Home>>Finance>>Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks
Bitcoin was essentially flat in the past 24 hours which suggests that the enthusiasm of investors for this upgrade to the Bitcoin Blockchain's Taproot upgrade is beginning to slow down. In October, analysts had suggested that the upgrade could have already been priced into, given the BTC's nearly 40 percent rise over the past couple of months. It is yet to be determined if buyers will keep trying to build up BTC hoping for the long-term benefits. GlobalBlock wrote in the email that he sent CoinDesk. In the near term the technical indicators indicate a slowing of the upward momentum of BTC. This suggests that the current downtrend could last to Asian market hours but only to the $57,000-$60,000 resistance zone. The most recent prices Bitcoin (BTC): 63,867.78, -0.55% Ether (ETH): 4,574.09, +0.33% S&P 500: 4,682.80, -0% Gold: 1,863.06, -0.12% 10-year Treasury yield was at 1.623 percent Bitcoin remains in a strong uptrend There are signs that bitcoin's price may continue to rise like the fourth-quarter bull run that began in 2020. The chart below illustrates an example of the Mayer Multiple, a simple oscillator that gauges the difference between the price of BTC as well as its moving average of 200 days. The oscillator remains far from the extreme levels we saw earlier in the year, suggesting the possibility of BTC to move higher. Many analysts mention the increased transactions made by Bitcoin whales (large holders) as an indication of increasing investor demand. "It's the largest [movement] I've ever seen since 2017 excluding outliers," Ki Young Ju the CEO of CryptoQuant published in an article on his blog. The amount of transactions made by big holders is still high over the last couple of months, according to Blockchain data collected by CryptoQuant. Crypto funds see fewer inflows The amount of cryptocurrency inflows into funds slowed down from the fourth consecutive week, dropping to $174 million the week before according to a report by CoinShares. This is far from the $1.5 billion of flows that occurred in the last few weeks when the first exchange-traded funds that were that were backed with bitcoin-related futures contracts were launched on the U.S. The funds focusing on bitcoin which is the most popular cryptocurrency in terms of market capitalization, increased by $98 million which is which is up from $95 million in the previous week and increasing the assets under management (AUM) to record $56 billion. bitcoin's dominance over other currency (altcoins) has diminished in the last week. While alternative digital assets seemed to show declining the interest of investors. Altcoin roundup DEX aggregator ParaSwap announces the launch of its PSP token A decentralized exchange, provider ParaSwap is announcing the introduction of their PSP governance token as CoinDesk's Andrew Thurman reported. The token is now available to a small number of eligible Ethereum addresses. It allows users to participate in liquidity pools for rewards from the platform. It also permits the participation of ParaSwap's newly created governance system that is decentralized and autonomous. The DEX aggregater has been known to be averse to tokenizing for a long time, stating this month, that they were "not planning" an airdrop. Solana launches Bloomberg Terminal with Galaxy-backed index: Bloomberg LP and Galaxy Digital have launched the Solana index, which makes SOL the third cryptocurrency index that has a separate price tracker built by the duo following BTC and ETH as the CoinDesk's Danny Nelson reported. The launch has led to increased the demand for SOL that has increased more than 11,700% over the past year as per Messari. Bloomberg as well as Galaxy have issued five crypto indexes in the first year of their partnership. The introduction of The Filecoin Virtual Machine Storage of data marketplace, protocol , and cryptocurrency Filecoin has launched it's Filecoin Virtual Machine which it revealed in the blog post of this week. The machine, capable of working to Ethereum, "aims to be a polyglot VM, drawing inspiration from the concept of Hypervisors to establish a multi-VM design," the blog post stated. With the release of the machine Filecoin hopes to transform the decentralized storage system.
Finance

Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks

Bitcoin was essentially flat in the past 24 hours which suggests that the enthusiasm of investors for this upgrade to the Bitcoin Blockchain’s Taproot upgrade is beginning to slow down. In October, analysts had suggested that the upgrade could have already been priced into, given the BTC’s nearly 40 percent rise over the past couple of months.

It is yet to be determined if buyers will keep trying to build up BTC hoping for the long-term benefits. GlobalBlock wrote in the email that he sent CoinDesk.

In the near term the technical indicators indicate a slowing of the upward momentum of BTC. This suggests that the current downtrend could last to Asian market hours but only to the $57,000-$60,000 resistance zone.

The most recent prices

  • Bitcoin (BTC): 63,867.78, -0.55%
  • Ether (ETH): 4,574.09, +0.33%
  • S&P 500: 4,682.80, -0%
  • Gold: 1,863.06, -0.12%
  • 10-year Treasury yield was at 1.623 percent

Bitcoin remains in a strong uptrend

There are signs that bitcoin’s price may continue to rise like the fourth-quarter bull run that began in 2020.

The chart below illustrates an example of the Mayer Multiple, a simple oscillator that gauges the difference between the price of BTC as well as its moving average of 200 days. The oscillator remains far from the extreme levels we saw earlier in the year, suggesting the possibility of BTC to move higher.

Many analysts mention the increased transactions made by Bitcoin whales (large holders) as an indication of increasing investor demand. “It’s the largest [movement] I’ve ever seen since 2017 excluding outliers,” Ki Young Ju the CEO of CryptoQuant published in an article on his blog.

The amount of transactions made by big holders is still high over the last couple of months, according to Blockchain data collected by CryptoQuant.

Crypto funds see fewer inflows

The amount of cryptocurrency inflows into funds slowed down from the fourth consecutive week, dropping to $174 million the week before according to a report by CoinShares. This is far from the $1.5 billion of flows that occurred in the last few weeks when the first exchange-traded funds that were that were backed with bitcoin-related futures contracts were launched on the U.S.

The funds focusing on bitcoin which is the most popular cryptocurrency in terms of market capitalization, increased by $98 million which is which is up from $95 million in the previous week and increasing the assets under management (AUM) to record $56 billion. bitcoin’s dominance over other currency (altcoins) has diminished in the last week.

While alternative digital assets seemed to show declining the interest of investors.

Altcoin roundup

  • DEX aggregator ParaSwap announces the launch of its PSP token A decentralized exchange, provider ParaSwap is announcing the introduction of their PSP governance token as CoinDesk’s Andrew Thurman reported. The token is now available to a small number of eligible Ethereum addresses. It allows users to participate in liquidity pools for rewards from the platform. It also permits the participation of ParaSwap’s newly created governance system that is decentralized and autonomous. The DEX aggregater has been known to be averse to tokenizing for a long time, stating this month, that they were “not planning” an airdrop.
  • Solana launches Bloomberg Terminal with Galaxy-backed index: Bloomberg LP and Galaxy Digital have launched the Solana index, which makes SOL the third cryptocurrency index that has a separate price tracker built by the duo following BTC and ETH as the CoinDesk’s Danny Nelson reported. The launch has led to increased the demand for SOL that has increased more than 11,700% over the past year as per Messari. Bloomberg as well as Galaxy have issued five crypto indexes in the first year of their partnership.
  • The introduction of The Filecoin Virtual Machine Storage of data marketplace, protocol , and cryptocurrency Filecoin has launched it’s Filecoin Virtual Machine which it revealed in the blog post of this week. The machine, capable of working to Ethereum, “aims to be a polyglot VM, drawing inspiration from the concept of Hypervisors to establish a multi-VM design,” the blog post stated. With the release of the machine Filecoin hopes to transform the decentralized storage system.

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