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Bitcoin Price This Tad Close To Reclaim $23,000 – Will It Hit The Target?

Bitcoin (BTC) easily brushed past the $22,500 mark today as seen a couple of hours ago. Bitcoin now trades at $22,342.12 BTC’s bull run triggered by Ethereum Merge Bitcoin registered 18% gains so far since September 9 Bitcoin was able to peak on a Monday and as shown on Coingecko charts, BTC was trading at $22,610, up 14.5% in the last seven days. The gains that BTC have registered is said to be brought about by the uptick in the stock market – kind of like a domino effect. Related Reading: Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK? BTC Offshoots Key Resistance Of $21K James of “Invest Answers”, a popular Bitcoin trader and influencer, have this notion that BTC is now veering towards the $24K mark. But, crypto experts are also quick to warn traders to be wary and avoid executing a pump-and-dump maneuver especially due to extremely risky macroeconomic conditions. On September 9, BTC has registered a nearly 20% gain so far and moved close towards the long-term descending trendline with a key resistance at $23,000. It seems that Bitcoin’s bullish movement has been triggered by the Ethereum Merge which is announced to be rolled out on September 14. BTC was also able to bounce back from a nearly oversold zone at 32 to now at a reading of 39. On-chain metrics also show the appearance of a bullish divergence with the RSI forming an ascending trendline with the coin’s weekly candlesticks cascading down. Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route More so, BTC’s MACD has also managed to cross over following a spike in buying activity. Since January, Bitcoin price has been straight bearish showing one low after another. With that in mind, traders must keep an eye on a BTC price push that goes above $25,600 or a breach to the 200-MA at the $30K zone that hints an optimistic change in trends. The key here is to wait and see whether the bull run will continue or if the current trend remains consistent. CPI, PPI Date To Be Released September 13 Several macroeconomic conditions continue to cause rapid fluctuations in the market. The U.S. Federal Reserve is set to continue battling inflation with Jerome Powell, Fed chairman, having strong convictions that the central bank can push the inflation numbers under 2%. More so, Loretta Mester, Cleveland Fed President, and Neel Kashkari, Minneapolis Fed President are both strong advocates against the perils of inflation. At this point, the CME Fed Watch Tool has revealed a 95% probability of 75 bps.  The current interest target rate is at 225 to 250 bps but Mester says that the Fed might increase the interest rate above 400 bps in the quest to fight off inflation. CPI date is set to be rolled out on September 13, alongside the CPI for both Euro and UK, as well as the PPI for the United States. BTC total market cap at $431 billion on the daily chart | Source: TradingView.com Featured image from Coinpedia, Chart from TradingView.com

Bitcoin Crypto News

Crypto Market Remains Extremely Fearful As Bitcoin Struggles At $20,000

The crypto market has found itself at odds since the price of bitcoin had fallen to $20,000. This remains an important technical level for the digital asset because it is right above its previous cycle peak. As such, investors across the space watch with bated breaths to see if bitcoin will be able to hold this level. This has, in turn, led to a decline in investor sentiment during this time, causing the Fear & Greed Index to plunge low. Crypto Index Sits At 25  The Crypto Fear & Greed Index is an indicator that draws from a number of metrics to give an aggregate score to represent how investors are feeling toward the market. It ranks these across four categories, and presently, investor sentiment falls in the lowest of these. Related Reading: IOG Says Cardano Vasil Hard Fork Is Almost Here, But What Is ADA Doing? In its most recent update, the Fear & Greed index places the market in the extreme fear territory with a score of 25. This is after the index had hit its lowest of 20 in more than a month, signifying some rise in positive sentiment in the last day. However, the present score is not so good for the crypto market. With a sentiment like this, investors are wary of putting any money into the market, causing panic and leaving the playing ground to the sellers. This works to push the prices of digital assets in the space even further down. Bitcoin Struggles With $20,000 The $20,000 mark has been one of the hardest levels to maintain for bitcoin. Volatility always seems to shoot up whenever bitcoin is at this point, leading to erratic movements in price. This way, the digital asset continues to move above and below $20,000. Nevertheless, bulls continue to put up a fight at this level because there is no significant support below this level except at $17,600. This cycle’s low, which had plummeted below the previous cycle peak, puts bitcoin in a perilous position. Related Reading: Bitcoin Marks 9th Consecutive Month Of Sluggish Funding Rates Historical data puts bitcoin at least 80% down from its all-time high for the bottom of the bear market to be in. If the market follows this trend, then $17,600 may not be the bottom for the market. Bitcoin is only about 70% down from its all-time high as it currently stands. An 80% drawdown would put it around $15,000. However, it is important to keep in mind that bitcoin has broken different historical trends during this cycle. An example is that its price has never fallen below its previous cycle peak, so an extension to this deviation could see bitcoin shake off the expected 80% drawdown. Featured image from CNBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

