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Bitcoin Maintains 18-Month Highs Amid Changing Sentiment: A Weekly Roundup

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Bitcoin (BTC) started the second week of November at $35,160, still holding steadfast near its highest levels in 18 months. This remarkable resilience comes against the backdrop of a significant shift in Bitcoin holder sentiment, shaping the current BTC price action.

Despite selling pressure, the largest cryptocurrency has secured another impressive weekly close. The analysis suggests that this change in sentiment extends to both Bitcoin and altcoins, which have steadfastly held onto gains accrued over the past month.

Amidst a challenging macroeconomic environment where traditional assets like stocks are under pressure, cryptocurrency seems to be charting its course. Bulls are cautiously optimistic that the upside potential has not been exhausted, even as a fierce battle between buyers and sellers unfolds, making it challenging to overcome current resistance levels.

Liquidations also piled up as a testament to the ongoing market volatility. The hourly chart, as observed by prominent trader Skew, indicates that “both sides of the book were swept” on exchanges.

On November 5, Skew noted a surge in open interest (OI) on the world’s largest crypto exchange, Binance, often a precursor to heightened volatility.

Bitcoin Closes at 18-Month High: Brief Dip Amid Volatility

In line with last week’s performance, Bitcoin didn’t disappoint with its weekly candle close on November 6. Closing at just over $35,000, it marked a new 18-month high, preceding a brief period of volatility with a momentary dip below the $36,000 mark, as per data from TradingView.

Furthermore, Glassnode data reveals that aggregate capital inflows have reached year-to-date highs, a development that has been lauded by prominent social media trader and analyst Ali as a sign of “strong investor confidence.”

However, the improved sentiment in the crypto space often carries a caveat, as it signals a growing focus on profitability among average holders. This sentiment shift is mirrored by the Crypto Fear & Greed Index, a widely-used market sentiment gauge that raises a cautionary flag during phases of irrational exuberance.

During Bitcoin’s ascent to current all-time highs in November 2021, the Fear & Greed Index hit 84/100. As of November 6, it stands at 74/100, suggesting that the market is even “greedier” than at any point in the past two years. Nonetheless, for Crypto Tony and other analysts, there is still room for further upside before the sentiment imbalance becomes too conspicuous to ignore.

Bitcoin Addresses Surge Amid Price Drop – Analysts Bullish On Long-Term Uptrend

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The Bitcoin (BTC) market is undergoing a sturdy consolidation phase, with its price hovering around $29,000. This prolonged period of stability has left investors perplexed amidst the subdued price volatility. However, beneath the surface, on-chain data paints a more optimistic picture of the world’s leading cryptocurrency.

Despite the recent correction from $32,000 to $29,000, the total count of new Bitcoin addresses continues to rise. This intriguing divergence between price action and network growth suggests the potential for a robust long-term BTC uptrend, as highlighted by prominent crypto analyst Ali Martinez. “Buy the dip!” Martinez advises, implying a potential opportunity for savvy investors.

Multiple on-chain indicators are echoing the sentiment of bullish momentum for Bitcoin. Martinez emphasizes that crucial oscillators such as MVRV, aSOPR, Puell Multiple, and Reserve Risk consistently remain above the 0 line. This suggests that the ongoing price correction might be a minor setback rather than a significant reversal.

Source: Glassnode/ Ali Martinez

In a recent analysis posted on TradingView, crypto trading analyst TradingShot points out a significant development: BTC has completed a golden-cross pattern for the third time in its history. This bullish pattern occurs when a short-term moving average (such as the 50-day moving average) surpasses a long-term moving average (such as the 200-day moving average). This alignment is often seen as a favorable trend indicator.

Bitcoin’s Golden Cross Pattern Sparks Price Surge Speculation

Historical data from previous golden-cross instances indicates a notable price surge following such formations. Referencing these cycles, TradingShot projects a potential upward trajectory for Bitcoin, targeting its current all-time high (ATH) of $69,000. He suggests that BTC could reach this milestone around the same time next year.

