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BTC price encounters classic resistance as sellers refuse to let Bitcoin crack through its November ceiling. Bitcoin (BTC) shrank back from resistance after the Nov. 29 Wall Street open as United States GDP figures beat expectations. BTC/USD 1-hour chart. Source: TradingView GDP sets tone for macro-sensitive crypto Data from Cointelegraph Markets Pro and TradingView followed a familiar BTC price retracement on short timeframes. Bitcoin bulls had managed to propel the market above $38,000 the day prior, only to flip flop around that level before ultimately dropping as U.S. macro data hit. This showed Q3 GDP accelerating beyond anticipated levels, coming in at 5.2% versus 4.9%, respectively. This renewed concerns over how the Federal Reserve might handle policy ahead of an interest rates decision in mid-December. “5.2% is the final reading, it will mark the highest GDP growth since Q4 2022,” financial commentary resource The Kobeissi Letter wrote in part of a reaction on X (formerly Tw...

ETH price continues to lose ground against Bitcoin. Cointelegraph takes a closer look at the factors behind the weakening ETH/BTC pair. The price of Ethereum’s native token, Ether (ETH) is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum switched to proof-of-stake (PoS). Cointelegraph takes a closer look at some of the reasons for the continuous drop of the ETH/BTC pair. Ether’s historical price action has changed In previous market cycles, Ethereum often outperformed BTC during bullish market trends, but this relationship began to change at the start of 2023. Ether and numerous altcoins struggled as the narrative around altcoins use within Web3, DeFi and NFTs came under pressure in 2022 and 2023. Stringent regulations against the crypto industry, severely muted inflows from retail and institutional investors, an uptick in investors seeking shelter in US-dollar-pegged stablecoins also impacted sentiment for Etheruem. Bitcoin dominance rises In addit...

Bitcoin price analysis on both long and short timeframes is now focusing on the importance of the $27,000 mark. Bitcoin (BTC) cruised into a new weekly close on Oct. 15 as “ultra boring” trading conditions still offered hope of a $27,000 breakthrough. BTC/USD 1-hour chart. Source: TradingView "Ultra boring" BTC price may yet surprise at weekly close Data from Cointelegraph Markets Pro and TradingView tracked a typically sideways weekend, with BTC price volatility absent prior to the close. Still acting around the key $26,800 mark, Bitcoin denied traders major trajectory cues, while spot markets were quiet. $BTC Typical weekend algos hunting over exposed positions into CME Futures open around 12hrs from now & weekly open tomorrow Not really any significant flow for this weekend so far, just one spot buyer & perp buyer ~ likely algo pic.twitter.com/z38tKoozK3 — Skew Δ (@52kskew) October 15, 2023 Considering upside potential, Michaël van de Poppe, founder and CEO of...

Bitcoin trades in a predictable range, but will the sideways price action tempt altcoin traders to open new positions? A trending move in an asset class attracts traders, while a dull price action drives investors to the sidelines. Bitcoin (BTC) has largely been stuck in a range for the past several months, which could be one of the reasons for the drop in spot volumes. Bloomberg reported on Oct. 11 that Coinbase’s spot trading volume plunged 52% in Q3 2023 compared to Q3 2022. While the short-term remains uncertain, traders need to be watchful because long consolidations are generally followed by an explosive price action. The only problem is that it is difficult to predict the direction of breakout with certainty. Considering that the bulls have not allowed Bitcoin to dip back below $25,000 in the past few months, it increases the likelihood of an upside breakout. Daily cryptocurrency market performance. Source: Coin360 Investing legend Paul Tudor Jones said in a recent interview on...

Bitcoin and altcoins are struggling to hold the gains accrued earlier this week, a potential sign that the price breakout was just a response to Grayscale’s victory over the SEC. Bitcoin led the cryptocurrency markets higher on Aug. 29 following Grayscale’s victory in the lawsuit against the United States Securities and Exchange Commission. However, the rally could not be sustained, as analysts cautioned that the victory did not guarantee the approval of a spot Bitcoin (BTC) exchange-traded fund. Still, the victory may prove to be bullish for Grayscale. Glassnode analysts said in an X (formerly Twitter) post on Aug. 30 that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year. It is important to note that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years. Daily cryptocurrency market performance. Source: Coin360 In the short term, even though the S&P 500 Index is on a path of recovery and the U.S. Dollar Index has turn...

