Connect with us

Bitcoin

Bitcoin Breakout Struggles Linger: Here Are The Levels To Watch

Published

on


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price closed the past week on a positive note and will be hoping to start the new week on an even stronger foot. However, sideways movement has been a constant feature in the weekend price action of Bitcoin so far in 2025.

Similarly, the flagship cryptocurrency has struggled to build on Friday’s momentum, recording no significant change in the past day. A market analytics firm MoreCryptoOnline has identified specific price levels that might be crucial to the future price trajectory of BTC. 

Here’s Why Bitcoin Must Break Resistance At $86,700

In a March 15 post on the X platform, MoreCryptoOnline shared an interesting Bitcoin price analysis, identifying the important levels for potential short-term movements. In the past week, Bitcoin produced a rather choppy price movement characterized by a series of gains and losses of almost similar margins.

Most notably, the premier cryptocurrency broke above the week’s high of $84,294 to reclaim the $85,000 price level. However, bullish momentum proved unsustainable, as selling pressure quickly triggered an immediate retracement.

Source: @Morecryptoonl/X

As shown in the chart above, MoreCryptoOnline expects that if the Bitcoin price manages a successful close above the specified supply barriers, a surge to $89,012 could be on the cards. This move would likely be followed by a minor pullback to $87,204 before the Bitcoin price finally returns to around $92,017.

On the flip side, the next most important support for the BTC price lies around the $82,564 region. If the market leader slips below this price cushion, investors could effectively conclude that the recent price breakout was a failure. 

In this case, overwhelming selling pressure could force the price of Bitcoin to around $77,859, with the risk of falling to as low as $71,011. 

Bitcoin Price At A Glance

As of this writing, Bitcoin is priced at around $84,050, reflecting no significant movement in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is down by over 2% in the last seven days. With a market cap of $1.67 trillion, BTC remains the world’s largest cryptocurrency.

Bitcoin

The price of BTC is hovering around the $84,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

Bitcoin

Is BTC Set for a Breakout After Gold?

Published

on


Gold prices skyrocketed to an all-time high of $3,004 per ounce, fueled by escalating geopolitical tensions, mounting inflation concerns, and a surge in demand for safe-haven assets. 

The milestone has reignited speculation over whether Bitcoin (BTC)—often referred to as “digital gold”—could experience a similar rally in the face of global uncertainty.

Gold vs Bitcoin: Can BTC Follow Gold’s Historic Rally?

On Friday, gold surged past the key $3,000 mark for the first time, setting a new all-time high for the 13th time this year. The rally pushed the precious metal’s total market capitalization beyond $20 trillion, according to data from CompaniesMarketCap.

Meanwhile, Bitcoin has taken a different trajectory. Its value has plummeted significantly as macroeconomic conditions continue to weigh on it.

Bitcoin Price Performance
Bitcoin Price Performance. Source: BeInCrypto

The leading cryptocurrency is currently trading 23.3% below its all-time high, having dropped 14.5% over the past month. At press time, BTC was valued at $83,643, reflecting a 0.8% decline in the past 24 hours.

Despite Bitcoin’s short-term struggles, analysts suggest it could follow a path similar to gold’s historic rise. 

In the latest X (formerly Twitter) post, an analyst compared the launch of the Gold exchange-traded funds (ETFs) in November 2004 to the launch of the Bitcoin ETF in January 2024. He suggested that Bitcoin may follow a similar price trajectory to gold after its ETF introduction.

The introduction of the Gold ETF provided institutional and retail investors easier access to gold exposure. Over time, gold saw a massive price increase, with cyclical tops and corrections but a long-term bullish trend.

As per the analysis, Bitcoin appears to be following a similar pattern. If the trend holds, BTC could see a similar multi-year growth trajectory, with its ETF launch acting as a catalyst for institutional adoption and sustained price appreciation.

Bitcoin Vs Gold Performance
Gold vs Bitcoin Price Performance. Source: X/Bitcoindata21

Another market analyst echoed this sentiment, noting that gold and Bitcoin are following a five-step parabolic model. He predicted that Bitcoin could soon experience a significant breakout, akin to gold’s past performance.

“Bitcoin’s future is written in gold! Gold followed this pattern before its breakout. Now, Bitcoin is mirroring the move,” Merlijn wrote.

According to his projections, Bitcoin has completed its “fakeout” phase, with an all-time high on the horizon. His bold forecast? A surge to $150,000 is “loading.”

However, not all experts are convinced. Northstar, a market analyst, pointed out a concerning trend in the gold/bitcoin ratio. It has been in a prolonged downtrend. In fact, Bitcoin has failed to outperform gold for four years, marking the longest period on record.

Gold/Bitcoin Ratio
Gold/Bitcoin Ratio. Source: Northstar/X

He warned that gold’s breakout isn’t just about its price increase but what it signals.

“Historically, when gold breaks out versus stock markets, it initiates a capital rotation event, sending NASDAQ down 80% or so. Unfortunately, Bitcoin tracks NASDAQ,” the analyst remarked.

Adding to the skepticism, financial analyst Charlie Morris identified a divergence in ETF flows. While gold-backed funds have seen inflows amid the recent price surge, Bitcoin ETFs are experiencing a substantial downturn.

gold and bitcoin etf inflows
Gold vs Bitcoin ETF Inflows. Source: The Bold Report

With Bitcoin trading at around $80,000, the coming months will be crucial in determining whether it can follow gold’s trajectory or continue to underperform. For now, the ongoing debate persists—will Bitcoin establish itself as a long-term store of value, or will gold’s enduring appeal continue to outshine the digital asset’s potential?