While experts acknowledge the disruptive impact of the unprecedented March 2020 COVID-19 crash, which temporarily disrupted traditional market patterns, they anticipate the forthcoming Bitcoin halving event in 2024 to potentially catalyze a fresh market cycle. However, in the immediate term, concerns linger that Bitcoin’s price might experience a drop below the $29,000 mark.

As the crypto community navigates through these complex dynamics, converging on-chain data, historical indicators, and market projections provide valuable insights into Bitcoin’s evolving journey.

Related Reading:| Bitcoin HODLers Beat Crypto Funds By 69% In First Half Of 2023

Bitcoin Struggles Below $30,000 Amidst Uncertain Market – Analysts Eye Potential Bearish Signal

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Bitcoin’s price continues to face challenges as it hovers below the crucial $30,000 mark, indicating potential declines. In the past 24 hours, the largest cryptocurrency has experienced a 0.5% rollback, currently trading at $29,780.

Investors exercise caution as they navigate the market in preparation for a busy week, anticipating interest rate decisions from major central banks like the United States Federal Reserve, the European Central Bank, and the Bank of Japan.

The US is expected to see a 25-basis points hike in interest rates, coupled with the release of critical economic data, including the “actual GDP in the second quarter and the PCE price index in June,” as Coin Wu of Wu Blockchain reported.

Bitcoin Faces Resistance And Potential Downside

Bitcoin’s price is trading just below the range channel, which has been extensively discussed in recent weeks. The 200-day Exponential Moving Average (EMA), which previously provided support, is now acting as resistance at $29,863. This resistance could push the cryptocurrency further downward, putting pressure on support areas at $28,000 and $25,000.

Source: Tradingview.com

Technical indicators point towards a potential sell signal for BTC on the four-hour chart. The Moving Average Convergence Divergence (MACD) indicator is likely to show a bearish cross, with the blue MACD line flipping below the red signal line. The Relative Strength Index (RSI) is below the midline, adding further downward pressure on Bitcoin’s price.

Traders are closely monitoring two potential scenarios for Bitcoin’s price this week. The first scenario involves Bitcoin bulls successfully preventing the bearish trend below $30,000 and pushing for a substantial rebound toward $33,000 and $35,000.

The second scenario, however, is more ominous. If economic indicators released later in the week are unfavorable for risk assets investors, Bitcoin may experience losses down to $28,000 and $25,000.

Analyst’s Perspective on Bitcoin’s Potential

Famous crypto analyst Captain Faibik, followed by over 61,000 people on Twitter, suggests that a failure to break above the $31,000 level could lead to a retest of the weekly EMA200, which is around $25,500.

Despite potential challenges, Faibik also offers a glimmer of hope, envisioning a possible successful clearance of the $31,000 level. This could pave the way for a significant bullish rally of around 30-35% in August/September.

Bitcoin faces uncertainty and potential bearish signals amidst market caution and upcoming economic events. Traders closely monitor resistance and support levels as technical indicators indicate a possible sell signal. While challenges persist, analysts also see the possibility of a bullish rally in the future, depending on how critical price levels unfold in the coming days.

Related Reading:| Gold ETFs vs Bitcoin ETFs: Diving into the Details

Bitcoin Forecasts Emerge From Rich Dad, Poor Dad Author

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Renowned author and financial educator Robert Kiyosaki, known for his influential book “Rich Dad Poor Dad,” has made a bold prediction about the future of Bitcoin. Kiyosaki believes the leading cryptocurrency will skyrocket to a staggering $120,000 soon. This projection aligns with the forecast made by Standard Chartered Bank, which predicts Bitcoin hitting $50,000 by the end of this year and surging to $120,000 by the close of 2024. 

