BTC’s Break Above 2017’s ATH of $20,000 Converts One into a Bitcoiner

BTC’s Break Above 2017’s ATH of $20,000 Converts One into a Bitcoiner

Ritholtz Wealth Management COO changes mind about Bitcoin, now advises holding 2% of a portfolio in BTC — so one is unlikely to get rich but unlikely to go bankrupt either.

As we enter into 2021, more and more people are turning into Bitcoiners.

The latest one is Nick Maggiulli, the creator of Of Dollars And Data and the Chief Operating Officer at Ritholtz Wealth Management, which has nearly $2 billion in assets under management.

In his blog post, Maggiulli admitted being “wrong” about Bitcoin as he said,

“There comes a point in every investor’s journey when they must admit that they were wrong about something.”

Titled “Why I’ve Changed My Mind on Bitcoin,” Maggiulli shared that this realization of being wrong about BTC came when the digital asset hit 2017 ATH $20k last month.

Although he didn’t think Bitcoin was ever “going to zero” he didn’t think either that Bitcoin would surpass these highs for many years, if at all.

According to him, more demand from buyers and reduced supply from sellers have helped boost Bitcoin’s price BTC 8.56% Bitcoin / USD BTCUSD $ 34,070.20
$2,916.41 8.56%
Volume 71.08 b Change $2,916.41 Open $34,070.20 Circulating 18.59 m Market Cap 633.43 b
3 h FTX Now Allows to Short or Long Grayscale’s GBTC & ETHE and Bitwise 10 Crypto Index (BITW) 4 h BTC’s Break Above 2017’s ATH of $20,000 Converts One into a Bitcoiner 5 h Grayscale Officially Removes XRP from the Fund; Addresses with Large Amounts of XRP Drops Sharply
and “cement it as a legitimate asset class within the investment community” which helped Bitcoin “become a form of digital gold,” he said.

He notes how Bitcoins’ floor price continues to go up, “increasing the likelihood of Bitcoin’s future survival.” As for intrinsic value, neither does $10 trillion market cap gold have any, he argues.

It’s all about belief, he said and in the case of Bitcoin, “the cult is becoming a religion.”

Maggiulli further noted that while bullion has been around for millennia, “it wasn’t until August 1974 in the U.S. that it was an investable asset class” which led to its prices to be tripled in the next six years.

Still, he only advises to “hold no more than 2% of your portfolio in it” which means “you’re unlikely to get rich, but you’re unlikely to go bankrupt either.”

But he clarified that his cautiousness towards BTC is not in terms of price but the “possibility of a government ban on ownership.”

Again, he points out how back in April 1933 the U.S. government did just that with yellow metal. And the recent SEC complaint against Ripple, has him not ruling this out completely yet.

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Author: AnTy

Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping?

It’s the magic of demand and supply.

2021 started above $28,500 and Bitcoin has already been up over 20%. Meanwhile, the traditional markets have yet to open.

On the day of its 12th birthday, January 3rd, Bitcoin first broke above $33k, went down to $30,500 only to smash through $34k, and missed $35k by a few hundred dollars.

On Bitcoin’s Birthday, these gains helped the pseudonymous creator Satoshi Nakamoto become the 40th richest person in the world, with $34 billion.

Bitcoin is now marching towards $50k.

But…

Demand > Supply

But why exactly does the Bitcoin price keep on going up and up and up?

The most simple answer is there are more buyers than sellers in the market currently.

As we have been seeing throughout 2020, the cryptocurrency exchange reserves have been declining. Bitcoin holders have been increasingly moving their BTC off the exchanges to keep them safe in hardware wallets as they don’t have any interest in selling them because they believe the price will go higher.

“BTC is leaving exchange wallets which imply less supply for buyers with insatiable demand. The price goes up,” states Joe McCann, a crypto enthusiast working at Microsoft.

These uptrends came despite the flagship cryptocurrency being in overbought territory, as per technical indicators. The underlying buying on spot exchanges and the long term buying for investment are strong with USDC flows to support this buying off the charts.

FOMO Buying

This buying can particularly be seen on institution-focused Coinbase Pro, whose outflows indicate institutions’ FOMO buying. Over 35k BTC worth more than $1 billion were moved out of the exchange early Saturday, just a day after 12,063 coins also left, as per data source CryptoQuant.

