?

    The limited upside in Bitcoin perhaps underlines that investors are still cautious about buying cryptocurrencies. That means a significant number expect Bitcoin to fall further as risk-on sentiment remains. Similarly, buyers are defending the $16,000 level. But as this bull-bear scenario unfolds, a popular crypto analyst expects two macro events to crush BTC further. The analyst, Nicholas Merten, says markets are warming up for the US inflation report and the Fed’s last meeting of the year.

    The US inflation report comes on December 12th, followed by the Fed’s meeting on December 14th. Higher-than-expected inflation is likely to raise speculations of policy tightening by the Federal Reserve. The analyst says already 80% of the market expects the Fed to hike rates by 50 basis points. If inflation comes hot, this will call for faster hikes. 

    Even if the Fed does not embark on fast rate hikes, Merten says markets will still be under pressure. The analyst says the lagging effects of previous policy actions could last longer.

    BTC on a slight upside amid weak momentum

    BTC/USD Chart by TradingView

    On the technical front, BTC trades within narrow ranges. The long-term momentum is bearish, although the cryptocurrency recovered slightly above $16,000. BTC’s next resistance lies at $19,000, while the support is at $14,000.

    Will BTC go lower or higher?

    A limited upside means that Bitcoin price could trade lower if the macro factors are not positive. Investors will monitor the inflation report and the Fed’s action for indicators of where BTC will go next.

    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 shrimps add record BTC to their holdings in November

    Bitcoin shrimps add record BTC to their holdings in November

    • Bitcoin price plummeting after FTX’s implosion in November provided shrimps – people with less than 1 BTC an opportunity to add to their balances at low prices.
    • According to new on-chain data tracking shrimp holdings, the cohort bought 96.2k more BTC in the 30 days after FTX collapsed.
    • The cohort’s holdings saw an all-time balance increase in the month and currently hold roughly 6.3% of bitcoin supply at 1.21 million.

    Despite the continued selling across the crypto market over the past month, Bitcoin ‘shrimps’ – wallets holding less than one BTC – have added massively to their overall balances since the FTX’s implosion.

    According to the latest data compiled by crypto exchange Bitfinex, investors have sold Bitcoin at a loss over the past 30 days as contagion fears and other macro factors combined to sink sentiment. But amid the widespread selling, there has been a significant accumulation drive from both shrimps and ‘crabs’ – wallets with up to 10 bitcoin.

    Analysis of the on-chain balances of these two cohorts suggest that a portion of small retail investors have indeed been unfazed by the negative sentiment and jitters around FTX. Simply, wallets with less than 10 BTC have used the downturn in prices to buy Bitcoin.

    Shrimps added 96.2k BTC since early November

    As some investors panic-sold after the shocking news of FTX’s collapse, a few people took the opportunity to buy low. In November, Bitcoin price fell sharply below $20,000 and went all the way to levels beneath $16,000.

    Weak hands sold as hodlers took advantage. And according to the Bitfinex report, its not just whales who might have seized on the prevailing sell-off. 

    Shrimps buying the dip managed to add more than 96,000 bitcoins to their wallet balances. In fact, data puts it down to 96.2k BTC that shrimps bought since FTX collapsed, with the purchases accounting for an all-time high increase in the cohort’s wallet balances.

    According to the statistic, shrimps now hold more than 1.21 million bitcoins to account for roughly 6.3% of the benchmark cryptocurrency’s circulating supply. 

    As of writing, on-chain data sows the circulating supply of Bitcoin is 19.23 million coins, while addresses richer than $1 stand at nearly 34 million.

    Wallets with less than 10 BTC also buy the dip

    Crab, as noted above, are wallets that hold less than 10 bitcoins. Data by Glassnode shows that this cohort bought 191.6k BTC in the 30 days after FTX’s collapse. The group’ net position change during this period saw total balance also swell at an all-time high increase, with the month higher than in July 2022 when crabs bought 126k BTC following the May/June turmoil.

    So what does this statistics reveal? According to the report, its likely retail investors are breaking from past behaviour of heavily selling during bear cycles.

    Investor bullishness on Bitcoin is thus a mark of the new wave of resilience even as the market stares at potentially more pain with Bitcoin price poised near $17,000.

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  • Bitcoin slides, but you do not want to miss out

    Bitcoin slides, but you do not want to miss out

    • Bitcoin has lost a weekly 1.52%, and bear pressure is high

    • A quantitative analyst expects a bottom in around 3 months but says Bitcoin is attractive

    • Bears have an edge as long as BTC does not recapture $19,000

    Bitcoin (BTC/USD) has lost 1.52% in a week as most cryptocurrencies struggle. Despite recovering slightly by 0.25% in the day, the price of the largest cryptocurrency was struggling to retain the $17,000. As of press time, BTC was trading at $16,860. That has raised questions over the potential of Bitcoin to recover to the $19,000 resistance. 

