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On-chain data shows Bitcoin is currently retesting a historically significant level that has often decided the course of the cryptocurrencyās price. Bitcoin Is Retesting The 0.85 Supply Quantile In a new post on X, on-chain analytics firm Glassnode has talked about how Bitcoin is retesting a level that has historically been a āmake-or-breakā one for the asset. Related Reading: Dogecoin Plunges To $0.18 As Whales Sell 440 Million DOGE The level in question is part of Glassnodeās āSupply Quantiles Cost Basis Model.ā The model reflects price levels corresponding to important investor profitability thresholds. Below is the chart shared by the analytics firm that shows how the levels of this model have changed over the last few years. Looks like BTC is currently trading around the middle band | Source: Glassnode on X As is visible in the graph, Bitcoin surged above the 0.95 quantile during the recent rally to the all-time high (ATH). This level corresponds to 95% of the supply being in profit. With the market downturn that has followed since, however, the cryptocurrency has slipped under the level. Recently, the asset has been making retests of the 0.85 quantile, situated at $109,000. BTC has already seen brief drops below this mark, but so far, it has managed to climb back above it each time. At present, the coin is trading right around the level, indicating that about 85% of the supply is carrying a net unrealized gain. In the past, Bitcoinās interactions with this level have tended to carry consequences for its trajectory. āHolding it has sparked major rallies, but losing it often sees a slide toward the 0.75 band,ā noted Glassnode. The 0.75 quantile is equivalent to $98,000 at the moment. It now remains to be seen whether BTC can hold above the 0.85 quantile, or if a retrace to this level is coming. In some other news, the latest decline in Bitcoin below $107,000 came alongside negative values on the Coinbase Premium Gap, as pointed out by CryptoQuant community analyst Maartunn in an X post. The Coinbase Premium Gap measures the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair). The metric basically tells us about how the behavior of the users on the former exchange differ from that of the latter platform. Related Reading: Bitcoin Struggles To Hold Key Support: Could $88,000 Be Next? As the below chart shows, the metric was at positive levels on Wednesday, but the indicator turned red on Thursday. The trend would imply that Coinbase traders, primarily made up of American institutional entities, sold the cryptocurrency at a higher intensity than Binanceās global whales during the Bitcoin drawdown. BTC Price Since the wave of selling on Coinbase, Bitcoin has witnessed some recovery back to the $109,500 level, reclaiming the 0.85 quantile once again. Featured image from Dall-E, CryptoQuant.com, Glassnode.com, chart from TradingView.com
Bitcoin October Slump: Fourth Worst On Record Since 2013, Per Fortune Analysis
As October comes to a close, Bitcoin (BTC) has disappointed many who had anticipated the month to be a strong one for the cryptocurrency, often referred to as āUptoberā due to its historically positive performance. Instead, Bitcoin finished the month down, creating a gap of approximately 13% from its all-time high. Historical Trends Suggest Bitcoin Could Rebound Joel Kruger, a market strategist at LMAX Group, noted that while October was a letdown compared to historical trends, itās essential to contextualize the price movements. He remarked, āPrices have held up well overall, especially after a September that actually bucked the usual weakness.ā Related Reading: Coinbase, Strategy Mark Major Profit Surges In Q3: Unveiling The Numbers Notably, on the 6th of this month, the marketās leading cryptocurrency reached an all-time high just beyond $126,000. Additionally, the current downturn has failed to erase the year-to-date gains, with Bitcoin still recording a 55% uptrend during this period. However, according to a recent analysis by Fortune, this October marks the fourth-worst performance for Bitcoin since 2013 and the worst in the past seven years. Bitcoinās performance lagged behind that of the S&P 500, which saw a gain of roughly 2.3% during the same period. Despite this under performance, Kruger remains optimistic about Bitcoinās potential recovery in the upcoming months. āHistorically, Q4 has been one of the best periods for crypto performance,ā he stated, expressing hope for a push toward record highs for both Bitcoin and Ethereum (ETH) as the year draws to a close. October Challenges The month proved challenging not only in terms of price but also due to significant market events. Adam McCarthy, a senior research analyst at digital market data provider Kaiko, observed that cryptocurrencies entered October tracking gold and stocks at near all-time highs. However, as uncertainty crept into the market, investors did not flow back into Bitcoin as anticipated. In addition, October witnessed the largest liquidation event in cryptocurrency history, triggered by President Donald Trumpās announcement of a 100% tariff on Chinese imports, alongside threats of export controls on crucial software. Related Reading: dYdX Eyes US Market Entry: Decentralized Crypto Exchange Plans Year-End Debut, Reuters McCarthy commented on the impact of this liquidation, stating, āThat washout on the 10th really reminded people that this asset class is very narrow.ā He emphasized that even dominant cryptocurrencies like Bitcoin and Ethereum can experience sharp drawdowns, citing instances of 10% declines occurring in just 15 to 20 minutes. Amid these developments, concerns have been raised by several figures regarding the high valuations in equity markets. Jamie Dimon, CEO of JPMorgan Chase, recently warned of a heightened risk of a significant correction in the US stock market within the next six months to two years. Jake Ostrovskis, head of trading at Wintermuteās over-the-counter desk, noted that participants in the market remain hesitant as they grapple with the implications of the largest liquidation event on record. He added that this caution persists amid ongoing speculation about vulnerabilities that might still exist within the financial system. When writing, BTC was trading at $109,688, losing its nearest support floor of $110,000. Featured image from DALL-E, chart from TradingView.com
Analyst Predicts The āUnthinkableā For XRP ā Hereās What It Is
Crypto analyst @BullrunnersHQ on X social media has issued a new market update, suggesting that XRP may be on the verge of a major rally as traditional markets reach record highs. His latest technical breakdown links the recent strength in the NASDAQ to potential moves within the crypto sector, warning that the āunthinkableā is about to occur for XRP soon. The analyst highlighted that XRPās price structure and broader crypto signals are aligning for a decisive move that could determine whether the current bull market cycle continues or starts to reverse. XRP Set For Unthinkable Upside Rally According to @BullrunnersHQ, the equity market is approaching critical levels that could dictate the next major trend in the crypto market and XRP price. Despite the crypto market struggling to reach similar highs, XRP remains firmly above the $2.50 range. He described this setup as āthe unthinkableā moment for XRP, where the asset could finally break free from its prolonged consolidation and rally by āmultiple hundreds of percent.ā Related Reading: Forget Cardano, Why Shiba Inuās Shibarium Is The Real Ghost Chain Notably, @BullrunnersHQ asserts that XRPās price structure remains technically healthy despite market volatility. The analyst also noted that the overall crypto market cap and sentiment indicators have improved, with the Fear & Greed Index climbing to 42 from mid-October lows. He further emphasized that Bitcoin continues to hold comfortably above its 50-week EMA, showing a pattern consistent with previous rallies that led to new peaks. The analyst added that BTCās new local high around $116,000 and a bullish crossover between the 10 EMA and 20 EMA suggest that momentum is returning to risk assets, setting the stage for XRP to outperform potentially. Notably, this period mirrors earlier market cycles where Bitcoinās consolidation above key levels triggered explosive altcoin rallies. XRP, which has held its support much longer than most cryptocurrencies in the market, could climb to a new all-time high once momentum shifts. To support his analysis, @BullrunnersHQ has referenced crypto market expert and Chartist Peter Brandtās discussion about whether the NASDAQās recent price action represents a breakaway or an exhaustion gap. While Brandt leans cautiously bearish from an equities standpoint, @BullerunnersHQ remains confident that even if stocks slightly pull back or halt temporarily, money could still rotate into cryptocurrencies, potentially fueling XRPās next major rally. Analyst Warns Of Exhaustion Gap And End Of Bull Market In his analysis, @BullrunnersHQ also referenced crypto trader Abdullah, who believes that the NASDAQās rally also shows signs of an exhaustion gap, a signal often seen near the end of a bull market uptrend. Absullah points to overbought readings in both the Relative Strength Index (RSI) and the Stochastic RSI on the weekly timeframe, indicating that the markets could be nearing the end of their current bull market phase. Related Reading: What The XRP RSI Making Higher Highs Means For The Price @BullrunnersHQ agreed that the market may be nearing exhaustion but reiterated that XRPās position offers more upside potential compared to other assets. He also emphasized that Bitcoin must continue to hold between $107,000 and $109,000 on the weekly timeframe. A failure to do so could signal the end of the broader bull market. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin October Slump: Fourth Worst On Record Since 2013, Per Fortune Analysis
As October comes to a close, Bitcoin (BTC) has disappointed many who had anticipated the month to be a strong one for the cryptocurrency, often referred to as āUptoberā due to its historically positive performance. Instead, Bitcoin finished the month down, creating a gap of approximately 13% from its all-time high. Historical Trends Suggest Bitcoin Could Rebound Joel Kruger, a market strategist at LMAX Group, noted that while October was a letdown compared to historical trends, itās essential to contextualize the price movements. He remarked, āPrices have held up well overall, especially after a September that actually bucked the usual weakness.