Taking to his official Twitter account, Kiyosaki shared his thoughts on the recent developments regarding adopting the gold standard by BRICS alliance members. He suggested that these nations could introduce a gold-backed cryptocurrency next month, potentially disrupting the current status quo of U.S. dollar valuation.

Considering the looming devaluation of the U.S. dollar, Kiyosaki, renowned for his unconventional financial advice, advises his followers to invest in gold and silver as a hedge against the anticipated inflation in the coming months. Notably, he emphasized his prediction that Bitcoin will reach an astounding price level of $120,000 within the following year.

The BRICS nations (Brazil, Russia, India, China, and South Africa) are actively exploring the launch of a gold-backed cryptocurrency, aiming to challenge the global dominance of the U.S. dollar and explore alternative financial systems. The Russian Embassy in Kenya has announced ongoing discussions regarding introducing a new trading currency backed by gold.

Standard Chartered Bank Supports Positive Bitcoin Outlook

Standard Chartered Bank has also weighed in on the positive outlook for Bitcoin. The bank’s projections support Kiyosaki’s prediction, with forecasts indicating that Bitcoin will reach $50,000 by the end of this year and surge to $120,000 by the close of 2024.

As a renowned investor with a proven track record in market analysis and investment strategies, Robert Kiyosaki remains one of Bitcoin’s most vocal advocates. Despite recent events that have shaken the confidence of mainstream investors in the premier digital currency, Kiyosaki’s current price prediction demonstrates his unwavering optimism.

Kiyosaki has established himself as a social commentator, offering insightful projections that guide investors. Notably, he has expressed minimal faith in the banking sector, suggesting that more banks may face adversity in the coming months or years.

Bitcoin trades at $30,438, a 1.33% increase within 24 hours. Despite some fluctuations, the price of BTC has remained relatively stable, with the 24-hour low recorded at $30,049.83 and the high at $31,026.08.

Furthermore, the trading volume during this period has reached $15,071,741,562, signifying a substantial 69% increase compared to the previous timeframe.

Related Reading: | Bitcoin price predictions by ‘Rich Dad, Poor Dad’ author

Bitcoin Price Shows Resurgence; Experts Predict Rally to $36,000

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Experiencing a resurgence in both institutional adoption and growing interest from individual investors, Bitcoin has once again gained momentum within the cryptocurrency market. As of the time of writing, BTC is trading above $31,000, prompting experts to predict a potential rally that could push its value to $36,000. This significant surge in price has reignited optimism among cryptocurrency enthusiasts, who eagerly anticipate further upward movement in the coming days.

BTC experienced a setback in June, dropping to the $24,800 range due to SEC lawsuits against two major crypto exchanges, Binance and Coinbase. However, the recent flurry of BTC ETF filings from prominent asset managers like BlackRock and Fidelity Investments has sent a positive wave across the crypto market, leading to a rebound in Bitcoin price.

Bitcoin Analyst Forecasts Potential Surge to $36,000

Katie Stockton, the founder and managing partner of Fairlead Strategies, believes that the recent rally in Bitcoin is just the beginning, suggesting further upside potential. Analyzing the BTC price breakout projection and a volatility index breakdown, Stockton, a Chartered Market Technician and ETF portfolio manager, noted that BTC might be heading towards $36,000 after its impressive pullback from the $25,000 support level.

During a recent analysis session on CNBC’s Squawk Box, Stockton stated, “For Bitcoin, we saw a pullback into that $25,000 support area, and it’s resumed higher. We think there’s upside to about $36,000 based on the projection from the last breakout.”

While BTC closed above $31,000 for the first time in over a year, Joe Kernen, a host on Squawk Box, cautioned traders not to expect a new all-time high in Bitcoin price so soon, emphasizing the absence of a sellout bottom. Kernen suggested that a sustainable bull market would require capitulation.

Source: Tradingview.com

Despite persistent bearish pressure, BTC exhibited resilience, signaling a resurgence of bullish sentiments in the market. Yesterday, BTC closed with a 1.27% gain, maintaining its hold above $31,000. However, the asset faced a bearish start today, resulting in a decline below the psychological level. Currently, Bitcoin is changing hands at $31,057.

