BTC bulls aim to confirm $20,000 as support as fresh on-chain data begins to signal that the bottom might be in.
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Bitcoin on-chain data flashes early signs of the BTC bottom being in
While Bitcoin (BTC) price support may be psychological for some traders, the statistics behind BTC remaining over $20,000 for a week are strong indicators of price support or in other words, a new bear market floor. Multiple Bitcoin data points might be able to establish a $20,000 support level.
Last week Bitcoin reached a high of $20,961. However, it never sustained its upward momentum as the rally fizzled out, failing to break $21,000 support. As a result of the rally as well as the rejection, Glassnode, in the most recent report, analyzes if Bitcoin is hammering out a bear market floor.
Realized price distribution
Bitcoin’s realized price charts the average cost buyers paid for their BTC holdings. If the price of Bitcoin goes below a user’s realized price, they are technically experiencing an unrealized loss. For visual effect, the UTXO Realized Price Distribution shows the percentage of supply distributed across the acquisition price.
The 2019 bear market shows that 30% of BTC’s total supply was concentrated within the realized price range. In April 2019, the price broke out above the realized price, signaling the start of a new bull market.
Bitcoin UTXO realized price distribution in April 2019. Source: GlassnodeLooking at the current market and applying the same methodology, Bitcoin’s realized price is concentrating 20% of supply between $17,000 and $22,000. While this suggests that more redistribution may need to occur, the consolidation is significant and highlights a resilient holder base.
Andy Warhol would have loved (or possibly hated) NFTs
If Andy Warhol — the most famous artist of the 20th century — were alive today, he would make NFTs. The reasoning is simple: because for Warhol, business was art. So, I decided to do some digging and speak to Warhol experts to see if there is a case.
But Warhol was an artist who defies easy definitions, and not everyone was keen to explore the highly speculative nature of the hypothesis. Professor Golan Levin, professor of electronic art at Carnegie Mellon University, said he couldn’t help and instead suggested that I “ask a Warhol biographer or a psychic medium.”
Fair enough. So, I messaged Warhol’s renowned biographer, Blake Gopnik, author of Warhol.
And then I found a Warhol psychic.
Gopnik is an art critic and a regular contributor to The New York Times. He’s the author of Warhol, a definitive biography of the pop artist.
Andy Warhol would have loved (or possibly hated) NFTs
If Andy Warhol — the most famous artist of the 20th century — were alive today, he would make NFTs. The reasoning is simple: because for Warhol, business was art. So, I decided to do some digging and speak to Warhol experts to see if there is a case.
But Warhol was an artist who defies easy definitions, and not everyone was keen to explore the highly speculative nature of the hypothesis. Professor Golan Levin, professor of electronic art at Carnegie Mellon University, said he couldn’t help and instead suggested that I “ask a Warhol biographer or a psychic medium.”
Fair enough. So, I messaged Warhol’s renowned biographer, Blake Gopnik, author of Warhol.
And then I found a Warhol psychic.
Gopnik is an art critic and a regular contributor to The New York Times. He’s the author of Warhol, a definitive biography of the pop artist.
Andy Warhol would have loved (or possibly hated) NFTs
If Andy Warhol — the most famous artist of the 20th century — were alive today, he would make NFTs. The reasoning is simple: because for Warhol, business was art. So, I decided to do some digging and speak to Warhol experts to see if there is a case.
But Warhol was an artist who defies easy definitions, and not everyone was keen to explore the highly speculative nature of the hypothesis. Professor Golan Levin, professor of electronic art at Carnegie Mellon University, said he couldn’t help and instead suggested that I “ask a Warhol biographer or a psychic medium.”
Fair enough. So, I messaged Warhol’s renowned biographer, Blake Gopnik, author of Warhol.
And then I found a Warhol psychic.
Gopnik is an art critic and a regular contributor to The New York Times. He’s the author of Warhol, a definitive biography of the pop artist.
Bitcoin resistance mounts pre-FOMC as Dogecoin sets 17-month BTC high
Bitcoin (BTC) stayed motionless at the Nov. 1 Wall Street open as traders rooted for clues over possible direction.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHopes of a breakout remain despite BTC sell wall
Data from Cointelegraph Markets Pro and TradingView showed a narrow range in place for BTC/USD overnight, the day seeing local highs of $20,681 on Bitstamp.
Markets were keenly awaiting news from the United States Federal Reserve on interest rates, these scheduled for 2pm Eastern time on Nov. 2.
Until then, it was a case of “wait and see,” while on-chain monitoring resource Material Indicators noted sell-orders already increasing.
“The binance order book is starting to look like a game of Tetris,” it summarized.
Bitcoin resistance mounts pre-FOMC as Dogecoin sets 17-month BTC high
DOGE continues to outperform among major cryptocurrencies with macro volatility incoming thanks to the Fed.
Bitcoin resistance mounts pre-FOMC as Dogecoin sets 17-month BTC high
Bitcoin (BTC) stayed motionless at the Nov. 1 Wall Street open as traders rooted for clues over a possible direction.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHopes of a breakout remain despite BTC sell wall
Data from Cointelegraph Markets Pro and TradingView showed a narrow range in place for BTC/USD overnight, the day seeing local highs of $20,681 on Bitstamp.
Markets were keenly awaiting news from the United States Federal Reserve on interest rates, which is scheduled for 2:00 pm Eastern Time on Nov. 2.
Until then, it i a case of “wait and see,” while on-chain monitoring resource Material Indicators noted sell-orders already increasing.
“The binance order book is starting to look like a game of Tetris,” it summarized.
Can internet outages really disrupt crypto networks?
While some security issues do exist, major internet outages like the one witnessed across the EU recently cannot really threaten cryptocurrencies or their associated networks.
MakerDAO co-founder Nikolai Mushegian dies at 29 in Puerto Rico
Mushegian was an important figure in the crypto community, contributing to multiple projects, including MakerDAO, BitShares and Balancer.
Chinese central bank exec says digital yuan will offer ‘controllable anonymity’
China’s digital yuan is one of the earliest CBDCs whose pilot phase has expanded to include millions of users and billions in transaction volume.
Chinese central bank exec says digital yuan will offer ‘controllable anonymity’
China’s digital yuan is one of the earliest CBDCs whose pilot phase has expanded to include millions of users and billions in transaction volume.
South Korean regulators aim to toughen crypto fraud punishments
The legislation, separate from the upcoming Digital Asset Basic Act, may came into force already in 2023.
El Salvador's Bitcoin purchase information can't be made public: Trustee
As a development bank for El Salvador, BANDESAL created a $150 million trust fund to guarantee the convertibility to dollars for citizens and merchants.
El Salvador's Bitcoin purchase information can't be made public: Trustee
As a development bank for El Salvador, BANDESAL created a $150 million trust fund to guarantee the convertibility to dollars for citizens and merchants.
Twitter monetization and free speech drove Binance's $500M injection: CZ
Binance will also assist Twitter’s integration into Web3 by implementing crypto payments and deploying a dedicated team of on-chain specialists to stop spam bot accounts.