What Is Vita Inu (VINU) And Why Is The Meme Coin Up 80% In Last 24 Hours?

One of the top-performing meme currencies of the week, Vita Inu (VINU), is hogging the headlines. Vita Inu meme coin is up by almost 200% Coin’s price spikes by 3.13% as of this writing Vita Inu nearing the overbought zone Since the beginning of August, the value of the Vita Inu meme has skyrocketed by almost 200%, and this seems to be the track it’s treading in the future. Meme coins have recently risen to the summit of the list of top 10 market values, competing with mainstream cryptocurrencies. Meme coins are influenced by common jokes, puns, and sarcasm on social media. To increase trade and transactions in the crypto realm, mainstream crypto has developed a specialized technology. Meme currencies are tokens that are community-driven and community-oriented and lack fundamentals. They promote a lighthearted style of expression that Millennials and members of Generation Z may identify with. Chart: CoinMarketCap VINU Skyrockets In Popularity According to CoinMarketCap, Vita Inu has spiked by 80% in the last 24 hours. VINU is currently trading at $0.00000002134 as of this writing. Meanwhile, the popularity of Vita Inu has skyrocketed recently despite the fact that it was scraped from the top 10 cryptos. However, purchasers are wary about VINU despite the recent sharp increase. Experts, however, say that this particular impulse wave is over-stretched, indicating that things moved along a little too quickly and that a price correction is now to be anticipated. After losing a key support level of a symmetrical triangle, Vita Inu has already reversed course and is currently moving toward the 0.618 Fibonacci support zone. Related Reading: Axie Infinity Unveils Season 0 With High Expectations – Will It Pull AXS Up? VINU Nearing Overbought Zone In any case, Vita Inu’s (VINU) next support level is at $0.0000000199 if the decline persists. A significant re-accumulation region has been found that experts anticipate the system should consider entering if this level of support is lost. It is important to note that the Vita Inu (VINU) meme coin’s daily relative strength index today reached 74.13, indicating that it is relatively overbought.  As a result of such a muscular pump, analysts advise investors to be cautious and risk-averse. Vita Inu is a tokenized meme coin with a high TPS and smart contracts that are based around dogs. The token’s guiding principles include having fun, meeting new people, and learning about day-to-day technical advancements. However, all of these will be available inside a vibrant and contagious ecology. Customers should therefore keep investigating and examining the cryptocurrency markets for meme currencies that are still listed on centralized exchanges, such as buying Tamadoge coins in presales. Related Reading: Elrond Network Watch: Consider This Before Filling Up Your Wallet With EGLD Crypto total market cap at $947 trillion on the daily chart | Source: TradingView.com Featured image from Business Patrika, chart from TradingView.com

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What The Negative Bitcoin Funding Rates Say About Investor Outlook