Retail isn’t much far behind.

According to economist and trader Alex Kruger, “Bitcoin is being driven by spot demand,” as can be seen in the flat funding and Bitmex perpetual – Coinbase spot basis being negative.

Any Pullbacks?

The digital asset is now also approaching the midpoint of its logarithmic adoption curve channel, and “if ever there were a moment to blast straight through magic resistance, it’s right now,” said analyst Cole Garner. Given BTC’s current momentum, it can blast through it as well.

“People started getting a little ridiculous today, as can happen with large price action. I’m very bullish but we’re not going to magically teleport to $100k in one day,” tweeted trader Resolute right before the call for $100k next week.

While many believe $20k isn’t coming back now, another trader Jonny Moe notes how the BTC weekly RSI has hit 93.2, higher than 90.2 seen at Dec. 2017 top. BTC weekly RSI higher than the current one was in November 2013 at 96.3.

With the current market looking like 2013 rather than 2017, the market sees potential for a big drop before continuing higher. In the meantime, today BTC price casually dropped 18% to $28,540 and is already near $31k.

The market has been calling for tops ever since Bitcoin broke the $20k, last year ATH. Although the market did see some small drops here and there, they were sharply reversed.

In the current market, it is anyone’s guess if a big correction will even be coming the market’s way.

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Author: AnTy

EU and UK Closes Historic Brexit Deal; Bitcoin Hits a New ATH

Sterling rejoicing, US dollar weak, while Bitcoin ready to move back above $25k while on price discovery.

The UK has finally reached a historic deal with the European Union, just days before the country was due to leave the bloc’s single market.

“We were told we couldn’t have our cake and eat it,” Prime Minister Boris Johnson told a press conference on being asked about the compromises to be made.

“I’m not going to claim that this is a ‘cakeist’ treaty, but it is I believe what the country needs at this time.”

The agreement will allow for quota and tariff-free trade in goods after December 31 but the same rule won’t apply for about 80% of the UK economy — the services industry.

The Guardian called the deal “nothing but thin gruel,” that will only make it harder for Britain to sell services in the EU. Besides losing the right to freely travel, work, and settle in other European countries, the British also have to comply with EU regulations.

“It was a long and winding road — but we have got a deal to show for it.”

“It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides.”

Ursula von der Leyen European Commission President

Going Crypto

While little was changed in the US market, the Stoxx 600 Index gained after the deal. The British pound strengthened and is now nearing its highest since mid-2018.

As the pound rallied against most major currencies, the US dollar index remained just above 90.

“To some extent, the devil will be in the detail, yet markets and the pound are likely to celebrate almost any type of agreement that avoids a no-deal scenario,” analysts at IG said.

This has expected to bring some volatility in the markets, Bitcoin can feel some as well. Already, the digital asset is preparing for the expiry of bitcoin futures and options contracts on Friday.

Currently trading around $24,960 BTC 7.59% Bitcoin / USD BTCUSD $ 26,422.87
$2,005.50 7.59%
Volume 48.24 b Change $2,005.50 Open $26,422.87 Circulating 18.58 m Market Cap 490.99 b
7 h Bitcoin on Track to Become the 10th Largest Asset in the World & Beat Warren Buffett’s Berkshire Hathaway 9 h EU and UK Closes Historic Brexit Deal; Bitcoin Hits a New ATH 10 h Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses
, BTC hit a new ATH yesterday at $25,026.86 and is preparing to move above $25k again on the back of strong institutional demand.

Just this month, Brexit party leader Nigel Farage went “full crypto” while calling fiat currency “funny money,” which the governments continue to print at warp speed. This has made it “crucially important” to understand crypto, he had said. Elsewhere, he called Bitcoin “the ultimate anti-lockdown investment.”

Increased Interest

UK investors have actually been taking an increasing interest in Bitcoin, with 38 times more money in sterling being exchanged for the cryptocurrency on crypto exchange Kraken than this time last year, as per a recent report.

Marcus Hughes, Europe manager at crypto exchange Coinbase also said that the ongoing evolution in the industry is driving customer activity in the UK. “Increased levels of institutional interest, corporates, including MicroStrategy, taking Bitcoin onto their balance sheets and wider awareness of payment mechanisms” is driving the higher trading volume of BTC in the UK.

Recently, UK-based Ruffer, which manages £20 billion of assets has allocated 2.5% of its assets in Bitcoin just this month.

“This news is important because they are a well-regarded firm among UK wealth managers,” wrote Charlie Morris of ByteTree. “I believe UK wealth will have to find ways to follow suit.”

Additionally, the Financial Conduct Authority making it mandatory for companies selling crypto assets to register starting in January may be helping make the digital asset more acceptable for investors.

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Author: AnTy

An ‘Extremely Bullish’ Institutional Catalyst for Ethereum is on the Horizon

As Bitcoin enjoys a wild ride to $23,800, Ethereum also managed to make it above $670.

Interestingly for the second-largest cryptocurrency with a market cap of $75 billion, it is still 57% away from its all-time high despite rallying more than 400% in 2020. And now that Bitcoin has hit a new peak, ETH is expected to follow and make it above $1,000.

In line with these gains, the total number of addresses with a balance of ETH surpassed 50 million for the first time, as per IntoTheBlock data. Not only did ETH make a new record, but it is the first crypto-asset to reach this milestone.

Yesterday, as we reported, CME also announced that it would be launching the Ether futures on February 8, 2021.

It is a big deal for the cryptocurrency as CME represents the institutional interest in the digital asset. Although CME’s bitcoin futures launch at the top of the 2017 bull market was taken as a negative sign for the prices, the retracement was expected after the wild rally.

CME’s bitcoin futures just acted as a catalyst for that correction. Now, as we see in 2020, the biggest regulated bitcoin futures market has been recording more than $1 billion in open interest (OI) on bitcoin futures.

Similarly, CME’s Ether futures, where each contract will have 50 units, will bring more institutional support to the digital asset. Trader and economist Alex Kruger said,

“People mostly remember how bitcoin hit its top on 2017 the exact day the CME BTC futures launched, and proceeded to crash right after. They forget that the CME launch drove the price from 6K to 20K, +225% in 2.5 months. The launch of CME ETH futures is extremely bullish.”

Institutions have been exclusively going into Bitcoin as an inflation hedge. Still, Ether is also now making its place among the investment portfolio, emerging as silver to Bitcoin’s gold, in reference to Ray Dalio discussing cryptocurrencies’ future, seeing their categorization as precious commodities and industrial commodities.

Already, Grayscale’s Ethereum product (ETHE) has 2.94 million Ether in its holding. Jake Chervinksy, General Counsel at Compound Finance, said,

“CME launching ETH futures is a big deal. Combined with Grayscale’s ETHE’s recent growth, this signals rising institutional interest in (& comfort with) ETH. This doesn’t happen without significant demand. ETH’s market structure is maturing quickly.”

Interestingly, while Grayscale holds over 2.5% of Ethereum supply, another 1.53 million Eth (worth more than $1 billion) is locked in ETH 2.0 deposit contract, and a whopping 7.1 million ETH is locked in DeFi.

Things are about to get interesting for Ethereum as well.

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Author: AnTy

Bitcoin Poised to Kickstart the Next Cycle with a Giant Monster Candle: Analyst

Today, Bitcoin dipped to $17,930 before bouncing back above $18,000 following yesterday’s dump.

The volume is low, and the market is currently in the red, but according to one analyst, “We are in the very final weeks of Bitcoin’s current Four Year Cycle.”

According to his analysis, the next cycle will give us the giant monster candle, which during the last bull run occurred in 2017, taking BTC from about $700 to the all-time high of $20,000.

BTC 4 Year Cycle
Source: Rekt Capital

Following the explosive October and November, December is turning out to be a month for correction and sideways action.

As the price of Bitcoin tries to find the direction it wants to move in, the network metrics are also showing weakness. The transaction value has eased back down to $22bn, and “the more people that exchange value, the higher the Bitcoin price will be,” noted Charlie Morris of ByteTree.

After amassing over 600,000 BTC, institutional investment flows also waned with the next upturn expected to “coincide with the long-awaited $20k breakout.”

Keep the Money Coming

While the largest cryptocurrency is taking a rest after rallying for the last two months to a new high, the stock market powered up. On Wednesday, S&P 500 surged to hit a new peak at 3,710 before falling to 3,660 the same day.

