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    Bitcoin (BTC) Dominance Hits 60 Despite Major Price Reversal

    This has happened at a time when altcoins keep losing value on their BTC pairs even though the price of Bitcoin has increased in USD terms mostly due to its own upward movement. It wasn’t an easy road to get to this 60 percent dominance level because Bitcoin encountered several obstacles. The altcoins’ stronghold started to wane as Bitcoin’s recent surge allowed it to surpass numerous smaller coins in performance. Although the price of altcoins did rise, this was mostly due to Bitcoin’s gains.As a result, many altcoins have been unable to maintain their momentum and have been declining in comparison to BTC since March when Bitcoin set new highs. According to the chart analysis, the price of Bitcoin recently reversed from the $70,000 mark, failing to hold onto its position above this crucial level. This decline illustrates the selling pressure that Bitcoin experiences at higher levels, but it does not necessarily portend a breakdown of the cryptocurrency’s overall bullish trend.The $67,000, $64,000 and $62,000 key support levels are worth keeping an eye on because they might act as stabilizing points for Bitcoin if it keeps retracting. In order to maintain its bullish momentum and possibly advance higher, Bitcoin must recover and hold above $70,000.The market is impacted broadly by Bitcoin’s current dominance. Altcoins are likely to continue to struggle on their BTC pairs as long as Bitcoin is strong. Because of this dominance cycle, it appears that Bitcoin is concentrating capital, making riskier altcoin wagers less alluring. The dominance trend suggests that Bitcoin will continue to dominate altcoin performance until it is able to establish a stable base close to its recent highs, which could give altcoins a chance to recover on their BTC pairs.This article was originally published on U.Today More

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    BTC to $97,000? Peter Brandt Weighs In on Bitcoin Price

    At the time of writing, BTC has fallen 2.28% in the previous 24 hours to $69,373, extending profit-taking from Tuesday’s high of $73,600. If today concludes in losses, BTC will have traded in the red for the fourth day in a row since reaching this high.As the market considers Bitcoin’s next move, veteran trader Peter Brandt has weighed in on the price movement, tweeting “bitcoin current chart” and attaching a screenshot of the BTC weekly chart.Although Brandt did not provide further analysis, the pattern highlighted in his tweet suggested a potential breakout for Bitcoin. The chart pattern depicted resembled a diagonal pattern with slanted boundary lines, which Brandt had previously indicated in one of his recent Bitcoin analyses, implying a target of $97,056 upon breakout.Bitcoin has made moves in recent weeks, attempting to surpass its current all-time high of $73,750 attained in March.While the market is excited about a potential breakout, Brandt indicated in a late October analysis on X that Bitcoin’s diagonal pattern might not yet represent a breakout.According to Brandt, “Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line, while exciting to bulls, does not represent a breakout.”For Bitcoin to achieve a real breakout, Brandt indicated a decisive close above $76,000: “To be considered a for real breakout, price on the daily chart must close above 76,000 (ATR close above Mar high) and be confirmed.”This, according to Brandt, still needs a lot of work to be done: “Looking at a weekly chart, this advance has only nicked important chart points. Lots of work still needs to be done.”This article was originally published on U.Today More

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    Michael Saylor’s MicroStrategy 1,652 BTC Shift Stirs Market: Details

    MicroStrategy, known for its large Bitcoin holdings, continues to make strategic moves to manage its digital assets.According to Lookonchain, the MicroStrategy wallet transferred 1,652 BTC worth $114.38 million to a new wallet hours back.However, the shift may not be one of selling, as MicroStrategy’s Bitcoin stockpile has not decreased and remains unchanged from what it revealed at the end of September.Lookonchain reports that MicroStrategy currently holds 252,220 BTC worth $17.56 billion, with an average buying price of $39,266 and an unrealized profit of $7.65 billion.Looking ahead, MicroStrategy has ambitious plans to further expand its Bitcoin holdings. This week, MicroStrategy announced its plans to fund $42 billion over the next three years to buy more Bitcoin.At the time of writing, BTC was down 0.15% in the last 24 hours to $69,470 after reaching highs of $73,600 in Tuesday’s trading session. The meteoric rise in Bitcoin prices since 2020 has fueled a gain of almost 2,000% in the MicroStrategy share price.MicroStrategy claims it has hired banks to assist it in raising $42 billion through the sale of additional shares and fixed income to buy more Bitcoin following a flurry of transactions over the last year.The enterprise software company says it has hired a number of banks to sell stock in an at-the-market offering that could fetch it $21 billion, while also planning sales of fixed-income instruments that might generate the same amount.Notably, MicroStrategy has raised billions of dollars over the last year through the sale of convertible senior notes as well as shares that its bankers can sell into the market to increase its Bitcoin stockpile.This article was originally published on U.Today More

