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Crypto News Updates

Bitcoin Crosses $1 Trillion Milestone as Buying Frenzy Continues

  • Bitcoin has seen some wild price action throughout the past couple of days, with bulls driving the crypto higher and putting a firm end to its recent consolidation phase
  • This has allowed the benchmark cryptocurrency to cross the $1 trillion market cap milestone
  • It is now one of the largest currencies in the world by market cap and ranks high when stacked against the market caps of the world’s largest companies
  • The crypto is showing no signs of slowing down, with institutional TWAP orders creating a premium for spot BTC
  • This means that large buyers are likely behind this move, which comes just days after BTC saw multiple selloffs that flushed out over-leveraged traders

Bitcoin and the entire cryptocurrency market have been growing in strength throughout the past few days and weeks, with buyers taking firm control of BTC as they send it to new all-time highs.

The crypto crossed the $1 trillion market cap milestone today, a monumental event that highlights just how far the crypto has come throughout the past few years.

One trader is now eyeing even further near-term upside, explaining that the next target for him sits somewhere within the lower-$60,000 region.

Bitcoin Shows Signs of Strength as It Crosses $1 Trillion Market Cap 

At the time of writing, Bitcoin is trading up 6% at its current price of $54,700. This marks a massive surge from its recent lows of $50,800 that were set yesterday evening.

The entire market is showing some immense signs of strength at the moment, except for DeFi altcoins which have been sliding lower as investors rush to gain exposure to Ethereum.

MicroStrategy completed their convertible note offering, which means that a billion dollars is about to be injected into BTC. This could be the source of the recent runup.

Analyst: BTC Likely to Surge Higher Before Facing Key Resistance

Because large buyers are aggressively bidding Bitcoin at the moment, it is unlikely that any retrace will be too significant in the short-term.

This may be why one analyst expects significantly further near-term upside for BTC, eyeing a move to the $60,000 region next.

“This is beautiful,” he concisely noted while pointing to the below chart, highlighting his upside target.

Bitcoin

Image Courtesy of Mac. Source: BTCUSD on TradingView.

The coming few days should provide some insight into where the market will trend in the mid-term.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Bitcoin Sees Mounting Strength as Next Parabolic Wave Begins

  • Bitcoin has seen some promising signs of strength throughout the past few days and weeks
  • The cryptocurrency has secured what appears to be a strong foothold above $50,000, which comes as many altcoins show signs of immense strength
  • Where the market trends next will undoubtedly depend largely on whether or not BTC can maintain its present stability
  • Any sharp decline from here could drag the entire market lower and lead to a cascading selloff
  • However, analysts are bullish on the crypto’s near-term outlook, with one trader explaining that a move higher is likely so long as its $51,000 support level continues holding strong

Bitcoin and the entire crypto market have been caught within a strong uptrend over the past couple of days, with BTC seeing a few sharp selloffs that have all resulted in nearly instant rebounds.

The benchmark cryptocurrency is now consolidating above $51,000, with the support here proving to be quite significant.

One trader believes that this is a crucial level that the cryptocurrency must maintain. He notes that it could be well-positioned for further upside as long as it continues holding above $51,000 in the near-term.

Bitcoin Shows Signs of Strength as Bulls Target New All-Time Highs

At the time of writing, Bitcoin is trading down marginally at its current price of $52,000. This marks a massive surge from overnight lows of $50,800 set earlier today when the entire market faced some weakness.

These lows were quickly defended and led to a V-shaped recovery, with BTC now looking to target a move to its recently set all-time highs of $52,600.

A break above these highs could kickstart a fresh leg higher that allows it to continue forming a parabolic uptrend.

Analyst: BTC Strong on Lower Time Frames

One analyst explained that Bitcoin is looking strong on lower time frames and could be well poised to see significantly further strength if bulls can continue defending $51,100.

Any prolonged break below this level could be dire and result in a deeper drawdown for the benchmark cryptocurrency.

“BTC / USD: I see this moving much higher, current LTF structure is bullish but need to see a hourly close above $51,800. Seems as though $51,100 has become key support now.”

