Bitcoin sellers in 'disbelief' or BTC price wouldn't still be at $41K — Analyst

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Cointelegraph 01 August, 2021 - 04:29am 77 views

A small number of old hands choose to cover all their bases as BTC/USD clinches a July close above $41,000.

In a tweet on Aug. 1, investor and entrepreneur Alistair Milne joined many celebrating a classic return to form for BTC price action.

After seeing three straight monthly red candles in a row, BTC/USD held onto late gains to post a monthly close that few had anticipated.

Despite the dip to $29,000, bears failed to stay in the driving seat as July drew to a close as resistance levels fell and sentiment improved. 

"Bullish engulfing on the monthly chart for Bitcoin," Milne summarized. 

A bullish engulfing pattern is a chart pattern that forms when a small red candle is followed by a large green candle, i.e. July, the body of which completely covers or engulfs the body of the previous candle (June).

The move up — and its staying power — have been so surprising that even seasoned hodlers appear confused about what to do next.

On-chain data shows that some long-term holders (LTHs) are in fact selling as BTC/USD rises, something that analyst Lex Moskovski believes corresponds to the "disbelief" stage of a classic market cycle.

Moskovski highlighted the long-term holder spent output profit ratio indicator (LTH-SOPR), which this weekend hit its lowest levels in 2021.

SOPR looks at the value of coins moved in a particular time period to get an impression of profitability of coins being sold. A downtrend towards the neutral 1 value, host Glassnode explains, suggests that profitability among the coins in question is low.

"Some long-term bitcoin holders are selling into this bounce with minimal profit as indicated by LTH-SOPR hitting this year's low for two days straight," Moskovski commented.

Bulls meanwhile continue to look for triggers that could send BTC/USD past $42,000 resistance for good, this having seen two tests in the past 24 hours.

Beyond there, as Cointelegraph noted, little lies in the way until $45,000 and $47,000.

Equally enthusiastic for upside on Saturday was PlanB, the creator of the stock-to-flow price model family, who described Bitcoin's July close as being a recovery "like clockwork."

Stock-to-flow, while currently demanding a Bitcoin price of nearly $100,000, remains valid, with PlanB giving a minimum August close requirement of $47,000.

Read full article at Cointelegraph

Ethereum London Upgrade Expected To Lower Transaction Fees, Fight Inflation With Coin Burn | Benzinga

Benzinga 01 August, 2021 - 07:03am

Ethereum (CRYPTO: ETH) — the world's second-biggest cryptocurrency and father to the first decentralized finance (DeFi) and non-fungible token ecosystem — will soon start burning coins.

What Happened: Ethereum's London upgradeexpected to take place on Aug 5, will include the Ethereum Improvement Proposal (EIP) 1559, which will cause a big chunk of the Ether paid for transaction fees to be burned, in other words, destroyed forever.

This EIP also introduces variable block sizes, which will result in the network becoming more efficient in processing transactions.

Why It Matters: EIP-1559 will decrease the profits made by Ethereum miners who previously received those funds, but it is expected to make Ether more scarce and consequently cause its price to soar over time.

Co-Founder of investment firm Multicoin Capital Kyle Samani recently told Bloomberg that "the London upgrade is one of the most interesting and important upgrades in the history of Ethereum," suggesting that it will cause prices to skyrocket.

A mechanism countering inflation is far from the only improvement brought by EIP-1559. This upgrade's variable block size — which can go up to double the current block size — will better accommodate sudden traffic surges and allow transactions to be more reliable thanks to the new fee pricing mechanism.

With the new fee system, the blockchain establishes a variable base fee for each block that will guarantee the transaction to be processed.

Currently, making an Ethereum transaction includes a, usually automated, guessing game concerning how high the fee needs to be for the transaction to be processed.

Sometimes transactions end up stuck, and users are forced to bump up the original fee after the original estimate ended up not being enough.

What Else: Still, EIP-1559 is far from a panacea to this user experience nightmare. Other than the base fee — which is the part that ends up burned — users are also able to send an additional miner "tip."

It is expected that only transactions including such tips will be processed at times of intense network strain.

Core Ethereum Developers Coordinator Tim Beiko said that base fees now account for somewhere between 25% to 75% of the gas fees paid to miners.

And that is no laughing matter, considering that according to YCharts, yesterday's Ethereum fees amounted to 3,010 ETH — or over $7 million.

He also explained that after Ethereum transitions to Proof-of-Stake (PoS) — probably in the first quarter of next year — Ether's inflation, currently standing at about 4%) will decrease further.

Price Action: Ethereum was trading at $2,582, up 4.87% over the past 24-hours.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Ethereum Technical Analysis: Market is highly volatile

DailyFX 31 July, 2021 - 11:42pm

ETH (Ethereum) is the decentralized blockchain network that hosts Ether. Ether is the cryptocurrency that acts as a ledger for other decentralized apps available on the network. Since it launched in 2015, Etherhurriedly started competing with Bitcoin as one of the most valuable cryptocurrencies in the crypto market. This piece would talk about the technical analysis of Ethereum, itspresence technically, and forecasts on how it could be in the nearest future. You could learn how to trade Ethereum more consistently from articles like these.

