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Bitcoin Surges to $35,200: Crypto Market Optimism"Bitcoin's price has surged, reaching a 17-month high of over $35,200. This rapid increase of nearly $5,000 in just one day has pushed the total cryptocurrency market value beyond $1.24 trillion. As predictions about a Bitcoin ETF continue to rise, trading volume is nearing the $100 billion mark. Despite the upward trend, warnings about potential risks associated with late buy orders being erased by market makers have been issued. Analysts suggest that this market growth indicates a continued upward trajectory led by Bitcoin. Meanwhile, Steem, a potential alternative cryptocurrency, demonstrated significant potential with a 25% increase, outperforming Bitcoin's 12% rise. Investors are strongly advised to consider investing in Steem. Analyst James Stanley emphasizes the inverse correlation between DXY and BTC, predicting that upcoming Personal Consumption Expenditures (PCE) data on October 26, 2023, could significantly impact BTC prices.
BITSTAMP:BTCUSD
by Gwen_Humuna
Bitcoin Soars: iShares BTC Trust Listing Sparks RallyBitcoin (BTC) price is surging, gaining momentum after breaking through key weekly resistance. This increase has witnessed the leading cryptocurrency breaching crucial resistance barriers to set its sights on a high price target of $35,000. Bitcoin's price is on the verge of testing the $35,000 mark. BTC recorded a 17% increase in 24 hours, reaching a daily high of $34,741 on October 23rd. This surge was followed by a rapid decrease to the current price of $32,914, with further upward potential indicated as the Relative Strength Index (RSI) continues to show an upward trend. Increasing buying pressure could extend BTC's high momentum, aiming for the psychological level of $35,000.
BITSTAMP:BTCUSD
by Gwen_Humuna
Bitcoin's Comeback: Catalysts AwaitThe impact of the Federal Reserve's decisions on maintaining or reducing interest rates significantly influences the pricing of Gold and Bitcoin. While low-interest rates are generally favorable for Gold as they reduce the opportunity cost of holding the precious metal, Bitcoin's price reactions depend on various factors. If the Fed's monetary policy responds proactively to economic concerns or recessions, it could drive Bitcoin prices higher. However, there are factors beyond interest rates to consider. A potential rebound is anticipated due to the Bitcoin halving event scheduled for April 2024. Additionally, the approval potential of a Bitcoin ETF just before the SEC's initial deadline on January 10 could act as a catalyst for Bitcoin. Recent reports of approved ETFs quickly boosting BTC by 10% support this notion. This means that if the Fed chooses to maintain high-interest rates, it might exert downward pressure on Gold prices over time. However, Bitcoin could still sustain its upward trajectory based on other catalysts. According to Forbes' report, markets and policymakers anticipate that interest rates may only decrease by late 2024. Geopolitical situations and policies also influence the price fluctuations of both assets, making their relationship increasingly intricate. Nonetheless, based on predictions surrounding the Fed's policy decisions and catalysts like ETF approvals and the potential halving-induced price surge, Bitcoin might gradually begin to outperform Gold in the coming year.
BITSTAMP:BTCUSD
by Gwen_Humuna
1
Bitcoin/Gold Ratio Drops by Over Half from 2021 to 2023"The Bitcoin/Gold ratio continues to decline. This ratio, indicating how much gold is needed to buy one Bitcoin, has experienced a significant drop over the past two years. In November 2021, the ratio stood at 35, but by 2023, it had decreased to 15. According to Longtermtrends' calculations, in January 2022, this ratio narrowed from 24 to 9 by the end of the year during the cryptocurrency market downturn. In 2023, the ratio fluctuated between 10 and 15, showing that fewer ounces of gold are now required to purchase Bitcoin, indicating gold's superior performance compared to Bitcoin. Bitcoin awaits a resurgence driven by external catalysts. The impact of the Federal Reserve's decision to maintain or reduce interest rates will affect the pricing of both Gold and Bitcoin. While low-interest rates are often seen as positive for Gold, as they reduce the opportunity cost of holding the yellow metal, Bitcoin's price reaction depends on multiple factors. If the Fed's monetary policy reflects pre-emptive responses to economic concerns or economic downturns, it could push Bitcoin prices higher. However, there are factors beyond interest rates to consider. A potential recovery is looming with the Bitcoin halving event scheduled for April 2024. Additionally, the approval possibility of a Bitcoin ETF just before the SEC's first deadline on January 10 could serve as a catalyst for Bitcoin. This was hinted at by recent reports of ETF approvals that swiftly propelled BTC up by 10%. This means that if the Fed decides to maintain high-interest rates, it may exert downward pressure on Gold prices over time, but Bitcoin could still maintain its upward momentum based on other catalysts. Based on Forbes' report, markets and policymakers expect interest rates to only decrease by late 2024. Geopolitics and policies also influence the price movements of both assets, making the relationship more complex. However, based on predictions surrounding the Fed's policy decisions and catalysts such as ETF approvals and the potential halving-induced price surge, Bitcoin might gradually start to outperform Gold in the coming year.
