Kategorie: Bitcoin News

• Bitcoin has declined by more than 8% in the past 24 hours to currently trade below $21,400.
• Glassnode data shows Bitcoin Realized Price is $21,700.
• BTC price has fallen below the realized price before – December 2018 and March 2020, with June, July and August 2022 also seeing the scenario.

Bitcoin has declined by more than 8% in the past 24 hours to see BTC price break below the Realized Price.

In July, the cryptocurrency dipped below the realized price level – at the time around $21,800 – before breaking higher to hold above it for a consecutive 23 days.

On Friday, with BTC/USD breaking lower to around $21,320, on-chain analytics platform Glassnode shared a chart showing the actual price had once again broken below the realized price.

According to the platform, the current realized price for Bitcoin is at $21,700, which suggests the market is nursing aggregate losses.

#Bitcoin prices have broken back below the Realized Price after 23 consecutive days above the market cost basis.

Realized Price currently sits at $21,700, reflecting the aggregate acquisition price, valued at the time coins last moved on-chain.

Chart: https://t.co/za5BFAI6nC pic.twitter.com/rVY5uyzKnK

— glassnode (@glassnode) August 19, 2022

What’s the Bitcoin Realized Price?

On-chain analysis looks at Realized Price as the value of all BTC at the time they were last moved (bought), with the metric arrived by taking into consideration Bitcoin’s circulating supply.

A measure of the value of these coins is equivalent to the coin’s ‘average cost basis’, and is not the same as the current price of Bitcoin in the market. For instance, BTC is trading near $21,330 at the time of writing, but realized price is around $21,700.

Bitcoin price has moved below its realized price multiple times over the years, with the last four occasions being in December 2018, March 2020 and in 2022 – June/July and now August.

Historically, a decrease below the BTC realized price has marked cycle lows and have been followed by an upside bounce, on occasion with new all-time highs reached. However, the measure of how long price stays below the metric differs. 

In 2018, it took four months for the actual price to bounce above the metric, but lasted less than two weeks in March 2020.

In June, Bitcoin stayed below the realized price for a month before a brief upside.

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Bitcoin has dropped below the $22k support level after losing more than 6% of its value and could record further losses soon.

The cryptocurrency market has been underperforming since the start of the week. The broader market has lost more than 6% of its value over the last 24 hours, causing the total market cap to drop below the $1.1 trillion mark earlier today.

Bitcoin continues to lead the market, and its massive dip resulted in the broader market recording huge losses over the last 24 hours. 

Bitcoin has lost more than 6% of its value so far today, resulting in BTC trading below the $22k level for the first time this week. BTC has maintained its value above $20k in recent weeks, and the bulls would be hoping to keep it above that level over the weekend.

The bulls would, however, need to defend the BTC price and ensure it doesn’t drop below the $21k resistance level in the near term.

Key levels to watch

The BTC/USD 4-hour chart has turned bearish as Bitcoin has been underperforming since the start of the week. The technical indicators show that BTC could record further losses soon.

The MACD line dropped below the neutral zone earlier this week and has remained there ever since. Thus, indicating that the bears are currently in control of the market.

The 14-day relative strength index of 19 strongly indicates that Bitcoin is in the oversold region.

At press time, BTC is trading at $21,814 per coin. If the bearish trend continues, BTC could drop below the $21k support level over the next few hours or days. However, the bulls should defend BTC above $20k in the near term.

The bulls might regain control of the market and push BTC above the $22,500 resistance level before the end of the day.

Unless there is an extended bullish run, BTC might find it hard to surge past the $23,409 resistance level over the next few hours.

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• Brazil’s largest brokerage firm XP has announced its crypto trading platform called XTAGE.
• The company has partnered Nasdaq to offer Bitcoin and Ethereum trading.
• Latin America conglomerate BTG Pactual also launched a crypto exchange dubbed Mynt to offer its clients direct exposure to Bitcoin.

Brazil is seeing a major shift in gears when it comes to crypto adoption, with key developments currently being a move by two of the country’s behemoths warming up to the crypto revolution.

Brazilian giants announce crypto trading services

XP, Brazil’s largest brokerage firm, on Monday announced the launch of its crypto trading platform XTAGE, targeting to bring Bitcoin (BTC) and Ethereum (ETH) trading to millions of customers.

