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  • BTC invalidates double top formation

    BTC invalidates double top formation

    • Bitcoin price rose to around $22,600 on Sunday after rallying 11% from below $20,000. 
    • Technical analyst Rekt Capital says Bitcoin has cancelled a double top formation.
    • A successful retest of $21,700 zone could see BTC continue short term upside recovery.

    Bitcoin has retested the $22,600 level after dropping sharply to trade under $20,000 last week.

    While the benchmark cryptocurrency currently trades around $22,350 and is 9% up in the past 24 hours, the short term outlook suggests an invalidation of a bearish pattern that had bears eyeing another leg towards the low $19,000s. 

    Bitcoin price prediction: What next after weekly close at $21,770?

    Crypto analyst Rekt Capital has updated his outlook for BTC price after the coin’s value successfully broke from below $20,000. 

    According to the technical analyst, the weekly close above $21,770 could provide fresh bullish impetus as it has cancelled a double top formation on the weekly chart.

    “It’s incredible how the #BTC Weekly Close of last week invalidated the Double Top formation. The Double Top initially played out to see price drop into the $19000s, but ultimately, $BTC Weekly Closed above $21770 to cancel out the Double Top,” the popular crypto analyst shared via Twitter.

    As noted above, Bitcoin price rose to highs of $22,600 across major cryptocurrency exchanges late Sunday. This was after positive news around the collapsed Silicon Valley Bank buoyed stock futures and saw the de-pegged USDC bounce to just shy of its US dollar parity.

    Trading Monday has seen some profit taking deals force BTC to give up gains. However, the flagship cryptocurrency has successfully retested its range low as immediate support. It is possible BTC/USD will continue this intra-range consolidation, Rekt Capital has predicted.

    Looking at the technical picture as seen on the daily chart, we see another successful daily close above $21,700. While Bitcoin could continue higher, a pullback to the level might happen. Breaking higher from this zone once again could catalyse further upside momentum, with next targets in the $23,400 region.

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  • Bitcoin continues “boring action” as BTC hovers above $22k

    Bitcoin continues “boring action” as BTC hovers above $22k

    • Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, Glassnode data shows.
    • Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
    • BTC price saw downward action last week following a series of negative market related news.

    The global cryptocurrency market cap remains above the $1 trillion mark, with the past 24 hours seeing roughly 0.6% in downward change. The global trading volume in the last 24 hours is around $38.9 billion.

    But while Bitcoin (BTC) dominance hovers at 40.4%, the price action has weirdly remained more like a stablecoin. As noted on Sunday, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).

    Bitcoin price continues to hover above $22k

    Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week.

    Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.

    According to the analyst, BTC is still poised for a fresh bounce higher as bulls hold above key support. He also points to equities and notes a bounce for indices is likely to cascade into the crypto market. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.

    BTC sees $17.8 million in weekly net flows

    As for the net flow, data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and roughly $4 billion in off-exchange flows last week.

    The net flow for Ethereum, the second largest cryptocurrency by market cap and with over 17% of market dominance, was about $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.

    On the other hand, the leading stablecoin Tether (USDT) saw weekly net flows of about 160 million, with total $6 billion flowing into exchanges and $6.2 billion withdrawn.

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  • Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    • Bitcoin price outlook after this week’s Silvergate and Tether news.
    • BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
    • The $20k zone is a critical and psychological level for bulls.

    Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.

    However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.

    Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news

    On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.

    Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.

    But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.

    Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.

    Bitcoin price outlook: What next for BTC/USD?

    The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.

    Bitcoin price movement on the 4-hour chart. Source: TradingView

    If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.

    On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.

    The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand. 

    However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.

    Bitcoin price prediction levels on daily chart.Source: TradingView

     

    The post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.



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  • After 8 years, Mt. Gox creditors may start receiving their BTC this month

    After 8 years, Mt. Gox creditors may start receiving their BTC this month

    • Mt.Gox Bitcoin exploit took place in 2014.
    • The exploit remains the largest Bitcoin exploit in the history of cryptocurrencies.
    • Mt.Gox creators may however start receiving their bitcoins this month.

    Mt.Gox creditors may have a reason to smile after the exchange’s January statement hinted that the creditors could start receiving their Bitcoin (BTC) this month.

    It is about 8 years since The Mt. Gox hack occurred in early 2014 resulting in the loss of about 850,000 BTC which at today’s bitcoin value is worth more than $20.060 billion making it the worst Bitcoin hack ever as detailed in our Bitcoin statistics research.

    Most Mt.Gox creditors lost hope of getting their bitcoins back since the issue has dragged on for years. One Mt. Gox creditor, Adam Back who is also the Blockstream CEO said via Telegram:

    “Well, for myself, I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss, so philosophically anything I get back now is a bonus to cold store. It has stretched on for many more years than anyone expected, and so it will be welcome I am sure by any creditors to finally get paid.”