Bitcoin funding rates have remained low even when the price of the digital asset has rebounded. The trend for the previous week showed that investors remained extremely wary of the market, and there has not been a change for the new week either. This coincides with the general market sentiment falling back deep into the fear territory. This report takes a look at where the bitcoin funding rates are currently and what it says about the market. Funding Rates Remain Below Neutral Back at the beginning of August, the bitcoin funding rates had finally recovered to neutral, speaking some hope in the market. However, this was only short-lived as the funding rates had declined below neutral the following week. Related Reading: Crypto Market Sentiment Plunges To 1-Month Lows, What Lies Ahead? Since then, there has been no significant positive change in the funding rate. Rather, it has continued to plummet, with only a few slight recoveries here and there. The last week was no different in this regard, as funding rates dropped below 0% once more. It was most prominent on the Binance crypto exchange, where funding rates had reached their lowest point in the last two months. The crypto exchange has also not seen any recovery to the neutral level in the last two weeks, marking one of the most bearish trends for the exchange. Funding rates remain below neutral | Source: Arcane Research The funding rates remained low even when the bitcoin open interest had recorded a marked recovery. It had jumped to near all-time highs at 370,000 BTC, but since there was no positive shift in investor sentiment, open interest had plummeted back to 364K BTC. What This Means For Bitcoin Such a long stretch of time below neutral for bitcoin funding rates can only mean one thing for the digital asset, and that is that traders are increasingly bearish toward bitcoin for the short term. The two weeks of consistent below-neutral funding rates on the Binance exchange point to low demand for BTC at this time. BTC trading in the mid-$21,000s | Source: BTCUSD on TradingView.com It also goes to show the same for the crypto market in general. Perpetual traders favor short liquidations and, even then, continue to place conservative bets. And all of this is happening while open interest remains elevated. As such, perps continue to trade below the spot prices. Related Reading: Why Ethereum Is An Attractive Investment Right Now However, such a stretch of below-neutral funding rates is not always all bad for the digital asset. It is important to know that such trends set up a pretty good spot for a shot squeeze, but that is if there is a sharp climb in investor interest. For now, bitcoin investors are choosing to stay out of the market and placing very conservative bets at best. Featured image from Coingape, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin Crypto News

Why You Should Be Wary Of The Bitcoin Rally With BTC At $22,000

Bitcoin has been slowing down on its bullish momentum after crossing the barrier at $22,000 and $23,000. The cryptocurrency still holds some of its gains from last week but might be poised for a re-test of lower levels. At the time of writing, BTC’s price trades at $22,900 with a 2% loss in the last 24 hours and an 8% profit over the past week. This Bitcoin Bear Market Might Not Be Like 2020 Crypto market participants seem to be in pursuit of a quick and persistent uptrend, like the one seen in 2020. At that time, BTC’s price drop to a low of $3,000 and then began an ascend to its current all-time highs. However, trading firm QCP Capital believes the price of Bitcoin and other large cryptocurrencies might see more sideways movement and downside pressure before reclaiming lost territory. This price action might be more like the 2018 bear market. The firm believes BTC’s price will benefit during Q3, 2022. During this period, the cryptocurrency might attempt to reclaim higher levels, but with a potential to break above critical resistance areas capped by increased selling pressure from the Bitcoin mining sector and crypto companies suffering due to the bearish trend. BTC’s price action might continue to operate on uncertain grounds with “choppy moves” with an alternative narrative between bullish and bearish with a critical resistance at $28,700 to the upside and critical support at $10,000 to the downside. The latter matches the 85% crash that BTC’s price experienced during the 2018 bear market. Crypto Recovery Will Be Slow But Spells Long-Term Bullishness In 2017 when the price of Bitcoin reached its previous all-time high at $20,000, the crypto market followed with a massive rally. By 2018, the sector entered a multi-year bear market with the price of major cryptocurrencies losing over 80% of their value taking down trading liquidity with it. QCP Capital believes the sector has entered a new age of more maturity and resilience. The current downside selling pressure has seen high liquidity in a robust environment with less volatility across large cryptocurrencies. In addition, institutional interest in Bitcoin and Ethereum has been persistent despite the downside price action. In fact, QCP records an increase in “both trading and investments” from these entities. In the long term, this resilience in the face of high inflation and a hawkish Federal Reserve will translate into a massive rally. The trading firm compared the potential growth of the crypto ecosystem, for the decentralized finance sector, with the Nasdaq 100. As seen below, the crypto sector has been following the initial years of the Index and might trend lower over the coming years before it finally reaches global adoption. Over the next decade that suggests: (…) that the future will be a crypto-dominated one. The same way every company in the world today is, to some degree, an internet company. We believe in a 5-10 years from now, every company will be, in some way, a crypto company.