Over the past week, Bitcoin has shown strong bullish indicators both technically and on-chain. However, upon reaching a significant resistance level at $24K, the market has seen intense fluctuations between buyers and sellers. The key question now is whether this marks the start of a genuine bull market or if…
Bitcoin’s price has been on an impressive rally, having surpassed both the 50 and 100-day moving averages. It has also broken through the upper trendline of its wedge pattern and reached a significant resistance level around $21.5K. The price momentum is notable, but the market now faces a critical challenge:…
2022 proved to be a much more challenging year for Bitcoin miners compared to 2021. A sharp decline in profitability occurred, driven by a falling Bitcoin price and rising energy costs, making 2022 a particularly difficult year for the mining industry. The Impact of Bitcoin’s Bear Market on Mining Profitability…
As we enter 2023, Ethereum’s position in the blockchain space remains strong following the successful completion of its transition to Ethereum 2.0. With Ethereum now operating on a proof-of-stake (PoS) consensus mechanism, the network is poised to benefit from increased scalability, energy efficiency, and the growing adoption of decentralized finance…
It has been 51 days since Ethereum dropped to a new yearly low of $1.1K, and since then, the price has been stuck in a consolidation range between $1.1K and $1.3K. This price action suggests that Ethereum is undergoing a phase of indecision, and the market is waiting for a…
After a challenging year for Bitcoin in 2022, the outlook for 2023 shows promising signs of recovery and growth. The cryptocurrency market faced substantial headwinds in 2022, including macroeconomic pressures such as rising interest rates, inflation concerns, and regulatory uncertainty. Despite these challenges, Bitcoin’s fundamental value proposition, supported by its…
Ethereum is currently facing significant resistance around the $1300-$1400 range, with the 100-day and 50-day moving averages standing at $1360 and $1320, respectively. These levels have effectively capped the price’s upward movement, leaving Ethereum in a phase of consolidation with low volatility. The static resistance level at $1300 has been…
XRP has shown signs of recovery after successfully recapturing the 200-day moving average (MA) line on the daily chart. This marks a positive psychological shift in market sentiment following a period of struggle since mid-November. The price action indicates that XRP could be entering a new phase of bullish momentum.…
Following the FTX downfall, a significant outflow of capital from the market occurred, with around $270 billion leaving the crypto space within four days. As a result, total market capitalization dropped to $830 billion on November 10, the same level it reached in January 2018. However, these outflows have now…
Bitcoin has struggled to produce any significant daily price movement in recent months, with the market currently experiencing a prolonged range phase and extremely low volatility. However, technical indicators suggest that Bitcoin may be on the cusp of a major move. Technical Analysis: Key Resistance and Support Levels The daily…
Ethereum Whales Add 14% to Their Holdings Amid Market Pressure Despite the bearish trends in the crypto market, which have affected major cryptocurrencies such as Ethereum, there are signs of accumulation from large investors. Ethereum addresses holding over one million ETH have collectively added 3.5 million more ETH, worth around…
Ethereum Struggles to Gain Momentum, $1,500 Resistance in Focus Ethereum has managed to stay above the $1,200 level despite increasing selling pressure, showing signs that the downward trend is weakening following the Merge. However, this does not imply that bullish momentum is yet in play. Technical Analysis: Key Support and…