The firm, currently counting more than 3.6 million customers, plans to add to BTC and ETH within the next several months and sees over 200,000 users jumping onto the new offering.

The Brazilian giant’s new crypto product is a collaboration with Nasdaq, and will also include forex and stock trading.

Meanwhile, with the XP project coming into the market amid expected recovery for the crypto industry following the bear market crash, another Brazilian conglomerate signals growing institutional interest.

BTG Pactual, Latin America’s largest investment bank with over $200 billion in assets, has also launched a cryptocurrency trading platform. Dubbed the Mynt, the Brazil-based Bitcoin exchange offers the bank’s customers access to Bitcoin, Ethereum, Solana, Polkadot and Cardano trading.

Customers will be able to trade these crypto assets with a minimum of 100 Brazilian reals (roughly $19.44).

According to the bank, their crypto offerings will also include educational content via video or papers to help customers understand the investment.

Commenting on the double move, GlobalBlock analyst Marcus Sotiriou said it points to the “efficient exchange of value which blockchain technology provides.”

In a note shared on Tuesday, the analyst said the continued adoption across traditional firms shows how “incredibly more advanced” the crypto technology is compared to current financial systems.

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The cryptocurrency market is having a poor start to the week but could recover and rally higher over the next few days.

The cryptocurrency market is currently trading in the red zone, starting this week in a poor fashion. 

The total market cap still stands above $1.1 trillion despite the broader cryptocurrency market losing more than 2% of its value.

Bitcoin is struggling to defend its position above the $24k support level after losing more than 3% in the last 24 hours. Despite the poor performance, BTC could surge past the $25k resistance level over the next few days.

Bitcoin remains the world’s leading cryptocurrency and has maintained its price above the $20k psychological level in recent weeks. BTC has suffered to move past the $25k resistance level but could attempt to do so over the next few days.

Moving past the $25k resistance level could allow BTC to target the $30k psychological level in the near term.

Key levels to watch

The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the last 24 hours. The technical indicators show that BTC could bounce back from its ongoing slump.

The MACD line remains above the neutral zone, indicating bullish momentum for Bitcoin. The 14-day relative strength index of 48 shows that Bitcoin is still not in the oversold region despite its poor performance.

At press time, BTC is trading at $24,060 per coin. If the bearish trend continues, BTC could drop below the $23,539 support level over the next few hours or days. However, BTC should maintain its position above the $22,900 support level in the near term.

The bulls might regain control of the market and push BTC past the $24,879 resistance level before the end of the day. BTC could comfortably stay above the $25k psychological level in the short term as the general outlook of the market remains bullish.

The post Bitcoin could top the $25k resistance level in the coming days appeared first on CoinJournal.

The cryptocurrency market started the week with low momentum and continues trending sideways mid-week. However, there are cryptos that have a lot to look forward to, that could make gains towards the end of the week. Of the large cryptocurrencies that could do well in the course of the week, here are among the top ones to keep an eye on today.

Bitcoin (BTC)

Bitcoin (BTC) hasn’t had a good week so far, especially with all the news of high inflation coming from all the major economies. However, news coming from Iran could help propel the top crypto within the week. The news indicates that the country has imported its first batch of goods in crypto. This is a big deal as it is a validation for Bitcoin as a means of payment. This is likely to create FOMO around Bitcoin, especially now that Bitcoin is holding strong above $20k.

Ethereum (ETH)

Ethereum (ETH) is one of the cryptocurrencies that have the potential to make big moves in the course of the week. This has a lot to do with news about a possible fork ahead of the Ethereum merge. If such happens, then there could be a rush by investors to buy Ethereum in anticipation of getting some free coins after the merge. At the same time, there is a lot of expectation that after the merge, the value of Ethereum could go up. That’s because it comes with a lot of expectations about a reduction in Ethereum scaling issues and overall Ethereum gas fees. All this, coupled with Ethereum price resilience in the last few days, could see ETH record gains throughout the week.

Axie Infinity (AXS)

Axie Infinity (AXS) completes the list of the top cryptocurrencies that could do well in the course of the week. That’s because AXS is currently trading at a low of 90% from its most recent highs. However, the price is improving, and most investors have seen an improvement in the price recently. Data shows that only 22% of all AXS investors are currently in a loss. As more investors turn profitable, AXS could see FOMO and turn profitable in the week.

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