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    MicroStrategy’s Bitcoin Success Principles Revealed by Founder Michael Saylor

    Aside from that, recently published on-chain data has revealed that MicroStrategy has transferred a large Bitcoin chunk to a new blockchain address.The “Bitcoin principles” shared by Saylor in that tweet are the following:1. Buying and holding Bitcoin indefinitely, exclusively, and securely.2. Prioritizing MSTR common stock long-term value creation.3. Treating all investors with respect, consistency, and transparency.4. Structuring MSTR to outperform Bitcoin via intelligent leverage.5. Acquiring Bitcoin continually, while achieving positive BTC yield.6. Growing rapidly and responsibly subject to market dynamics.7. Issuing innovative fixed income securities backed by BTC.8. Maintaining healthy, robust, and pristine balance sheet.9. Promoting global adoption of Bitcoin as a treasury reserve asset.This week, MicroStrategy announced a plan to raise a mind-boggling $42 billion over the next three years to buy an additional amount of Bitcoin. The company already holds approximately $18 billion worth of BTC—the fiat equivalent of 252,220 Bitcoins.The X post revealed that Saylor’s company transferred 1,652 BTC valued at $114.38 million. This is just a tiny part of the company’s overall crypto stash, which contains 252,220 Bitcoins. According to @lookonchain’s tweet, these coins were purchased at an average price of $39,266 per coin, with an unrealized profit of almost $8 billion.The world’s largest cryptocurrency Bitcoin is currently changing hands at $69,583 after demonstrating a 2.36% loss as it left the $71,000 high. Since Tuesday, when Bitcoin topped the $74,000 high, coming close to its March historic peak, it has declined by 5.56% overall.This article was originally published on U.Today More

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    ‘Rich Dad Poor Dad’ Author Reveals Stunning Truth About ‘The Bitcoin Standard’

    He also elaborated on why he loves Bitcoin.For this reason, he says, he loves “Bitcoin and life”, since it takes money getting scarce and expensive to make “the price of life and the abundances of life” also high. And only for the wealthy people, he adds, but for everyone. Therefore, the entrepreneur explains, he supports “The Bitcoin Standard of life.”“I vote for “The Bitcoin Standard,” Kiyosaki concludes his message to the crypto community.The community responded eagerly to that tweet in the comments, sharing their excitement about “The Bitcoin Standard” and their support for it: “Live life the Bitcoin way.” “To the bitcoin standard!” “The Bitcoin Standard empowers the masses while the elite cling to their fading power.”Here he hinted at the Fed Reserve’s constant money printing over the past four years. In his multiple tweets since 2020, when the world got hit by the pandemic, Kiyosaki has been slamming the Fed and the US government for printing “fake” dollars not backed by anything. He endorsed Bitcoin as quite an opposite asset strictly limited to 21 million coins and also wrote about the halving before it took place in April this year as of a crucial event for BTC and its investors/users.This deflationary mechanism once again clicked on April 20 this year, making Bitcoin even more scarce as it slashed miner block rewards by half – from 6.25 BTC to 3.125 BTC.However, Kiyosaki said he would never buy a Bitcoin ETF, only BTC directly.This article was originally published on U.Today More

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    XRP Crucial Candlestick Pattern: Reversal Incoming? Can Bitcoin (BTC) Regain $70,000 Momentum? Ethereum (ETH) Doing Better Than You Think