The US Dollar Index meanwhile continues to trade under 91 ever since its fall on Nov. 30. On the other hand, Gold has recovered from its loss to $1,760 as it makes a strong comeback to around $1,850 in these last 10 days.

These movements have been in response to the coronavirus stimulus package of $916 billion, which Congress continues to negotiate over but with no clarity.

Unlike the European Union, the European Central Bank has unleashed €500 billion ($605 billion) in new stimulus to prop the economy as “uncertainty remains high,” as per the central bank’s statement on Thursday. With this, the total stimulus program comes to 1.85 trillion ($2.24 trillion).

With the government’s money printer going brrrr… “it’s a bit silly to speculate on which one exactly will fall the fastest. However, it can be a good way to diversify your portfolio and drastically reduce risk,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics.

And this is why everyone is jumping into crypto. “Wall Street is quickly realizing that having a minimal exposure to crypto assets can be very healthy for your overall portfolio,” said Greenspan.

From Ray Dalio, Stanley Druckenmiller to Paul Tudor Jones, and Bill Miller, everyone finds bitcoin as a diversifier.

Wang Xing, CEO of China’s third-largest internet company Meituan is also into Bitcoin, as revealed by a Chinese publication.

Xing, who has previously said that bitcoin could be the biggest transfer of wealth in human history, recently revealed that he owns BTC adding, “I just think bitcoin is an awesome idea, the kind of awesome that is destined to go down in the history of human civilization.”

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Author: AnTy

Bitcoin in ‘Danger Zone’ as Whales Are Active on Exchanges & 78k BTC Options Expire Today

After falling to nearly $16,300, Bitcoin managed to stabilize yesterday, going above the $17,500 level. But as we reported, the pain is not over for the cryptocurrency market.

Today, the market is back to struggling, and it’s to be seen if we finally get the 30% retracement to under $14,000. The expiry of whopping 78k BTC options with a notional value of $1.3 billion today could propel this.

As Hxro Labs points out, Bitcoin has tapped the key retest at $16,500, and it must hold the level or risk further downside to $13,500. It added,

“Resistance now at $17,900 as a bearish throwback level. The market will need to reclaim $18,000 to signal continuation.”

The fact that Bitcoin whales are back at depositing on cryptocurrency exchanges is another reason a further dump is expected in the short-run. Ki-Young Ju, CEO of CryptoQuant noted,

“All Exchanges Inflow Mean(144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

image1

“Bitcoin may be a victim of its own success,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “Traders suggested several large holders moved to lock in gains as the cryptocurrency reached for all-time highs.”

Altcoins had started to turn green, recovering their losses when BTC went under $16,750 today, and the entire market got affected. With funding picking up, perpetual contracts are trading at a premium to spot.

ETH, which is back around $500, has its key weekly resistance at $620 with “$550 now as the bearish throwback level to break to signal continuation for bulls.” Bulls need to hold $465 to keep it from the further downside.

Once we have a healthy retirement, the market will get back into action. Ryan Rabaglia, global head of trading at OSL brokerage in Hong Kong said,

“It’s also not unusual to see a short-term pullback following periods of significant, accelerated gains as traders look to take profits before resetting once volatility subsides,”

“Once the dust settles, we’re back to business as usual with all medium to long-term bullish indicators still in play.”

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Author: AnTy

Bitcoin Is Heating Up; Funding Rate on Perpetual Contracts Has Finally Popped

Bitcoin has gained more than 70% since October; today, some it broke above $19k after taking a rest since breaking the $18,000 level last week. But it’s to be seen if $20k is coming soon.

It has been just this year in March, during the global sell-off, that Bitcoin went down to $3,800, and this week, we made a new all-time high at nearly $19,420. We are just over 4% away from the all-time of $20,000.

Despite these huge gains, the market has been pointing out there has been no change whatsoever in the funding rate.

A funding rate is basically used to keep the price of the perpetual swap contract, futures contracts without an expiry date, in line with the underlying asset. Every 8 hours, you will either be paying or receiving funding if you have an open position.

In a positive funding rate, longs pay the shorts; in a negative funding rate, shorts are the ones paying the longs.

