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Bitcoin price discussion and analysis

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Bitcoin hit a 2-month high over the weekend, briefly breaking 25K, and seems to have potentially established an uptrend, having made a series of higher lows over the last few weeks.

However, like with all risk assets at the moment, it remains to be seen whether this is actually the start of a longer-term rebound, or simply a bear-market rally.

All trading carries risk, and this week could determine if the euphoria following the soft US CPI print is sustainable, which will likely be key in terms of BTC’s ability to hold trendline support emerging from the mid-July lows.
 

Crypto market bloodbath leads to over $500M in liquidations in 24 hours

Data from crypto analytics firm Glassnode shows that futures long liquidations of BTC touched a new eight-month high as BTC price crashed below $22,000 on Friday.
cointelegraph.com
The flash crash after weeks of bullish momentum also saw 157,098 traders getting liquidated in the past 24 hours resulting in liquidation of over $551 million. Data from Coinglass indicate Bitcoin traders lost over $203 million in liquidations, followed by Ethereum traders at $140 million.
 
Although bitcoin has been trading in a bullish channel coming from the June-lows, Friday’s flash crash certainly raises concerns of a deeper sell-off as many long positions were likely liquidated.

However, BTC managed to hold support at the channel’s bottom trendline, and at the time of writing, Monday’s decline appears to be doing the same. Is this an indication of strong demand at the current levels supporting a slow, but steady, rebound? Or is this still a countertrend rally below that risks collapsing below the key 24K resistance?

All trading carries risk, but it could be worth keeping an eye on the crypto market this week as risk sentiment remains fragile.
 
Bitcoin estimated hash rate chart
Mining hardware keeps on changing and devices with higher hash rates are manufactured. The best Bitcoin miner has a high hash rate way up 10 Th/s, excellent power consumption, and power efficiency. However, profitability depends on power consumption, power cost in your area, and the price of Bitcoin.
 
Bitcoin looks to be getting some demand right now, although that could change if heavy risk-off trading continues during the European and US trading session.

The technical backdrop for BTC does signal the potential for further losses, as the move below $20K followed Friday’s strong break of the uptrend channel support coming from the June lows.

All trading carries risk, and near-term direction should depend on how sentiment develops this week. However, given the increased risk associated with cryptos, BTC could find itself leading the way lower, and retesting its lows.
 
No one really knows what is going to happen to the prices of Bitcoin and other cryptos. Most of the so called top tipsters and amongst them those who got in under $100 have gone to ground. Many forecast over $200,000 and some $500,000+.

One share, nothing to do with cryptos, Vast Resources AIM:VAST was over £2.00 in 2016 and when it fell by 90% to 20 pence many cried out ridiculously cheap. Some years later the shares did touch floor down a further 98.5% to 0.3 pence. Now around 0.7 pence up 130%. A lesson here with cryptos as the same fall in Bitcoin takes it right back to $103.50.
 
I'm still tossing up whether to throw some kopeks at ETH before the "Merge".

I wouldn't touch BTC with a barge pole.

gg
 

UK economic secretary commits to make country a crypto hub under new PM

Economic Secretary to the Treasury Richard Fuller suggested making the U.K. a “hospitable place for crypto” with jobs, tax revenue, investments and innovative technology.
cointelegraph.com
“The U.K. can either be a spectator as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies,” said Fuller. “We want the U.K. to be the dominant global hub for crypto technologies, and so will build on the strengths of our thriving fintech sector, creating new jobs, developing groundbreaking new products and services.”
 

Best crypto friendly banks Australia 2024

Australia is in a complex situation in terms of its banking institutions' perspectives on cryptocurrency. Some Australian banks welcome crypto investors
nowpayments.io
  • There are more and more crypto-friendly banks in Australia.
  • Some banks, including ANZ and Bendigo, are less welcoming of crypto traders.
  • Australian merchants can use NOWPayments’ services as a way to accept crypto while avoiding banks.
 
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