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Bitcoin Price Shows Strength with $30K Target in October

by Isaac lane
written by Isaac lane

Bitcoin made a bullish move leading up to the September 27 Wall Street opening, with one analyst predicting a potential return to $30,000 in October.

BTC Price Approaches $27,000 with Bullish Momentum

Bitcoin’s price action saw a 2% increase, pushing it to nearly weekly highs, reaching $26,823 on Bitstamp. Market observers are closely monitoring the situation, as thin overhead resistance suggests a potential breakout if not replenished.

BTC/USD 1-hour chart. Source: TradingView

Market Analysts Anticipate Opportunities and Inefficiencies

Market analyst Skew noted that the thin ask liquidity could lead to opportunities with inefficiencies and potential premiums later. The current environment offers potential for favorable trading conditions.

Uptick in Activity from Influential Whale Class

On-chain monitoring tool Material Indicators highlighted an increase in activity from a specific class of whales known for their impact on BTC price movements. The move above $26,500 invalidated a previous warning signal triggered by a daily chart “death cross” earlier in the week.

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Analyst Predicts $30,000 Target in October

Market analyst Michaël van de Poppe expressed optimism, stating that a move to $26,500 could pave the way for a potential rally to $30,000 in October. This target reflects a positive outlook for Bitcoin’s price performance in the coming weeks.

Modest Short Liquidations Despite Volatility

Data from CoinGlass revealed that short liquidations remained modest, with approximately $13 million in BTC shorts liquidated for the day. The overall cryptocurrency market also saw relatively modest liquidations, totaling $39 million.

Crypto liquidations chart (screenshot). Source: CoinGlass

As of the time of writing, BTC/USD was trading at around $26,700, demonstrating ongoing price volatility in the cryptocurrency market.

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BitcoinMarketNews

Bitcoin Inscriptions Not Crowding Out Monetary Transactions, Says Glassnode

by Isaac lane
written by Isaac lane

Despite concerns that Bitcoin Inscriptions, often referred to as Bitcoin Ordinals, are causing congestion on the network, on-chain analytics firm Glassnode suggests there’s little evidence to support the idea that inscriptions are displacing higher-value monetary Bitcoin transfers.

Minimal Impact on Monetary Transfers

Glassnode explained in a report on September 25 that inscriptions, which have become a significant part of daily transaction count on the Bitcoin network since their introduction in February 2023, are not significantly affecting higher-value monetary transfers. This is largely because inscription users tend to set lower fee rates, showing a willingness to wait longer for confirmations.

Inscriptions, which account for the majority of daily transactions, tend to buy and use the cheapest available blockspace. As a result, when more urgent monetary transfers enter the network, inscriptions are displaced due to their lower fee rates.

Fee Distribution and Mining Competition

While inscriptions have increased the base-load demand for blockspace and raised fees for miners, they only contribute to about 20% of Bitcoin’s transaction fees, according to Glassnode. The increase in Bitcoin’s hashrate by 50% since February has created tougher competition for miners vying for fee revenue.

Inscription fee share between images, text, audio, video and other data types on Bitcoin. Source: Glassnode.

Glassnode points out that miners are facing increasing competition for fees, coupled with the upcoming Bitcoin halving event. This combination could potentially stress miner profitability unless Bitcoin’s price experiences substantial growth before the halving event scheduled for April 2024.

Majority of Inscriptions Linked to BRC-20 Tokens

Currently, most inscriptions are a result of BRC-20 tokens, introduced a month after Casey Rodamor launched the Ordinals protocol on Bitcoin in February. Rodamor has recently suggested “Runes” as a potential alternative to BRC-20 tokens, aiming to reduce the accumulation of unspent transaction outputs (UTXOs) on the Bitcoin network.

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BitcoinMarket

Bitcoin Struggles at $26K as US Dollar Strength Peaks in 2023

by Isaac lane
written by Isaac lane

Bitcoin encountered resistance at $26,000 as the US Dollar Index (DXY) reached a ten-month high, marking a challenging start to the week for cryptocurrency investors.

Bitcoin’s Battle for Support

The digital currency had a rocky ride as it briefly dipped below the $26,000 support level. After a weekend of sideways trading, a sharp downturn early in the week left bulls struggling to recover lost ground.

BTC/USD 1-hour chart. Source: TradingView

Analysts are expressing caution, with concerns of a potential head-and-shoulders formation in the BTC price chart. BaroVirtual, an ambassador for the on-chain data platform Whalemap, pointed to this formation and suggested that if it materializes, Bitcoin could be at risk of falling into the $22,000-$20,000 range. This would mark a return to price levels not seen in six months.