    Early repayments to start from March 10

    According to Mt.Gox’s January statement, creditors are expected to start seeing early bitcoin repayments from March 10. The early repayment process is planned to continue for a period of about seven months up to September 30, 2023.

    The early repayments include early lump sum payments and intermediate payments. Further repayment amounts are to be made later.

    Mt.Gox creditors were supposed to register with an exchange and nominate it to receive the repayments on their behalf. Exchanges have however given various timelines for processing payments. BitGo crypto exchange, for example, said that they will take about 20 days to process the repayments, while Kraken said that processing the payments could take up to 90 days.

    Amount of bitcoin to be repaid

    It is not clear how much bitcoin will be repaid to the Mt.Gox creditors during the repayment period. However, it is clear that it will be a portion of Mt.Gox’s balance sheet that according to a balance sheet in 2019 totals about 142,000 BTC, 143,000 BCH, and 69 billion Yen. The balance sheet is believed to have not changed much since then.

    There are expectations that the claimants may receive about 21% of the civil rehabilitation claim value because the exchange rates have been revalued since the time of bankruptcy filing.

    According to a moderator of the MtGoxInsolvency subreddit, the first 200,000 Yen worth of each creditor’s claim will be paid in Yen. If the claim is greater than 200,000 Yen, the creditors will choose crypto and cash, where they will receive 71% repayment in crypto and 29% in cash after the initial payment.

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  • BTC touches $25k as crypto rallies

    BTC touches $25k as crypto rallies

    • Bitcoin reached highs of $25,230 across major exchanges, its highest price level in over six months.
    • BTC price moved above its 200-week moving average’
    • Analysts say bulls could target fresh gains as a bullish signal flashes.

    Bitcoin broke above $25,000 as the momentum that pushed the flagship cryptocurrency higher on Wednesday continued into Thursday.

    At around 11:15 am ET, the price of Bitcoin against the US dollar was up 10.7%, with BTC trading at $25,093 after briefly touching highs of $25,230 across major exchanges. Despite shedding some of the gains, BTC looks poised for further upside action should bulls successfully retest and hold prices above the critical $25,100 level.

    Bitcoin price update: bulls eye new 2023 high

    Today’s rally comes on the back of decent gains though, and crypto analyst Mohit Sorout earlier pointed to what he calls “the mother of all bullish signals.” Just before BTC hit the new year-to-date highs, the analyst wrote:

    “The mother of all $btc bullish signals has flashed – DCA indicator. Historically, it has flashed only thrice in btc’s existence & each occurence led to massive rallies of 7400% (2015), 160% (2019) [and] 640% (2020). Today marks the 4th time this signal is suggesting a raging bullmarket.”

    PlanB, the creator of the stock-to-flow price model, shared the chart below showing Bitcoin’s rally on Thursday came as BTC price broke above the 200-week moving average.

    What could happen next for Bitcoin? Well, a retreat to support above $24k or lower to $22.5k is possible before a slow grind pushes it up again. But according to pseudonymous analyst Moustache, $28k is very much achievable.

    BTC spike sees $230 million in liquidations

    Bitcoin’s gains pushed its market capitalization to $526 billion, while a 7.9% jump in the total crypto market cap had the top altcoin Ethereum trading above $1,730 with double digit gains. Among the top ten cryptocurrencies, Polygon and OKB were also up more than 10%.

    As prices rallied, traders who’d bet on broader declines were caught unawares, with over $230 in shorts liquidated. Liquidation data showed Bitcoin-tracked futures led with over $99.6 million in liquidations while Ethereum saw more than $64 million in liquidations in 24 hours.

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  • MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

    MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

    • MicroStrategy registered $34 million in its first-ever bitcoin sale.
    • The company registered a paper loss of over 1 billion in 2022.
    • MicroStrategy made its first bitcoin purchase in August 2020.

    Despite making a paper loss of about $1.3 billion in 2022, MicroStrategy’s chief financial officer, Andrew Kang, said that the company will continue trading bitcoin. During a presentation for the Q4 2022 financial results webnier, Kang said:

    “We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or other market dislocations that are consistent with our long-term Bitcoin strategy.”

    The company’s stand on digital currencies comes at a time the crypto market is witnessing considerable recovery from last year’s plunge although it is not clear if digital currencies will ever reclaim their previous highs.

    Microstrategy bitcoin investment

    Microstrategy made its first bitcoin purchase in August 2020 acquiring 21,454 BTC in what it described as a “capital allocation strategy.” The company has been accumulating bitcoins since then and by December 24 2022 it had as much as 132,500 BTC worth $4.027 billion according to Microstrategy bitcoin statistics on the Buy Bitcoin Worldwide website.

