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Bitcoin and other cryptocurrencies are likely to witness a pick up in volatility following the Fed’s rate decision on Sep. 20. Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, long-term investors are unfazed and they have continued to accumulate. Glassnode data shows that Bitcoin’s inactive supply has been at all-time highs since July. This bullish temperament is not reflected in institutional activity, however. Investors have cut down on their cryptocurrency exposure and are sitting on the sidelines awaiting more clarity on the regulatory and macroeconomic front. Asset manager CoinShares reported that outflows from exchange-traded products hit $455 million over the past nine weeks. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, analysts remain divided about Bitcoin’s near-term price action. Bollinger Bands creator John Bollinger speculated in a X (formerly Twitter)...

Bitcoin looks ready to start a relief rally and this could trigger interest in MKR, AAVE, RUNE and RNDR. After forming successive Doji candlestick patterns on the weekly chart for the past three weeks, Bitcoin (BTC) is on target to end the week on a positive note. This is an early sign that the uncertainty between the bulls and the bears is resolving to the upside. Although the recovery is still in its early stages, the Federal Open Market Committee meeting on Sep. 20 could boost volatility. The majority of the market participants expect the Federal Reserve to maintain a status quo on rates but surprises could arise during Fed Chair Jerome Powell’s press conference following the rate decision. Crypto market data daily view. Source: Coin360 Bitcoin’s recovery from the strong support near $24,800 has ignited buying interest in select altcoins, which are providing trading opportunities. For these altcoins to continue their upward trajectory, Bitcoin needs to maintain above $26,500. Coul...

The recovery in Bitcoin and altcoins is facing selling at higher levels, indicating that the overall sentiment remains negative. Bitcoin (BTC) has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sep. 11. However, Bitcoin is not out of the woods yet.  Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence, while speaking to Cointelegraph said that if the tightening cycle extends, followed by “an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.” Daily cryptocurrency market performance. Source: Coin360 Cryptocurrency traders have also remained cautious. A Bitfinex report shows that the cryptocurrency industry witnessed capital outflows of $55 billion in August. The drop in liquidity has caused isolated events to “have a ...

BTC price peers over the cliff at $25,000. Should investors look for shelter or perceive an opportunity? Bitcoin stands at the edge of a bearish breakdown, with a small possibility that the $25,000 support level could hold. On Sept. 11, Bitcoin (BTC) broke from its parallel range between $25,500 and $26,500, falling to an intraday low at $24,950. A daily close below $24,750 threatens a drop to the sub-$20,000 range, but there's a slight chance that the bullish momentum could revive. According to pseudonymous trader Horse, Bitcoin at $25,000 presents a short-term buying opportunity as it's the “best area to trap sellers” and “arguably the best place for long contextual” risk to reward ratio. I feel like the chances that the market smokes this level after the first major test is slim. Seems like the best area to trap sellers, and arguably the best place for long contextual R:R I'll catch a falling knife. pic.twitter.com/eFNMzBCPJW — HORSE (@TheFlowHorse) September 11, 2023 ...

MKR looks primed to continue the rally given its recent buyback mechanism and two other key metrics that impact Maker’s price. Maker has gained 53.5% over the past month, and the cryptocurrency witnessed a remarkable 28.1% surge between July 15 and July 22, achieving its highest daily close in nearly a year. While the gains are impressive, the real question is: Can the cryptocurrency sustain its current trajectory, or were short-term factors behind the price pump? Average Maker (MKR) price at Coinbase, Binance and Bybit. Source: TradingView MakerDAO, the decentralized autonomous organization (DAO) responsible for the Dai (DAI) stablecoin and the governance token Maker (MKR), unveiled a five-phase roadmap in mid-May. Dubbed “Endgame," the upgrade plan includes a new blockchain, a rebrand and the introduction of two tokens featuring updated functionalities. Rune Christensen, co-founder of MarkerDAO, revealed that the primary component of “Endgame” entails developing incentive prog...

The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets. Daily cryptocurrency market performance. Source: Coin360 Another positive for the cryptocurrency markets has been that the U.S. Dollar Index (DXY) softened in the past...

They may have seen some hard times, but overall, estimates conclude that Bitcoin miners are up 37% from their activities. Bitcoin (BTC) miner s have profited roughly 37% from mining Bitcoin since its inception, new data reveals. Calculations from on-chain analytics firm Glassnode suggest that since 2010, fees and block reward subsidies have netted miner s over $50 billion. Bitcoin miner revenue passes $50 billion mark Amid an ongoing debate over miner costs and susceptibility to Bitcoin price dips, new figures suggest that miners are firmly in the black in the long term. According to Glassnode, miners’ total all-time income is almost 40% higher than their estimated costs, coming in at $50.2 billion versus $36.6 billion, respectively. Bitcoin miner thermocap vs. cumulative production cost annotated chart. Source: Glassnode/ Twitter Researchers generated the numbers using two metrics: thermocap and transaction fees, which are “the cumulative sum of issuance multiplied by spot price in...