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7 Signals the Bitcoin Bull Run Has Room to Run After $70,000 (Opinion)

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This bull run is cyclical in nature, and these seven signals suggest it is just getting started.

Just three weeks ago, on Feb. 12, Bitcoin’s price crossed the $50,000 threshold. Fundstrat Global Advisors Head of Digital Strategy Sean Farrell said, “This rally in the near term certainly has some room to run.”

He was right!

The spot rally on cryptocurrency exchanges surged to just past $70,000 on Friday, Mar. 5, before retracing to where it is currently. So, after crossing $50,000, the rally sure had some room to run.

But here are eight signs it has room to run yet after re-gaining its highest price ever for the first time in just under two-and-a-half years.

1. The Fed Rate Hasn’t Even Dropped

The Bitcoin price is soaring to new all-time highs, and the federal funds rate for borrowing U.S. dollars has not even started to drop. The last time Bitcoin’s price soared this high, the dollar supply was at high tide, and the Fed held rates down low. This time, it did it without low rates.

James Butterfill, head of research at digital asset management firm CoinShares, recently told ABC News “the price surge has coincided with a period of stubbornly high interest rates, suggesting that the jump in demand owes little to excess cash in search of a place to land.”

When this changes, most likely in 2024, Bitcoin’s deflationary shelter from the Federal Reserve becomes a huge source of demand for the cryptocurrency while it enjoys the same boost of investment that tech stocks get from the glut of cash and the cheap borrowing of a low-interest rate regime.

2. BTC’s First Ever $20K Monthly Candle

Bitcoin printed its first-ever $20,000 monthly candle in February, a promising milestone and a hint of the possible abruptness of the price swings ahead.

As a result, one lead on-chain analyst at Glassnode wrote, “Unreal… Feb 2024 printed a $19.84k #Bitcoin candle, the largest monthly USD increase in history. This added $390B to the #Bitcoin market cap… Up a remarkable 47%.”

3. Weekend Bitcoin Trading Has Dropped

According to cryptocurrency data analytics firm Kaiko Research in a late-February report, weekend crypto trading continues to drop as a percentage of weekly volume:

“However, this trend has been long-coming: the share of BTC traded on weekends has declined significantly over the past six years, dropping from 24% in 2018 to just 17% in 2023.”

That most likely indicates greater acceptance and use of cryptocurrencies by institutions that operate during business hours, Mondays through Fridays.

The trend has also continued in 2024:

“So far in 2024, just 13% of all BTC transactions between January 1 and February 20 were executed over the weekend. Breaking this down by region, weekend trading has declined on both offshore and U.S.-available exchanges.”

The drop from 17% to 13% shows the massive effect of spot Bitcoin exchange-traded funds (ETFs) on the market.

4. The Rally Overheated Coinbase (Sorry)

You know the Bitcoin price rally is going to be abrupt when the halving hasn’t happened yet, and volume melts Coinbase. The San Francisco-based cryptocurrency exchange went down at the end of February as crypto markets heated up.

The exchange experienced an outage after it was unable to handle the volume of requests. As a result, a technical glitch also told account holders they had zero balances on their accounts.

CEO Brian Armstrong posted,

“Apps are now recovering. We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks.”

The outage occurred soon after Bitcoin prices topped $60,000 at the exchange, the highest mark the crypto had notched since 2021. After news of the Coinbase outage began to spread on social media that Wednesday afternoon, Bitcoin lost around $2,800 of its value.

5. A Whale Pulled $1B Off Coinbase

Sorry, it’s not for sale. Not from this whale. Someone pulled $1 billion worth of Bitcoins off of Coinbase. Early on Mar. 1, a whale withdrew $1 billion worth of 16,000 BTC from Coinbase, according to Santiment.

That’s terrifically bullish for Bitcoin prices. Even as the cryptocurrency approached its previous all-time high number, this whale is not interested in selling. Furthermore, they are not alone.

In February, whales moved another more than one billion dollars worth of Bitcoin off Coinbase. They could sell for a profit now, but they seem to think the price has somewhere higher to run next.

Overall, Bitcoin on exchanges has been declining to a six-year low, a trend that shows no signs of stopping after the billion-dollar whopper of a withdrawal.

That shows high conviction, long time horizons, and massive global support for the Bitcoin price moving forward.

6. Bitcoin ETFs Now Own 4% of BTC

According to data from BitMEX, spot Bitcoin ETFs held 776,464 BTC as the month of March opened. That’s a whopping 4% of all the Bitcoin there is, and the Wall Street-regulated ETF market just took a bite that size out of the on-chain spot supply of literal Bitcoin in under two months.

It’s not exactly Arthur Hayes’ nightmare scenario in which the ETFs “could destroy” Bitcoin, but it is a serious bite out of it in under two months, enough to portend a violent supply and demand shock providing massive support to skyrocket prices higher.

Grayscale Investments research head Zach Pandl said,

“There is simply not enough bitcoin to accommodate all the new demand, and so natural supply/demand dynamics are driving prices higher.”

7. Congress Floats Letting Banks Custody BTC

ETFs are going to battle for Bitcoin with retail investors. Moreover, banks may soon join the competition for Bitcoin and drive scarcity and prices to new levels.

In the House Financial Services Committee, Rep. Mike Flood (R-NE) recently advanced a resolution that “will ensure consumers are protected by removing roadblocks that prevent highly regulated banks from acting as custodians of digital assets.”

First, ETF issuers and now regulated major banks will soon be able to custody Bitcoin, contributing to the global scarcity of the 21 million BTC ever issued. And the supply and demand shock continues.

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Cryptocurrency

Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Cryptocurrency

Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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