BITSTAMP:BTCUSD
by Gwen_Humuna
1
"Bitcoin Seeks SEC Decision Support"Bitcoin, trading at $28,538 at the time of writing, grabbed headlines on Monday due to a spike caused by fake reports. The cryptocurrency surged over 10% before dropping to $28,500, triggering a $86 million short-selling liquidation. Despite the truth emerging, the ETF saga continues. The Securities and Exchange Commission (SEC) is set to announce its decision regarding Fidelity, VanEck, and WisdomTree's spot ETF registrations on October 17 (today). According to Bloomberg ETF analyst Eric Balchunas, approval might be delayed until January 2024. Even in correction, Bitcoin may dip to $27,418, maintaining its leading position in the uptrend. However, losing this support, along with the 50, 100, and 200-day Exponential Moving Averages (EMAs), could invalidate the bullish case, pushing the cryptocurrency below $27,000 and towards $26,483. Stay tuned for updates on Bitcoin's evolving situation.
BITSTAMP:BTCUSD
by Gwen_Humuna
1
Bitcoin's Wild Ride Amid ETF RumorsBitcoin's price surged by 10% in the early hours of New York trading after news broke that the U.S. SEC had approved the iShares Spot BTC ETF. However, this uptick was short-lived due to the confirmation that the news was false. Long-time traders who had opened short positions faced significant losses, with nearly $80 million in short positions liquidated, alongside about $18 million in long positions. This reaction could signal a potential market crash if the U.S. SEC indeed approves the immediate BTC ETF, an outcome it's currently considering. The false rumors pushed Bitcoin's price down to the $28,000 range, with the Relative Strength Index (RSI) holding above 50. The unusually long daily candlestick resulting from these mistaken speculations resembles a true 'exhaustion candle' and might indicate an upcoming reversal in the short-term uptrend, hinting at vulnerabilities ahead. Bitcoin's price could lose its entire foundation by October 16, potentially dropping below the psychological support level at $26,000. Breaking below this trendline would confirm even deeper losses. Only a daily candle closing above the resistance level at $29,747 could confirm the uptrend, paving the way for an extension towards the psychological level of $30,000. In a strong bullish scenario, Bitcoin might surpass July's peak, reaching the upper range of $31,804. Such a move would represent a 15% increase from the current level. Stay tuned for more updates as Bitcoin navigates these volatile market conditions.
BITSTAMP:BTCUSD
by Gwen_Humuna
BTC Bottom & New ATH..... when ?!!! Hello Guys There are some notes of BTC weekly Chart: 1. We have a new ATH every 4 years ( 1428-1477 ) days.. 2. After the ATH we take about ( 52-59 ) weeks to make a new bottom then we go up a little ... 3. Every time we reach a new ATH we drop down in a same angle (-55) before the new bull run starting .... look at my chart ( Red angles and curves ): ****** We dropped from ATH 2013 to Bottom 2015 by an angle ( -55 ) . ****** We dropped from ATH 2017 to Bottom 2018 by an angle ( -55 ) . ****** Same (24 July 2019) we dropped from local top to the local bottom by Angle ( -56 ) . ****** Will we drop from ATH 2021 to Bottom (2022 - 2023) by the same angle ( -55 or -56 )?? 4. In my opinion , I expect we will reach the final bottom between ( 26 December 2022 : 6 march 2023 ). 5. I don't care what will be the price of BTC then , but I care only for when will be the possible bottom !!. But if we can try to expect the price it will be in a range of ( 11900 : 9000$) ... Note:( 10K - 10500$) is very very strong demand area for BTC . ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Finally , I think the new ATH will not be before Nov 2025 ( 150k $ ). It is not a financial advice , I am only share my thoughts with u :) Thank u and good luck.
BITSTAMP:BTCUSD
by KarimMohsen
8
BTCUSD 4June2023BTC medium term looks bullish. currently it could still be in the wave 2 period. although last week BTC managed to get out of the sideway area, but the range for prices to make corrections is still very wide. looking at the fibo retracement area, there is a SnD area right at the 0.236 level (the price has dropped 76% from the last bullish swing) in my opinion this area is quite dominant, although in the medium term BTC looks bullish but it is likely that wave 2 is still not complete and it could be that the price is heading towards the SnD area.
BITSTAMP:BTCUSD
by Hokusai_FX
2