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Bitcoin is holding the key $18,500 support zone against the US Dollar. BTC must settle above the $20,000 resistance zone to move into a positive zone.

Bitcoin is struggling to gain momentum above the $19,500 resistance zone.
The price is trading below $19,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $19,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could stage a fresh rally if there is a clear move above the $19,500 resistance zone.

Bitcoin Price Consolidates
Bitcoin price made another attempt to clear the $19,500 resistance zone. However, BTC struggled and formed a short-term top near the $19,400 level.
A high was formed near $19,392 and the price declined. There was a move below the $19,000 level and the 100 hourly simple moving average. The pair traded as low as $18,645 and is currently consolidating losses. There was a minor increase above the $18,800 level.
Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low. On the upside, an immediate resistance is near the $19,000 level and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $19,020 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low.

Source: BTCUSD on TradingView.com
The next major resistance sits near the $19,500 zone. A close above the $19,500 level might start a fresh surge to $20,000. Any more gains might start a steady increase and the price might rise towards the $21,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to recover above the $19,500 zone, it could start a fresh decline. An immediate support on the downside is near the $18,650 zone.
The next major support is near the $18,500 level. A clear move below the $18,500 zone could set the pace for a fresh decline. In the stated case, the price may even test the $17,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $18,650, followed by $18,500.
Major Resistance Levels – $19,000, $19,350 and $19,500.


Bitcoin is holding the key $18,500 support zone against the US Dollar. BTC must settle above the $20,000 resistance zone to move into a positive zone. Bitcoin is struggling to gain momentum above the $19,500 resistance zone. The price is trading below $19,000 and the 100 hourly simple moving aver...

newsbtc.com

TA: Bitcoin Price Holds Ground, Why Close above $20K Is The Key

The creators of one of the top on-chain analytics firms in the crypto space are weighing in on Bitcoin (BTC) after the Federal Reserve issued another interest rate hike.
In Glassnode’s latest newsletter, Jan Happel and Yann Allemann say that Bitcoin is trading below $20,000 due to “intense pressure” brought about by a fresh rate hike to the tune of 75 basis points (bps).

According to Happel and Allemann, the Fed’s hawkish stance is overshadowing fundamental developments in the crypto space, driving Bitcoin to face increased risk coupled with bearish momentum.
“Both the monetary policy and regulatory fronts are offering nothing other than headwinds to crypto.”
On top of an unfavorable macro backdrop, the Glassnode co-founders also say that BTC’s rising volume amid a bearish trend could portend more for pain for Bitcoin holders.
“Whenever spot volume backs a downward trend, it tends to extend into the near future, and a reversion requires substantial buying pressure.”
Source: Glassnode
The duo also highlights that traders and speculators are showing signs that they are not optimistic about the prospects of BTC.
“The futures-to-spot volume ratio is well below one, and since the 50 bps surprise rate hike in June, it has trended downward steadily. This development indicates less confidence and speculation in the system.”
Overall, the Glassnode executives predict that Bitcoin will continue to trade in a wide range within a bearish environment.
“According to J. Powell’s remarks, a subsequent 75 bps rate hike, previous FOMC (Federal Open Market Committee) weeks, and the state of the system, Bitcoin likely continues to trade in the $17,000-$25,0000 trading range. Even though the spot market saw an uptick in traded volume, the options and futures market denoted selling pressure amidst a high-risk and bearish regime.” 
At time of writing, Bitcoin is swapping hands for $19,033, down over 1% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/iurii/Andy Chipus
The post Is the Worst Behind Bitcoin? Glassnode Co-Founders Look at State of BTC After Another Fed Rate Hike appeared first on The Daily Hodl.


The creators of one of the top on-chain analytics firms in the crypto space are weighing in on Bitcoin (BTC) after the Federal Reserve issued another interest rate hike. In Glassnode’s latest newsletter, Jan Happel and Yann Allemann say that Bitcoin is trading below $20,000 due to &#8220;intense ...

dailyhodl.com

Is the Worst Behind Bitcoin? Glassnode Co-Founders Look at State of BTC After Another Fed Rate Hike

Data from Glassnode suggests Bitcoin is currently in the historical bear market to bull market transition period.
Bitcoin Correlation Between Price And Supply In Profit Has Recently Been Below 0.75
As per a recent report by Glassnode, the BTC correlation between the price and the supply in profit generally observes multiple drops below 0.75 during transitional periods.
The “supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s holding some profit right now.
The metric works by looking at the on-chain history of each coin to see what price it was last moved at. If this previous selling price is less than the current BTC value for any coin, then that particular coin has some unrealized profits at the moment.

The correlation between the crypto’s price and its supply in profit tells us whether the two metrics have been moving in the same direction or not.
Now, here is a chart that shows the trend in this Bitcoin correlation over the history of the crypto:

The value of the metric has been low multiple times in recent days | Source: Glassnode's Market Pulse
Whenever the correlation is positive, it means the price and the supply in profit are both moving in the same direction. On the other hand, negative values imply they are going opposite ways.
As you can see in the above graph, Bitcoin has historically had values above 0.9 for a majority of the time during each of the previous price cycles.
However, during periods of transition between bull markets and bear markets (as well as vice versa), the indicator usually observes multiple drops below 0.75.
According to the report, these deviations occur in the case of bear to bull transitions because at late bear market stages, sellers turn exhausted while the remaining investors become reluctant to move their funds out of frustration, thus decreasing the correlation between price and supply in profit.

