Bitcoin Price Signals Prominent Upward Trend with Recent Pattern FormationBy AZC News | 16 hours ag
Bitcoin Price Signals Prominent Upward Trend with Recent Pattern Formation
By AZC News | 16 hours ago
In an encouraging turn of events for Bitcoin enthusiasts, the premier cryptocurrency has established a bullish inverse head and shoulders pattern on its daily chart.Bitcoin Price Signals Prominent Upward Trend with Recent Pattern Formation
Bitcoin's recent price movement exhibits a classic bullish pattern, signaling a potential shift towards an uptrend. Analyst Jake Wujastyk emphasized the emergence of an inverse head and shoulders formation on the daily candle chart, coinciding with a noteworthy close above a key volume shelf. Typically regarded as a precursor to a market reversal from a downtrend to an uptrend, the inverse head and shoulders pattern reveals two lower peaks (shoulders) surrounding a deeper valley known as the head.
Completion of this pattern occurs when the price surpasses the resistance level, identified as the "neckline," aligning in this instance with the volume shelf—a level indicating substantial support or resistance due to a high volume of previously traded contracts. The recent breakthrough above the critical level at around $43,000 suggests increasing buyer control, potentially propelling Bitcoin's price higher in the short term.
Against the backdrop of these developments, the current performance of Bitcoin's price reflects a cautiously optimistic sentiment as the market grapples with the imminent expiry of 22,000 BTC options. The Maxpain point, where most options would expire worthless, rests at $42,000, slightly below the present trading level, implying a potential support region.
The options in question hold a considerable notional value of $960 million, highlighting the event's significant impact on market sentiment. Throughout this week, the cryptocurrency market has experienced a relatively subdued phase, evident in the diminishing realized volatility (RV) and implied volatility (IV) for prominent durations, signaling a period of consolidation.
Related: Bitcoin Mining's Minor Share in U.S. Power Usage
Amidst the tranquil market conditions, Bitcoin spot exchange-traded funds (ETFs) are steadily garnering incremental capital inflows, serving as a bullish indicator for the cryptocurrency. Conversely, some substantial traders, commonly referred to as "whales," have been trimming their positions, indicating a blend of profit-taking and strategic portfolio rebalancing.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when Bitcoin Price Signals Prominent Upward Trend with Recent Pattern Formation
By AZC News | 16 hours ago
In an encouraging turn of events for Bitcoin enthusiasts, the premier cryptocurrency has established a bullish inverse head and shoulders pattern on its daily chart.Bitcoin Price Signals Prominent Upward Trend with Recent Pattern Formation
Bitcoin's recent price movement exhibits a classic bullish pattern, signaling a potential shift towards an uptrend. Analyst Jake Wujastyk emphasized the emergence of an inverse head and shoulders formation on the daily candle chart, coinciding with a noteworthy close above a key volume shelf. Typically regarded as a precursor to a market reversal from a downtrend to an uptrend, the inverse head and shoulders pattern reveals two lower peaks (shoulders) surrounding a deeper valley known as the head.
Completion of this pattern occurs when the price surpasses the resistance level, identified as the "neckline," aligning in this instance with the volume shelf—a level indicating substantial support or resistance due to a high volume of previously traded contracts. The recent breakthrough above the critical level at around $43,000 suggests increasing buyer control, potentially propelling Bitcoin's price higher in the short term.
Against the backdrop of these developments, the current performance of Bitcoin's price reflects a cautiously optimistic sentiment as the market grapples with the imminent expiry of 22,000 BTC options. The Maxpain point, where most options would expire worthless, rests at $42,000, slightly below the present trading level, implying a potential support region.
The options in question hold a considerable notional value of $960 million, highlighting the event's significant impact on market sentiment. Throughout this week, the cryptocurrency market has experienced a relatively subdued phase, evident in the diminishing realized volatility (RV) and implied volatility (IV) for prominent durations, signaling a period of consolidation.
Related: Bitcoin Mining's Minor Share in U.S. Power Usage
Amidst the tranquil market conditions, Bitcoin spot exchange-traded funds (ETFs) are steadily garnering incremental capital inflows, serving as a bullish indicator for the cryptocurrency. Conversely, some substantial traders, commonly referred to as "whales," have been trimming their positions, indicating a blend of profit-taking and strategic portfolio rebalancing.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when 
By AZC News | 16 hours ago
In an encouraging turn of events for Bitcoin enthusiasts, the premier cryptocurrency has established a bullish inverse head and shoulders pattern on its daily chart.Bitcoin Price Signals Prominent Upward Trend with Recent Pattern Formation
Bitcoin's recent price movement exhibits a classic bullish pattern, signaling a potential shift towards an uptrend. Analyst Jake Wujastyk emphasized the emergence of an inverse head and shoulders formation on the daily candle chart, coinciding with a noteworthy close above a key volume shelf. Typically regarded as a precursor to a market reversal from a downtrend to an uptrend, the inverse head and shoulders pattern reveals two lower peaks (shoulders) surrounding a deeper valley known as the head.
Completion of this pattern occurs when the price surpasses the resistance level, identified as the "neckline," aligning in this instance with the volume shelf—a level indicating substantial support or resistance due to a high volume of previously traded contracts. The recent breakthrough above the critical level at around $43,000 suggests increasing buyer control, potentially propelling Bitcoin's price higher in the short term.