Crypto market traders have been pointing these past few weeks how there has been no change in the funding despite the rally.

Finally, bitcoin funding rates on major cryptocurrency exchanges have increased considerably over the past few days.

“Long positions are heavily paying shorts – potentially incentivizing more traders to start taking the other side,” noted Glassnode.

The funding started increasing towards the weekend when Bitcoin dropped to about $17,500 level. The digital asset has been primarily keeping between $18k and $19k, taking a breather before going higher.

The funding rate on Bybit is the highest, having reached 0.16% and 0.0113% on Binance, with the mean going to 0.093%.

It is possible; finally, the market will get to have a correction everyone is waiting for some time now. During the 2017 bull cycle, the market had several pullbacks of an average of 30%.

“BTC finally heating up. Every time funding popped like this in the last six months, a strong correction followed within 24H. Basis also popping,” said trader and economist Alex Kruger. However, he added:

“This time may be different though: retail mania kicking in. Google Trends aside, I have not seen such retail interest since Jan/2018.”

The trader is expecting a repeat of this past weekend in a few days.

“This is short term leverage piling on top of the systematic spot buying we’ve been seeing for BTC and ETH.

Leverage accrued after an extended rally makes longs vulnerable. The underlying spot bid is widespread, so thinking this time is different, and leverage has room to build up.”

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Author: AnTy

Unlike The Price of Bitcoin, These Fundamentals Already Hit New All-Time Highs

Bitcoin is having its moment, as the price of the digital asset rallies above $13,000. Yesterday, BTC price almost broke the 2019 high; on Bitfinex, it actually made a new 34 month high.

We are still 36% away from hitting a new all-time high, but we are only six months into Bitcoin third halving, while historically, it has been within 1.5 years of each previous halving that the price hit a local peak.

But while the crypto-asset price is yet to hit a new high, many bitcoin fundamentals are already there, signaling “BTC is poised for takeoff.”

The number of addresses with at least $100 worth of Bitcoin hit a new all-time high of 9.74 million last week. Similarly, addresses with $10 worth of BTC have hit a new ATH of 17.6 million, and a new high of 3.6 million addresses also have $1000 worth of BTC. While a single person or entity can control multiple addresses,

“the trend suggests that the amount of BTC holders is increasing, which is a positive signal for BTC’s long-term adoption.”

image1

Also, the number of addresses with a holding period of fewer than 30 days reached a new record, indicating “new money is flowing into Bitcoin.” IntoTheBlock noted,

“The “traders” in October sums 3.38 million addresses that in aggregate hold 1.94 million BTC.”

Never has the percentage of BTC supply held for at least one year higher than the current 62.5%. This is bullish for the digital asset, especially because it peaked historically when the price was at local lows.

Meanwhile, BTC’s velocity, which measures the number of times an average unit of supply has been transferred in the last year, is at its lowest since 2011. Coin Metrics stated,

“A decreasing velocity suggests BTC is trending towards being used as a store of value as opposed to a medium of exchange.”

Amidst this, bitcoin supply is increasingly moving off of centralized exchanges, which could signal more and more investors want to custody their own BTC.

Other factors making records involve Tether recording its largest on-chain volume ever as a total of $15.1 billion USDT moved on Monday in 235.34k transactions.

Bitcoin subreddit that started 2020 with 1.1 million members has now also reached 1.7 million.

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Author: AnTy

Bitcoin in For Another Bull Cycle as BTC Supply Continues to Get Eaten Up Like Never Before

Over the weekend, the price of Bitcoin started rising and is currently trading above $11,650.

Interestingly, it has been three months, 93 days exactly, since Bitcoin was founded in 2009, that it has spent above the current price of $11.5k.

More importantly, it’s the first time that bitcoin has been above $10,000 with realized volatility extremely low, as per Skew.

While trading in the green, the ‘real’ amount of the BTC traded in the past 24 hours has fallen drastically to just over $700 million.

This lack of volume could be on one side due to the lack of price action in the market and the weekend. On the other hand, the BTC balance on exchanges is on a constant decline. An analyst noted,

“More and more Bitcoin getting out from exchanges and most probably being transferred to non-custodial wallets. This suggests slightly lower liquidity and lower selling pressure going forward.”

