Top Trader Warns Bitcoin Showing Multiple Bearish Signals, Trend Changing Character
A trader who profited from the 2023 crypto breakout is cautioning that Bitcoin's strong uptrend is displaying signs of weakness for the first time since spot market exchange-traded funds (ETFs) were approved in January. The trader, known as DonAlt, observes that BTC's strong uptrend this year is beginning to show signs of exhaustion, and that the market structure on the lower time frame is concerning. With Bitcoin trading close to its high time frame resistance at $69,000, DonAlt says that the setup favors BTC bears, but notes that this is not necessarily a bearish sign. At the time of writing, Bitcoin is trading at $66,163, down over 4% in the last 24 hours.
BTC falls below $65,000
The market shows BTC has fallen below $65,000 and is now trading at $64,999.9, with a daily decline of 6.08%. The market is volatile, so please be prepared for risk control.
Bitcoin fee income was only about $20.3 million this week, a drop of more than 33%
Data shows that as the market adjustment is approaching, Bitcoin fee income has seen a significant drop this week. According to the blockchain analysis platform IntoTheBlock, Bitcoin fee income this week was only $20.3 million, a decrease of 33.1%. Analysis suggests that this situation may be related to the decline of the BRC-20 trend and the decrease in Bitcoin Ordinals activity. In addition, since the approval of the spot Bitcoin ETF, $700 million worth of BTC has been withdrawn from CEX.
The entire network liquidated $542 million in the past 24 hours, with the main liquidation of long orders
According to Coinglass data, the total liquidation in the past 24 hours was $542 million, including $454 million in long positions and $87.79 million in short positions.
The open position of BTC options on the entire network is US$28.75 billion, and the open position of ETH options is US$13.51 billion.
According to Coinglass data, the nominal value of unclosed BTC option positions on the entire network is 28.75 billion US dollars, and the nominal value of unclosed ETH option positions is 13.51 billion US dollars.
The balance of BTC exchanges dropped to 1.82 million, a decrease of 60,000 so far this year
Coinglass data shows that the current balance of BTC on major exchanges has dropped to 1.82 million coins, a decrease of 60,000 coins so far this year, including:
Vanguard Group CEO: Bitcoin ETF not recommended for retirement investment plans
Vanguard Group CEO Tim Buckley has long been strongly opposed to Bitcoin ETFs, despite facing criticism from customers and continued inquiries about the company's ETF plans. In a recent video released by Vanguard, Buckley warned that due to the volatility of Bitcoin ETFs, they should not be included in retirement investment plans as they are speculative assets. Buckley also questions the status of Bitcoin as a store of value, noting that during the 2022 stock market crash, Bitcoin also experienced a significant drop. He stated, "When the stock market was hit hard in the recent crisis, Bitcoin also fell. So it is speculative and difficult to consider its place in a long-term investment portfolio." (Cointelegraph)
10x Research: Bitcoin may adjust to $63,000, altcoins and memes may have reached short-term tops
On March 16th, 10x Research released a new report stating that the prospects for approval of an Ethereum ETF seem less optimistic compared to Bitcoin, with analysts estimating a likelihood of approval at only 30%. This uncertainty may weigh on Bitcoin after the Dencun upgrade is implemented. In addition, recent inflation data in Europe and the United States has been released, and central bank officials' unwillingness to commit to further interest rate cuts has further dampened market sentiment, leading to Bitcoin selling during the Asian trading session.
Runestone has completed all airdrops, and the price of Magic Eden is temporarily at 0.0218 BTC.
On March 16th, according to data from Magic Eden, Runestone has completed all 112,383 airdrops, and the current floor price is temporarily reported as 0.0218 BTC. The cumulative trading volume has exceeded 206.6358 BTC, and the number of holding addresses is close to 98,000.
El Salvador President Nayib Bukele announced the purchase of 1 BTC and deposited it in a cold wallet
Salvadoran President Nayib Bukele stated on social media that one Bitcoin per day plan has just been deposited today. Data shows that El Salvador holds 5,690 Bitcoins.
Quantum Cats “cat0396” Successfully Auctioned at Sotheby’s for 1.8 BTC
Quantum Cats "cat0396" was successfully auctioned off at Sotheby's for 1.8 BTC, equivalent to approximately $127,000. Cat0396 is a rare NFT in the Bitcoin NFT series, with a chain inscription number of 53,786,256. This work was created in 2024 and is unique among the 3,333 works in the Quantum Cat series. It was engraved in 2024 and is currently the only Quantum Cats with a golden cape, which is said to be exchangeable for Golden Capes in the future.
Bitcoin wallet Xverse will airdrop 112,383 Runestones to its users
According to official sources, Bitcoin wallet Xverse has announced that it is airdropping 112,383 Runestone tokens to its users. Additionally, Xverse has announced the launch of its first Runestone forging application on the test network, which supports one-click forging of runes, tracking of rune balances, and will later support users deploying their own runes.
Bitcoin Ecosystem DeFi Project bitSmiley to Collaborate with Unisat to Co-Build BRC20 Stablecoin Ecosystem
In an exclusive joint AMA session held on the evening of March 15th between bitSmiley and Unisat, significant developments were unveiled. bitSmiley announced its participation in proposing a new protocol to support the minting and burning functionalities of the BRC20 standard.
Bitcoin Drops as Inflation Data Surges Higher Than Expected
Bitcoin's price has dropped nearly 3% in the last 24 hours following news that inflation in February was higher than expected. The producer price index rose 0.6% last month, indicating that inflation is not going away anytime soon. As a result, stocks, particularly tech stocks, have also dropped. Investors are hoping that the Federal Reserve will cut interest rates by May, which could cause Bitcoin's price to continue to surge.
Bitcoin contract open interest reaches $33.94 billion, a record high
According to SoSo Value data, on March 13th, the Bitcoin futures open interest reached a new all-time high. As of the time of writing, the Bitcoin futures open interest has reached $33.94 billion, surpassing the second-highest point in November 2021 of $23.04 billion. At the same time, the Bitcoin funding rates on mainstream exchanges including Binance and OKX have also reached a new high not seen since the beginning of 2023.
Bitcoin briefly fell below $71,000, with a 24-hour drop of 1.29%
According to OKX market information, Bitcoin briefly fell below $71,000 and is currently priced at $71,468, with a 24-hour decline of 1.29%.
Bitcoin Breaks to New Highs
Bitcoin has broken to its fourth cycle all-time-high, rallying above $72k, and pushing sentiment one step closer to Euphoria. The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for futures leverage.
Bitcoin breaks through $73,000, reaching new all-time high
According to Coinbase data on March 12th, Bitcoin broke through $73,000 and is now priced at $73,027, continuing to reach new historical highs.
Riksbank President: Hopes to Minimize Bitcoin Use in Swedish Financial System
Bloomberg reported that Erik Thedeen, Governor of the Swedish Central Bank, said: "I hope to see as little Bitcoin as possible in the Swedish financial system. It is an unvaluable tool and is actually based on pure speculation. Although Bitcoin does not pose a threat to financial stability, it is still a risk to consumers."
Unveiling ZKSwap(Bitcoin) V0.1 Testnet: A Deep Dive into Its Revolutionary Features
In the ever-evolving landscape of blockchain and cryptocurrency, ZKBase has taken a significant leap forward with the introduction of ZKSwap(Bitcoin) V0.1 Testnet on March 11, 2024.
