Preview Of The Peak: November Rains Red For Bitcoin Holders
Bitcoin price is struggling to maintain support at $60,000, having fallen more than 15% from the local record set earlier this month. But could the November rain storm that has resulted in a short-term bloodbath in crypto, be merely the final shakeout before the cycle peak is in? And could past cycles provide a preview of what this sort of scenario looks like? Let’s take a closer look. November Selloff Puts Four-Year Cycle Theory At Risk History is often said to repeat. Markets are also highly cyclical in their behavior. Within each cycle there are also matching harmonics that appear....
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With a 31.6% profit in the weekly chart, Bitcoin has been retaking his mantle as the king of the crypto market during the past days. The first cryptocurrency by market cap has been moving to the upside with a strong conviction and seem poised to retake its previous highs. Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout At the time of writing, Bitcoin trades at $54,659 with a 1% profit in the daily chart. During this period, BTC’s price was rejected as it entered the mid-area around its current levels. In support of the bulls, Glassnode records an....
A recent Glassnode report says some long-term holders (LTHs) of bitcoin offloaded part of their holdings and cashed out their profits during a bull-run. Still, the report explains that the sell-off, which has been noticeable since late November, is not necessarily a sign of an approaching bear market. Instead, as the data shows, BTC is poised for another rally. Since Nov. 26, when the price of BTC dropped by more than 17% in 24 hours, the digital asset has recovered and currently trades above $19,000. Some analysts believe that it is only a matter of time before the leading crypto....
Data reveals that mostly mid-to-long term holders were selling their Bitcoin during November, thus being responsible for the correction. Bitcoin UTXO Age Shows Mid-Term Holders Sold Their Coins In November As per the latest weekly report from Arcane Research, mid-term holders seem to be behind the decline in BTC’s price during the month of November. The relevant on-chain indicator here is the “UTXO Age.” UTXO stands for Unspent Transaction Output; you can think of it as a Bitcoin mechanic that keeps track of coins on the chain. The UTXO age metric measures how long it has....
Chart of 2-year trading volumes. Source: Bitcoinity.org. Bitcoin exchange trading volumes have hit an all-time high even as the digital currency's price closes in on a 52-week peak. According to Bitcoinity, the busiest day for exchanges to date was recorded on 26th November, when some 2.86 million worth of bitcoin was traded across all exchanges indexed by the data provider. Trading volumes have been setting records in recent weeks, with the previous peak occurring just four weeks ago, on 30th October, when 2.49 million bitcoins were traded. As trading volumes have risen, so has the price.....