Against the backdrop of these developments, the current performance of Bitcoin's price reflects a cautiously optimistic sentiment as the market grapples with the imminent expiry of 22,000 BTC options. The Maxpain point, where most options would expire worthless, rests at $42,000, slightly below the present trading level, implying a potential support region.
The options in question hold a considerable notional value of $960 million, highlighting the event's significant impact on market sentiment. Throughout this week, the cryptocurrency market has experienced a relatively subdued phase, evident in the diminishing realized volatility (RV) and implied volatility (IV) for prominent durations, signaling a period of consolidation.
Related: Bitcoin Mining's Minor Share in U.S. Power Usage
Amidst the tranquil market conditions, Bitcoin spot exchange-traded funds (ETFs) are steadily garnering incremental capital inflows, serving as a bullish indicator for the cryptocurrency. Conversely, some substantial traders, commonly referred to as "whales," have been trimming their positions, indicating a blend of profit-taking and strategic portfolio rebalancing.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when 
By AZC News | 16 hours ago
In an encouraging turn of events for Bitcoin enthusiasts, the premier cryptocurrency has established a bullish inverse head and shoulders pattern on its daily chart.Bitcoin Price Signals Prominent Upward Trend with Recent Pattern Formation
Bitcoin's recent price movement exhibits a classic bullish pattern, signaling a potential shift towards an uptrend. Analyst Jake Wujastyk emphasized the emergence of an inverse head and shoulders formation on the daily candle chart, coinciding with a noteworthy close above a key volume shelf. Typically regarded as a precursor to a market reversal from a downtrend to an uptrend, the inverse head and shoulders pattern reveals two lower peaks (shoulders) surrounding a deeper valley known as the head.
Completion of this pattern occurs when the price surpasses the resistance level, identified as the "neckline," aligning in this instance with the volume shelf—a level indicating substantial support or resistance due to a high volume of previously traded contracts. The recent breakthrough above the critical level at around $43,000 suggests increasing buyer control, potentially propelling Bitcoin's price higher in the short term.
Against the backdrop of these developments, the current performance of Bitcoin's price reflects a cautiously optimistic sentiment as the market grapples with the imminent expiry of 22,000 BTC options. The Maxpain point, where most options would expire worthless, rests at $42,000, slightly below the present trading level, implying a potential support region.
The options in question hold a considerable notional value of $960 million, highlighting the event's significant impact on market sentiment. Throughout this week, the cryptocurrency market has experienced a relatively subdued phase, evident in the diminishing realized volatility (RV) and implied volatility (IV) for prominent durations, signaling a period of consolidation.
Related: Bitcoin Mining's Minor Share in U.S. Power Usage
Amidst the tranquil market conditions, Bitcoin spot exchange-traded funds (ETFs) are steadily garnering incremental capital inflows, serving as a bullish indicator for the cryptocurrency. Conversely, some substantial traders, commonly referred to as "whales," have been trimming their positions, indicating a blend of profit-taking and strategic portfolio rebalancing.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when Ripple Escrows 800M XRP Amid Rising Whale Moves
By AZC News | 18 hours ago
Today witnessed a surge in XRP's prominence, fueled by Ripple's strategic move to secure 800 million XRP in escrow, responding to the escalating whale activity.Ripple Escrows 800M XRP Amid Rising Whale Moves
XRP, a leading cryptocurrency in terms of global market capitalization, stirred significant speculation within the broader crypto market on Thursday. This surge in interest followed two notable escrow locks and two substantial whale transactions associated with the Ripple-backed token. On-chain data reported by the blockchain tracker Whale Alert indicated a remarkable movement of 867.6 million XRP, capturing widespread attention internationally. Among these tokens, 800 million were securely locked in escrow at Ripple, while 67.6 million XRP found its way to various CEXs. Simultaneously, the XRP price experienced an upward trajectory, coinciding with the substantial escrow locking at Ripple.
Ripple Executes Escrow Locks Amidst Notable Whale Transactions
Whale Alert's blockchain tracking platform documented the escrow locking of XRP through two distinct transactions. In the initial transaction, an address identified as r9U…iYp secured 300 million XRP in escrow at Ripple. Subsequently, another address, rB3…cPn, executed a separate transaction, locking 500 million XRP in escrow at Ripple. The total value of the locked XRP tokens reached $404.86 million at the time of reporting, generating heightened interest among traders and investors across the crypto market.
Concurrently, the movement of XRP to CEXs Bitstamp and Bitso added further layers of interpretation within the crypto landscape. According to data from Whale Alert, the wallet address …Rzn facilitated the transfer of 67.6 million XRP to the mentioned CEXs through a series of two transactions.
Firstly, the address shifted 37.9 million XRP to Bitstamp, a Luxembourg City-based CEX, whereas, in another transaction, it moved 29.7 million XRP to Bitso, a Mexican City-based CEX. Intriguingly, these transfers to Bitstamp & Bitso have recently emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the above-mentioned CEXs.
XRP Price Springs
As of writing, the XRP price showcased a noteworthy surge of 2.04% over the past 24 hours and is currently trading at $0.506. However, the weekly chart portrayed a 1.54% drop, further accompanied by a 20.31% monthly plunge.
Related: Ripple Rattles Market with Successive XRP Sell-Offs
Notably, today’s price pump seems to be aligning with the massive locking of XRP in escrow at Ripple, as the tokens are removed from the total circulating supply till certain conditions are met. Meanwhile, XRP Whale, a renowned crypto market enthusiast, propelled market optimism for the Ripple-backed token, stating, “XRP is about to moon.”
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.making a decision.
