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Bitcoin opened the week with a shallow correction, but altcoin traders seem unaffected by the slight BTC price pullback. Bitcoin (BTC) has risen more than 120% year-to-date, indicating that the crypto sentiment has improved significantly. Solid buying has resulted in a sharp increase in crypto wallets holding more than $1 million in Bitcoin this year from 23,795 on Jan. 1 to 81,925 currently, according to BitInfoCharts data. After the substantial rally, Bitcoin could face headwinds in the near term as investors digest the macroeconomic data and events due this week. The Consumer Price Index data is set to be released on Nov. 14, followed by the Producer Price Index data on Nov. 15, and the Nov. 17 deadline to avoid a partial United States government shutdown could give rise to short-term volatility. Daily cryptocurrency market performance. Source: Coin360 A short-term pullback is healthy for the long-term trend of the market. It is also likely to be viewed as a buying opportunity by t...

Bitcoin is struggling to clear the hurdle at $35,000, signaling the possibility of a short-term pullback. Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward? Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply. Daily cryptocurrency market performance. Source: Coin360 While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an a...

Bitcoin is taking a breather after this week’s strong rally, but select altcoins may be getting ready to breakout over the next few days. Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying. That could push the markets further into overbought territory. However, such rallies are rarely sustainable. They eventually turn down and retest the breakout levels. Hence, Bitcoin’s drop to $32,000 can not be ruled out. The rally of the past few days pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance shows that Bitcoin is leading the charge higher, which is a positive sign. This suggests that traders are favorably viewing the cryptocurrency space and select altcoins may join the party soon. Daily cryptocurrency market performance. Source: Coin360 Veteran trader Peter...

Crypto bulls are attempting a comeback. Here are the altcoins that traders are keeping an eye on. Bitcoin (BTC) is attempting to trade above $27,000 which is a positive sign. In the past few days, Bitcoin’s price held up above $26,000 in adverse conditions when the United States dollar index (DXY) was rising sharply and the S&P 500 index (SPX) was plunging. This suggests that selling dries up at lower levels. The decision by the United States Securities and Exchange Commission to delay the spot Bitcoin exchange-traded fund (ETFs) ahead of schedule also did not dent prices. This indicates that the market participants are taking a longer-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes that an early decision was taken by the regulator as there is a risk of a U.S. government shutdown on Oct. 1. Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s resilience over the past few days seems to have boosted trader’s sentiment. That helped start a recovery i...

Bitcoin and most major altcoins are struggling to hold on to their higher levels, indicating that the bears have not given up yet. After rising for four successive months, Bitcoin (BTC) is on track to end May with losses of about 7%. Another noteworthy thing in May is that Bitcoin’s 30-day volatility dropped to 1.52%, which is far below the yearly average 4% and higher. Glassnode data shows that Bitcoin’s low volatile periods have only lasted for 19.3% of its total price history. Hence, there is an expectation for volatility to pick up in June. In an exclusive interview with Cointelegraph, Glassnode lead on-chain analyst James Check said that Bitcoin could rally to $32,000, which is its “true cost basis.” Analysts at Glassnode arrived at this level after focusing on active Bitcoin investors and removing coins that are lost forever. Daily cryptocurrency market performance. Source: Coin360 In the near term, the outcome of the vote on the debt ceiling in the United States House of Repre...