On the 19th of July 2021, Ethereum fell by 3.86%. This followed a 0.44% loss on the 18th of July 2021. It ended on the 20th of July 2021 at $1,818.44 per coin.

Starting on the 21st of July 2021 with a rise of $1,918.65. Things were going smoothly before it hit reverse and started reducing.

It fell short of the significant resistance level at $1,964. Ethereum went down to a low in the afternoon at around $1,805.47.

Ethereum fell through one of the first significant support levels at $1,849. Then it ended the day at some sub levels with$1,820 as its price. The severe second support level was at $1,805, which reduced the downside level on that day.

During the period when this piece was written, Ethereum was utterly flat at $1,818.48. In the early morning, Ethereum was high at around $1,822.62 before it fell to a low of $1,813.42.

Ethereum left the resistance and significant support levels not tested at the beginning of the day.

Ethereum needs to move through its $1,848 turning point to reach the first profound resistance level with $1,900 into play.

Ethereum would need a lot of support from the broader market to move back to the high levels of $1,900.

An extended crypto rally was barred. One of the first primary resistance levels would most likely cap through any upsides.

Ethereum could be at tough resistance at around $2,000 before any pullback becomes necessary in any event of broad-based crypto rallies. The following primary resistance level remains at $1,961.

If Ethereum refuses to move through the $1,848 pivot, that will bring one of the first significant support levels to $1,776.

If another extended sell-off gets barred, Ethereum could steer clear of around sub-$1,700 levels. The next level of support at $1,734 and the sixty-two percent rate of FIB of $1,725 would limit the level of downside.

The price of Ethereum has hit support which remains intimidating between the sixty-one point eight percent Fibonacci retracement level from the 26th of June low.

(IOMAP) Out of the Money Around Price/ Getting into the Block metric shows outstanding latent support and minor amounts of resistance against rebounds.

The price of Ethereum had touched the sixty-one point eight percent of the rally's retracement level before it caught a soft bounce.

The test from the formidable support aligned around the $1,700, which combined with an overbought condition on shallow time frames which projects bounce for ETH that might extend past the $2,000 or get to a higher amount.

The price of Ethereum endures as support potentially keeps altcoin far from the abyss.

Since the dip from May, the price of Ethereum got sketched out in a triangle that was descending with a short horizontal line.

These were coordinated by the 23rd of May low at around $1,728, then the 22nd of June low of $1,700, the 26thof June low was around $1,717, and finally, it hit the 61.8% Fibonacci retracement level from the 2020-2021 advance from $1,730. Merging all of this creates a high imposed level of support which would be difficult to overcome.

This leaves Ethereum struggling to balance on the edge of a higher level of decline.

If Ethereum keeps getting support, the price of Ethereum is projected to rally to a rangeof serious resistance, which is framed bya highlevel of regulations.

From the February high of around $2,041, then the 2020 high growing trend line of $2,070, and then there was the SMA(simple moving average) at around $2,077. These rebounds were specifically crucial in gaining a yield of eighteen percentfrom the current price rebound.

The selling price of Ethereum reaches an extreme potential for one to squeeze way higher.

During declines notably, cryptocurrencies usually strike-through oversold readings first on lower timeframes. Each of these offered the change and the potential for thrust, which were short-termed. They could be the beginning of the higher part of a brand new substantial rally.

When all of these oversold readings hit strategic levels or support levels, the entire event carried a higher level of significance in evaluating the structure of the price of Ethereum.

Through the night, the price of Ethereum struck an oversold reading as the four-hour RSI was checked.

Ethereum tested the level of support atthe intervals of $1,700 and $1,730. The level of rebound was gentle, settled, and gradual.

It suggested that the coincidence level of the oversold reading and the crucial support test created an opportunity that came right in time for people to purchase high amounts of Ethereum.

The thing with cryptocurrencies like Ethereum is that, at a point in the future, probably around this time in August or September, the value of Ethereum could rise to a very high amount.

Looking at the crucial support ETH has been getting, the chance of ETH getting a balance of the edge of slipping down is very high, and soon it could pass the present growing trend of $2,070.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Bitcoin has kicked off the August month on the right footing, looking to extend the previous week’s 15% gains amid favorable fundamental and technical catalysts. Looking at the daily chart, the BTC price is gathering pace to initiate a fresh upswing towards the horizontal 200-Daily Moving Average (DMA) at $44,750.

Dogecoin price is jumping this Sunday, displaying a solid start to August, as a fresh buying wave grips the crypto market. DOGE price confirms a triangle breakout on the 4H chart. The bulls target $0.30 amid the renewed upside momentum.

Amid an upbeat momentum seen across the crypto board, Shiba Inu is looking to extend Saturday’s upswing from near the $0.00000590 support area. The focus remains on Sunday’s close to confirming a falling wedge breakout on the 1D chart.

XRP price pauses its recent uptrend, consolidating in a familiar range for the fourth day in a row, as the digital asset bides time to resume the next leg higher. Only a daily closing above the 200-DMA could open gates for a rally towards $1.00. 