As Bitcoin continues to capture the attention of institutional and individual investors alike, the crypto community closely monitors its price performance and experts’ predictions. With the potential for further upside, traders and enthusiasts eagerly await the next moves in the BTC market.

Related Reading: | MicroStrategy’s Bitcoin Buying Spree: Adds 12,333 BTC To Ever-Growing Treasury

Bitcoin Whales Accumulate $3.5 Billion Despite Recent Price Volatility

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Bitcoin’s market has witnessed a notable trend among large holders, commonly known as Bitcoin whales, who have accumulated more over the past two months. Despite recent price volatility, these wallets, holding substantial amounts of BTC, have collectively acquired $3.5 billion worth of the cryptocurrency since early April.

Bitcoin Whales Buck The Price Trend With Significant Accumulation

According to Santiment, a market intelligence platform, wallets between 1,000 and 10,000 BTC have accumulated more BTC during the recent price decline. This accumulation phase has acquired a staggering $3.5 billion BTC since the first week of April.

BTC price action has experienced significant fluctuations since the beginning of the month. While the cryptocurrency has maintained an overall positive growth outlook this year, it remains essential in determining market bearishness.

The recent filing by BlackRock, an American multinational investment giant, for a spot BTC Exchange Traded Fund (ETF) application with the United States Securities and Exchange Commission (SEC) has contributed to a bullish sentiment for BTC.

Source: Tradingview.com

Bitcoin is currently traded at $26,870, demonstrating a relatively steady consolidation above the $27,000 mark. Over the past 24 hours, the cryptocurrency has shown a narrow trading range, ranging from a low of $26,338.54 to a high of $27,147.47. Although BTC peaked at $30,404 on April 14, 2023, it also significantly declined to $20,187 on March 11.

Market Mood And Potential Energy

Glassnode’s “Week Onchain Newsletter” shows the prevailing market mood as “apathy” with the Bitcoin halving event less than a year away. However, it notes that “HODLers,” investors holding onto their Bitcoin with no intention to sell, continue their steady accumulation. This accumulation trend suggests the buildup of potential energy in the market, which could lead to significant movement once the $30,000 threshold is breached.

Adding to the anticipation, CryptoQuant warns of the possibility of extreme price fluctuations in Bitcoin due to high leverage on the futures market and the current outflow volume of BTC from the spot market.

Overall, the coin’s movements indicate that investors recognize its exemption from the SEC’s categorizing various cryptocurrencies as securities. Within the cryptocurrency community, there is a widespread belief that Bitcoin is a digital currency that does not meet the SEC’s criteria for being classified as a security.

Related Reading: | Weekly Market Watch: Bitcoin & Ethereum Struggles, Altcoins On The Path To Recovery

Bitcoin Greed Persists Amid Market Volatility; Whales Add 64k Btc As Price Aims For $30k Recovery

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Investors in Bitcoin (BTC) remain optimistic despite the fluctuations in its price, as per the Fear & Greed Index, currently at 64 and close to the year’s highest level, indicating a bullish market sentiment and implying that investors are exhibiting more greed than fear.

Bitcoin had maintained a strong market attitude for most of 2023, reaching a high of 68 this month, not seen in 18 months when BTC reached an all-time high of $69,000. This month’s price peaked at $31,000, its highest level in nearly a year.

Source: alternative.me

According to Santiment, an on-chain analytics firm, Bitcoin whales have been quietly accumulating again since profit-taking occurred above $30,000 on April 11. It should be noted that the BTC price hit resistance on its upward course, reverting from highs above $31,050 on April 14 to a low of $26,965 on April 24.

The beginning of 2023 has been historically good in terms of price performance. There have been just a few major corrections along the way, the largest of which was -18.6%.

