The Binance coin price prediction shows that BNB may climb above the 21-day moving average to begin the upward trend. Binance coin Prediction Statistics Data: […]
Past trend of the Ethereum value captured per byte metric suggests that a 50% drawdown from here is still possible for ETH. Ethereum Value Captured Per Byte Currently Stands At $0.30, Double The Previous Bear Bottoms As per the latest data released by Glassnode, ETH may still possibly have potential for a further 50% plummet […]
Cardano could rise to become the industry leader for NFTs thanks to an array of developments on the network.
No matter whether you are a beginner or an expert investor, one of your biggest priorities in trading will likely be finding the correct entry…
The post Overbought vs. Oversold Signals appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.
Past trend of the Bitcoin long-term holder SOPR (EMA 30) may suggest that BTC holders may face more pain in the coming months. Bitcoin Long-Term Holder SOPR Has Dropped Below “One” Recently As explained by an analyst in a CryptoQuant post, BTC investors may be in for a frustrating few months if history is anything to go by. The “spent output profit ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. The metric works by going through the transaction history of each coin being sold on the chain, to see what price it was last moved at. If the previous selling price of any coin was less than the current value of BTC, then the coin has just been sold for a profit. On the other hand, the past value being more than the latest price of the crypto would imply the coin has moved at a loss. When the value of the SOPR is greater than one, it means the overall Bitcoin market is selling at a profit right now. Related Reading | Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending? On the other hand, values of the indicator less than one imply investors as a whole are realizing some loss at the moment. Now, the “long-term holder” (LTH) group includes any Bitcoin investor who has been holding their coins since at least 155 days ago without moving or selling. The below chart shows the trend in the SOPR over the history of the crypto specifically for these LTHs. Looks like the 30-day exponential-MA value of the indicator has gone down recently | Source: CryptoQuant In the above graph, the quant has highlighted all the regions of relevant trend for the Bitcoin long-term holder SOPR. It seems like during past bottoms, the indicator’s EMA-30 value has gone below one and trended sideways there for a while (except for the COVID-19 crash, where the metric didn’t stay in the zone for too long). Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? Recently, the LTH SOPR’s value has once again gone below one, suggesting long-term holders are realizing losses right now. The analyst notes that while such capitulation events have historically lead to bottom formations, it may still be a while, even months, before a low is actually found. BTC Price At the time of writing, Bitcoin’s price floats around $21.4k, up 11% in the past week. Here is a chart that shows the trend in the value of the coin over the last five days: The price of the coin seems to have surged up over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Cardano’s development team, Input-Output Global (IOG), has confirmed in a report on Saturday that the final node needed for the…
President of the European Central Bank, Christine Lagarde, speaking with the European Parliament on Monday, has called on Lawmakers to start working on fresh crypto regulations to cover DeFi and Bitcoin as she fears that crypto will eventually grow to the point where it becomes a financial stability risk. While congratulating the parliament on its […]
A closely followed crypto analyst says five large-cap altcoins are starting to flash signs of strength as Bitcoin (BTC) attempts to carve a bottom. Nicholas Merten tells his audience of 516,000 YouTube subscribers that a shift in altcoin markets is beginning, with Bitcoin in the process of bottoming out. “We are getting into the kind […]
The post Five Altcoins Are Showing Strength As Bitcoin Bottoming Begins, According to Analyst Nicholas Merten appeared first on The Daily Hodl.