Bitcoin

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

The coming few days should shed some light on where the market will trend in the near-term, as any intense selloff from here could jeopardize Bitcoin’s short-term strength.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

$600 Million: MicroStrategy Announces Plan to Raise Money to Buy More Bitcoin

  • Bitcoin has seen some mixed price action over the past couple of days, first seeing a massive selloff before testing new highs of over $50,000
  • The cryptocurrency has since erased these highs and plunged lower, with bulls failing to take firm control of its price action
  • This has taken a toll on altcoins, with many seeing notable losses as the benchmark crypto continues regaining some recently lost market dominance
  • Although its price action may look shaky in the short-term, one white swan that could help boost the cryptocurrency is another massive purchase from MicroStrategy
  • The company announced today their plans to have a private offering convertible senior notes with the intention of raising $600 million
  • All of this money would be put towards acquiring additional Bitcoin

It has been a relatively rough past few days for Bitcoin, with the cryptocurrency’s price action growing increasingly heavy as it struggles to break out of the $50,000 resistance that it has been stuck beneath.

The benchmark digital asset has seen some intense selloffs, but each one has been erased throughout the past few days.

Despite this weak price action, a massive influx of new capital may be imminent, thanks to MicroStrategy. The company announced plans to raise roughly $600 million – all of which would be used to add to their BTC reserves.

Bitcoin Struggles to Gain Momentum Following $50,000 Rejection 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $48,800, which marks a notable decline from its daily highs of nearly $51,000.

The selling pressure above $50,000 is significant and has caused the entire market to face some immense inflows of selling pressure as of late.

Until it can flip this level into support, the cryptocurrency could see some immense selling pressure that drives it lower.

This Company is About to Buy Another $600m Worth of BTC

MicroStrategy pioneered the trend of publicly listed companies adding BTC to their balance sheets, and they’re keen on adding even more.

The company announced in a press release today that they are raising another $600m via a convertible senior note offering to use the proceed to buy additional Bitcoin.

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.”

This could provide Bitcoin with a boost in the mid-term and may even help it break through its $50,000 resistance level.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Bitcoin Sets New Highs as All Eyes Watch Reaction to $50,000 Resistance

  • Bitcoin set fresh all-time highs today, with bulls taking full control of the cryptocurrency’s price action as they set their sights on $50,000
  • Where the crypto trends in the near-term should depend largely on whether or not bulls will be able to maintain their current momentum
  • Any firm rejection could result in another drawdown, signaling that the resistance within the upper-$40,000 region is insurmountable for the time being
  • One trader explained in a recent tweet that he is now watching for a move towards $60,000, noting that BTC may “teleport” to these highs once it can break above $50,000
  • He does believe that this could be the point at which the market sees a massive shakeout, with BTC potentially retracing to as low as $45,000

Bitcoin and the entire crypto market have been caught within a strong uptrend throughout the past few days and weeks, with sellers unable to gain any profound control over the aggregated market.

There have been a few intense selloffs, but positive catalysts seem to be lying in wait around every corner to help fuel the uptrend.

Despite sliding lower yesterday, news regarding BNY Mellon’s intentions to start adding custodial support for Bitcoin helped rekindle the momentum that came about due to the Tesla news.

Bitcoin Explodes to New Highs as Momentum Mounts 

At the time of writing, Bitcoin is trading up just under 7% at its current price of $48,000. This marks a massive surge from its recent lows of under $44,000 set during yesterday’s selloff.

Each dip is being aggressively absorbed, which is a positive sign that indicates that bulls are maintaining control over the market.

So long as this trend persists, BTC could be well-positioned to see further near-term upside.

Trader Claims Move to $60,000 is Imminent

While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that Bitcoin is likely to see a move to $60,000 once it can break above $50,000.

He does believe that this is around where it will see a major correction.

“BTC: Bullish continuation seems more likely now. Above $50k it teleports to $60k. $59k-$62k is the Fibonacci confluence zone (resistance). We could see a bigger shakeout there, maybe to $45k.”