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Bitcoin

Hyperliquid Whale’s $420 million Bitcoin Short Sparks Public ‘Hunt’

Published

on


A whale wallet on the decentralized exchange (DEX) Hyperliquid has stirred the community by executing a high-leverage short position with a tight liquidation price. This trade caught the attention of other whale groups, triggering an unprecedented public “whale hunt” in the market.

Additionally, Hyperliquid believes that such easily trackable trading activity represents the future of decentralization.

Attempt to Liquidate a High-Leverage Trade Worth Over $420 Million

A whale with the wallet address 0xf3F496C9486BE5924a93D67e98298733Bb47057c opened a 40x leverage Short position on Bitcoin, totaling over $423 million. At the time of writing, its liquidation price stood at $86,198. Currently, the short position is in profit by over $2 million.

This whale has also recently executed large-leverage trades, raising suspicions among experts about potential ties to North Korean hackers.

whale short trade
The Whale Wallet’s High-Leverage Bitcoin Short Trade. Source: Hyperliquid.

The massive position size and tight liquidation price caught the attention of a user on X (formerly Twitter) named CBB. He called for a group effort to hunt the whale’s position by pushing BTC’s price higher. In a post on X, he claimed that “eight figures” (millions of dollars) had been committed to the plan.

“If you are willing to hunt this dude with size, drop a DM, setting up a team right now and already got good size,” CBB stated.

CBB also revealed that Justin Sun, founder of Tron (TRX), was part of the group. However, Sun has not officially confirmed this. Additionally, CBB invited Eric Trump, son of President Donald Trump, to join.

The story is still unfolding, and it’s unclear how far CBB’s whale-hunting effort will go. For now, the position remains profitable, and Bitcoin is trading at $83,460, just 3% away from liquidation.

A Kaiko report from early March states that Bitcoin’s 1% market depth is $300 million. This means pushing BTC up by 1% could require at least $300 million in capital.

Many X users are following the event like a high-stakes drama. CryptoVikings believes that the Hyperliquid whale is publicly shorting while simultaneously going long on a centralized exchange (CEX).

“HL whale strategy was simple. Short huge amount at high leverage publicly in Hyperliquid to gain attention. Long in CEX at the same time. He expected MMs and institutions would take out liquidation, pushing BTC $1K above, triggering a short squeeze and a good pump. He would make net profit on his longs. But MMs & exchanges understood the strategy. They first pushed the price down to liquidate his CEX position, then pumped the price much higher to hunt him on both sides,” CryptoVikings predicted.

Hyperliquid has embraced the event, praising public trading transparency as the future of decentralization.

“Hyperliquid has redefined trading. When a whale shorts $450M+ BTC and wants a public audience, it’s only possible on Hyperliquid…Anyone can photoshop a PNL screenshot. No one can question a Hyperliquid position, just like no one can question a Bitcoin balance. The decentralized future is here,” Hyperliquid stated.

The market is watching closely as this whale war continues to unfold.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Bitcoin

Crypto Outflows Surge to $1.7 Billion, XRP Stands as Rare Positive

Published

on


The crypto market continues to face a sustained period of capital flight. According to the latest CoinShares report, digital asset investment products experienced a fifth week of outflows.

It comes amid continued bearish sentiment, with Bitcoin (BTC) bearing the worst as seen in its price, which remains well below the $90,000 threshold.

Crypto Outflows Surge to Nearly $1.7 Billion

The report indicates that total crypto outflows reached $1.687 billion, bringing cumulative losses over this negative streak to $6.4 billion. This also marks the 17th straight day of outflows, the longest unbroken period of capital withdrawals since 2015.

Despite the sustained downturn, year-to-date (YTD) inflows remain positive at $912 million. However, the latest market correction and consistent investor withdrawals have resulted in a $48 billion decline in total assets under management (AuM) across digital asset investment products.

Per the report, the US remains the epicenter of the ongoing crypto outflows, accounting for $1.16 billion in outflows. This represents approximately 93% of all outflows during this negative streak. In contrast, Germany experienced a modest inflow of $8 million, indicating regional variations in investor sentiment.

Bitcoin continues to withstand the worst of investor withdrawals, with an additional $978 million in outflows over the past week, bringing its five-week total to $5.4 billion. Meanwhile, short-Bitcoin positions also saw $3.6 million in outflows, indicating a general decrease in bearish bets against the pioneer crypto.

Crypto Outflows Last Week
Crypto Outflows Last Week. Source: CoinShares Report

While most digital assets have declined, XRP continues to attract investment. It recorded an additional $1.8 million in inflows, standing out as one of the few assets seeing positive momentum.

This optimism likely draws from abounding hope of an imminent conclusion to the longstanding legal battle between Ripple and the US SEC (Securities and Exchange Commission). There is also hope that the SEC may reclassify XRP as a commodity.

One of the most striking developments during this market downturn was the Binance exchange’s near wipeout of assets under management. A key seed investor’s exit drained almost all of Binance’s AuM, leaving the exchange with just $15 million in remaining AuM.

Meanwhile, this sustained sell-off follows a weeks-long pattern of negative sentiment. The previous week, crypto outflows hit $876 million, with US investors leading the charge in market liquidations.

Before that, outflows had already neared $3 billion, driven by weak investor sentiment and rising market fears.

The persistent crypto outflows and declining AuM figures suggest that confidence in the crypto sector is yet to recover. However, pockets of resilience—such as XRP’s inflows and minor gains in Germany, indicate that investor appetite has not vanished entirely.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io