This is the slightly negative part of Bitcoinists NFT NYC report. For an intro, and the positive side of the event click here. Since we will quote this CNBC report later on, let’s paint a picture of NFT NYC with their words. “Inside the Marriott Marquis nearby, where the conference has rented six floors, crowds […]
On-chain data shows the Bitcoin coinbase premium gap has improved recently and is now approaching a neutral value, suggesting the selling pressure may be drying up. Bitcoin Coinbase Premium Gap Close To Zero, But Still Negative As pointed out by an analyst in a CryptoQuant post, the selling pressure from US investors seems to have reduced in recent days. The “Coinbase Premium Gap” is an indicator that measures the difference in the Bitcoin prices listed on crypto exchanges Coinbase (USD pair) and Binance (USDT pair). The quant notes that US investors are known to use the Coinbase platform, especially high-net entities and institutions. When the value of this metric is positive, it means the price on Coinbase is higher at the moment. Such a trend suggests there has been buying from US investors recently. Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? On the other hand, a negative premium gap implies there has been some selling on the crypto exchange as the price is lesser than on Binance. Now, here is a chart that shows the trend in the Bitcoin Coinbase premium gap over the year 2022 so far: The value of the metric looks to be negative right now | Source: CryptoQuant As you can see in the above graph, the Bitcoin Coinbase premium gap has been negative in the last couple of months. During the LUNA crash, it reached a highly red value of $131, which means there was some heavy selling from US investors then. During the consolidation period that followed, as well as during the latest crash, the value of the indicator moved sideways around a negative $20. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Over the last few days, however, the trend seems to have changed and the premium gap is now observing some upwards movement. While the indicator still has a negative value, it’s quite close to zero now as the gap between Coinbase and Binance stands at just -$5. This shows that the selling pressure from US investors has been dying down recently, a sign that could prove to be bullish for the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $21.2k, up 11% in the last seven days. Over the past month, the crypto has lost 28% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been going up over the last few days | Source: BTCUSD on TradingView Since the low below $18k, Bitcoin has been trying to gradually make some recovery. However, the crypto is currently finding it difficult to leave the $21k level. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
The popular crypto analyst who accurately predicted current market woes is now cautioning investors that Bitcoin (BTC) is likely to fall further. The pseudonymous trader Capo tells his 409,300 Twitter followers he sees no indication that BTC has reached a cycle bottom around the $20,000 level. “Based on what you read on Twitter, you may think […]
The post Crypto Analyst Who Predicted Bitcoin (BTC) Crash Below $23,000 Has New Alert for Crypto Traders appeared first on The Daily Hodl.
The Dogecoin price prediction could set a bullish run if the market can keep the coin above the resistance level of $0.068. Dogecoin Prediction Statistics […]
The Bitcoin price prediction shows that BTC is following the sideways movement as the coin fails to head towards the 21-day moving average. Bitcoin Prediction […]
On-chain data shows Bitcoin whales are transferring large amounts to derivatives exchanges right now, a signal that more volatility could be ahead for the crypto. Bitcoin All Exchanges To Derivatives Flow Continues To Show High Value As explained by an analyst in a CryptoQuant post, BTC whale activity on derivatives exchanges still seems to be high. The relevant indicator here is the “all exchanges to derivatives exchanges flow,” which measures the total amount of Bitcoin moving from spot exchange wallets to derivatives. When the value of this metric spikes up, it means whales are currently moving a large number of coins to derivatives exchanges right now. Such a trend usually occurs around lows in the price of the crypto as whales look to get themselves long positions. Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated On the other hand, low values of the indicator show whales aren’t moving much coins to derivatives at the moment. This kind of trend has historically lead to tops in the value of the coin. Now, here is a chart that shows the trend in the Bitcoin all exchanges to derivatives flow over the last couple of years: Looks like the value of the metric has been quite high recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin spot to derivatives flow has spiked up recently, suggesting that whale activity is pretty high right now. In fact, the current value of the indicator is actually the highest ever in the history of the cryptocurrency, implying there is an all-time high rate of whales on derivatives currently. Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K? Historically, the price of the crypto has observed significant volatility whenever the metric’s value has been elevated. Based on this trend, the quant believes that the value of the coin could still see further fluctuations in the near future. The analyst also notes that a reduction in the all exchanges to derivatives flow will need to be there, for the volatility to die down. BTC Price At the time of writing, Bitcoin’s price floats around $21.1k, up 4% in the last seven days. Over the past month, the crypto has lost 27% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have surged up over the last couple of days | Source: BTCUSD on TradingView After hitting a low of below $18k a week ago, Bitcoin has been trying to recover. So far, the crypto has managed to break above $21k again, but it’s yet unclear whether this recovery will last. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com