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  • Bitcoin Indicators Now Look Similar To Q4 2020, Big Move Ahead?

    Bitcoin Indicators Now Look Similar To Q4 2020, Big Move Ahead?

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    Quant says some Bitcoin indicators show the same trend as in during Q4 2020, suggesting that BTC could make a similar move up.

    Bitcoin Netflow And Stablecoins Supply Ratio Trends Look Similar To Q4 2020

    As explained by an analyst in a CryptoQuant post, two BTC indicators: the netflow and the stablecoins supply ratio, are both trending similarly to how they did during the last quarter of 2020.

    The Bitcoin netflow indicator shows the net number of coins entering or exiting exchanges. Its value is calculated by taking the difference between the outflows and the inflows.

    When the metric observes positive values, it means exchanges are experiencing more inflows than the outflows, and so more investors have started sending their BTC to exchanges for selling purposes.

    Similarly, negative values imply just the opposite; investors are withdrawing their Bitcoin from exchanges either to hodl in personal wallets or to sell them through OTC deals.

    The other metric of relevance is the stablecoins supply ratio, which is defined as the market cap of BTC divided by the market cap of all stablecoins.

    When the indicator’s values are on the lower end, it means there is an abundance of stablecoins supply in the market. High supplies can imply a potentially bullish sentiment among the market as investors use these coins for picking up other crypto like BTC.

    Related Reading | China’s Ban On Crypto-Assets Forces Huobi Mining Pool To Rotate 100k Bitcoin

    On the other hand, higher values of the ratio indicate a low supply of stablecoins, which implies a lack of buying pressure in the market. This could lead to a potentially bearish trend or sideways movement for BTC.

    Now, here is a chart showing the trend of these two Bitcoin indicators vs the price:

    Bitcoin Netflow, Stablecoins Supply Ratio

    The similarity between Q4 2020 and the current period | Source: CryptoQuant

    As the above chart shows, the netflows seem to have been negative for a while now and the stablecoins supply ratio is also assuming low values.

    Related Reading | Bitcoin Bearish Signal: On-Chain Data Shows Whales Have Started Selling

    This trend looks to be similar to how it was during Q4 2020. What followed it was a big bull rally, and so the quant believes we may see BTC blow up similarly soon.

    BTC Price

    At the time of writing, Bitcoin’s price floats around $43k, down 2% in the last seven days. Over the past month, the crypto has lost 9% in value.

    Over the last few days, BTC has only shown sideways movement as the crypto fails to make a move above $45k. The below chart shows the trend in the price of the coin over the last five days:

    Bitcoin Price Chart

    BTC's price continues to consolidate between the $40k and $45k levels | Source: BTCUSD on TradingView
    Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com

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  • Is $40K Bitcoin the new $10K? BTC holds $43K support as exchange Bitfinex halts trading

    Is $40K Bitcoin the new $10K? BTC holds $43K support as exchange Bitfinex halts trading

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    Bitcoin (BTC) erased overnight gains on Sept. 30 as sudden problems at major exchange Bitfinex caused a mass outage.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    Bitfinex investigates mystery shutdown

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing $43,000 following the news after hitting local highs above $43,800 on Bitstamp.

    With the source of the issue unknown at the time of writing, traders were left in the dark as an already sensitive crypto market fell back towards es

    “We are investigating issues with the platform and have to temporarily halt trading,” Bitfinex wrote as part of its latest service update.

    Tuesday had seen fellow exchange Binance, the largest by volume in the world, suspend trading for two hours as part of scheduled maintenance, this having no significant impact on BTC price action.

    With Thursday already set to be a charged day, however, Bitcoin looked set to close out September almost exactly at its predicted “worst case scenario” price of $43,000.

    In so doing, the largest cryptocurrency would once again validate predictions made by stock-to-flow model creator PlanB, who also correctly estimated the August close of $47,000.

    Fellow trader and analyst Rekt Capital meanwhile reiterated the need for BTC/USD to reclaim its 21-week exponential moving average level (EMA) by the end of Sunday to preserve overall bullish momentum.

    Market mimics $10,000 BTC from September 2020

    Meanwhile, the overall character of the Bitcoin market was still far from bearish for most.

    Related: Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

    Despite lackluster price action, the odds remain for a dramatic return to form in the coming weeks and months, with comparisons to the same period in 2020.

    The latest was from Cole Garner, who noted that the large block of buyer support just below $40,000 was reminiscent of the order book setups when BTC/USD was at $10,000 in September last year.

    This week also saw long-time pundit Bobby Lee predict not only $100,000 in the mid term, but as much as $200,000 or more for Bitcoin in a new “FOMO rally.”