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Crypto Shuttle News

Tag: Bitcoin

  • Bitcoin Shows Recovery Signs and Could Rally Above $40K

    Bitcoin Shows Recovery Signs and Could Rally Above $40K

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    Bitcoin is correcting losses and trading above $39,000 against the US Dollar. BTC could gain bullish momentum if it clears the $40,000 resistance zone.

    • Bitcoin is slowly recovering and trading above the $39,000 zone.
    • The price is trading above $39,200 and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair might accelerate higher and could even surpass the $40,000 resistance zone.

    Bitcoin Price Starts Correction

    Bitcoin price extended decline below the $38,000 support zone. However, BTC found support near the $37,150 zone and started a decent recovery wave.

    A low was formed near $37,159 before the price corrected higher. There was a move above the $38,000 and $38,500 resistance levels. The price was able to climb above the 76.4% Fib retracement level of the downward move from the $39,545 swing high to $37,159 low.

    Besides, there was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $39,200 and the 100 hourly simple moving average.

    On the upside, an immediate resistance is near the $39,545 swing high. The next major resistance is near the $40,000 level. If there is a clear move above the $40,000 resistance zone, the price might accelerate higher. In the stated case, the price could rise towards the $41,000 zone.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The 1.618 Fib extension level of the downward move from the $39,545 swing high to $37,159 low is also near the $41,000 level. Any more gains might send the price towards the $42,200 level.

    Another Rejection in BTC?

    If bitcoin fails to clear the $40,000 resistance zone, it could start another decline. An immediate support on the downside is near the $39,150 zone.

    The next major support is seen near the $38,800 level and the 100 hourly simple moving average. If there is a downside break below the $38,800 support, the price might gain bearish momentum. In the stated case, there is a risk of a move towards the $37,500 level.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

    Major Support Levels – $39,150, followed by $38,800.

    Major Resistance Levels – $39,545, $40,000 and $41,000.

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  • Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

    Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

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    Billionaire Bill Miller, a seasoned billionaire investor, explains why he believes the current crypto outlook is very positive for Bitcoin.

    Miller likens Bitcoin to digital gold when it comes to the digital currency. Other cryptos are simply “adventure investments” since they lack the uniqueness of Bitcoin, he said.

    A fund manager, Miller highlighted that nearly half of Russia’s reserves are held in currencies controlled by individuals seeking to do them damage.

    Miller, a co-founder of Miller Value Partners, spoke on the future of crypto in the face of Russia’s ongoing invasion of Ukraine.

    Related Article | Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report

    Crypto Outlook Favorable For Stakeholders

    “The rest of crypto is a different story,” he said. The remainder of the cryptos could be called “adventure investments” since he believes they are all attempting to tackle different challenges.

    The renowned value investor has been a long-term advocate of bitcoin. Last month, he revealed he had “a substantial” amount of bitcoin, and compared it to digital gold as a hedge against inflation.

    He also referred to the current crypto outlook and Bitcoin as “insurance against financial disaster.”

    Miller’s deep knowledge of investing and the stock market holds weight because of his vast business experience.

    BTC total market cap at $740.14 billion in the daily chart | Source: TradingView.com

    Russian Sanctions Good For Bitcoin?

    Russia has 16% of its $640 billion in reserves in dollars, with 32% of assets denominated in euros.

    According to Miller, they have 22% of their reserves in gold, which is the only component other nations cannot seize. He said:

    “I believe this is very bullish for bitcoin.”

    Several nations have slapped Russia with all sorts of sanctions since it attacked Ukraine.

    As a result, the Russian currency and the stock prices of Russian enterprises listed on foreign exchanges have fallen precipitously.

    European Union Commission President Ursula von der Leyen did not mince words, last week:

    “We will paralyze the assets of Russia’s central bank,”

    This announcement is expected to result in transactions being suspended and, in effect, will render the central bank unable to dispose of its assets.

    War Drives Bitcoin Up: Devere CEO

    Meanwhile, the CEO of Devere Group, Nigel Green, also shares the same level of optimism and has predicted that bitcoin’s price will reach $50,000 by the end of this month if the current outlook for the crypto is to be the gauge.

    Bitcoin is now trading at $39,007. Green believes that the dollar’s standing as a global reserve currency might be threatened if viable and practical alternatives, such as cryptocurrency, emerge.

    Related Article | Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

    He said that the conflict between Russia and Ukraine has prompted people, corporations, and government agencies throughout the world to explore “alternatives to traditional systems” in response to the war.

    According to Green, Bitcoin is now the 14th most valuable currency in the world, and he thinks it will rise much higher in the rankings in the coming months.

    He said:

    “Smart investors recognize this and will increase their exposure to cryptocurrencies before prices further climb.”

    The Devere boss believes geopolitical tensions and institutional investors are driving the price of the (still) most sought-after crypto in the world.

    Featured image from Bitcoin News, chart from TradingView.com

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  • 2,262 Bitcoin Addresses Hold at Least 1,000 BTC

    2,262 Bitcoin Addresses Hold at Least 1,000 BTC

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    The number of Bitcoin millionaires, addresses with 1,000+ coins, has touched its highest level since April 2021. Glassnode’s on-chain data shows that 2,262 BTC addresses are now holding more than 1,000 coins.

    According to the current price of Bitcoin, each of these addresses hold at least $40 million worth of cryptocurrency. “Number of addresses holding 1k+ coins just reached an 11-month high of 2,262,” Glassnode highlighted.

    Despite price challenges and a drop in network activity, Bitcoin addresses holding more than 1,000 coins have increased. A sharp surge was observed at the start of March 2022. Relatively smaller Bitcoin holders with at least 1 BTC also joined the accumulation trend.

    According to Glassnode, there are more than 820,000 addresses with at least $40,000 worth of BTC. “The number of BTC addresses holding 1+ Bitcoin just reached a 10-month high of 820,552,” the on-chain analytics platform mentioned.

    BTC witnessed a decent rally at the start of March 2022 after global investors shifted their focus towards emerging assets. However, its price failed to sustain above $40,000 on Friday.

    Bitcoin Adoption

    The adoption of the digital asset kept rising at a rapid pace despite challenges in the recent weeks. In an interview with The Street, Jamie Iannone, CEO of eBay, said that the company is planning to explore the possibilities to accept digital currencies.

    “Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase. Ebay’s CEO hinted this week that they will soon integrate crypto payments, as they aim to capture GenZ and millennial audiences. This comes after the firm enabled NFT trading last year on its platform. Integrating crypto would be a great step for mainstream adoption, as eBay has around 160 million active buyers worldwide as of Q2 2021,” Marcus Sotiriou, Analyst at GlobalBlock, said.

    The number of Bitcoin millionaires, addresses with 1,000+ coins, has touched its highest level since April 2021. Glassnode’s on-chain data shows that 2,262 BTC addresses are now holding more than 1,000 coins.

    According to the current price of Bitcoin, each of these addresses hold at least $40 million worth of cryptocurrency. “Number of addresses holding 1k+ coins just reached an 11-month high of 2,262,” Glassnode highlighted.

    Despite price challenges and a drop in network activity, Bitcoin addresses holding more than 1,000 coins have increased. A sharp surge was observed at the start of March 2022. Relatively smaller Bitcoin holders with at least 1 BTC also joined the accumulation trend.

    According to Glassnode, there are more than 820,000 addresses with at least $40,000 worth of BTC. “The number of BTC addresses holding 1+ Bitcoin just reached a 10-month high of 820,552,” the on-chain analytics platform mentioned.

    BTC witnessed a decent rally at the start of March 2022 after global investors shifted their focus towards emerging assets. However, its price failed to sustain above $40,000 on Friday.

    Bitcoin Adoption

    The adoption of the digital asset kept rising at a rapid pace despite challenges in the recent weeks. In an interview with The Street, Jamie Iannone, CEO of eBay, said that the company is planning to explore the possibilities to accept digital currencies.

    “Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase. Ebay’s CEO hinted this week that they will soon integrate crypto payments, as they aim to capture GenZ and millennial audiences. This comes after the firm enabled NFT trading last year on its platform. Integrating crypto would be a great step for mainstream adoption, as eBay has around 160 million active buyers worldwide as of Q2 2021,” Marcus Sotiriou, Analyst at GlobalBlock, said.



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  • Bitcoin Consolidates Below $45K, What Could Trigger A Correction

    Bitcoin Consolidates Below $45K, What Could Trigger A Correction

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    Bitcoin spiked to test the $45,000 resistance against the US Dollar. BTC is consolidating gains and might correct lower towards $43,000 in the near term.

