Bitcoin price whipsaws as traders look to the next halving to bring bull market momentum Bitcoinprice BTC BitcoinCash
- It was a mixed day for the cryptocurrency market on Thursday as Bitcoin experienced slight downward pressure while multiple altcoins put on double-digit gains as traders looked to secure positions in their favorite tokens ahead of a possible bull market runup.
Data provided by TradingView shows that Bitcoin experienced increased volatility on Thursday, with its price whipsawing to a high of $31,510 in the early hours only to reverse course and plunge to a low of $29,975 near midday before ultimately returning to support above $30,300.
Hazim pointed to the effect that Bitcoin halvings have on the market as the impetus for the increase in strength and token prices and said that traders should expect a higher level of volatility for the crypto market over the next year. On November 12, market analyst Rekt Capital tweeted, “Historically, BTC tends to bottom 517-547 days prior to the next Halving event. The next Halving is 536 days away.” This trend held true as BTC price bottomed out nine days later and has been climbing the wall of worry ever since.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin: A 23% increase in market cap would lead BTC in this directionAs talks of a crypto market increase emerge, BTC's technical and on-chain outlook seem to be in tune.
Read more »
Bitcoin in July: With whales on the move, BTC can proceed this wayAs per Glassnode's update, more than 70% BTC holders were in a profitable position as of 4 July. However, the profit-gaining attitude could see traders selling their BTC at the ongoing price leaving the king of cryptocurrencies in a vulnerable spot.
Read more »
BNB finds favor with investors as BTC dominance risesSantiment recently shortlisted Binance Smart Chain’s BNB as one of the altcoins still receiving significant attention. In other words, it is a good candidate for traders looking for decent price movements under recent market conditions.
Read more »
Valkyrie becomes latest firm to refile spot BTC ETF naming Coinbase as SSA partnerAlternative asset management firm Valkyrie has become the latest issuer to re-file its application for a spot Bitcoin ETF naming Coinbase as the SSA exchange partner.
Read more »
Celsius Network set to convert altcoins into BTC and ETHAfter the New York court gave Celsius the nod to convert its assets into BTC and ETH, the tides around the project changed.
Read more »
Gold price firmer ahead of busy U.S. data drop ThursdaySenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »