Since the beginning of October, Bitcoin had been above $50,000—for many, a sign of an ongoing bull market—but Bitcoin’s flash crash last weekend—in part because of substantial leverage trading—surprised some: $1.79 billion of Bitcoin was liquidated within an hour, sending its value down to around $47,000 on Friday.
Bitcoin analyst CryptoValerio sees a pattern in the cryptocurrency’s recent volatility, comparing Bitcoin’s price structure to that seen in 2020. His chart shows how Bitcoin’s price pattern makes higher lows and higher highs before a substantial price upswing, like at the end of last year.
“You'll understand how emotions influence the majority of the investor’s decision making when trading. 'Cause this leads to same patterns and market structures reoccurring over and over again. This allows us to compare them and take conclusions on how probable they are to reoccur,” he wrote on Twitter.
A detailed emotion-based comparison between the post Covid-19 situation and the current one (Nov-21) for #BTC . This Analysis is done in the weekly timeframe for #Bitcoin!
For many, Bitcoin returning to $50,000 is bullish news, but it doesn’t break some analysts’ hesitancies surrounding another possible dip or continued price stagnation. For on-chain analyst Will Clemente and technical analyst Pentoshi, Bitcoin will need to surpass $52,000-53,000 in order to allow for another potential upward swing.
“BTC needs to reclaim 52-53k," Pentoshi noted on Twitter. "By flipping bull there we reduce downside risk and are still able to compound off the 60k shorts."
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Dogecoin hit its highest price in months early Saturday, nearly touching $0.23 as the broader crypto market rebounds—and Bitcoin sits mere percentage points away from its own current all-time high.
Over the last week, DOGE has jumped nearly 27% to a current price of $0.225, including an 9% rise in the last day alone. Saturday's earlier price peak is the highest recorded for Dogecoin since March 2, per data from CoinGecko.
Along with price gains, open interest on Dogecoin is up to its highest lev...
For the past two years, Ethereum's price has lagged behind Bitcoin. But over the past two days, ETH has been outpacing BTC and other major coins, with three analysts whom Decrypt contacted attributing its huge gains to a flawlessly executed technical upgrade and a few hopeful signs about the global economy.
The analysts believe that Ethereum may have significant upside after languishing in the doldrums amid concerns about its underlying network's speed and efficiency.
"The market is poised to re...
Leading tokens from last cycle’s viral meme coin phenomenon are skyrocketing in value this week as Bitcoin reclaimed $100,000, Ethereum marked double-digit percentage gains, and Solana hit a two-month high.
Solana-based tokens Moo Deng (MOODENG) and Peanut the Squirrel (PNUT) lead the category, jumping 143% and 55% respectively in the last 24 hours on more than $900 million in respective trading volume, according to CoinGecko.
The pair, which became notable enough to earn listings from major ce...