Popular trader and analyst Rekt Capital also emphasized the importance of holding current support levels. He mentioned the possibility of Bitcoin testing the $25,000-$26,000 range and warned that if $26,000 turns into resistance, a further drop to the $22,000-$24,000 region could be expected.

US Dollar Strength Adds to Bitcoin’s Challenges

Compounding Bitcoin’s struggles is the relentless surge of the US Dollar Index (DXY), which reached 106.1, its highest level since November 2022. The DXY has seen a remarkable 6.5% climb since hitting 15-month lows in July. Historically, a strong US dollar has weighed on risk assets and the cryptocurrency market.

BTC/USD annotated chart. Source: BaroVirtual/X

Matthew Dixon, CEO of crypto rating platform Evai, noted that the soaring DXY poses a challenge to Bitcoin and other risk assets. Previously, there were hopes for a weakening of DXY strength, allowing Bitcoin and altcoins to rebound.

As Bitcoin navigates these challenges, investors are closely monitoring support levels and the impact of the surging US dollar, with the potential for significant price volatility in the coming days.

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BitcoinMarketNews

Cryptocurrency Weekend Roundup: Incidents, Departures, and Discoveries

by Isaac lane
written by Isaac lane

NFT marketplace OpenSea has cautioned its users about a potential security breach involving one of its third-party vendors. While the incident is not expected to have an immediate impact, OpenSea advises users to replace their API keys as a precaution.

Michael Arrington Departs Celsius NewCo

Michael Arrington, founder of Arrington Capital and co-founder of TechCrunch, has stepped down from the board of directors of NewCo, a company associated with Celsius creditors and managed by Fahrenheit. Arrington cited disagreements over board constitution and observers as the reason for his departure.

Venezuelan authorities discovered an unexpected treasure during a prison raid: Bitcoin mining machines. Alongside weapons and explosives, these miners were among the items seized during the operation at Tocoro prison, which was operated by the Tren de Aragua gang.

Mixin Network Falls Victim to $200M Exploit

Mixin Network, a cryptocurrency platform, reported a significant exploit where its cloud service provider was attacked, resulting in an estimated $200 million in asset losses on the mainnet. Deposit and withdrawal services were temporarily suspended while the platform addresses vulnerabilities.

Law firm Fenwick & West, previously associated with FTX cryptocurrency exchange, refuted a class-action lawsuit, denying any involvement in the alleged fraudulent activities of the now-defunct exchange.

Coinbase Achieves AML Compliance in Spain

Coinbase continues its European expansion by obtaining Anti-Money Laundering (AML) compliance registration from Spain’s central bank. This milestone allows Spanish users to securely manage their crypto assets on Coinbase and engage in cryptocurrency transactions in Euro.

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BitcoinNews

Lazarus Group’s Cryptocurrency Holdings Revealed: Over $40M in Bitcoin and More

by Isaac lane
written by Isaac lane

The notorious North Korean hacking collective, Lazarus Group, has amassed an impressive $47 million in various cryptocurrencies, including Bitcoin, Ether, Binance Coin, and stablecoins like Binance USD (BUSD).

Data collected by Dune Analytics, a subsidiary of 21 Shares, sheds light on Lazarus Group’s cryptocurrency holdings. As of the latest information, the group’s wallets contain approximately $42.5 million in Bitcoin, $1.9 million in Ether, $1.1 million in Binance Coin (BNB), and an additional $640,000 in stablecoins, primarily BUSD.

A Notable Decline

Interestingly, these holdings represent a significant drop from the $86 million in cryptocurrency that the group possessed on September 6, shortly after their involvement in the Stake.com hack.

Despite the decline, the Lazarus crypto wallets remain highly active, with the most recent transaction recorded on September 20. Notably, the FBI and Office of Foreign Assets Control (OFAC) have identified 295 wallets associated with the hacking group. 

Lazarus Group crypto holdings. Source: Dune Analytics

Surprising Omission

It’s worth noting that the Lazarus Group’s cryptocurrency holdings do not include privacy coins such as Monero (XMR), Dash, or Zcash (ZEC), which are known for their enhanced anonymity features.

21.co, the source of this data, suggests that the reported holdings are likely a lower-bound estimation of Lazarus Group’s cryptocurrency wealth based on publicly available information.

Previous Attacks and Warnings

The Lazarus Group has been implicated in several high-profile cryptocurrency attacks, including the recent assault on CoinEx, resulting in a loss of at least $55 million. Federal authorities in the United States have also warned of the “significant risk” of potential attacks by the Lazarus Group on healthcare and public health sector entities.

