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Bitcoin rose to highs above $26,800 on Thursday, before profit taking pushed kicked in to see it trade lower. An analyst says price below the 200-week MA represents buying opportunity. Meanwhile, address activity remains high, with 1.1 million BTC send or received daily. Bitcoin spiked above$26,800 overnight Thursday as bulls bounced to hit its highest level since the decline to below $25k on Monday.  Traders eye profits after BTC bounce  With Friday looking likely to see a fourth consecutive green candle, the push to above $26,849 illustrated bulls’ resilience in a historically tough September. However, the rise in profit ratio over the past three days has also seen BTC face a spike in profit taking deals. On-chain data shared via a chart by market intelligence platform Santiment shows that traders took advantage of the upside bounce to pinch small profits. Per the data, Thursday saw the highest ratio of profit vs. loss taking in two mon...

Deribit, the world’s foremost crypto options exchange by open interest, will settle $1.9 billion worth of Bitcoin (BTC) options contracts set to expire today. Indeed, Coindesk reported the 72,000 BTC August options contract, as well as the exchange’s 535,000 ETH options contract worth another $893 million, are set to expire today.  Both Bitcoin and Ether (ETH) saw only moderate gains earlier this week in anticipation of the option expiration. However, the report notes that both were likely to make way for “maximum pain” for August expiry option contract buyers as the expiration approached.  JUST IN: $1,900,000,000 worth of #Bitcoin options expire today. — Watcher.Guru (@WatcherGuru) August 25, 2023 Also Read: Bitcoin Remains a ‘Stoe of Value’ During Inflation Concerns Deribit to Settle $1.9 Billion in Bitcoin Options The digital asset industry has had a rather inconsistent few days. Moreover, Bitcoin has seen a dip belo...

Over the past few days, the king coin experienced a substantial decline from a peak of $29,650 to a low of $25,696. Now, Bitcoin’s daily Relative Strength Index [RSI] has descended into an oversold region. It is notable because the last time Bitcoin reached this level was during the COVID-19 pandemic in March 2020. Source The crypto currency community has taken notice of the recent decline in Bitcoin’s daily RSI below the threshold of 20. RSI is a commonly employed indicator. It gauges the velocity and alterations in price shifts. Its scale spans from 0 to 100, where readings surpassing 70 often signal an overbought situation, while readings beneath 30 indicate an oversold state. Throughout history, instances of extreme oversold conditions have frequently come before substantial price recoveries. This has further sparked conversations about the potential for a bullish turnaround in the upcoming weeks. ‘Fear’ haunts the Bitcoin market It looks like al...

Bitcoin Price Calm Before A Storm? Bitcoin price has been stuck in a range channel since mid-June. Support on the lower range is now reinforced by the 200-day Exponential Moving Average (EMA) (in purple) at $29,839 while the stubborn resistance sits at $31,400. advertisement The Moving Average Convergence Divergence (MACD) indicator, moving horizontally below the mean line (0.00) implies that Bitcoin price lacks momentum to move either up or down. In other words, bearish and bullish forces are relatively equal and canceling out, leaving Bitcoin in a quagmire situation. BTC/USD daily chart | Tradingview While other indicators like the Money Flow Index (MFI) appear to be leaning on the bullish side of things, the shrinking volatility makes it difficult to sustain an uptrend. Bulls are slowly losing grip considering Bitcoin price has been entwined with the range channel’s support since Monday. They must hold onto the 200-day EMA supp...

The consensus among officials during the meeting leaned towards maintaining the current interest rates, though a few suggested a slight increment of 25 basis points. In the foreseeable future, particularly in 2023, the vast majority of the committee anticipates further escalations in rate hikes. advertisement The largest cryptocurrency is down 1.1% to $30,500 on Thursday, while the second-largest crypto, Ethereum, has, in the last 24 hours, lost 1.4% to trade at $1,913. This pressure is not unique to BTC and ETH, considering a 1.2% dip in the total crypto market cap to $1.23 trillion. Despite the slight drop, Bitcoin price is comfortably perching above the immediate support at $30,500, with much stronger support expected at $30,000. BTC exploded, reclaiming resistance at $31,000 in June, bolstered by multiple filings by companies wishing to offer a spot Bitcoin ETF. Bitcoin Price Extends Breather as FOMC Dust Settles Investors are likely to spend the next few...

As reported in the previous Analysis , Bitcoin price only needs to uphold the position above $30,000 this week to allow for more buyers to join the bandwagon, thus creating enough momentum to settle scores with the seller congestion in the region between $31,000 and $32,000. advertisement Bitcoin price has, in the last 24 hours, gained only 0.6% while boasting a 13% uptick over the last week. With the BTC dominance continuing to grow such that it stands at $590 billion, up from $303 billion just after the FTX-triggered crash in November, the market outlook will probably stay substantially bullish in the short term. Bitcoin Price Could Experience Turbulence Before Lifting to $38,000 Despite the calmness currently experienced in the crypto market, in a recent commentary shared with CoinDesk, Deribit’s Chief Risk Officer, Shaun Fernando, shed light on the ‘max pain’ threshold for Bitcoin. This is a critical market juncture that could inflict the g...