Bitcoin

Bitcoin ‘sodlers’ dump $4B in two days as BTC sales hit 18-month high

BTC price weakness clearly makes speculators nervous as single-day selling pressure hits its highest since after the Terra collapse.

Bitcoin (BTC) speculators panic sold as the BTC price corrected toward $40,000, the latest on-chain data suggests.

Figures from on-chain analytics firm Glassnode show short-term holders (STHs) offloading more than $2 billion in BTC on Dec. 12 alone.

Bitcoin saw its biggest single-day drop of 2023 this week — one which at one point totaled 8.1%, data from Cointelegraph Markets Pro and TradingView confirms.

‘Take some rest and GO’ — Bitcoin price copies 2020 bull run fractal

Bitcoin is nowhere near done with its bull market, should a chart fractal from several years ago continue to play out.

Bitcoin (BTC) should not worry traders after the biggest one-day drop of 2023 if one chart fractal plays out.

In a post on X (Twitter) on Dec. 12, popular trader Alan Tardigrade revealed uncanny similarities between Bitcoin now and four years ago.

Bitcoin may be struggling to clear key long-term resistance, but one comparison suggests that it is “business as usual” for BTC price action.

Buy the dip, sell the rip? BTC price levels to watch as Bitcoin taps $42K

Bitcoin preserves $40,000 as support and bounces higher as traders eye the impact of “institutional sized” moves on BTC price.

Bitcoin (BTC) faces an uphill struggle to reignite its uptrend after its biggest one-day losses of 2023.

The largest cryptocurrency continues to claw back lost ground after falling to lows of $40,200 after the Dec. 10 weekly close, the latest data from Cointelegraph Markets Pro and TradingView shows.

With BTC price action taking a break from relentless gains — one which many argue was overdue — new key support and resistance levels are coming into play.

Bitcoin price sell-off continues, but data highlights need for healthy correction

Bitcoin price opened the week with a sharp sell-off, but on-chain and technical data points to a much-needed cooling-off period.

Bitcoin price is down 5% over the last 24 hours to trade at $41,645 on Dec. 11. Despite the sharp price correction, technical indicators and on-chain data show that Bitcoin (BTC) still displays strength as bulls strive to push the price back above $44,000.

Bitcoin dropped as much as 7.2%, falling to $40,300 on Coinbase, triggering a conversation among analysts. Julio Moreno, head of research at on-chain analytics firm CryptoQuant, said that the flagship cryptocurrency’s price was “overheating after the recent rally above” the $40,000 psychological level.

More data from on-chain data analysis firm Lookintobitcoin highlighted exhaustion among bulls. According to its December 2023 report, Bitcoin’s price has reached its golden ratio multiplier near-term target, highlighted by the Crosby Ratio, which shows Bitcoin’s near-term price at “over-extended levels,” resulting in the need to correct, or at least slow down.

Price analysis 12/11: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX

Bitcoin’s sharp correction surprised investors, but is it a sign that further downside is in store?

Bitcoin (BTC) closed last week with gains of 9.55%, but started the new week on a weak note, falling near $40,500. The sharp correction in Bitcoin also caused liquidations in several altcoins. According to CoinGlass data, cross-crypto long liquidations for Dec. 11 were more than $300 million.

The sharp fall does not change the trend in Bitcoin and altcoins, as corrections are a part and parcel of any uptrend. Generally, vertical rallies are followed by sharp pullbacks, which shake out the weaker hands and allow long-term investors to buy more at lower levels.

The corrections are unlikely to stretch longer due to several bullish catalysts in 2024. Analysts expect one or more Bitcoin exchange-traded funds to receive regulatory approval in January, which could be a game changer. That will be followed by Bitcoin halving in April, and finally, expectations of a rate cut by the United States Federal Reserve could boost risky assets. Goldman Sachs anticipates the Fed to start cutting rates in the third quarter of 2024.

Why is the crypto market down today?

The crypto market is down today as the impact of large liquidations temporarily shakes the bulls’ confidence.

The crypto market is down today after a sharp correction hit Bitcoin (BTC), Ether (ETH) and altcoin over the weekend.. Bitcoin price dropped by 6.5%, losing nearly a week of gains in 20 minutes on Dec. 10.

Opening the week, crypto market price action remains tilted to the downside as investors and money managers further digest the factors behind the abrupt correction.

The decline across major cryptocurrencies has led to a rush of liquidations across the derivative market. Bullish traders were caught off guard, leading to a quick spat of long liquidations.

UK asset manager M&G invests $20M in Bitcoin derivatives exchange

The investment will open up cryptocurrency derivatives trading to traditional financial institutions.

The investment arm of United Kingdom-based pension fund M&G has invested $20 million in the country’s first regulated Bitcoin (BTC) derivatives exchange, Global Futures & Options Holdings (GFO-X).

An announcement from M&G and GFO-X outlined the investment details, which form part of a $30-million Series B funding round for the derivatives exchange. The platform will initially offer clearing of Bitcoin index futures and options contracts.

The move provides a platform for traditional finance institutions to gain exposure to various cryptocurrency derivative investment products. GFO-X is set to become a Financial Conduct Authority (FCA)-regulated and centrally cleared trading platform for crypto derivatives.

Is the Bitcoin price dip toward $40K a bear trap?

Bitcoin’s sharp price drop from $44,000 has all the makings of a buy-the-dip scenario after leveraged longs get flushed out.

Bitcoin (BTC) price finally witnessed a significant 7% pullback on Dec. 11 as multiple indicators flashed sell signals and traders booked profits. Bitcoin’s ability to hold above $42,000 will determine whether this crash is a buy-the-dip opportunity or a general market reversal.

The sharp BTC price drop observed on the daily chart corresponds with a sudden 6.5% drawdown and over $300 million long liquidations across the cryptocurrency market.

Zooming to the longer 1-day candle timeframe, however, this movement appears as a minor retracement in a more extensive bullish trend established over the past few months. Moreover, the relative strength index (RSI) has retreated into neutral territory below 70.

$300M crypto long liquidations — 5 things to know in Bitcoin this week

BTC price action obliterates latecomers betting on continued upside as Bitcoin analysts and miners breathe a sigh of relief.

Bitcoin (BTC) starts a key week for macro markets with a bump as the weekly close gives way to a sharp 7% BTC price correction.

The largest cryptocurrency broke down toward $40,000 in a fresh bout of volatility, reaching its lowest level in a week.

Arguably long overdue, Bitcoin’s return to test support nonetheless caught bullish latecomers by surprise, liquidating almost $100 million in longs.

Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

Bitcoin bulls could make a strong push to get BTC through the $45,000 resistance this week. Will UNI, OP, TIA and STX follow?

The S&P 500 Index (SPX) achieved its highest close of the year last week, and Bitcoin (BTC) also hit a new 52-week high, indicating that risky assets remain strong going into the final few days of the year.

Some analysts believe Bitcoin is done with its rally in the short term and may roll over. Popular analyst and social media commentator Matthew Hyland cautioned in a post on X (formerly Twitter) that a drop in Bitcoin’s dominance below 51.81% could signal that the uptrend has ended “along with a likely top put in.”

Usually, the first leg of the rally of a new bull market is driven by the leaders, but after a significant move, profit-booking sets in and traders start to look at alternative opportunities. Although Bitcoin has not rolled over, several altcoins have started to move higher, signaling a potential shift in interest.