So long as the market maintains its strength, Bitcoin could be well-positioned to see some massive upside.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Bitcoin Clears Key Range as Analysts Eye Move to $55,000 in Near-Term

  • Bitcoin saw some wild price action yesterday on the heels of news surrounding Tesla’s massive $1.5b Bitcoin purchase
  • The crypto instantly rallied from the upper-$30,000 region to highs of $45,000 before it found some resistance
  • Following a brief consolidation phase and slight selloff, the crypto kicked off round two of its uptrend later in the afternoon, surging to fresh all-time highs of $48,000
  • Its price now seems to be fairly stable and isn’t showing any immense signs of weakness at the moment
  • This could indicate that a significant move is higher in the short-term and that late buyers who are scrambling to gain exposure are helping drive it higher
  • One analyst is now setting his sights on a move up to $55,000 in the near-term

Bitcoin and the entire crypto market have rocketed higher throughout the past couple of days, with sellers unable to gain any serious ground against buyers as the crypto’s uptrend continues.

Where the market trends next will undoubtedly depend largely on whether or not BTC sustains this momentum, as it could lead to a new wave of parabolic expansion.

While sharing his thoughts on BTC’s near-term outlook, one analyst observed that a move up towards $55,000 is probable in the near-term, with this being a level of potential resistance.

Bitcoin Stable Following Massive Upwards Movement

At the time of writing, Bitcoin is trading up marginally at its current price of $46,400. This is around where the crypto has been trading throughout the past day.

The fact that bulls have been placing a steady stream of buying pressure on the crypto indicates that it is entering a new parabolic growth phase.

Each dip has also been aggressively bought into over the past day, which is a positive sign for the crypto’s near-term outlook.

Trader: BTC Likely to See Move to $55,000 as Uptrend Continues 

While sharing his thoughts on Bitcoin’s near-term outlook, one analyst explained that he expects to see a move past the $50,000 mark.

He notes that this surge could come about as the result of a recent range break.

“BTC: Closed clean above our range high. Expecting continued upside towards 55k in the coming days / weeks.”

Bitcoin

Image Courtesy of George. Source: BTCUSD on TradingView.

The coming few days should shed some light on the significance of this latest rally for Bitcoin’s mid-term outlook, as it may mark the start of its next parabolic leg higher.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

The Bull Market is Back: Bitcoin Explodes as Tesla Loads up on 10-Figures Worth of BTC

  • Bitcoin’s price soared higher today on news of Tesla acquiring $1.5 billion worth of BTC to add to their balance sheets
  • This news was revealed in a recent SEC filing and naturally caused the entire crypto market to make a massive move higher
  • This news is already driving massive demand towards Bitcoin, with on-chain data revealing a massive premium on Coinbase
  • This is typically a bullish sign because it signifies that an uptrend is being driven by sustainable spot-token buying rather than leveraged positions
  • Tesla also announced plans to accept cryptocurrency as a payment option for their vehicles, which goes a long way towards driving mainstream adoption

Bitcoin is currently roaring higher, with nears of Tesla adding $1.5 billion worth of Bitcoin to their balance sheet being one of the most bullish developments in the cryptocurrency’s history.

So far, BTC is only trading up a bit over 10% on the news, but there’s a strong possibility that it continues navigating higher in the days and weeks ahead due to the immense inflows of demand that are now pouring in.

One analyst recently pointed to the premium on Coinbase, which could be a sign of imminent upside.

Tesla Shocks the World, Adds $1.5b in Bitcoin to Its Balance Sheet

At the time of writing, Bitcoin is trading up 11% at its current price of $43,400, which marks a massive surge from its recent lows of $38,000 that were set just 12 hours ago.

The crypto’s price rocketed higher overnight on news of Tesla adding $1.5b in BTC to their balance sheet, which helped ignite what could be the early stages of the next bull run.

The auto and solar manufacturer also plans to allow customers to use Bitcoin as a payment method for vehicles, which could drive greater mainstream demand.

Tesla News Drives Massive Coinbase Premium

One on-chain analyst observed that there is currently a significant premium for BTC on Coinbase over other exchanges.

This is a positive sign because it shows that the market is being propelled by actual organic buying pressure rather than high leverage.

“Meanwhile in Coinbase… +$452 premium”

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

Because this news fundamentally shifts Bitcoin’s outlook, there’s a strong possibility that further upside is imminent in the near-term.