    • Bitcoin extended increase and traded close to the $45,000 resistance zone.
    • The price is trading above $44,000 and the 100 hourly simple moving average.
    • There is a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could correct lower if there is a move below the $43,000 support zone.

    Bitcoin Price Extends Rally

    Bitcoin price started a major increase above the $42,000 level. BTC was able to stay above the $43,000 level and consolidating near $44,000.

    Finally, there was another increase and the price climbed above $44,500. The price traded close the $45,000 resistance, where it faced sellers. It is now consolidating gains and there was a minor decline below the $44,500 level.

    The price is now trading above $44,000 and the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the upward move from the $37,030 swing low to $44,955 high.

    There is also a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance is near the $44,200 level. The first key resistance is near the $44,450 level and the triangle upper trend line.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The main resistance is now near the $45,000 level. A clear move above the $45,000 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $45,500.

    Dips Limited in BTC?

    If bitcoin fails to clear the $44,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,800 zone and the triangle lower trend line.

    The next major support is seen near the $43,000 level. If there is a downside break below the $43,000 support, the price might gain decline towards $41,000. It is near the 50% Fib retracement level of the upward move from the $37,030 swing low to $44,955 high.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still correcting from the overbought zone.

    Major Support Levels – $43,800, followed by $43,000.

    Major Resistance Levels – $44,200, $44,450 and $45,000.

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  • Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

    Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

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    Bitcoin’s price increased momentum early Monday, breaking through the 38,500 barrier zone, but mostly wobbled after Russian President Vladimir Putin’s nuclear deterrence alert announcement.

    The cryptocurrency attempted an upside run beyond $39,500 and $40,000 but corrected down on Sunday as Putin increased the alert level on his country’s nuclear deterrence in the face of new Western sanctions for assaulting Ukraine.

    Following a 0.27% decrease on Saturday, Bitcoin fell 3.65% to close the week at $37,704.

    Additionally, it was a gloomy session for the remaining major cryptocurrencies.

    AVAX was down 8.07%, while LUNA fell 7.30%.

    ETH declined 5.84%, SOL weakened 5.12%, ADA fell 3.48, BNB lost 3.65%, and XRP shed 3.92%.

    Related Article | Russia Said SWIFT Ban Could Be Tantamount To A Declaration Of War

    Following a sharp upward move, BTC encountered sellers at the $39,500 and $40,000 levels.

    BTC has begun a downward correction and is currently trading below $38,290.

    It has now established a new high above the $37,500 support zone.

    The next critical support level is near $37,200, below which BTC may fall to $36,500.

    Total crypto market cap at $1.701 trillion in the daily chart | Source: TradingView.com

    Nuclear Deterrence Drags Down Cryptocurrencies

    The news of Russia’s nuclear forces being placed on “special alert” and the West’s synchronized response impacted market confidence.

    The European Union responded by announcing that it would finance the “purchasing and supply of weapons” and other gear to a country “under assault.”

    Additionally, it closed its airspace to all Russian aircraft and prohibited the Russian state-owned television network Russia Today and news agency Sputnik from operating.

    BTC is stabilizing above the $38,500 and $38,800 resistance levels in general. If the cryptocurrency surpasses $38,800, it may make a run at the $40,000 mark.

    Bitcoin must break through the $38,202 pivot point in order to challenge the first big resistance level at $39,360.

    Related Article | Russia Said SWIFT Ban Could Be Tantamount To A Declaration Of War

    Broad Market Support Required For BTC

    Bitcoin – the world’s most desired digital asset – would require broad market support to break through the $39,000 barrier.

    The Russian invasion of Ukraine will continue to be the primary focus of attention.

    Any further escalation by Russia or the West would put Bitcoin and the larger crypto market’s backing to the test.

    Apart from the news, US President Joe Biden’s State of the Union Address on Monday night and Federal Reserve Chairman Powell’s Testimony on Wednesday and Thursday is also expected to weigh down on the broader market sentiment.

    Meanwhile, on the regulatory front, we’re keeping an eye on the White House Executive Order on cryptocurrency and the EU’s Markets in Crypto Assets launch.

    MICA is a proposed regulatory framework for digital assets that parliamentarians are actively considering.

