BTC/USD
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BITCOIN.COM | Published on 2022-10-05 | 20 minutes ago

Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency markets has been higher this week, with prices surging after a recent downward spell. Ethereum, on the other hand, was largely unchanged in today’s session. Bitcoin Bitcoin (BTC) was once again trading above $20,000, as the token continued to trade near a two-week high. BTC/USD surged to a peak of $20,479 late in Tuesday’s session, which was its highest point since September 13. On Wednesday, prices remained near this level, however slipped marginally after failing to extend a breakout of a key resistance point. The token slipped below this ceiling of $20,350 earlier today, and as of writing, is trading at $20,024.63, which remains higher than yesterday’s low of $19,917.91. As can be seen from the chart, the 14-day relative strength index (RSI) has also declined today, with the indicator now tracking at 52.45. This mark is marginally under a support level of 53.00, and should the reading continue to depreciate, we will likely see BTC back below $20,000. Ethereum Ethereum (ETH) was mostly consolidating on Wednesday, as the token fell back towards a support point of its own. Following a high of $1,364.97 during yesterday’s session, ETH/USD dropped to an intraday low of $1,335.89 earlier in the day. As a result of this slippage, the world’s second largest cryptocurrency moved back towards its floor of $1,330, a level which it broke out of less than 24 hours ago. Looking at the chart, the decline appears to have come once the RSI failed to move beyond yesterday’s resistance of 44.90. Currently price strength is tracking at 43.67, and seems to be heading for a floor close to the 42.00 level. Should it arrive at its destination, then there is a strong likelihood that ethereum will be under $1,300. Register your email here to get weekly price analysis updates sent to your inbox: Do you anticipate ethereum falling below $1,300 this week? Leave your thoughts in the comments below.
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2
NEWS BTC | Published on 2022-10-04 | 18 hours ago

Puell multiple is an indicator that has historically given hints about previous Bitcoin cycles, here’s what it says about the current bear market. Bitcoin Puell Multiple Has Been Going Up During The Last Couple Of Months According to the latest weekly report from Glassnode, miners are currently raking in just 63% of the revenues of last year. The “puell multiple” is a metric that measures the ratio between the current Bitcoin miner revenues, and the 365-day moving average of the same. What this indicator tell us is how the miner revenues right now compare with the average during the last year. When the value of the multiple is greater than 1, it means miners are earning more currently than the average for the past 365 days. On the other hand, the metric having values lesser than the threshold suggests miner incomes are lower at the moment. Now, here is a chart that shows the trend in the Bitcoin puell multiple over the last few years: Looks like the value of the metric has been showing a rise in recent weeks | Source: Glassnode's The Week Onchain - Week 40, 2022 As you can see in the above graph, the historical zones for the Bitcoin puell multiple are highlighted. It seems like during the past cycles, the indicator dipping below the 0.5 value resulted in bottom formation. After the metric hit the low during the previous bear markets and subsequently recovered out of the zone, the crypto also observed the end of the bear and the start of a fresh bull run. The likely reason behind this trend is that when miners reach very low revenues, they go through a capitulation phase and once it ends, the selling pressure from them subsides, thus the price observes some growth. Related Reading: Bitcoin Price Starts Uptober With Record Open Interest Increase, BTC Rally Will Be Short lived? It looks like back in June of this year, the metric hit a low of just 0.33, implying that miners were earning only 33% of the average for past year at that point. Since then, however, the multiple has enjoyed an overall trend and has escaped out of the historical bottom zone as its value is now 0.63. This means that miners are under much less stress now compared to just a few months ago. If history is anything to go by, the current uptrend in the Bitcoin puell multiple could spell the end of the bear market. BTC Price At the time of writing, Bitcoin’s price floats around $20k, up 4% in the past week. The value of the crypto seems to have spiked up over the past day or so | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Glassnode.com
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