Featured image from Unsplash.
Price data from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Bitcoin has Yet to Shatter Its Key Trading Range as Strength Wobbles

  • Bitcoin and the entire crypto market saw a wild day yesterday, with strong bids sending most major crypto asset’s flying higher
  • Some of these gains were erased today, with bulls losing their edge over the market as bears try to regain control
  • The recent downtrend has been accelerating rather quickly, but bulls do seem to be building some support in the lower-$36,000 region
  • And dip below here could be a grim sign for the entire market’s near-term outlook
  • One trader said in a recent tweet that this rejection wasn’t too surprising, as BTC rejected at the top of a long-held trading range
  • It has yet to break out of this range firmly but could soon do so if bears are unable to extend the ongoing downwards momentum throughout the rest of the day

Bitcoin has seen some mixed price action as of late, with bulls aggressively budding it higher yesterday before an influx of selling pressure today caused it to erase a large portion of yesterday’s gains.

This price action has done little to provide investors with insights into the mid-term trend, as BTC’s latest rejection came about at the top of a long-held trading range.

Assuming this range holds strong, it could indicate that further downside is imminent in the near-term.

Bitcoin Erases a Piece of Yesterday’s Gains as Bears Take Hold

At the time of writing, Bitcoin is trading down just under 3% at its current price of $36,600, which is around where it has been trading throughout the morning hours.

Bears did push it as low as $36,000, but some decent buy-side support allowed for it to see a rebound.

It remains unclear how strong this resistance will be in the mid-term or whether it will prove to be a local high.

BTC Remains Range-Bound as Selling Pressure Mounts

One analyst explained in a recent tweet that Bitcoin is still trading within a large trading range and may not break out until bulls can gain greater control over the market.

“BTC: Still range bound unless we make a clean break above January high,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of TraderSZ. Source: BTCUSD on TradingView.

The coming few days should shine a light on Bitcoin’s outlook and whether or not the selling pressure it currently faces will be enough to thwart the newfound uptrend.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Ethereum is Breaking Free of a Multi-Year Trading Range as Bulls Take Charge

  • Ethereum appears to be entering price discovery mode, with bulls taking full control of its price action as they sent the crypto flying
  • It set fresh all-time highs overnight and is currently consolidating below the $1,600 resistance level that many analysts have been watching
  • A break above here could confirm that it is currently in price discovery mode and allow for significantly further upside in the days and weeks ahead
  • One trader is now highlighting the technical significance of the recent breakout rally, which allowed the cryptocurrency to break free from a multi-year trading range
  • He expects this to lead to significantly further upside in the mid-term

Ethereum has been caught within a strong uptrend throughout the past day, which came about due to its break above the key resistance in the mid-$1,400 level that had been hampering its growth previously.

Bulls are now aiming to take full control of the crypto’s price action, potentially sending it past the next key resistance it faces at $1,600.

Bitcoin’s slight uptrend has helped provide ETH’s ongoing rally with some fuel, as investors are moving further down the risk branch as they look to maximize returns.

One analyst is emphasizing the significance of yesterday’s Ethereum breakout, noting that it marked the end of a multi-year trading range.

Ethereum Shows Signs of Strength Following Yesterday’s Breakout Rally 

At the time of writing, Ethereum is trading up just over 3% at its current price of $1,553. This marks a significant surge from recent lows in the sub-$1,300 region set just a few days back.

The crypto is showing no signs of slowing down anytime soon, and it is currently consolidating right below its next key resistance in the lower-$1,600 region.

ETH Breaks Multi-Year Trading Range as Analysts Eye Upside

One trader explained that it is likely futile to try to fade this breakout, as Ethereum is now pushing out of a trading range that was held for nearly three years.

He seems to believe that further upside is imminent in the days and weeks ahead.

“ETH: Price has been contained within a range for over 850+ days – 2.5 years. Its now pushing out of that very range. The bigger the range the bigger the expansion. What are you even fading?”

Ethereum

Image Courtesy of TraderXO. Source: ETHUSD on TradingView.

