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Bitcoin on-chain data is pointing to "up only" as BTC price action fights to eke out an uptrend below fierce resistance near $40,000. Bitcoin (BTC) starts a new week keeping traders guessing near its highest levels in 18 months — what’s next? BTC price action has held higher after spiking above $38,000 last week, but since then, a testing "micro-range" has left bulls and bears locked in battle. Whether a deeper retracement will come or a trip to $40,000 will leave naysayers behind is now the key short-term question for market participants. Coming up over the next few days are various potential catalysts to help effect trend emergence for Bitcoin, while underneath, there are mounting signs that the market is due a boost. Volatility is set to come at the hands of the monthly close later on, but before then, a host of macroeconomic events has the ability to inject some surprise price action. Cointelegraph takes a look at these issues and more in the weekly rundown o...

Tech stocks face trillion-dollar losses as bond yields soar, but their $596 billion cash positions favor alternative hedges, including Bitcoin. The mega-cap tech stock s, which saw a robust start in 2023, are now grappling with massive trillion-dollar losses, leaving their shareholders concerned. Wall Street's unease over surging bond yields and higher interest rates has cast a shadow on these companies. Traders are now pondering the potential impact on Bitcoin (BTC) if the S&P 500 downtrend continues. Consequently, investors must investigate the correlation between Bitcoin and the S&P 500 and consider whether cryptocurrencies can thrive in an environment of high-interest rates. Bloomberg Magnificent 7 index vs. S&P 500 equal weight index. Source: Bloomberg The seven largest tech companies, including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, collectively constitute a staggering 29% of the S&P 500, marking the highest concentration ever recorded in...

Federal Reserve Governor Michelle Bowman recently expressed skepticism about the unique benefits of a U.S. CBDC over other financial alternatives at a Harvard Law School roundtable discussion. During a recent roundtable discussion at Harvard Law School, Federal Reserve Governor Michelle Bowman voiced her skepticism regarding the practicality of a U.S. central bank digital currency (CBDC). She expressed doubts over whether a CBDC could offer solutions to financial issues any more effectively than current alternatives, such as FedNow. CBDCs have been touted by their advocates for their potential benefits, particularly in terms of financial inclusion and mitigating challenges within the payment system. Yet, Bowman remains unconvinced, arguing that these touted advantages may not be exclusive to CBDCs. “These are all important issues. I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or wit...

Bitcoin briefly heads back down to $27,000 thanks to unexpected non-farm payrolls numbers, with BTC price staging a strong recovery. Bitcoin (BTC) saw a snap retest of $27,000 around the Oct. 6 Wall Street open as wildcard United States employment data rattled markets. BTC/USD 1-hour chart. Source: TradingView Analysis: Jobs data "not what Fed wanted to see" Data from Cointelegraph Markets Pro and TradingView followed BTC price action as the largest cryptocurrency lost 2.1% in a single hourly candle. A subsequent rebound saw bulls recover those losses, with $27,700 — the area of interest from before the data release — now back in focus. The volatility came thanks to U.S. non-farm payrolls (NFP) jumping to almost double the number expected for September — 336,000 versus 170,000, respectively. Demonstrating the labor market’s ongoing resilience to the Federal Reserve's counterinflation measures in the form of interest rate hikes, the implications of the September result w...

Crypto market analysts tend to interpret Bitcoin miners selling their of BTC rewards as bearish, but miners countered this logic in detail at the recent Bitmain WDMS conference. Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where BTC price might go.  According to the strategy, Bitcoin miner rewards sent to exchanges foreshadows pending sell pressure on Bitcoin price and possibly reflects distress among miners . Elements of this methodology were challenged by an assortment of publicly listed Bitcoin miners at last week’s Bitmain World Digital Mining Summit in Hong Kong. Bitmain WDMS panel on Bitcoin mining and renewable energy. Source: Cointelegraph According to Jeff Taylor, the Core Scientific EVP of Data Center Operations, “Core Scientific might be the poster child for the HODL strategy. We built a 10,000 Bitcoin hoard and we rode it up...

The U.S. inflation narrative shifts away from ease-of-control in what could further pressure risk asset performance. Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States Inflation darkened. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again dipping below last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day. The rangebound moves accompanied modest recoveries for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading, respectively. Concerns over the Federal Reserve’s plans on tackling inflation after last week’s gloomy speech by Chair Jerome Powell nonetheless lingered. Despite Powell’s earlier rhetoric, Diane Swonk, chief economist at KPMG, told mainstream media that the entire concept of a “soft landing” for the U.S. economy was now shelved. Powell’s speech had in fact “buried the concept of a soft landing,” she explained to ...

