|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Market Nears Recovery as Analysts Reveal What Drives Latest Memecoin Craze
Oct 04, 2024 at 01:01 pm
Although Bitcoin is currently trading around the US$61k (AU$89k) mark, there's a lot of uncertainty if these levels will hold.
Bitcoin’s (BTC) price has been making lower highs and lower lows since March, but there are signs that the world’s largest cryptocurrency may be nearing a recovery.
After reaching a new all-time high (ATH) of US$73,750.07 (AU$107,665.51) on March 28, Bitcoin began trading in a range between US$58,000 (AU$85k) and US$62,000 (AU$90k).
However, a recent breakout saw BTC trade above the US$66,000 (AU$96.3k) barrier for the first time since July, surpassing its high in August.
A higher low from early September could also indicate that things are starting to look up for the OG crypto.
Bitcoin’s recent price action suggests that the start of a reversal may be in the cards.
However, a closer look at some key on-chain metrics could help determine the direction of the upcoming trend.
Bitcoin’s Price Action From Cycle Lows Shows Striking Similarities
A recent Glassnode analysis delved into Bitcoin’s price performance from cycle lows, revealing striking similarities across different market conditions.
The analysis focused on three distinct periods: 2015-16, 2019-20, and the recent 2023-24 bull runs.
During each of these periods, Bitcoin’s price exhibited a characteristic "stair-step" pattern, with periods of rapid appreciation followed by consolidation phases.
The analysis also highlighted the role of halvings in driving the bull markets, with each halving leading to a higher peak in the subsequent cycle.
The analysis suggests that Bitcoin’s recent price performance is tracking closely with previous bull markets, and if the pattern holds, we could expect to see further gains in the coming months.
Exceptional Institutional Interest Is Driving Bitcoin’s Performance
The integration of US Spot ETFs into the Bitcoin market has had a significant impact on asset management and investment strategies.
Institutions are showing a robust interest in gaining regulated exposure to Bitcoin, and these ETFs are providing them with a convenient and efficient way to do so.
According to the analysis, the US Spot ETFs, which include those from industry giants like BlackRock, Fidelity, and Grayscale, now manage assets totaling US$58 billion (AU$85.6 billion).
This figure constitutes approximately 4.6% of all circulating Bitcoin, making the funds a recent but impactful addition to the Bitcoin market structure.
The analysis further suggests that these funds are already playing a significant role in shaping the capital flow dynamics within the Bitcoin market.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Satoshi Nakamoto: the myth on the verge of collapse?
- Oct 04, 2024 at 04:25 pm
- Who really is Satoshi Nakamoto? This is the question that all Bitcoin enthusiasts have been asking for over a decade. This fictitious name, associated with the creation of the first cryptocurrency in 2009, has always been shrouded in deep mystery.
-
- Shady Leadership and Trump Family Ties Dent Credibility of DeFi Project World Liberty Financial (WLF)
- Oct 04, 2024 at 04:25 pm
- World Liberty Financial (WLF) is a decentralized finance (DeFi) project led by Donald Trump's sons, Eric and Donald Jr., with Trump's endorsement. The platform aims to offer decentralized lending and borrowing as an alternative to traditional banks. However, the project has faced political and financial controversy, raising concerns about its leadership and the Trump family's potential for personal gain.