Rising interest rates, delayed Bitcoin ETFs, global financial turmoil and other regulatory pressures are contributing to the crypto market's underperformance. The crypto currency market has experienced a notable downturn recently, with the total market capitalization falling by 10% between August 14 and August 23, reaching its lowest point in over two months at $1.04 trillion. This movement has triggered significant liquidations on futures contracts, the largest since the FTX collapse in November 2022.  Total cryptocurrency market capitalization, USD. Source: TradingView Several economic factors have contributed to this decline. As interest rates have surpassed the 5% mark and inflation remains above the targeted 2%, finance costs for both families and businesses have risen, placing pressure on consumer spending and economic expansion. That causes less money available for savings and could force people to let go of their investments just to cover monthly bills. Since inflation e...

Bitcoin forks, BCH, BSC, XEC rallied over the last 30 days while KAS and FLEX led among altcoin gainers in June, but data questions the sustainability of their rallies. The start of June saw negative price action across the cryptocurrency market after the U.S. Securities and Exchange Commission brought fresh lawsuits against the world’s largest exchanges, Binance and Coinbase. However, the sentiment quickly turned bullish after a crucial exchange-traded fund proposal was filed by the world’s largest asset management firm, BlackRock, on June 16. A wave of ETF fillings and institutional trading interest in digital assets followed BlackRock’s ETF filling. The launch of EDX Markets backed by Wall Street giants Fidelity Investments, Citadel Securities, and Charles Schwab on June 20 fueled a particular sector of the market in Bitcoin forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV) and other proof-of-work (PoW) cryptocurrencies like Kaspa (KAS). The exchange debuted with Bitcoin (BTC), E...

Bitcoin price performance nails its highest levels this month, but analysts are waiting for the weekly candle close. Bitcoin (BTC) achieved new highs for the month after the June 20 Wall Street open as observers stayed cautious on market strength. BTC/USD 1-day chart. Source: TradingView “No meaningful trend shift” for Bitcoin yet Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,499 on Bitstamp. The pair saw its highest levels since May 31 as the return of United States market trading boosted its performance. Versus the prior day’s lows, gains totaled around 4.2%. Despite this, wary market participants stopped short of calling even a low-timeframe trend shift. “It's difficult to look for Daily breakout confirmation for BTC in the context of this blue Lower High diagonal resistance,” trader and analyst Rekt Capital commented alongside an explanatory chart. “Because $BTC has failed so many post-breakout retests on the Daily timeframe here. Better to w...

Traditional finance companies are boosting their engagement with Ethereum-based real-world asset protocols, resulting in RWAs outperforming DeFi blue chips. Real-world asset (RWA) protocols have become a hot trend within DeFi circles. A real-world asset (RWA) protocol is a decentralized application that allows entities to tokenize and trade real-world assets. These assets range from stocks and government bonds to real estate and commodities. They are also known as asset tokenization protocols. DeFi provides certain advantages over TradFi by making the smart contracts transparent and enabling a wide degree of financialization of these assets by making them divisible, transferable, and tradable on decentralized platforms. The top uncollateralized lending protocols for institutions in TrueFi and Maple increased by 26.6% and 117.8% in 2023. Centrifuge, a real-world asset tokenization platform, surged by 32% year-to-date. In comparison, the gains recorded by the DeFi pulse index (DPI) in...

Bitcoin's price risks more downside as $28,000 is now a key level to hold in order to avoid a return to the mid-$20,000s. Bitcoin (BTC) hit new intraday lows on April 21 as traders warned that $25,000 might come next. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader: $25,000 BTC price would be "absolutely fine" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve $28,000 as support on Bitstamp. The pair looked “weak,” in the words of one analyst, as overnight events failed to resurrect any sign of its previous uptrend. # Bitcoin is currently showing weakness. Broke back in the range, lost one of the crucial levels. Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery. If not, and no break of $28,800, then I suspect we'll see $26,200. pic.twitter.com/TuCaFq8eIk — Michaël van de Poppe (@CryptoMichNL) April 21, 2023 Amid local lows of $27,828, prognoses for Bitcoin now focused...

BTC price is chasing after $24,000 again, raising the possibility of LDO, EGLD, THETA and KLAY targeting new year-to-date highs. The cryptocurrency Markets and the United States equities Markets witnessed profit-booking this week as the macroeconomic data hinted toward continued rate hikes by the Federal Reserve. Bitcoin (BTC) is down more than 4% and the S&P 500 fell 2.7% to record its worst week of the year.  The CME FedWatch Tool shows a 73% probability of a 25 basis points rate hike by the Fed in the March meeting but after the hotter-than-expected inflation readings in two weeks, the probability of a 50 basis point rate hike has started to slowly gain traction. Crypto market data daily view. Source: Coin360 During periods of uncertainty, some coins enter a deeper correction while a few buck the trend and continue to outperform the markets. Hence, it becomes important to select the right coins to trade. A few coins that have witnessed a shallow correction or have bounced shar...