    Featured image from Deccan Herald, chart from TradingView.com

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  • Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K

    Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K

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    Bitcoin is struggling to recover above the $38,400 resistance zone against the US Dollar. BTC could resume decline if it stays below the $38,500 level.

    • Bitcoin is currently facing resistance near the $38,400 and $38,500 levels.
    • The price is trading below $38,500 and the 100 hourly simple moving average.
    • There is a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a fresh decline if there is no clear move above $38,500.

    Bitcoin Price Faces Hurdle

    Bitcoin price found support near the $36,350 after a sharp decline. BTC formed a base and started a recovery wave above the $37,000 level. The price was able to surpass the $37,500 resistance level.

    The bulls pushed the price above the 50% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low. There was also a push above the $38,000 level. However, the price is now facing a strong resistance near the $38,250 level.

    The 61.8% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low is also near the $38,250 level. The next key resistance is near the $38,400 level.

    There is also a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC/USD pair. A clear move above the trend line resistance could send the price to $38,800 and the 100 hourly simple moving average.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    To gain bullish momentum, the price must settle above the $38,800 level. In the stated case, there are chances of a move above the $39,500 resistance.

    Fresh Decline in BTC?

    If bitcoin fails to start a recovery wave above the $38,400 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $37,250 zone.

    The next major support is seen near the $37,000 level. If there is a downside break below the $37,000 support zone, the price might gain bearish momentum for a move to $36,000. Any more losses could lead the price to $35,000.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 50 level.

    Major Support Levels – $37,250, followed by $37,000.

    Major Resistance Levels – $38,250, $38,400 and $39,500.

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  • Bitcoin inches past $38K as Wall Street opens to strange calm on Russia sanctions

    Bitcoin inches past $38K as Wall Street opens to strange calm on Russia sanctions

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    Bitcoin (BTC) recovered to $38,000 as Wall Street opened on Feb. 22 amid a tense atmosphere over geopolitical instability. 

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

    Bitcoin tiptoes around macro cues

    Data from Cointelegraph Markets Pro and TradingView showed an eerily calm start to the first Wall Street session of the week for both stocks and crypto.

    Fears of a dramatic bout of volatility accompanying the open thanks to Feb. 21’s announcement by Russian President Vladimir Putin that he would recognize two breakaway republics in eastern Ukraine had been high.

    Sanctions, still being announced at the time of writing, were likewise assumed to be about to fuel the fire but on the day, there was little movement.

    The S&P 500 was all but flat thirty minutes after trading began, leaving Russian markets as the main losers and gold as the standout winner.

    “I think that we’re going to open in the red and then, immediately bounce up on the risk-on assets and have a slight correction on gold,” Cointelegraph contributor Michaël van de Poppe previously forecast.

    Fellow trader and analyst Scott Melker meanwhile focused attention on the potential for the Russia-Ukraine debacle to influence policy at the United States Federal Reserve.

    According to banking giant JPMorgan, the effect of a potential conflict could be to make the Fed abandon the veracity of its planned interest rate hikes this year.

    According to a note published Feb. 22 quoted by various media outlets, analysts at JPMorgan believe that the trigger for a Fed rethink would come in the form of commodity price increases.

    “Russia-Ukraine tension is a low earnings risk for U.S. corporates, but an energy price shock amid an aggressive central bank pivot focused on inflation could further dampen investor sentiment and growth outlook,” they wrote.

    The sanctions meanwhile held off on all-out economic retaliation, with Russia’s two largest state-owned banks, Sberbank and VTB, left untouched.

    Traders take Bitcoin’s recovery one step at a time

    Looking ahead on Bitcoin, popular trader Anbessa meanwhile eschewed calm as BTC/USD conformed to expectations without a significant trend violation.

    Related: Bitcoin Mayer Multiple returns to July 2021 levels in fresh sign $37K BTC is a long-term buy

    A potential support/resistance flip near $37,700 was on the cards, he said, this hopefully becoming an important feature for the higher timeframe chart going forward.

    As Cointelegraph reported, however, Bitcoin and altcoins remain off the radar for the majority of mainstream consumers, with mostly large-volume institutional players and whales maintaining meaningful participation.

    “If we are bleeding new users but still have heavy dilution and retail outflows. There is no recovery. Maybe for BTC. But not alts far out on the risk curve,” fellow trader Pentoshi added in his own discussion of the macro environment.