20 Oct 2023, 19:50 · Views 260

Bitcoin (BTC) The rebound in Bitcoin has now extended further and right now the lead coin it just testing the 30k level. The previous high set on Monday saw it reach 30,002. The earlier rise above 29k was stalling ahead of 29,500, but once that level gave way it opened a potential move towards setting a fresh high on the week. Indeed, it has just done that a moment ago when rising to as high as 30,015. The prospect of further upside beyond 30k is clearly live, but we should also remember this is a major level to vault on a sustained basis. Bitcoin is just now backing off a bit, currently trading at 29,948

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Sueco

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Analyst and experienced trader since 2017. Big fan of automation. Follow for latest market analysis and news! English & Español.

Since my last update here the price of the USD/JPY has barely moved and neither has gold much for that matter too. Of course the GBP/USD and EUR/USD have been trading pretty sideways for the past 3-4 hours too, but the focus here in this update is on the USD/JPY. Now the reason for the inertia is partly due to uncertainty over what might come next, but in reality it is due to the lack of price action in the US bond markets as a lead. That is because the US bond markets are closed today. More often than not these days, even the slightest shift in US yields can have an impact, So, whilst not really moving much away from 149.15 for the entire morning, the USD/JPY could look to the US equity markets for a lead, when they reopen in just over 90 minutes. Meantime, it is pretty static, trading right now at 149.15 Español Desde mi última actualización aquí, el precio del USD/JPY apenas se ha movido y tampoco lo ha hecho mucho el oro. Por supuesto, el GBP/USD y el EUR/USD también han estado cotizando de forma bastante lateral durante las últimas 3-4 horas, pero en esta actualización nos centraremos en el USD/JPY. Ahora, la razón de la inercia se debe en parte a la incertidumbre sobre lo que podría venir a continuación, pero en realidad se debe a la falta de acción de los precios en los mercados de bonos de EE.UU. como plomo. Esto se debe a que los mercados de bonos estadounidenses están cerrados hoy. Por lo tanto, aunque no se ha movido mucho de 149,15 en toda la mañana, el USD/JPY podría mirar a los mercados de renta variable de EE.UU. en busca de una ventaja, cuando vuelvan a abrir en poco más de 90 minutos. Mientras tanto, se mantiene estático en 149,15.

Sueco

The past 24 hours have been challenging for the short-sellers as Bitcoin (BTC) hit the $28,000 mark after spending nearly one month below it. As a result, over $100 million worth of shorts got liquidated. October has ushered in a bit of pressure on crypto bears. And according to historical bullish patterns in October, the pressure may just be getting underway. Over $100 Million Worth of Crypto Short Positions Liquidated According to the data from Coinglass, traders lost over $117.99 million to liquidations in the past 24 hours. While some long positions were also liquidated, the majority of losses came from short positions. In the past 24 hours, short-sellers ate more than $100 million in losses Español Las últimas 24 horas han sido un desafío para los vendedores en corto, ya que Bitcoin (BTC) alcanzó la marca de 28,000 dólares tras pasar casi un mes por debajo de ella. Como resultado, se liquidaron más de 100 millones de dólares en cortos. Octubre ha marcado el comienzo de un poco de presión sobre los osos de las criptomonedas. Y según los patrones alcistas históricos de octubre, es posible que la presión apenas esté comenzando. Se liquidan más de 100 millones de dólares en posiciones cortas Según los datos de Coinglass, los traders perdieron más de 117,99 millones de dólares en liquidaciones durante las últimas 24 horas. Si bien también se liquidaron algunas posiciones largas, la mayoría de las pérdidas provinieron de posiciones cortas. En las últimas 24 horas, los vendedores en corto sufrieron pérdidas de más de 100 millones de dólares.

