ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
What's Hot

Beeple’s ‘The Long Road’ – is this the Ultimate Puzzle?

March 20, 2023

Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

March 20, 2023

Crypto.com gets MVP preparatory license from Dubai regulator

March 20, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • CRO
  • ETH
  • BRC
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

    March 20, 2023

    Crypto.com gets MVP preparatory license from Dubai regulator

    March 20, 2023

    Swords of Blood Token Presale Incoming: Learn Why This Hack-and-Slash P2E Game Is The Next Big Game in Polygon

    March 20, 2023

    Crypto.com Gets Closer to an Operational License in Dubai

    March 20, 2023

    Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

    March 20, 2023

    Will the Fed stop rate hikes? 5 things to know in Bitcoin this week

    March 20, 2023

    Taiwan watchdog FSC to assume authority on crypto regulation

    March 20, 2023

    Fed, central banks enhance ‘swap lines’ to combat banking crisis

    March 20, 2023

    These 5 cryptocurrencies may continue to surprise to the upside

    March 19, 2023

    Grayscale extends review of ETHPoW decision

    March 17, 2023

    Euler Finance hacked despite 10 audits in 2 years, says CEO

    March 17, 2023

    Ethereum price reaches lowest level relative to Bitcoin in 5 months

    March 15, 2023

    Top Ethereum Rival Could Be Gearing Up for Glorious Move, Says Investor Who Called 2022 Crypto Bottom

    March 20, 2023

    Ethereum (ETH) Creator Vitalik Buterin Outlines Favorite Crypto Security Strategy

    March 19, 2023

    Whales Quietly Boosting Ethereum Altcoin That Exploded 114% This Week: On-Chain Data

    March 19, 2023

    Silicon Valley Bank Implosion Whipped Up Frenzy of DeFi Transactions As Crypto Assets Rebounded: DappRadar

    March 18, 2023

    Beeple’s ‘The Long Road’ – is this the Ultimate Puzzle?

    March 20, 2023

    Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

    March 20, 2023

    Crypto.com gets MVP preparatory license from Dubai regulator

    March 20, 2023

    Project claiming to be ‘AI-powered’ drains $1M from users

    March 20, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    The Man Behind The Crypto Crackdown!! What's Coming?!

    March 19, 2023

    😱 Crypto BANNED in the US?! The SHOCKING Truth About Stable Coins! 🔥 | #StableCoins #shorts

    March 19, 2023

    Master Your Wealth With The Right Mindset

    March 19, 2023

    Bitcoin Price $1 MILLION by June 17th! Microsoft Buys Ethereum!

    March 18, 2023

    $200k Bitcoin SOON (Why BTC WILL SKYROCKET)

    March 18, 2023
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.003.77% 24H
    BITCOIN
    24H : 3.77%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.24% 24H
    ETHEREUM
    24H : -0.24%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.000.020% 24H
    TETHER
    24H : 0.020%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-0.04% 24H
    BNB
    24H : -0.04%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.10% 24H
    USD COIN
    24H : -0.10%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-3.14% 24H
    XRP
    24H : -3.14%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.03% 24H
    CARDANO
    24H : -0.03%
    Volume : $0.00
    Marketcap : $0.00
  • matic-networkPolygon(MATIC)
    $0.00-3.89% 24H
    POLYGON
    24H : -3.89%
    Volume : $0.00
    Marketcap : $0.00
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.003.77% 24H
    BITCOIN
    24H : 3.77%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.24% 24H
    ETHEREUM
    24H : -0.24%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.000.020% 24H
    TETHER
    24H : 0.020%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-0.04% 24H
    BNB
    24H : -0.04%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.10% 24H
    USD COIN
    24H : -0.10%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-3.14% 24H
    XRP
    24H : -3.14%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.03% 24H
    CARDANO
    24H : -0.03%
    Volume : $0.00
    Marketcap : $0.00
  • matic-networkPolygon(MATIC)
    $0.00-3.89% 24H
    POLYGON
    24H : -3.89%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » ‘Very small chance’ BTC price could hit $24K, says trader as US dollar cools
Bitcoin

‘Very small chance’ BTC price could hit $24K, says trader as US dollar cools

Coin TelegraphBy Coin TelegraphJuly 12, 20223 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin (BTC) fought to reclaim $20,000 on the July 12 Wall Street open as the U.S. dollar cooled its surge to new two-decade highs.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar bull run takes fresh breather

Data from Cointelegraph Markets Pro and TradingView revealed a tug-of-war between buyers and sellers following seven-day lows for BTC/USD.

The intraday losses had come at the hands of a rampant U.S. Dollar Index (DXY), which hit its highest levels since October 2002 at risk assets’ expense thanks to inverse correlation.

U.S. dollar Index (DXY) 1-hour candle chart. Source: TradingView

A subsequent pause gave U.S. equities room to breathe, with both the S&P 500 and Nasdaq stemming losses on the day. 

Good to note how quickly risk assets tend to move up when $DXY even goes down the slightest amount.

Way more responsive to DXY’s downside than it’s upside.

When DXY does cool down we’re due for some solid bounces I reckon.

— Daan Crypto Trades (@DaanCrypto) July 12, 2022

With the July 13 Consumer Price Index (CPI) print in focus, however, optimism around crypto on shorter timeframes was barely perceptible.

For popular trader and analyst Crypto Ed, there was “more pain to come” for both BTC and stocks.

“There is a very small chance that we see a double correction towards $24,000 or $25,000,” he forecast in a fresh video update, analyzing potential Elliott Wave moves after Bitcoin’s spike to $22,400 last week.

The chances of significant relief were “small,” however, with the option of “nuking down” also on the table. 

Bitcoin hodlers face “remarkable pressure”

For on-chain analytics firm Glassnode, meanwhile, there were already signs from the market that Bitcoin could be in the latter part of its bear cycle.

Related: US inflation data will be ‘messy’ — 5 things to know in Bitcoin this week

In the latest edition of its weekly newsletter, “The Week On-Chain,” analysts argued that long-term holders — those least likely to capitulate — were under “remarkable pressure” to sell.

There was, however, still room left to drop if Bitcoin was to repeat previous bear market behavior.

“The present market structure has many hallmarks of the later stage of a bear market, where the highest conviction cohorts, the long-term holders and the miners, are under remarkable pressure to surrender,” it concluded.

“The volume of supply at a loss has now reached 44.7%, of which a majority is carried by the Long-Term Holder cohort. However, this remains at a less severe level compared to previous bear cycles.”

Charts supporting the thesis included Long-Term Holder Spent Output Profit Ratio (LTH-SOPR), a metric which tracks average profit or loss of LTH coins being spent. LTH addresses are those holding coins for at least 155 days.

“LTH-SOPR is currently trading at 0.67, indicating the average LTH spending their coins is locking in a 33% loss,” Glassnode noted.

Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) annotated chart. Source: Glassnode

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

March 20, 2023

Will the Fed stop rate hikes? 5 things to know in Bitcoin this week

March 20, 2023

Taiwan watchdog FSC to assume authority on crypto regulation

March 20, 2023

Fed, central banks enhance ‘swap lines’ to combat banking crisis

March 20, 2023

Trader Who Nailed Bitcoin 2022 Bottom Says BTC One Resistance Away From New All-Time High – Here’s His Outlook

March 20, 2023

Bitcoin hits $28k as uncertainty surrounds banks

March 19, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Beeple’s ‘The Long Road’ – is this the Ultimate Puzzle?

March 20, 2023

Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

March 20, 2023

Crypto.com gets MVP preparatory license from Dubai regulator

March 20, 2023
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.