BTC Price Jumps Above $26,700, A Dead Cat Bounce or Recovery

On-chain data shows some optimism with Bitcoin whales back in action after dumping last week. On-chain data provider Santiment explains that Bitcoin surged to a peak of $26.8K on Wednesday as significant whale and shark addresses are once more increasing their holdings. Among the 156,660 wallets holding 10 to 10,000 BTC, they’ve gathered a total of $308.6 million since August 17th.

advertisement
Courtesy: Santiment

On the other hand, some reports suggested that Robinhood has been accumulating $3 billion worth of Bitcoins over the last 3 months. A secret wallet has accumulated this quantity which analysts believe belongs to Robinhood.

Although Robinhood’s intentions for the substantial Bitcoin holdings remain uncertain, this finding underscores the company’s strong interest in the digital asset sector. Robinhood has been actively striving to attract more cryptocurrency investors to its platform. This revelation is likely to generate increased attention from the crypto community.

Bitcoin Price Surge: A Dead Cat Bounce or Recovery?

It’s too early to say whether Bitcoin is changing course after Wednesday’s price bounce. While the Bitcoin whales have resumed accumulation, short-term holders have been offloading heavily over the last week.

Also, the Bitcoin price momentum looks overall bearish on the technical charts. The recent rejection at this level, combined with the 50-day moving average around a similar price, has triggered a notable downward movement. Bitcoin (BTC) has breached the crucial 200-day moving average, situated around the $28,000 mark. This holds significant trend information, and a dip below this level suggests a possible shift towards bearish sentiment.

Although the RSI indicator has rebounded from oversold territory, it remains below the 50% threshold. This implies that while the current price is moving within a range, the overall momentum is still leaning towards bearish sentiment. As a result, there’s a likelihood that the market might test the $25,000 zone once again in the near future.

Crypto analyst IncomeSharks further warned that Bitcoin should form three green candles. Only then, we can confirm the price recovery.

Comments

Post a Comment

Popular posts from this blog

Quant Pauses Over $115, But Tends To Move In A Range

Image
Jan 06, 2024 at 10:09 // Price Author Coin Idol The price of Quant (QNT) is falling after hitting the $150 resistance level twice. Price Analysis by Coinidol.com. Long-term Quant price prediction: ranging This will be the second rejection of the altcoin at its current high. QNT could reach its high of $230 if the current resistance is broken. The cryptocurrency value will be pushed back to its previous highs by buying after a previous decline. The current value of the coin is $120 at the time of writing. The current decline could go below the moving average lines,
Read more

Singapore Teams Up With Japan, Swiss, UK Bodies on Crypto Regulation

The Monetary Authority of Singapore (MAS) announced it has partnered with regulators in Japan, Switzerland, and the UK. The MAS said the policymaker group will work to advance digital asset innovation and regulation discussions.  The regulator said the partnership is necessary as its digital asset pilot programs grow in scale and sophistication. The Monetary Authority of Singapore (MAS) announced on October 30 that it has partnered with authorities in Japan, Switzerland, and the United Kingdom to foster digital asset innovation and adoption. Indeed, the MAS, in its statement, said it will work hand in hand with the Financial Services Agency (FSA) of Japan, the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA). Per the announcement, the bodies will advance discussions around digital asset growth, risks, and regulation.  The MAS said the partnership would help it advance pilot programs for digit
Read more

Netflix’s Bitconned Exposes Crypto’s Dark Side, Unveils Centra Tech’s Scheme

Netflix documentary “Bitconned” unveils details of a crypto scam orchestrated by Centra Tech. The documentary highlights risks in the unregulated crypto space, emphasizing deceptive projects. Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. In the recent documentary release from Netflix titled “Bitconned,” viewers are presented with a comprehensive exploration of the nefarious world of crypto, unraveling a tale of deception, fraud, and the ominous rise of dubious crypto ventures. Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. Touted as a revolutionary force in the crypto landscape, Centra Tech, was, in reality, a house of cards built on deceit.  The documentary uncovers the mechanics behind the scenes, showing how Centra Tech managed to rake in millions of dollars daily. Ray Trapani, along with co-founders Sohrab Sharma and Robert Farkas, embarke
Read more