    In the presentation on February 2023, Kang confirmed that Microstrategy holds 132,500 bitcoin that are worth about $1.84 billion as of Dec. 31, 2022.

    In the last quarter, MicroStrategy made a loss of $34 million after making its first-ever Bitcoin sale. The company made the decision to sell some of its bitcoins to recoup some tax losses.

    Microstrategy co-founder Michael Saylor said Bitcoin is one of the most important benchmarks that it uses to measure its stock performance against. He said that the company’s stock has risen by 117% since August 2020 compared to the bitcoin price which has risen by 98% in the same period.

    In an interview with a popular news outlet, Saylor said:

    “The only real safe haven for an institutional investor is Bitcoin. Bitcoin is the only universally acknowledged digital commodity, and so if you’re an investor, Bitcoin is your safe haven in this regard.”

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  • 30+ million Bitcoin addresses are in profit after BTC spike

    30+ million Bitcoin addresses are in profit after BTC spike

    • Bitcoin addresses in profit is at a 9-month high of 30+ million.
    • More unique addresses in profit were last above 30 million in early April 2022.
    • Non-zero addresses also hit a 1-month high while addresses with 0.01+ BTC is at an all-time high.

    The number of Bitcoin addresses that are currently in profit has reached a 9-month high, on-chain data shared by crypto platform Glassnode shows.

    Per the metric, the percentage of unique addresses with Bitcoin funds in profit were 30,081,429 on Monday morning. The figure is a 7-day moving average measure and shows the current value of BTC in the wallets compared to the average buy price.

    Therefore, these 30 million plus BTC addresses currently hold coins that were valued lower at the time of their purchase when compared to their current value.

    Chart showing number of BTC in profit. Source: Glassnode.

    Addresses with 0.01+ coins hit all-time high

    At the time of writing, Bitcoin’s addresses in profit (7-day moving average) sat at a 9-month high after Bitcoin’s latest price action. The last time these many BTC addresses were in profit was in April-early May 2022 – with this happening as the events of Terra and Three Arrows Capital collapse helped to push prices below $40k.

    Bitcoin eventually sank to lows of $15,600 in November amid the FTX-triggered sell-off that likely saw more people buy Bitcoin.

    Now BTC is up more than 40% in 2023 and is currently above the $23,000 price level, helping add over 7 million more unique addresses into the profitable bracket as prices began to soar in January.

    Meanwhile, the number of non-zero addresses has also increased, reaching a 1-month high of over 43 million. Indeed, the number of addresses with 0.01+ coins has recently hit an all-time high of 11,484,618, according to on-chain data Glassnode shared early Monday.

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  • Bitcoin price outlook after BTC break above $23k

    Bitcoin price outlook after BTC break above $23k

    • Bitcoin’s rally from December lows after the FTX collapse surprised many investors, Glassnode says in its weekly report.
    • Bitcoin could see further upside but a fresh buy signal is likely at prices around $28.3k.
    • Selling pressure above $23.3k is more likely given short-term holders and miner push for exit liquidity.

    Bitcoin price remains poised near $23,000 after a breakout pushed the leading cryptocurrency’s value above the psychological $20k level.

    As highlighted ove the weekend, Bitcoin’s surge to prices above $23,000 did surprise many people, and while optimism is high among bulls, a potential liquidity exit from profit booking is likely. Particularly, this could be the outlook given how brutal the 2022 bear market was for short term holders and miners.

    On-chain data platform Glassnode has highlighted this possibility.

    Glassnode’s outlook after latest BTC price action

    According to on-chain data firm Glassnode, Bitcoin looks “almost out of the woods,” but the price action to levels in the $21k to $23k region also reclaimed several on-chain pricing models.

    A look at the Investor Price (currently at $17.4k) and Delta Price ($11.4k), signifies a similar price action at the bear market bottom of 2018-2019. Investor Price is the average price at which investors acquired all the spent and miner distributed coins, while Delta Price is derived from Realized Cap minus Bitcoin’s all-time Average Cap to get a technical pricing model.

    At the base of this outlook is the price discovery phase, which during that 2018 bear market bottom lasted 78 days. The current market is at a similar level, with BTC above the Realized Price of $19.7k.

    “This suggests an equivalency in durational pain across the darkest phase of both bear markets,” Glassnode wrote in its weekly market report.

    Still on the Investor Price/Delta Price metrics, the on-chain platform points to a measure called compression, which takes into account the spot price to determine the intensity of the market’s undervaluation.  The metric also correlates with the scale of change in an asset’s Realized Cap or capital inflow volume, with a threshold zone of 0.15-0.2.