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

California TikTok star, 19, dies after 'Purge' theater shooting

NewsBTC 31 July, 2021 - 04:35pm

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A California father confronted the man accused of fatally shooting his daughter in a movie theater.

Anthony Barajas, a 19-year-old TikTok star who was shot during a screening of "The Forever Purge" at a Southern California movie theater on Monday, died on Saturday morning, police announced. 

Rylee Goodrich, an 18-year-old who was at the movie with Barajas, was also shot and pronounced dead at the scene. 

The Corona Police Department said it is working with the district attorney to add an additional count of first-degree murder against 20-year-old Joseph Jimenez, who was arrested on Tuesday evening and charged with murder and attempted murder on Friday. 

Barajas, who went by @itsanthonymichael on social media, had nearly one million followers on TikTok. 

Corona police Cpl. Tobias Kouroubacalis said that only six tickets were bought for the movie on Monday night and they believe Jimenez acted alone in the shooting. 

"It was completely unprovoked, and the victims were shot without any kind of prior contact," Kouroubacalis said Wednesday. 

Dave Goodrich, Rylee Goodrich's father, confronted Jiminez during a court appearance on Friday. 

"Look at me. Look at me!" Goodrich yelled at Jiminez as several people held him back, according to FOX 11. "That was my daughter."

Theater workers found the wounded teens after the 9:35 p.m. showing of "The Forever Purge," which is the fifth installment in the series that depicts a dystopian future of America where all crime is legalized for 24 hours annually. 

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Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours – Markets and Prices Bitcoin News

Bitcoin News 31 July, 2021 - 08:15am

by Jamie Redman

The price of bitcoin (BTC) and a number of other digital assets have climbed higher in value during the last few days. Five days ago, a massive short squeeze propelled the price of bitcoin higher as it jumped just below the $40K handle from a low of $34,500 per unit.

Similarly, there was also a large derivatives expiry on Friday ending the month of July and at around 8:00 p.m. (EDT) a swathe of short positions were liquidated. During the course of the last day, $284.7 million worth of positions were liquidated according to bybt.com’s Liquidation Data.

After 8:00 p.m., the price of bitcoin (BTC) quickly spiked to $42,411 per unit and has remained above the $41K handle since then. BTC is up over 7% today and over 20% during the last seven days. Out of the entire $1.64 trillion, bitcoin’s (BTC) market cap captures 47.66% of the aggregate with $781 billion.

BTC has around $33 billion in global trade volume on Saturday with tether (USDT) commanding 59% of all trades. This is followed by USD (12.29%), BUSD (5.85%), JPY (4.34%), and EUR (3.41%). At the time of writing, BTC is exchanging hands for $41,522 per unit.

The second-largest crypto asset, in terms of market cap, is ethereum (ETH) up over 5% during the last day. ETH has gained 12% during the last seven days and at press time ETH is swapping for $2,455 per unit.

The biggest gainers during the last seven days include the coins easyfi (EASY) up a whopping 2,854%, flexacoin (FXC) up 706%, and omix (OMX) up 500% this week. The biggest weekly losers include beetle coin (BEET) down 83%, chip (CHIP) down 54%, iov blockchain (IOV) down 51%.

The biggest 24-hour gainer among the top ten largest crypto assets, in terms of market valuation, is polkadot (DOT) which is up 12% today and 20% during the last week. Out of the $1.64 trillion worth of crypto assets, the reported trade volume on Saturday is $84 billion. Tether (USDT) reportedly commands $57 billion or 47.36% of today’s global trade volume among all the crypto assets recorded.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

FXStreet 29 July, 2021 - 06:00pm

BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand.

BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down.

Over the years, this dominance has decreased as more and more investors put money in altcoins. One reason for this being a lot of investors feel they have missed the boat with bitcoin and thus are trying to get in early enough on altcoins. Others revolve around the new technological advancements being made by altcoin projects. Hence, investors are putting money into projects that they believe in.

BTC dominance has continually declined over the past couple of months. Currently sitting at 48.97% dominance, bitcoin now has less than half of the entire market dominance. This trend shows that demand for altcoins is on the rise. So, BTC dominance will continue to see declining numbers.

As the dominance declines, the value of altcoins will continue to go up. Market trends indicate that BTC dominance is poised to drop following the latest recovery.

Alts gaining more dominance does not negate the value of bitcoin. Currently, there are over 5,000 coins in the market all vying for market share. And some of these projects come with some very innovative ideas and tech. Thus, it is expected that as time passes, some of these projects will become popular. Therefore gaining more market share as more investors come into the market.

The declining BTS dominance just means that bitcoin is not the only digital asset investors are rushing to get into. Despite decreasing dominance, bitcoin still remains the number 1 coin in the market. Being the first cryptocurrency and the reason why cryptocurrencies are currently so popular.

But as alts rally in what is usually known as “alts season,” bitcoin will continue to see declining dominance. This will translate to the price of altcoins rallying massively as interest in them grows.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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