ā Related Reading: Coinbase, Strategy Mark Major Profit Surges In Q3: Unveiling The Numbers Notably, on the 6th of this month, the marketās leading cryptocurrency reached an all-time high just beyond $126,000. Additionally, the current downturn has failed to erase the year-to-date gains, with Bitcoin still recording a 55% uptrend during this period. However, according to a recent analysis by Fortune, this October marks the fourth-worst performance for Bitcoin since 2013 and the worst in the past seven years. Bitcoinās performance lagged behind that of the S&P 500, which saw a gain of roughly 2.3% during the same period. Despite this under performance, Kruger remains optimistic about Bitcoinās potential recovery in the upcoming months. āHistorically, Q4 has been one of the best periods for crypto performance,ā he stated, expressing hope for a push toward record highs for both Bitcoin and Ethereum (ETH) as the year draws to a close. October Challenges The month proved challenging not only in terms of price but also due to significant market events. Adam McCarthy, a senior research analyst at digital market data provider Kaiko, observed that cryptocurrencies entered October tracking gold and stocks at near all-time highs. However, as uncertainty crept into the market, investors did not flow back into Bitcoin as anticipated. In addition, October witnessed the largest liquidation event in cryptocurrency history, triggered by President Donald Trumpās announcement of a 100% tariff on Chinese imports, alongside threats of export controls on crucial software. Related Reading: dYdX Eyes US Market Entry: Decentralized Crypto Exchange Plans Year-End Debut, Reuters McCarthy commented on the impact of this liquidation, stating, āThat washout on the 10th really reminded people that this asset class is very narrow.ā He emphasized that even dominant cryptocurrencies like Bitcoin and Ethereum can experience sharp drawdowns, citing instances of 10% declines occurring in just 15 to 20 minutes. Amid these developments, concerns have been raised by several figures regarding the high valuations in equity markets. Jamie Dimon, CEO of JPMorgan Chase, recently warned of a heightened risk of a significant correction in the US stock market within the next six months to two years. Jake Ostrovskis, head of trading at Wintermuteās over-the-counter desk, noted that participants in the market remain hesitant as they grapple with the implications of the largest liquidation event on record. He added that this caution persists amid ongoing speculation about vulnerabilities that might still exist within the financial system. When writing, BTC was trading at $109,688, losing its nearest support floor of $110,000. Featured image from DALL-E, chart from TradingView.com
Analyst Predicts The āUnthinkableā For XRP ā Hereās What It Is
Crypto analyst @BullrunnersHQ on X social media has issued a new market update, suggesting that XRP may be on the verge of a major rally as traditional markets reach record highs. His latest technical breakdown links the recent strength in the NASDAQ to potential moves within the crypto sector, warning that the āunthinkableā is about to occur for XRP soon. The analyst highlighted that XRPās price structure and broader crypto signals are aligning for a decisive move that could determine whether the current bull market cycle continues or starts to reverse. XRP Set For Unthinkable Upside Rally According to @BullrunnersHQ, the equity market is approaching critical levels that could dictate the next major trend in the crypto market and XRP price. Despite the crypto market struggling to reach similar highs, XRP remains firmly above the $2.50 range. He described this setup as āthe unthinkableā moment for XRP, where the asset could finally break free from its prolonged consolidation and rally by āmultiple hundreds of percent.ā Related Reading: Forget Cardano, Why Shiba Inuās Shibarium Is The Real Ghost Chain Notably, @BullrunnersHQ asserts that XRPās price structure remains technically healthy despite market volatility. The analyst also noted that the overall crypto market cap and sentiment indicators have improved, with the Fear & Greed Index climbing to 42 from mid-October lows. He further emphasized that Bitcoin continues to hold comfortably above its 50-week EMA, showing a pattern consistent with previous rallies that led to new peaks. The analyst added that BTCās new local high around $116,000 and a bullish crossover between the 10 EMA and 20 EMA suggest that momentum is returning to risk assets, setting the stage for XRP to outperform potentially. Notably, this period mirrors earlier market cycles where Bitcoinās consolidation above key levels triggered explosive altcoin rallies. XRP, which has held its support much longer than most cryptocurrencies in the market, could climb to a new all-time high once momentum shifts. To support his analysis, @BullrunnersHQ has referenced crypto market expert and Chartist Peter Brandtās discussion about whether the NASDAQās recent price action represents a breakaway or an exhaustion gap. While Brandt leans cautiously bearish from an equities standpoint, @BullerunnersHQ remains confident that even if stocks slightly pull back or halt temporarily, money could still rotate into cryptocurrencies, potentially fueling XRPās next major rally. Analyst Warns Of Exhaustion Gap And End Of Bull Market In his analysis, @BullrunnersHQ also referenced crypto trader Abdullah, who believes that the NASDAQās rally also shows signs of an exhaustion gap, a signal often seen near the end of a bull market uptrend. Absullah points to overbought readings in both the Relative Strength Index (RSI) and the Stochastic RSI on the weekly timeframe, indicating that the markets could be nearing the end of their current bull market phase. Related Reading: What The XRP RSI Making Higher Highs Means For The Price @BullrunnersHQ agreed that the market may be nearing exhaustion but reiterated that XRPās position offers more upside potential compared to other assets. He also emphasized that Bitcoin must continue to hold between $107,000 and $109,000 on the weekly timeframe. A failure to do so could signal the end of the broader bull market. Featured image created with Dall.E, chart from Tradingview.com