Bitcoin price ignores PCE inflation as bears eat through $109K support
Bitcoin price ignores PCE inflation as bears eat through $109K support
Bitcoin showed no sign of a major rebound after the release of major US inflation data, with bid liquidity clustered at $108,200.
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Pundit Says Bitcoin Is Still In A Bull Market Despite Price Crash; Hereâs Why
Bitcoin has experienced a sharp price drop in recent days, but one well-followed crypto analyst remains undaunted. Popular chartist Egrag Crypto says Bitcoin is still in a bull market, even with the pullback. He believes what is happening now is only part of a larger repeating pattern that has played out since the end of 2022. According to him, this cycle is not over yet, and the market still has another strong upward move before an actual bear phase begins. Bitcoin Holds Strong Above Key Levels Egrag Crypto explains that Bitcoin follows a clear pattern that has been in place since December 2022. First, the price surges upward, then it retests support, bounces back, corrects slightly, and makes a new local high. Related Reading: XRP Holders Could Lose Millions Of Dollars In 10 Days, Hereâs Why Right now, the most critical level to watch is $103,000. As long as Bitcoin does not fall below that level, Egrag says there is no real danger. Instead, he expects one more big pump to arrive before the cycle tops out. His personal target for this move is between $150,000 and $175,000. In his view, this would mark the last push of the current bull run before the market flips to its next bear phase. Egrag stresses that corrections along the way are normal and should not cause panic. He believes traders often get caught up in short-term drops without realizing that they are only part of a larger trend. Looking at the bigger picture, it is clear that the Bitcoin bull market still has room to run. Market Parallels With Gold Suggest Bull Run Is Intact Egrag Crypto also draws a strong comparison between Bitcoin and gold. He points out that many analysts once thought gold had peaked at a technical target of $3,500. Instead, the price continued to rise due to what he calls a short squeeze. This sudden surge, he says, was meant to trap retail buyers into a âsuckers rally.â Related Reading: Expert Reveals Why XRP Wonât Mirror Bitcoinâs Path And Why A Decoupling Is Imminent He notes that gold demand is currently so high that even shop owners with decades of experience say they have never seen business like this. To Egrag, this kind of hype is usually a warning that the cycle is near its top. He expects gold to eventually fall by $600 to $1,000 once Russia and Ukraine restore peace, a move that he believes would once again confirm the cyclical nature of the market. For Bitcoin, the same lesson applies. Despite loud voices calling the bull run over, Egrag insists that the cycle is still alive. He views the current downturn as merely a pause before another significant surge. He plans to invest around $30,000 in the following macro cycle and later rotate into strong altcoins. In his view, staying patient and respecting cycles is the most effective approach. Featured image created with Dall.E, chart from Tradingview.com
Record Difficulty, Leaner RewardsâSo Whatâs Fueling Bitcoinâs Hashrate Stampede?
Bitcoinâs brute computational engine is flexing harder than ever, as the network packed on a staggering 111 exahash per second (EH/s) in just eight daysâcatapulting the hashrate to a jaw-dropping 1,107 EH/s. Whateverâs powering this beast, itâs pushing the network into uncharted territory. Behind the Hashrate Curtain: New Rigs Hint at a Mining Revolution Bitcoinâs [âŠ]
OTC Whale Buys 60,333 Ethereum For $238.7M Despite Market Selloff
Ethereum (ETH) has experienced a sharp decline, slipping below the $4,000 mark and setting a fresh low near $3,820. This move highlights the intense selling pressure weighing on the market as bulls struggle to establish a firm support zone. The decline comes after weeks of elevated volatility, leaving traders cautious about whether ETH can quickly [âŠ]
Onramp Launches Institutional Bitcoin Custody Platform with Global Multisig Security
Bitcoin Magazine Onramp Launches Institutional Bitcoin Custody Platform with Global Multisig Security Onramp, founded by ex-Google executive Michael Tanguna, introduces a multisignature custody solution partnering with BitGo, CoinCover, and Tetra Trust to secure billions in Bitcoin assets amid growing institutional demand. This post Onramp Launches Institutional Bitcoin Custody Platform with Global Multisig Security first appeared on Bitcoin Magazine and is written by Juan Galt.