 

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BitcoinCryptoMarket

Daily Crypto Market Analysis – BTC, ETH, SAND, RPL

by Isaac lane
written by Isaac lane

The crypto markets are currently experiencing bearish sentiment, with the global market cap sitting 1.29% lower than its previous 24-hour level, resting at $1.05 trillion. The Fear and Greed Index reflects growing fear among investors, standing at 39.

Bitcoin Price Analysis

Bitcoin (BTC) is showing signs of mild bearish activity, with its price at $26.5K as of the latest data, marking a slight 0.01% daily decrease. Over the past week, BTC has seen a modest rise of 0.32%. However, trade volume for the cryptocurrency has dropped by 29% during the same period, now standing at $9.8 billion.

BTC 1-day chart | Source: TradingView

The Bollinger Bands for Bitcoin are exhibiting proximity, indicating relatively stable volatility levels. The Relative Strength Index (RSI) is currently above the average line and appears poised for a potential crossover below it, reflecting the ongoing struggle between bulls and bears. The Moving Average Convergence Divergence (MACD) is situated in the green zone but approaching the red zone, suggesting some bearish influence on Bitcoin’s price.

Ethereum Price Analysis

Ethereum (ETH) is showing slight bullish momentum, with its price at $1593, reflecting a daily increase of 0.21%. Over the past week, ETH has experienced a 2.66% decline. ETH’s trade volume has also decreased by 39% during the same period, currently at $3.1 billion.

ETH 1-day chart | Source: TradingView

The Bollinger Bands for Ethereum are slightly diverging, indicating a rise in volatility levels. The RSI is currently below the average line but potentially moving towards a crossover above it, as bulls attempt to regain control. The MACD is in the green zone, suggesting minor bullish sentiment for Ethereum’s price.

The Sandbox Price Analysis

The Sandbox (SAND) is experiencing bullish activity, with its price at $0.3011, marking a daily increase of 2.2%. Over the past week, SAND has seen a 2.17% drop. Trade volume for SAND has decreased by 25% during the same period, now standing at $31 million.

SAND 1-day chart | Source: TradingView

The Bollinger Bands for The Sandbox are moving closer together, indicating lower volatility levels. The RSI is currently above the average line, signifying bullish dominance, and the MACD is in the green zone, pointing to slight bullish activity for The Sandbox’s price.

Rocket Pool Price Analysis

Rocket Pool (RPL) is also displaying bullish momentum, with a price of $21.28, reflecting a daily increase of 2.86%. Over the past week, RPL has experienced a 4.36% decline. RPL’s trade volume has decreased by 10% during the same period, currently at $3.4 million.

RPL 1-day chart | Source: TradingView

The Bollinger Bands for Rocket Pool are moving closer together, indicating lower volatility levels. The RSI, although currently below the average line, suggests potential bullish momentum, and the MACD is in the green zone, indicating bullish action for Rocket Pool’s price.

 

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BitcoinNews

Coinbase Holds 5% of Total Bitcoin Supply, Data Reveals

by Isaac lane
written by Isaac lane

Data from blockchain intelligence platform Arkham has revealed that cryptocurrency exchange Coinbase possesses nearly 1 million Bitcoins, valued at over $25 billion at current market rates. This impressive amount constitutes nearly 5% of the total Bitcoin supply currently in existence.

The Scale of Coinbase’s Bitcoin Reserves

Arkham’s findings indicate that Coinbase’s Bitcoin holdings stand at 947,755 BTC. Considering Bitcoin’s circulating supply of approximately 19,493,537, as reported by CoinGecko, Coinbase’s significant reserve showcases its substantial influence in the crypto space.

While Coinbase’s wallets contain over $25 billion worth of Bitcoin, the exchange’s actual ownership of this cryptocurrency is relatively modest, at approximately 10,000 BTC, valued at around $200 million, as per recent data. This revelation highlights the unique dynamics of exchange-held assets.

Community Responses and Considerations

The news of Coinbase’s substantial Bitcoin holdings has sparked diverse reactions within the crypto community. Some individuals view it as a signal to withdraw their BTC from centralized exchanges, emphasizing the importance of self-custody to avoid potential withdrawal limitations. Others, however, express concerns about securing assets in cold wallets, leaving them pondering the ideal storage solution.

MicroStrategy Leads Corporate Bitcoin Ownership

When it comes to corporate Bitcoin ownership, MicroStrategy, a business intelligence firm, retains the top position. With holdings of 152,800 BTC, worth over $4 billion at the time of the latest reporting in August, MicroStrategy maintains a strong presence in the crypto asset landscape.

 

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BitcoinNews

Alpha: A Bitcoin-Based Rival to Friend.tech’s Social Token Network

by Isaac lane
written by Isaac lane

A new entrant in the social token network arena, Alpha, has emerged as a potential rival to the well-known Friend.tech platform. However, what sets Alpha apart is its foundation on the Bitcoin blockchain, offering a unique take on decentralized social networking and content monetization.