According to Santiment, the period since mid-April has seen a slight fluctuation and decline in BTC prices, during which time addresses holding between 100 to 10,000 BTC have added 64,094 coins to their holdings. Large holders, or whales, are known to accumulate more coins during periods of dip or consolidation, often at discounted prices.

Will Bitcoin Hit the $40,000 Level? 

In the last week, the price of the top cryptocurrency has increased significantly, leading analysts and stakeholders to make new predictions about its future. While some anticipate a significant decline, others are optimistic about the market’s direction.

Michael van de Poppe, a well-known market analyst, is one of them and thinks a pullback for Bitcoin is healthy. According to him, Bitcoin will keep rising toward the $40,000–$50,000 range if it stays over the $25,300 mark.  The price level had historically been important, acting as a support and resistance zone for Bitcoin minimums and maximums in 2021 and 2022, according to a graphic Van de Poppe used to illustrate his points further.

Source Michael Van De Poppe @twitter

According to Van de Poppe’s forecast, Bitcoin’s 60% growth in value since the start of this year will enable it to surpass $40,000 in the latter half of 2023. Additionally, he anticipates a reversal to $30,000, where the price point would transition from a resistance level to a support level.

However, he noted that this scenario is contingent on the US Federal Reserve not pivoting or changing monetary policy. The Fed shows no signs of reconsidering its decision to hike interest rates, which could affect cryptocurrency prices.

As of writing, Bitcoin stands at $29,351.58, accompanied by a 24-hour trading volume of USD 13,363,797,326. Bitcoin’s value increased by 1.04% in the last 24 hours. As per CoinMarketCap, Bitcoin is ranked #1, with a live market capitalization of $568,225,360,410.

Source: Coinmarketcap.com

Related Reading: | Binance Expands In Japan With New Service, While Blocking North Korean Access To Platform |

Long-term Bitcoin [BTC] resumes accumulation but the short-term view remains grim

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After a massive bloodbath in May, Bitcoin and the cryptocurrency market entered a less volatile phase. However, its poor streak is not over yet. The world’s flagship crypto-asset went on a fresh decline following the development of the US Department of Justice [DOJ] recovering a chunk of hacked funds in the Colonial Pipeline hack. These funds in question were reportedly denominated in BTC.

Despite the ongoing rout in the market, there are participants who were currently accumulating Bitcoins. According to the latest weekly report by the blockchain intelligence company, Glassnode, a historically important cohort of holders have resumed accumulation

Bitcoin Long-term Hodlers are back

The supply held by Long-term holders [LTHs] was observed to have accelerated upwards. According to Glassnode, the limit for LTH status is those unspent transaction outputs [UTXOs] that have remained inactive for 155-days.

The LTH camp had previously distributed their coins when the Bitcoin market soared from just $10k all the way to its ATH above $64k. However, there has been a change in this trend. After the cryptocurrency went on a downward spiral, the net change in the supply of long-term holders switched upward demonstrating what it calls a “HODLing behavior”.

What does this mean?

This fractal closely resembled the late 2017 bull and early 2018 bear which, according to the report, describes the “inflection point “where this camp of holders stop spending, resume accumulation, and therefore holding. Can this be a sign that these are cheap coins and won’t get any cheaper in the near future? While this did not paint any bullish picture for the short-term market participants who were hit the hardest by the downturn of events, it did indicate a long-term bullish sentiment.

Let’s talk numbers. Currently, the long-term holders hold 10.9 million BTC which accounts for almost 60% of Bitcoin’s total circulating supply. It is also important to note that this category of holders today own 2.3 million more BTC as opposed to the coins owned by them at the peak of the 2017 rally. Commenting on this behavior, Glassnode concluded,

“This does highlight an intuitive reality; higher coin prices require larger capital inflows to sustain bull market trends. It also shows that the distribution of fewer coins can put in local/macro market tops if the capital inflow demand is not there.”

Where Is Bitcoin Headed After Unwinding Weekend Gains?

