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Bitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support. Bitcoin (BTC) remains stuck inside a narrow range, making it difficult to predict the direction of the next possible breakout. The United States dollar index (DXY), which generally moves in inverse correlation to Bitcoin, dropped below 100 but that has failed to propel Bitcoin higher. This suggests that Bitcoin is charting its own course in the near term. Therefore, the earnings season from big companies this week may sway the U.S. equities markets but may not have the same effect on Bitcoin. It is becoming increasingly difficult to pinpoint the event or the news flow that will cause Bitcoin’s price to escape the range. Daily cryptocurrency market performance. Source: Coin360 The uncertainty about Bitcoin’s next directional move has not deterred the whales. CryptoQuant’s contributing analyst SignalQuant highlighted that the on-chain indicator, the unspent transaction outputs, has been risi...

Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins. Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made. Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight. Daily cryptocurrency market performance. Source: Coin360 On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term. Will Bitcoin turn down from the current leve...

Technical charts are beginning to suggest that BTC is at the end of its bear market cycle, and traders believe this could yield positive results for most altcoins. Bitcoin (BTC) has been sustaining above the $25,000 level for the past few days, increasing the likelihood that the bear market may have ended. Generally, in the initial stages of a new bull phase, several analysts remain in a state of disbelief and expect the resumption of the downtrend. Another group of traders continue to wait for the dip to buy at lower levels but the price does not oblige. Finally, the traders sitting on the fence throw in the towel and buy and that is when the correction is likely to happen. Such a pullback shakes out the weak hands and transfers the asset into the hands of investors with conviction. Daily cryptocurrency market performance. Source: Coin360 When a new trend is getting established, certain events tend to cause a knee-jerk reaction but it is unlikely that the trend is reversed. In Bitco...

Bitcoin and U.S. equities markets are attempting to recover, but selling at overhead resistance could continue to weigh on the bullish momentum. Bitcoin (BTC) and the United States equities markets are trying to start the week on a positive note but some analysts are skeptical about the short-term prospects of the markets. According to Bloomberg Intelligence senior macro strategist Mike McGlone, Bitcoin will face significant resistance at $25,000. McGlone believes that it “may be a while before buy-and-hold types gain the upper hand.” It also looks like Bitcoin whales, unique entities owning 1,000 Bitcoin or more, are also not convinced of the recovery in the crypto markets. According to Glassnode, Bitcoin whale numbers have fallen to 1,663, which is well below the peak of 2,161 hit in February 2021. Daily cryptocurrency market performance. Source: Coin360 It is difficult to catch the bottom in any market. Hence, traders should try to build a portfolio when they believe that the downt...

ETH’s rally paused at key resistance levels according to on-chain and technical data but the downside risk appears limited based on the network’s activity. Ether (ETH) fell short of a bullish breakout based on technical and on-chain analysis, suggesting that the consolidation below the $2,000 price level could continue in the medium term. At the same time, a lack of sellers and strong fundamentals will likely protect Ether from steep declines. Ethereum encounters resistance at long-term bullish reversal points ETH/USD price increased by 42.80% since the start of 2023 thanks to a short squeeze in the altcoin market, negative investor sentiment and low liquidity conditions. Based on on-chain and technical levels, the rally has paused at a crucial bull-bear pivot. Glassnode’s Relative Unrealized Loss metric measures the loss scale on Ether holders' books. The orange line represents the bull-bear pivot line, where consolidation above this level signifies bear trends and vice vers...