    Looking at the daily chart, XRP has been trying to level off around the $0.51 support level, which is a crucial area to avoid more drops. If trading volume moves in the direction of buying pressure in the upcoming days, the candlestick pattern that is forming at this level may indicate a reversal. XRP may return to important resistance levels, with $0.54 and $0.56 as immediate targets in the event of a confirmed reversal. If XRP breaks above these levels, it may start to grow more strongly, but this depends on volume and buyer interest continuing to rise. Even with the positive candlestick pattern, there are more bearish than bullish contributions to the overall volume trend.This implies that although there might be some short-term upward movement, the general sentiment is not particularly favorable. The fact that there has not been much buying interest in XRP suggests that market players are still wary, and the asset may continue to be under pressure in the absence of large inflows.Any upward momentum could be fleeting, and without it, XRP could retest lower support levels. In addition to any prospective shifts in volume dynamics, traders will be closely monitoring XRP’s reaction around the current support. The question of whether Bitcoin can recover its bullish trend or if more consolidation is in store is raised by this recent pullback. According to a chart analysis, Bitcoin showed significant momentum at first, when it emerged from the downward channel that had held its price for several months. This breakout brought Bitcoin very near to its most recent highs, but the price fell as a result of the large volume spike that accompanied the upward move, which indicated increased profit-taking. The rejection around $72,000 might prove to be a significant short-term resistance level. Bitcoin may set the stage for a long-term rally if it can break through this barrier with sufficient volume. A few crucial levels should be monitored if bearish pressure persists. The first noteworthy support is located at $67,000, which is in line with the 50-day EMA and the previous breakout zone. Bitcoin might test the $64,000 mark, where there might be more buying interest if it breaks below this. For Bitcoin to gain momentum again, it must close above $70,000. Reaching this goal would indicate that buyers are taking back control and might trigger a rally back toward the resistance level of $72,000. As of right now, the price movement of Bitcoin indicates a cautious climate. Although it still has a bullish outlook for the long run, the short-term trend is more erratic right now, with buyers and sellers fighting for control near crucial levels. For investors to determine whether a stronger upward trend is likely in the upcoming weeks, they should keep a close eye on Bitcoin’s reaction at $67,000 and $64,000, as well as a possible reclaim of $70,000.This technical pattern indicates that ETH may recover in the near future, particularly as it gets closer to important channel support levels. According to the chart, Ethereum has been trading in a rising channel since the middle of 2023, and it is currently attempting to test the lower boundary of the channel. A recovery from this position might indicate that Ethereum is prepared to move once more in the direction of higher resistance levels. One of the most important levels for traders and investors to keep an eye on is the $2,500 support, which serves as a possible starting point for any upward momentum. The 50-day and 100-day EMAs converge at about $2,700, which is likely to be resistance for Ethereum if it is able to recover from this area.This article was originally published on U.Today More

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    Bitcoin’s (BTC) Legendary Logo Marks 14th Anniversary: Details

    Bitcoin historian Pete Rizzo highlighted this milestone in a tweet, writing, “Happy birthday to the iconic Bitcoin logo. 14 years ago today, an anon artist created one of the best brands of all time and released it for free. The rest is history.” Rizzo’s reflection highlights how the logo was gifted to the world, setting in motion a powerful brand that represents much more than just a currency.As reported, on Oct. 31, the Bitcoin community marked another milestone commemorating the 16th anniversary of the launch of the Bitcoin white paper. Satoshi Nakamoto published the Bitcoin white paper on Oct. 31, 2008. The earliest form of the logo was created by pseudonymous Bitcoin creator Satoshi Nakamoto himself shortly after the software’s inception and included a BC on a gold coin, possibly around January or March 2009.Fast forward to Feb. 24, 2010, and Satoshi has continued to try out the design. Over a year later, he revised his initial graphic, replacing the “BC” with “B” with two vertical strokes embedded within the gold coin.On Nov. 1, 2010, Bitcoin’s well-known logo, as well as its designer, appeared out of nowhere. With his initial post on Bitcoin Talk, an anonymous user going by the name “bitboy” would change Bitcoin’s visual representation forever. The designer replaced the gold coin with a distinctive orange circle and turned the “₿” logo 14% clockwise.This design has served as the official logo for Bitcoin since then, thanks to strong community support. After publishing the finalized version of the Bitcoin logo, “bitboy” was said to have stated: “Now everyone can make use of the graphics freely even for commercial purposes with this license and not bound by any restriction.”This article was originally published on U.Today More