The US Federal Reserve has officially launched its FedNow instant payment system. The government agency announced the arrival of the system on Thursday, and as the official press release notes, it has now gone live with 35 banks and credit unions currently using the service.  The FedNow instant payment service is described by the Fed as a tool for banks to use “to instantly transfer money for their customers, any time of the day, on any day of the year.” Moreover, the system has long been discussed, finally making its debut today.  JUST IN: 🇺🇸 Federal Reserve officially launches ' FedNow ' instant payment system. — Watcher.Guru (@WatcherGuru) July 20, 2023 Also Read: Could the Government Freeze Bank Accounts Through FedNow ? Federal Reserve Announced FedNow Launch The Federal Reserve has officially launched its highly-discussed FedNow instant payment system. Indeed, a press release noted that the service has gone live at 35 f...

Will $30,000 BTC price hold? Bitcoin market structure remains bullish with another 10% gain on the table as sellers refrain from shorting. Bitcoin (BTC) price rallied over 10% between April 9 and April 14, marking the highest daily close in more than ten months. While some analysts may argue the move justifies a degree of decoupling from traditional markets, both the S&P 500 and gold are near their highest levels in over six months. Bitcoin price breaks $30,000 despite macro headwinds  Bitcoin’s gains and rally above $30,000 also happened while the dollar strength index (DYX), which measures the U.S. currency against a basket of foreign exchanges, reached its lowest level in 12 months. The indicator fell to 100.8 on April 14 from 104.7 one month prior as investors price d in higher odds of further liquidity injections by the Federal Reserve. Related: Bitcoin price teases $30K breakdown ahead of US CPI, FOMC minutes The latest Federal Reserve’s monetary policy meeting minutes, re...

$4.2 billion in BTC options expire on March 31, and despite weeks of harsh regulatory action against the crypto sector, bulls are well positioned to profit. Regulation continues to be the primary concern for Bitcoin bulls, especially after the Commodity Futures Trading Commission (CFTC) sued Binance for trading and derivatives law violations. The regulator wants Binance to repay the trading profits, revenues, salaries, commissions, loans and fees it received from US citizens, as well as paying civil penalties for the violations. The increase in Bitcoin’s price was also fueled by a shift in sentiment toward risk assets after the U.S. Federal Reserve Chair Jerome Powell said interest rate hikes are no longer the default move to curb inflation. The central bank understood that the current situation will likely “result in tighter credit conditions for households and businesses, which would in turn affect economic outcomes.” Fixed-income investors earn more when interest rates rise, so buy...

Bitcoin and crypto react bullishly to news that the Fed is providing liquidity again in the wake of Silicon Valley Bank failing and Signature Bank being closed. Bitcoin (BTC) begins a new week with a bullish surge above $22,000 as the Federal Reserve injects liquidity into the United States economy. In a move which can rival any classic Bitcoin comeback, BTC/USD is up a full 15% off the two-month lows seen on March 10. The volatility — and at least temporary relief for bulls — is all due to events in the U.S. after the failure of one bank and the forced halting of another’s operations. Silicon Valley Bank and Signature Bank are the latest victims in a brutal year for financial institutions under the Fed’s rising interest rates — will the trend continue? Despite Signature being crypto focused and a major on-ramp from fiat, crypto markets have so far seen no reason to abandon optimism at the prospect of the Fed providing fresh money. Not everyone, however, believes that this constitutes...

Major cryptocurrencies were trading slightly higher early on October 23, with the global crypto market cap at $923 billion, up more than 0.5% from the previous day. In the last 24 hours, the total cryptocurrency market volume was $32 billion, a 39% increase. The leading cryptocurrency , Bitcoin, is consolidating near $19,216, having gained less than 1% during the Asian session. BTC has formed a symmetrical triangle pattern, and a breakout of this triangle will determine the price action moving forward. Ethereum, on the other hand, is on the rise, having risen more than 1% to trade at $1,313. Top Altcoin Gainers and Losers The top performers in the Asian session were Bitcoin Gold (BTG), Aptos (APT), and Huobi Token (HT). Bitcoin Gold (BTG) has gained over 11% to $18.35, while the price of APT has risen by over 29% to $9.59. Moreover, the Huobi Token price rose over 11% to $8.70. Cryptocurrency Market Heatmap | Source: Coin360 The Chain (XCN) price has fallen by more ...

Join Our Telegram channel to stay up to date on breaking news coverage Despite the possibility of higher volatility in the crypto market, Nigel Green, CEO of the financial advising and asset management company DeVere Group, anticipates that cryptocurrency investors will increase their holdings in the upcoming months. This emerges at a time when major central banks are signaling that this year will see further rate rises in an effort to leash the inflationary trend. Even the Bank of England and the US Federal Reserve have left no doubts about this. CEO Green pointed out that most stock market segments were likely to experience more reductions as businesses cut back on borrowing out of concern for the unprecedented global recession. “Given Bitcoin and Ether’s current correlation with stock markets, we anticipate further, perhaps heightened, volatility in the crypto market before the end of 2022,” he said. “However, for serious investors, this will not ne...