BTC Balance on Exchanges
Source: Glassnode

According to Chain.info, in the past 24 hours, the biggest outflow of BTC has been recorded on OKEx of 6,269.

Last week, the exchange suspended all digital currency withdrawals after one of its key holders who has been helping the authorities in an investigation was unreachable.

Additionally, as per Coin Dormancy, a measure of “old hands selling out,” which usually sold the tops have been acting differently in the current cycle. “They sold the bitcoin bottom at $3-$4k, they are selling right now,” observed on-chain analyst Willy Woo.

Coin-Dormancy
Source: Glassnode

Another Bull Cycle in the Making

While Bitcoin continues to move out of exchanges in favor of cold wallet storage, for the first time, public companies are gobbling up more and more BTC by making it part of their Treasury. Grayscale, yet again, for the third time in a row, had a record inflow in Bitcoin.

According to Grayscale’s Q3 report, they bought 77% of all the BTC mined in the quarter, up from 70% in Q2 and 27% in Q1. Dan Tapiero, co-founder of 10T Holdings said,

“SHORTAGES of Bitcoin possible. Barry’s Grayscale trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off mkt in squeeze. Shorts will be dead. Price can go to any number.”

Overall, the market is bullish on digital assets, as Pantera Capital wrote in its last week’s investor letter; besides the network fundamentals, all the money printing the Federal Reserve and other central banks are doing works in bitcoin’s favor.

“We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.”

Major Bitcoin Price Cycles
Source: Pantera Capital

In its decade long life, Bitcoin has gone through three major prices already and seems to be primed for yet another one.

“My intuition from trading waves for 35 years is we’re in for another one,” wrote Dan Pantera, adding, “it’s still a massive hype cycle roller coaster.”

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Author: AnTy

Bitcoin Miners Generating BTC at Fast Pace & ‘Running Down Inventory’ Just as Hard

Bitcoin started this week on a bullish note, reaching above $11,700 only to drop to nearly $11,200 level on Friday after crypto exchange OKEx announced that cryptocurrency withdrawals had been suspended.

According to the local media, two of the executives, including its founder, Star Xu, arrested by the police, have been released on bail. Star Xu has been reportedly assisting in the investigations.

The exchange maintained that the investigation is “not related in any way to anti-money-laundering or to OKEx,” and that the funds are safe and all other functions are unaffected.

OKEx actually holds 1.1% of Bitcoin’s circulating supply (200,000 BTC worth $2.3 billion), and before the suspension of withdrawals, large BTC outflows were observed from the exchange.

As per Glassnode, “a total of 10,000 BTC ($113 million) were withdrawn in two large batches in the past 48h.”

Market Unchanged

Yesterday, what made matters worse for the already jittery markets was the Deribit exchange that was temporarily out of action due to maintenance that had not only BTC price falling but also the futures curve flattening yet again.

On-chain analyst Willy Woo actually expects the last CME gap around $11,200 to get filled as he sees hidden distribution at spot exchanges, with volume sell-off not yet reflected in the price.

But in the near term and overall, he remains bullish, signaled by the growing market fundamentals.

“The on-chain fundamentals which are 3-6 weeks at the minimum timeframes are still unchanged in bullish mode, if we do get a pullback, I’d take it as a chance to deploy capital into BTC if you missed it in the 10k zone,” said Woo.

Still, Some Weakness in Near Term

While the network fundamentals, the hash rate has made an all-time high, miners are “running down inventory quite hard today.” With MRI currently above 100%, it means miners are selling more Bitcoin than they are mining.

This, according to Charlie Morris of ByteTree, is an indication of a “Healthy market to sell into.”

Interestingly, with more than ever hash power used to mine bitcoin, the standard 10 minute time to generate a bitcoin has fallen to 8 minutes 8 seconds, as per Bitinfocharts. In the second half of 2020, the block time has been kept between 12 to 8 minutes.

Overall, bulls haven’t lost yet, and they could further continue higher, especially if equity markets trade up given their correlation that continues to increase, currently above 57%.

“Recent BTC breakout was legit, but more effort needs to be coming from the bulls. Price action remains in a three-wave corrective move after bearish impulsion. Break of $11,740 & $12,500 Highs needs to commence, otherwise bears might try to force more consolidation/downside,” says one analyst.

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Author: AnTy