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    France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

    France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

    Community reacts after SEC’s Gensler affirms BTC’s commodity status

    Community reacts after SEC’s Gensler affirms BTC’s commodity status

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    Educating regulators will help to mitigate risks, says Figment exec

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    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

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    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

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  • Home
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  • News
    • Bitcoin News
    • Altcoins
  • NFT’s
    APE avoids broader market weakness

    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    Economic Fail Or Key To A Creative Future?

    Economic Fail Or Key To A Creative Future?

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

  • Metaverse
    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

    The Go-To Marketplace For All Things Metaverse

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    The Web 3 LAND Sale

    The Web 3 LAND Sale

    Disney Metaverse

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    Man wearing smart glasses touching a virtual screen to access the metaverse

    How The Metaverse Can Change Mental Health For The Better

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

  • Analysis
    Ethereum

    Ethereum Turns Red, Why ETH Must Hold This Key Support

    bitcoin bollinger bands

    Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

    Bitcoin

    Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

    Ethereum

    Ethereum Bulls In Control, Why ETH Could Clear $1,300

    Bitcoin

    Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K

    bitcoin google

    Is Bitcoin Like Buying Google Early? The Shocking Comparison

    Harmony's Cross-Chain Bridge Exploited for $100M

    Harmony’s Cross-Chain Bridge Exploited for $100M

    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

  • Learn About Crypto
    Overbought vs. Oversold Signals

    Overbought vs. Oversold Signals

    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

    What Is Crypto Lending

    How to Survive a (Crypto) Bear Market

    How to Survive a (Crypto) Bear Market

    Top 6 Crypto Events for June 2022 – Coingape

    What Is A Bull Flag Pattern and How to Use It

    What Is A Bull Flag Pattern and How to Use It

    A Beginner’s Guide To Reversal Candlestick Patterns

    A Beginner’s Guide To Reversal Candlestick Patterns

  • Regulation
    France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

    France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

    Community reacts after SEC’s Gensler affirms BTC’s commodity status

    Community reacts after SEC’s Gensler affirms BTC’s commodity status

    Ripple CEO Brad Garlinghouse Says Company Will Leave US if SEC Wins Lawsuit: Report

    Ripple CEO Brad Garlinghouse Says Company Will Leave US if SEC Wins Lawsuit: Report

    Central African Republic president launches crypto initiative following Bitcoin adoption

    Central African Republic president launches crypto initiative following Bitcoin adoption

    Educating regulators will help to mitigate risks, says Figment exec

    Educating regulators will help to mitigate risks, says Figment exec

    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    Catalonia is building its own metaverse, says innovation minister

    Catalonia is building its own metaverse, says innovation minister

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

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Bitcoin [BTC]: This may be a sign of what’s coming next

April 25, 2022
in Altcoins
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Bitcoin's current demand, profit levels have cues for optimal BTC allocation
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Bitcoin has hovered around its ascending support line since mid-April after failing to secure enough buying volume to trigger a healthy bounce-back. Its performance over the last 5 days confirmed that as it finally broke through the support line for the first time this year.

Bitcoin has been trading within an ascending support and resistance range since January 2021. It has remained within that range, despite multiple breakout attempts. However, performance over the last two weeks failed to maintain the same buying vigor as it previously did every time the price interacted with the support line.

BTC’s bearish performance in the last 5 days yielded more downside which extended further below the support line. It pushed below $40,000 once again as more FUD flowed into the market.

However, heavy accumulation between $39,000 and $40,000 has so far prevented more downside. To some extent, it had resulted in an upside of 0.83% to $39,786, at the time of writing.

Source: TradingVIew

Potential for more downside?

A breakout below the support level might be interpreted as an indication of bearishness ahead. This aligns with the FUD and expectations that the market might continue with its bearish performance. In fact, some speculate that BTC’s price might dip below $20,000. Such an outcome would require a massive sell-off, especially from institutions.

Some of the biggest institutions that own Bitcoin are still holding it. Among them is EV manufacturer Tesla which recently confirmed through its Q1 2022 earnings report that it still owns BTC worth $1.26 billion and does not plan to sell soon. Grayscale also has Bitcoin in its portfolio and has plans to include other cryptocurrencies. Terra too recently announced plans to spend billions in a Bitcoin buying spree.

Bitcoin’s floor price is unlikely to go much lower if major institutions are buying. BTC’s on-chain metrics also align with what the institutions are doing. For example, BTC’s exchange balance metric shows that BTC has been flowing out of exchanges.

Meanwhile, BTC Options’ Open Interest metric has risen significantly since 17 April.

Source: Glassnode

BTC exchange balance and Options Open Interest suggest that Bitcoin might be building up bullish pressure. And, this might explode any day.

However, there is still significant possibility of some short-term downside as the market shakes off weak hands.

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  • bitcoinBitcoin(BTC)
    $20,926.00-2.32% 24H
    BITCOIN
    24H : -2.32%
    Volume : $18,021,887,874.00
    Marketcap : $398,666,116,169.00
  • ethereumEthereum(ETH)
    $1,208.55-1.64% 24H
    ETHEREUM
    24H : -1.64%
    Volume : $12,569,027,673.00
    Marketcap : $146,347,563,021.00
  • tetherTether(USDT)
    $1.0000.00% 24H
    TETHER
    24H : 0.00%
    Volume : $47,133,718,826.00
    Marketcap : $66,838,327,365.00
  • usd-coinUSD Coin(USDC)
    $1.000.120% 24H
    USD COIN
    24H : 0.120%
    Volume : $4,806,126,701.00
    Marketcap : $55,645,129,055.00
  • binancecoinBNB(BNB)
    $237.96-0.97% 24H
    BNB
    24H : -0.97%
    Volume : $869,862,833.00
    Marketcap : $38,810,722,602.00