Joseph Young · 3 hours ago · 2 min read
Read the latest › ETH 2.0
Read the latest › Regulation
Nick Chong · 2 weeks ago · 2 min read
Shaurya Malwa · 4 days ago · 2 min read
Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.Start Earning Interest
Yes, the price of Bitcoin may have stalled over the past three days, stagnating around $7,500, but the cryptocurrency is still decisively bullish from a macro perspective, analysts say.
Catching many traders off guard, Bitcoin rallied a jaw-dropping 10 percent on April 23, jumping from $7,050 to $7,800 within what was under 30 minutes’ time, boosted by a cascading liquidation of short positions on derivatives exchanges.
Bitcoin’s performance over the past few weeks since the mid-March bottom has undoubtedly been impressive.
Data suggests that large buyers – sometimes referred to as “smart money” – have been in full Bitcoin accumulation mode over the past couple of months, with the number of proverbial “whales” hitting multi-year highs just in the past week.
Bitcoin has once again found itself caught in the throes of another period of consolidation as the benchmark crypto trades just a hair above its key near-term support at $6,800.
Bitcoin’s upcoming mining rewards halving has been looked upon as a potentially bullish catalyst for the cryptocurrency for years, with many investors predicting that the impact it has on its miner dynamics will help boost BTC’s price.
Crypto investors have long been looking towards different narratives to support the notion that the market is just a stone’s throw away from finding itself caught within the next major parabolic uptrend – although the vast majority of these theories have been invalidated throughout the past few years.
Throughout the past couple of months Bitcoin has traded against a macro backdrop of economic uncertainty for the first time in its relatively short decade-long history.
On-chain metrics reveal that the top three cryptocurrencies by market cap—Bitcoin, Ethereum, and XRP—are bound for a bullish impulse, despite the significant gains posted recently.
Even after the recent tepid price action Bitcoin remains 86 percent above its $3,700 lows set in March’s “Black Thursday” crash.
Few in the Bitcoin industry have not heard of PlanB.
In approximately 30 days according to estimates, Bitcoin will see its next block reward reduction or “halving,” in which the number of coins issued per block will get cut in half from 12.5 to 6.25.
After a precipitous drop to start the weekend, Bitcoin has begun to mount a strong comeback over the past five hours, with the cryptocurrency rallying to $7,100 just minutes ago after falling as low as $6,750 on April 10.
Although a common sentiment in the Bitcoin community is that the cryptocurrency needs no certain individual to succeed due to its decentralized nature, American programmer Ross Ulbricht has been deemed one of the most integral members of the industry.
Although Bitcoin has stalled dramatically since February’s $10,500 peak, data shows that large cryptocurrency investors have been unfazed.
All eyes have been closely watching to see what the impacts of Bitcoin’s imminent halving event are on its price action, with this major event overshadowing the same phenomenon seen by Bitcoin Cash – the controversial BTC hard fork.
It’s no secret the past few weeks have been tough for crypto investors.
The halving is here! The halving of Bitcoin Cash (BCH), that is.
Many embattled cryptocurrency investors have been pinning their hopes for 2020 being a positive year for Bitcoin on its widely lauded stock-to-flow (S2F) economic model, which suggests that the benchmark crypto could be trading at roughly $100,000 by 2021.