    Given the current BTC price and compression value, Glassnode estimates a bullish confirmation signal could be triggered if Bitcoin bulls reclaim $28.3k.

    More optimism for bulls

    Also helping the bull case is the Supply in Profit measure, which spiked 12% in the last two weeks to rise from 55% to 67%. The spike in percent of coins in profit is “the sharpest” of all prior bear markets, suggesting a lot more coins changed hands below the $23.3k level.

    Key to bulls’ case is also the fact that Bitcoin price at current levels is above all the three cost basis of long-term holder, short-term holder and BTC Realized Price. This is the first time spot price has pierced the three Realized Prices and sustained momentum above the levels would be positive.

    A bull trap case

    While Glassnode points to potential bull case scenarios, its report also highlights probable cases of fresh sell-off pressure.

    According to the on-chain data report, one of these is the “substantial spike in profitability,” which the platform says raises the possibility of selling pressure triggered by short-term holders. 

    Miners are also likely to be motivated by the price action and might look to liquidate some of their holdings, adding to a potential retreat for BTC price.

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  • Bitcoin bulls push BTC to highs of $23,300

    Bitcoin bulls push BTC to highs of $23,300

    • Bitcoin hit highs of $23,342 on Binance, with a breakout above $22k extending year-to-date gains.
    • BTC price is up 30% in a month and has recovered 47% since the decline to $15,500 lows.
    • Short liquidations were around $376 million in the past 24 hours.

    Bitcoin price roared to highs above $23,000 on Saturday morning, rising to $23,342 on Binance as the price of the world’s largest cryptocurrency by market cap hit levels last seen in mid-August 2022.

    BTC was changing hands around $22,900 at the time of writing, about 9% up in the past 24 hours after shedding some of the gains. 

    The price of Bitcoin was, however, still 35% up in the past 30 days, and as crypto trader and analyst Rekt Capital pointed out earlier this morning, BTC had rallied over 47% since falling to lows of $15,500 amid the FTX dump.

    Bitcoin price chart showing BTC rally to $23,000 on 21 January, 2023. Source: TradingView

     On-chain data platform Santiment noted just before today’s break above $23k that Bitcoin’s price rally has come amid a bullish outlook from large BTC investors. As the firm highlights in the chart below, whale addresses with 1,000 to 10,000 BTC have in the past two weeks accumulated over 64,638 bitcoins worth more than $1.46 billion.

    Over $376 million in shorts liquidated

    As Bitcoin raced to highs near $23,350, liquidation data showed that in the past 24 hours, about 80,497 traders had been liquidated.

    According to Coinglass, the largest short liquidation was on Bitmex where an order worth $4.53million was rekt. The total liquidations as of 06:10 am ET on 21 January were $376.61 million. 

    Notably, total liquidations are not at the levels seen when BTC/USD broke above $20,000 last week towards erasing all post-FTX losses. Nonetheless, it still shows some traders are convinced this could be a gigantic bull trap. 

    But as it is, further upside momentum could see bulls target $25,000 or possibly higher if sentiment across risk markets helps bouy buy pressure.

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  • Binance and Huobi recover 121 BTC from Harmony bridge hackers

    Binance and Huobi recover 121 BTC from Harmony bridge hackers

    • The Harmony bridge hack took place in June last year and over $100 million was lost
    • 121 bitcoins have been recovered by Huobi and Binance security teams.
    • The hackers were also moving ETH worth about $64 million over the weekend.

    Seven months after one of the largest cryptocurrency exploits of 2022 took place, industry players are still optimistic about recovering the stolen funds. Over the weekend, Binance and Huobi teams teamed up to freeze and recover 121 bitcoins that the Harmony bridge hackers were trying to launder.

    According to a tweet by Binance CEO, Changpeng Zhao, the hackers tried to launder 121 bitcoins worth about $2.5 million on the Huobi exchange and Binance detected the move and alerted Huobi. Binance then went ahead to assist Huobi in freezing and recovering the crypto assets which had already been deposited by the hackers.

    Prior to Huobi and Binance recovering the bitcoins, on-chain crypto detective ZachXBT had tweeted saying that the hackers were moving 41,000 ETH worth about $64 million over the weekend.

    Laundering seven months after the hack

    The Harmony One team detected the hack on June 24, 2022, and reported that crypto assets worth about $100 million had been lost in the hack. The hackers, who were identified on June 30 to be the notorious North Korean Lazarus Group had exploited mutisigs securing the Horizon bridge.

    After the hack, the attackers deployed laundering programs to move the stolen assets.

    According to ZachXBT, the hackers deposited the stolen crypto assets in three crypto exchanges although he did not specify these exchanges.

    However, going by the recent developments, it is most likely that Huobi is one of the exchanges that the attackers have been trying to use.

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