Sueco

Bitcoin (BTC) price wobbled below $28,000 on Monday as global markets began reacting to the Middle East tensions. On-chain data examines the conflicting signals surrounding Bitcoin’s safe haven credentials and how it could impact prices in the weeks ahead. Early clues from on-chain data trends signal how Bitcoin price could react mid-to-long term. Number of New Addresses Buying Bitcoin Drops to 4-Month Low On October 8, Bitcoin registered its lowest number of new addresses in four months. Recent macro events surrounding the Middle East tensions could appear to be one driver behind this decline in new users adopting Bitcoin. Only 367,874 new addresses were created on the Bitcoin network on October 8. According to the Glassnode chart below, Bitcoin’s new-address acquisition rate has not dropped this low since July 22. Bitcoin (BTC) New Addresses vs. Price | Source: Glassnode Otherwise called Network Growth, the New Addresses metric evaluates the current rate at which a blockchain protocol attracts new users. i.e, by aggregating the number of new wallets created daily. A significant decline in new addresses is often bearish for a cryptocurrency network as the native coin could struggle to attract fresh demand. Referencing the Middle East crisis, this decline in Bitcoin Network Growth signals that non-crypto native investors are turning to other more familiar safe haven asset classes as economic uncertainty looms. BTC’s price currently holds a relatively high support level at $27,500. But if the network growth decline persists, it could weaken market demand in the weeks ahead.

Sueco

The USD/JPY has managed to grind its way back above 149 once more, despite further dollar weakness versus the European currencies. That means we have more upside in the likes of the EUR/JPY and more notably in the GBP/JPY. That pair is most definitely leading the major Yen cross gains and it has now rebounded back above 182 a short while ago. Of course the USD/JPY is going to react to the US jobs data and right now that reaction would appear to be more prevalent, if we get a weak jobs report, rather than the opposite. That is all to do with the Bank of Japan and their recent alleged intervention. Now, I have no bias here on what the US jobs report will reveal and so I am keeping an open mind on the outcome. Meantime, the USD/JPY has lifted to as high as 149.07 a moment ago Español El USD/JPY ha conseguido volver a superar los 149, a pesar de la debilidad del dólar frente a las divisas europeas. Esto significa que tenemos más alzas en el EUR/JPY y, sobre todo, en el GBP/JPY. Este par está liderando las subidas de los principales cruces del yen y ha vuelto a superar los 182 hace poco. Por supuesto, el USD/JPY va a reaccionar a los datos de empleo de EE.UU. y en este momento esa reacción parece ser más prevalente, si obtenemos un informe de empleo débil, en lugar de lo contrario. Todo esto tiene que ver con el Banco de Japón y su reciente supuesta intervención. No tengo ningún prejuicio sobre lo que revelará el informe de empleo de EE.UU., por lo que mantengo la mente abierta sobre el resultado. Mientras tanto, el USD/JPY ha subido hasta 149.07 hace un momento

Sueco

The market capitalization (market cap) of Bitcoin (BTC) could rise to $950 billion if the US Securities and Exchange Commission (SEC) approves Bitcoin spot exchange-traded funds (ETFs). By investing just 1% of their $15.6 trillion in assets, ETF approvals can inject $155 billion into the market. The move would hike Bitcoin’s realized market cap, calculated by adding the purchase prices of all Bitcoin in existence. History suggests that Bitcoin’s market capitalization rises faster than its realized market cap during periods of large inflows, meaning a $155 billion increase in the realized market cap may result in a market cap of between $465 billion and $955 billion. Bitcoin ETF Inflows Could Dwarf Grayscale. This rise would correspond with the price of Bitcoin rising to between $50,000 and $73,000. It would dwarf the realized market cap increase of $5.5 billion in Grayscale Investments’ Bitcoin Trust during the last bull market. During that period, Bitcoin increased from $10,000 to $64,000, later peaking at $66,000. SEC ETF Approval Delays Are Good Several voices in the investment industry say the SEC’s delay could see it approve several ETFs simultaneously. The shift in dialogue from a flat-out rejection to a lengthy approval process appears to be a positive sign, argues Bloomberg analyst Eric Balchunas. “The fact that the SEC is actively engaging with spot bitcoin issuers on their current applications – which hasn’t ever happened before – we think a rejection is unlikely and holds a 75% chance of approval by the end of this year.”

Sueco