2 days ago
The price of Bitcoin has been in a slight consolidation over the past week, with the premier cryptocurrency struggling to cross the $100,000 mark on Christmas day. However, investors are hoping that the BTC price will gift them one final rally before the close of 2024, and the latest on-chain signals suggest so. Can Increased Buying Pressure Push Bitcoin Price Back Toward $100,000? In a December 28th post on the X platform, popular crypto analyst Ali Martinez shared an exciting on-chain observation that could influence the Bitcoin price action before the end of 2024. This relevant on-chain indicator here is the “taker buy/sell ratio,” which tracks the taker buy and taker sell volumes for a specific cryptocurrency. Related Reading: A 20%-30% Correction Is ‘The Most Bullish Thing’ That Could Happen To Bitcoin – Analyst When the value of the taker buy/sell ratio is greater than one, it implies that the taker buy volume is higher than the taker sell volume. This phenomenon is usually considered a bullish signal, which suggests the willingness of investors to pay a higher price for a specific asset (Bitcoin, in this scenario). On the flip side, if the ratio’s value is less than 1, it suggests that more sellers are willing to sell their assets at a lower price. Typically, this means that the selling pressure is overwhelming the buyers in a particular crypto market while reflecting a bearish sentiment amongst investors. Martinez shared in the post on X that the Bitcoin taker buy/sell ratio on the OKX exchange witnessed a notable spike to as high as 2.3 on Saturday, December 28. This piece of data suggests a surge in buying activity on the centralized trading platform. Ultimately, this on-chain signal could be bullish for the flagship cryptocurrency, as the increased buying pressure could infuse some upward momentum in the Bitcoin price. As of this writing, the price of BTC sits just beneath the $95,000 mark, reflecting a 0.6% increase in the past day. BTC Continues To Flow Out Of Exchanges A pseudonymous analyst on the CryptoQuant platform revealed that the amount of BTC flowing into exchanges has hit a multi-year. This is consistent with the low Netflow-to-Reserve ratio, which tracks the difference between exchange netflows and exchange reserves. Related Reading: Is Bitcoin Ending 2024 On A High Note? Analysts Say This Level Is Key A negative Netflow-to-Reserve ratio highlights that Bitcoin investors are choosing to keep their assets rather than sell for profits. This on-chain signal is bullish for the premier cryptocurrency and could set the stage for significant price growth in the future. Featured image created by Dall-E, chart from TradingView
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Bitcoin Rejected at $96K as New Year Begins With Altcoin Corrections (Market Watch)
Bitcoin’s price went to a daily high of $96,000 but was quickly stopped there and pushed south by a few grand within hours. The altcoins are also struggling today, with ETH dumping to well below $3,400, SOL down to $190, and ADA slipping to $0.85. BTC Stopped at $96K The primary cryptocurrency had a painful end to an otherwise bullish year as it dropped from its latest all-time high of $108,300 to $92,000 within days in the middle of December. Although it bounced off initially and neared $100,000 on a couple of occasions, the bears were quick to intercept the moves and didn’t allow any further gains. Just the opposite, BTC started to lose value in the following days, which culminated on Monday with a plunge to $91,300. This became its lowest price tag in just over a month. The bulls managed to intercept the move and drove BTC to $95,000 later that day and up to $96,000 on Tuesday. However, this was another false breakout and the cryptocurrency is down by nearly three grand since then to just over $93,000 as of now. Its market capitalization has slumped beneath $1.850 trillion on CG, while its dominance over the altcoins remains strong at 54.3%. Bitcoin/Price/Chart. 01.01.2025. Source: TradingView Alts Back in Red The alternative coins didn’t enjoy the last days of 2024 either, and the beginning of the new year is rather familiar. Ethereum has lost nearly 2% of value and is well below $3,400. Similar price drops are evident from SOL, DOGE, ADA, AVAX, TON, and DOT. Even more painful declines are evident from Chainlink, SUI, HBAR, and APT. In the case of LINK, the price drop is almost 5%, which has pushed it to under $20. In contrast, XRP has finally charted a minor increase after a tough week , while VIRTUAL, OM, and XMR have gained around 5-7% each. The total crypto market cap has shed about $30 billion and is down to $3.4 trillion on CG. Cryptocurrency Market Overview. Source: QuantifyCrypto The post Bitcoin Rejected at $96K as New Year Begins With Altcoin Corrections (Market Watch) appeared first on CryptoPotato . NewsBTC
Concerns Rise Over Chainlink Whales’ Profit-Taking as Price Faces Selling Pressure and Liquidity Challenges
Recent activities surrounding Chainlink (LINK) have drawn considerable attention, particularly amid notable spikes in whale transactions reminiscent of previous market rallies. The whale activity indicates a complex market sentiment, where NewsBTC
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Here’s how much Andrew Tate’s crypto crashed in 2024
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