Alpha’s Bitcoin-Powered Ecosystem

Alpha, akin to Ethereum-based Friend.tech, functions as a decentralized social network protocol, enabling users to monetize their online presence and content through social tokens. What distinguishes Alpha is its infrastructure: it relies on the Bitcoin blockchain for finality, while data storage utilizes the Polygon blockchain. Additionally, Trustless Computer serves as Alpha’s scaling network for Bitcoin.

Layered Architecture for Efficiency

The co-founder of Alpha, known as Punk3700, describes the platform as a “rollup that rolls up to another rollup that rolls up to Bitcoin.” This layered architecture includes NOS-TC, with Trustless Computer (TC) acting as an optimistic rollup layer directly integrated with the Bitcoin blockchain. NOS, another optimistic layer, enhances scalability on Bitcoin.

Cost-Efficient Data Handling

Alpha’s innovative approach combines Bitcoin for data validity and Polygon for data storage, ultimately settling on Bitcoin. This hybrid design optimizes data storage while mitigating the high fees associated with Bitcoin transactions. Punk3700 emphasizes that user benefits, particularly lower transaction costs, are a primary focus in Alpha’s development.

Alpha adopts a robust community-driven development approach, with plans for a referral program that rewards users with 1% of their friends’ trading volume. This program aims to foster a strong user community and encourage content creators to deliver valuable content.

 

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BitcoinMarketNews

Bitcoin’s Path to $28,000 Amid Binance Legal Battle

by Isaac lane
written by Isaac lane

The ongoing legal clash between Binance and the U.S. SEC saw a surprising twist as Magistrate Judge Zia M. Faruqui rejected the SEC’s request for access to Binance.US’s systems. This development temporarily buoyed Bitcoin, which broke past the $27,000 resistance level. But is this surge driven by leverage or genuine demand?

Metrics Shed Light on Bitcoin’s Trajectory

To understand the rally’s nature, metrics related to Bitcoin derivatives are crucial. Investors will have to wait three weeks for further rulings, as a follow-up hearing is scheduled for Oct. 12.

Margin Markets: These offer insights into professional traders’ positioning through stablecoin borrowing. Recent data reveals a drop in the margin-lending ratio for OKX traders, signaling reduced dominance of leverage long positions, though bulls still hold the upper hand.

OKX stablecoin/BTC margin-lending ratio. Source: OKX

Options Market: The put-to-call ratio for Bitcoin options volume shifted from favoring put options to a balanced level on Sep. 20. This indicates reduced interest in protective puts. While Bitcoin’s price hit a three-week high, there was limited enthusiasm in the margin and options markets.

A Glimpse of Spot Buying Support

The data suggests a balance between long and short positions in both Bitcoin margin and options markets, hinting at a lack of excessive leverage as the price climbed. However, there are signs of buying support from spot orders, potentially indicating whale accumulation.

BTC options volume put-to-call ratio. Source: Laevitas.ch

Bitcoin’s recent surge to $27,000 amid the Binance-SEC legal battle has brought optimism to the market. Margin and options metrics suggest a balanced demand between long and short positions, with signs of spot buying support. As the legal battle unfolds, Bitcoin’s price trajectory remains uncertain, but a move towards $28,000 is now in the realm of possibility.

 

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BitcoinMarket

Bitcoin Price Analysis Anticipates Volatility Around FOMC Decision

by Isaac lane
written by Isaac lane

Bitcoin analysts are bracing for heightened price volatility in anticipation of the Federal Open Market Committee (FOMC) interest rate decision and press conference. Despite expectations of rates remaining unchanged, short-term market turbulence is expected.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin Holding Steady at $27K

Bitcoin maintained its position around the $27,000 mark as the crucial macroeconomic event of the cryptocurrency trading week, the FOMC decision, approached.

Market analysis suggests that liquidity around the Bitcoin spot price is relatively thin, with potential for bid-side walls and more volatility. The subsequent statements and press conference by Fed Chair Jerome Powell are anticipated to trigger “spicy” Bitcoin price action.

BTC/USD order book data for Binance. Source: Material Indicators/X

Key Levels in Focus

Bitcoin traders are closely monitoring key levels, with $26,800 identified as a critical support zone to maintain long positions. Traders are prepared for potential challenges to range levels as a reaction to the FOMC announcement.

BTC/USD annotated chart. Source: Crypto Tony/X

Bitcoin’s price analysis points to an atmosphere of anticipation and readiness for significant price movements following the FOMC decision, even as expectations of unchanged interest rates remain high.

 

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