The coming few days should shed some light on where Ethereum and the entire market will trend in the days, weeks, and months ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Bitcoin is About to Clear a Crucial Resistance; What Analysts are Saying

  • Bitcoin has seen some mixed price action as of late, with bulls currently trying to form a breakout rally as the crypto pushes towards key resistance
  • It did face a somewhat strong rejection earlier today that has since led it lower, which could be a grim sign for what comes next
  • One trader said in a recent tweet that BTC’s near-term outlook likely depends wholly on whether or not it can continue pushing higher and break this resistance
  • A continued decline could lead to serious downside in the days and weeks ahead, potentially sparking a capitulatory selloff
  • This remains a distant possibility, however, as bulls appear to be gaining increased strength

Bitcoin and the entire crypto market have seen mixed price action as of late, with both bulls and bears being unable to gain any clear control over the crypto’s price action.

Buyers have been showing some signs of vitality as of late despite a bearish sentiment across social media, which could mean that an upwards expansion phase is coming.

For this possibility to be confirmed, bulls must shatter one key resistance level that has been holding strong throughout the past few days and weeks.

Bitcoin Gains Momentum But Still Faces Intense Resistance

At the time of writing, Bitcoin is trading up just under 4% at its current price of $34,720, which marks a notable rise from recent lows of $29,000 that were set last week.

The crypto has been rising ever since it broke below $30,000, which has continued to be a bedrock support level for the cryptocurrency.

BTC rejected last night at a key level that analysts have been watching for quite some time. A continued downtrend could signal that significant losses are imminent.

Analyst Claims BTC Still Has Yet to Break Key Resistance 

Despite the strength seen overnight, analysts are now noting that Bitcoin could be poised to see further downside.

One trader explained that he is bearish until BTC breaks above a trendline that was tested during the overnight pump. He anticipates a move down to the low-$20,000 region in the mid-term.

“At key resistance now. If bulls are strong enough and clear current resistance i’ll flip bias to bullish.”

Bitcoin

Image Courtesy of Wolf. Source: BTCUSD on TradingView.

The coming few days should provide some serious insight into where the aggregated crypto market will trend in the mid-term, as it all depends on Bitcoin.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

This On-Chain Trend Suggests Bulls are About to Regain Control Over Bitcoin

  • Bulls have been struggling to gain decisive control of Bitcoin throughout the past few days and weeks
  • This has resulted in it being quite heavy, with each rally being aggressively sold into as bears aim to push it back down to $30,000
  • Despite this, the crypto has been able to hold strong within the lower-$30,000 region, and every dip below $30k has been met with massive buy-side support
  • There’s a possibility that this support is coming from institutional buyers
  • One trader is now noting that one on-chain trend does seem to indicate that upside could be imminent in the near-term
  • The balance of BTC being held on exchanges has been plummeting and is the lowest it has been since the macro bottom in December of 2018

Bitcoin has been struggling to gain momentum in either direction, but the aggressive selling into every attempted pump suggests that bears may currently have an edge over it.

The crypto’s slight weakness at the moment has not been enough to spark any prolonged downtrend, however, and many analysts remain bullish in the short and mid-term.

On-chain data supports this sentiment, as the spot reserves of BTC on exchanges have been dropping rapidly throughout the past couple of weeks.

Bitcoin Struggles to Gain Momentum as Consolidation Persists

At the time of writing, Bitcoin is trading up just over 2% at its current price of $33,850, which marks a notable decline from its recent highs of nearly $35,000 that were set overnight.

This rally may have come about due to Elon Musk’s appearance on Clubhouse last night, which led many to speculate that he would discuss Bitcoin and maybe make a big announcement surrounding it.

He did note that he believes BTC is on the cusp of gaining mainstream adoption, but he didn’t announce that he has purchased any.

This On-Chain Trend is Greatly Favoring Bulls

One analyst pointed to the balance of spot Bitcoin on exchanges as a bullish trend that seems to favor imminent upside.

He noted that global BTC spot reserves are now at the lowest since the macro bottom in December of 2018.

“Spot reserves dropped pretty hard yesterday (which is bullish). Global $BTC spot reserves are now at its lowest point since the macro bottom in December 2018.”

Bitcoin

Image Courtesy of Byzantine General. Source: BTCUSD on TradingView / CryptoQuant

Unless Bitcoin breaks below any key technical levels in the mid-term, its present consolidation phase will likely result in the crypto seeing an upwards expansion in the near-term.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News