    But a renowned crypto analyst thinks Bitcoin is a bargain at the current low valuation. The crypto analyst dubbed PlanB expects Bitcoin to rally at least 5,800%. Consider that Bitcoin is trading at about 4 times less value than its all-time high of over $68,000. Reflecting on the stock-to-flow model, the analyst says the current BTC price is a “steal.”

    Typically, the stock-to-flow model assesses assets’ value by comparing their current price to the supply. In his view, if we consider BTC’s original 2019 model or the $55,000 model, BTC’s next halving could catapult prices to $100k-$1 million. He expects the supply to be squeezed in 2024, around the halving event. But how about the short-term price?

    PlanB opines that BTC’s bottom could occur in around three months. He says the price of BTC hits the bottom 18 months from the record high.

    BTC is struggling to rise at the 20-day MA

    BTC/USD Chart by TradingView

    From the daily chart technical outlook, BTC’s upside is limited. Although the price has kept the $16,000 support intact, bears are exerting pressure as prices recovered above the 20-day MA. 

    The RSI is pointing lower and sliding further from the 50-midpoint reading.

    Will BTC remain bearish?

    The limited upside on BTC price indicates that the bear market is far from over. The $19,000 remains the crucial resistance. If BTC breaks below $16,000, the next level to watch is around $13,000.

    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 dips by 2% today as mining difficulty falls by 7.2%

    Bitcoin dips by 2% today as mining difficulty falls by 7.2%

    • Bitcoin is trading below $17k once again after losing roughly 2% of its value today.

    • Bitcoin mining difficulty is down 7.2%, the biggest drop in more than a year. 

    • The total crypto market cap is also down by nearly 2% in the last 24 hours.

    Bitcoin mining difficulty dips by 7.2%

    Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. At press time, the price of Bitcoin stands at $16,900 and could dip lower before the end of the day.

    This latest cryptocurrency news comes after BTC.com revealed that Bitcoin mining difficulty is down 7.2%, the biggest drop since July last year. The recent decline in Bitcoin mining difficulty is the biggest one since the 28% plunge recorded following China’s crackdown on mining in the summer of last year.

    The broader cryptocurrency market has also been underperforming over the past 24 hours. At press time, the total cryptocurrency market cap stands at $851 billion, down by 1.9% so far today.

    Ether, the second-largest cryptocurrency by market cap, isn’t fairing any better. ETH is down by nearly 3% today and is now trading at $1,256 per coin.

    Key levels to watch

    The BTC/USD 4-hour chart remains bullish despite BTC underperforming over the past few hours. This is because BTC is still in the green zone when you look at its seven-day performance.

    The MACD line remains above the neutral zone but has been declining and could enter the negative region if the bears remain in charge. The 14-day RSI of 50 shows that BTC could enter the oversold region in the near term unless the bulls regain control of the market.

    With the bears now in control, BTC could test the first major support level at $16,368 before the end of the day. However, unless there is a massive bearish run, the bears could find it tough to drop BTC’s price below the $15,909 support level. 

    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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  • This analyst relies on on-chain metrics to support a Bitcoin price (BTC/USD) rally

    This analyst relies on on-chain metrics to support a Bitcoin price (BTC/USD) rally

    • Bitcoin rose to $17,000 on Monday.

    • InvestAnswers thinks BTC is about to become bullish based on realised value.

    • The token faces resistance at $19,000 and 50-day MA.

    Bitcoin price (BTC/USD) was up marginally on Monday as most cryptocurrencies made slight recoveries. BTC was back to $17,000 even as data by crypto derivatives exchange Deribit showed that sentiment had shifted in favour of the cryptocurrency. But as this happens, a popular crypto analyst is projecting a rally.

    InvestAnswers, a popular crypto analyst, says that on-chain signals suggest BTC is overdue for a rally. The pseudonymous analyst examines Bitcoin’s realised price or RP metrics in making the argument. Normally, RP posts the value of all BTC at the price the tokens were bought and then divides it by the number in circulation. InvestAnswers says that BTC never stays below the RP for long. 

    The analyst says BTC has been under RP for 170 days. In 2020, BTC stayed below the RP for 8 days, while in 2018, it was 115 days. In 2015, it stayed a little longer at 240 days and only 110 days in 2011. According to the analyst, the RP of BTC lies at $21,000. Using the analogy, he says that the Bitcoin price is about to soar.

    Besides the RP, InvestAnswers says that the rising weakness in the US dollar index suggests a likely rally. The index is inversely correlated to the risk-on assets, meaning that if it goes lower, cryptocurrencies go the other way.

    BTC price analysis and outlook amid slight recoveries

    BTC/USD Chart by TradingView

    BTC trades above the 20-day moving average. Bulls have been winning the war at $16,000, although the bears are still relentless. The RSI remains below the midpoint, and the bullish momentum looks somewhat weak but improving.

    Bulls will have the next test at the 50-day MA and the $19,000 resistance.

    Should you buy BTC?

    BTC is still largely bearish. However, all indications are buyers looking for the next opportune moment. In the meantime, BTC’s eyes $19,000 and a recovery past the level could usher in more upsides.

    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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  • 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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