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Bitcoin slumped all the way close to $53K in a damaging turn before making a return to the press time price of $55,267. With this, the flagship crypto-asset toned down its losses while the market-wide volatility was ubiquitous.

Weak institutional demand was one of the major contributing factors for the devastating losses. Bitcoin’s fall in Monday was prompted by the weak buying demand from institutions as it established an ATH. During this time, investors were reportedly inclined towards profit-taking rather than accumulation.

It was a result of the flat-to-negative Coinbase premium, which is a major indicator for weakening institutional demand. Nevertheless, the token recovered but failed to cling to psychological support levels.

The Quick Flip: Support-Turned-Resistance-Turned-Support

Besides, the cryptocurrency breached strong support around this $55K area as part of the extended loss briefly before flipping over it within hours. This essentially confirmed that both on-chain and trading volume took a dramatic turn of events but the said level continued to form crucial support for Bitcoin’s price.

Let’s look at some of the key metrics that could reveal Bitcoin’s price action in the days to come.

Growing Participants in Bitcoin ecosystem

Investors have reacted positively to the elevated prices in the market as the number of participants in the network continued to follow an upward trajectory. This was revealed by the blockchain intelligence firm, Glassnode which tweeted,

“The number of new participants in the #BTC network is unprecedented. Over the past weeks, we have seen a large growth of new entities. This is a strong indication that new retail investors have been entering the space.”

Survey Estimates 10% of Stimulus Checks Could Be Channeled To Buy Bitcoin and Stocks

The US President, Joe Biden signed a $1.9 trillion stimulus package into law last week. This made many Americans eligible for $1,400 checks. This brought about inflation and weakening USD fears, which could help the cryptocurrency’s price to go up.

In yet another interesting development, Mizuho Securities’ study estimated that 10% of the roughly $400 billion in funds given directly to the country’s residents could be used to purchase Bitcoin and stocks. After surveying 235 people with a household income under $150,000, the platform found that nearly 40% of them said that they would invest the direct payments into BTC and stocks while 61% asserted that they would choose Bitcoin over equities.

Hence, this provides a hopeful picture for Bitcoin even in the fact of the latest slump.

Bitcoin: Strong Wall Of Support Forms At $47.1K

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Bitcoin’s surge above $54k was not accompanied by volatility this time. Rather the transition from the consolidation has been smooth as it noted weekly gains of more than 10%.

The price has been resilient so far. Notably, the on-chain support level at $47,173 is now touted as the largest since Bitcoin was trading $11k. This was noted by the blockchain intelligence platform, Glassnode’s latest weekly report.

According to Glassnode’s UTXO Realized Price Distribution, nearly 6.5% of Bitcoin’s circulating supply or 1.2 BTC shifted on-chain while the support level has actually strengthened to rest above $47.17k level. This demonstrated “one of the largest on-chain BTC accumulation levels” ever.

The reports stated,

“We can see sustained and significant volume has transacted between $45.5k and $48.9k. This range now represents one of the largest on-chain BTC accumulation levels in history, certainly, the largest since the last cycle’s $20k ATH was breached.”

It is important to understand that at times of the movment of a large volume of coins on-chain and when an on-chain support level gains foothold, it indicates that there is significant accumulation interest.

Also, the buyers now perceive this level as a ‘value’ entry point.

But what would happen if the price tumbles near $40K lows? Even as on-chain support has been gaining strength since last week in an unlikely event of a bearish reversal in price, this level could form an equally strong point of resistance.

Bitcoin In Exchanges Declines Uninterrupted

The HODling game has been strong as evidenced by the amount of Bitcoin being held on exchanges has taken a hit. If the latest stats are to be believed, approximately 20% over the last 12 months have been moved from these platforms.

The decline in the amount of BTC held on exchanges could signify that more market participants were buying the coin but storing it offline. This could, in turn, contribute to a potential supply crunch which could significantly push the price of Bitcoin in the future.