And during the opposite transitions, the supply in profit generally surges to almost 100% (as the price rises to a new ATH), thus diminishing any correlation with the price.
Recently, the indicator has observed multiple plunges below the 0.75 threshold, suggesting that Bitcoin is currently in the historical bear to bull transition zone.
BTC Price
At the time of writing, Bitcoin’s price floats around $19.1k, down 4% in the last seven days. Over the past month, the crypto has lost 10% in value.
The below chart shows the trend in the BTC price over the last five days.

Looks like the value of the crypto hasn't shown much movement in the past few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com


Data from Glassnode suggests Bitcoin is currently in the historical bear market to bull market transition period. Bitcoin Correlation Between Price And Supply In Profit Has Recently Been Below 0.75 As per a recent report by Glassnode, the BTC correlation between the price and the supply in profit...

Glassnode: Bitcoin Is Currently In “Bear To Bull” Transition Period

A widely followed crypto analyst is predicting a massive correction in tech stocks that would drive the value of Bitcoin (BTC) to new bear market lows.
In a new video update, popular crypto analyst Nicholas Merten tells his 514,000 YouTube subscribers that he believes technology indices like the Nasdaq are due for a 50% devaluation from the highs.

“Our general target is that at a minimum, just from where we’re at right now, we should at a minimum expect technology indices like the NASDAQ are going to be probably correcting 50%. 
We are well overdue for a proper recessionary bear market, depressionary bear market, where instead of the kind of 15% to 30% dips that we’ve gotten many times over the last decade that soon after recover very swiftly, we should be expecting a harsh correction that is going to take us down 40%, 50% or 60%. 
I don’t want to call the exact date nor the exact value that we’re going to go to because no one really knows that but I want to give ourselves a goal post that, potentially, over the coming months going into Q1 of 2023, we could see the Nasdaq come down another 28% that would essentially take us from [its] all-time highs down to a clean 50 to 50.5%.”
Source: Nicholas Merten/YouTube
Merten says that such a decline for the Nasdaq is bad news for Bitcoin, and gives a rough price target for the leading digital asset.
“If we think about the fact that Bitcoin would be holding neutral to the Nasdaq, we take it here to our Bitcoin chart and look at an equalized amount of decline in Bitcoin’s price from where we’re at now and that would take us roughly down towards the $13,600 to $14,000 [area].” 
Bitcoin is changing hands for $19,134 at time of writing, a 1.7% gain on the day. A decrease to Merten’s price range would mark a dip of around 28% for BTC.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Musjaka/Nikelser Kate
The post Analyst Predicts Big Correction in Tech Stocks That Drags Bitcoin With It – Here’s His Downside Target appeared first on The Daily Hodl.


A widely followed crypto analyst is predicting a massive correction in tech stocks that would drive the value of Bitcoin (BTC) to new bear market lows. In a new video update, popular crypto analyst Nicholas Merten tells his 514,000 YouTube subscribers that he believes technology indices like the ...

Analyst Predicts Big Correction in Tech Stocks That Drags Bitcoin With It – Here’s His Downside Target

The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance.
This is evident in its total supply of 1 quadrillion, even though its community plans to drop this figure. Also, its ecosystem is a good ground for different projects. Some of these projects are the creation of a decentralized exchange known as Shibaswap and storing NFT art.

The SHIB team recently launched its game, referred to as Shiba Eternity. However, more updates on the game from the developers are still pending.
The developers have revealed that they’ll release more updates on the newly launched Shiba Eternity on Thursday. An event will accompany the announcement according to the community. But the awaited update from the developers is already becoming a discussion subject on Twitter.
This is due to the already slated Twitter Spaces. The community members will share their thoughts on the Shiba Eternity project there. More updates will come from the founder and lead developer of the SHIB token, Shytoshi Kusama, and William Volk. They intend to release these updates on the SHIB official Twitter page.
Briefing On Shibarium Development
A layer-2 blockchain network from the SHIB developers is currently in the pipeline. This blockchain is known as Shibarium, and it’s intended to reduce the workload of building blockchain ecosystem applications. The primary beneficiaries of this new development are developers and users.
The idea of the Shibarium layer-2 network is similar to that of the Ethereum blockchain network. The reason is that both networks support developers of decentralized applications (DApps).
The notion behind the project is to cut down transaction costs for gaming. This is possible because the project will serve as the premium layer-2 for the community and the SHIB token.
A Quick Look At Shiba Inu Price
Considering the current bearish state of the crypto market, it’s no surprise that the SHIB token is dropping in value. This is evident from the market watch in the last four weeks.
The token is now down to its value dating from three months back. There’s no indication pointing to the possibility of a rise anytime soon. The same can be said about the general crypto market.

But the update of the community’s upcoming project from Shytoshi Kusama seems to raise the hopes of many fans of the SHIB token. As a result, several investors are watching the SHIB token’s price. The digital token currently trades on a bullish trend.
Shiba Inu trends upwards l SHIBUSDT on Tradingview.com
Featured image from UnSplash, Chart: TradingView.com


The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance. This is evident in its total...

Huobi BTC price	$18,722.00
Low - High 24H	$18,701.00 - $19,377.00
Market cap	$356.65M
Volume 24H	$98,762.00
All time high	$166,135.00 -88.68% April 21st 2022
All time low	$11,209.00 67.73% October 12th 2020
Genesis date	N/A

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