The price of Bitcoin (BTC) has printed several sell signals, according to both on-chain and technical analysis. As a result, until the situation changes, investors should use prudence and restrain their bullish perspective.

The continued surge depends on the Bitcoin ETF

For a few years now, the Bitcoin spot Exchange-Traded Fund (ETF) has been a speculative event. However, the advancements around ETFs have accelerated recently. After losing a number of lawsuits pertaining to cryptocurrencies, the US Securities and Exchange Commission (SEC), which licences or disapproves ETF products, has been caught off guard.

The SEC’s loss in Grayscale’s lawsuit about the conversion of the GBTC product into a spot ETF offering and other developments pertaining to ETFs were the primary causes of the initial spike in the price of Bitcoin, which began in mid-October. However, Bitcoin has been trending sideways as there have been no updates.

Whatever the case, the next significant deadline for the ETF decision is January 2024, which will see a fresh peak in the speculative Bitcoin trading mania. The crypto industry will be made or broken by this event. Investors should be ready for a regression up until that point, though, given that the price of Bitcoin has been emitting several sell signals.

The price of bitcoin might drop soon

Between October 16 and 24, the price of bitcoin (BTC) increased by 30%, setting a new local high at $35,280. This move had tremendous bullish momentum, which made it spectacular. However, BTC has been trending sideways since the formation of its swing high. The daily candlestick closures have shown an upward trend since October 25, which may appear bullish to the untrained eye. Upon closer inspection, the Relative Strength Index (RSI) exhibits a downward slope. Bearish divergence, which this non-conformity is, frequently signals a retreat or correction.

The first significant sell signal that investors should be aware of is this one.

The Momentum Reversal Indicator (MRI) has flashed two sell signals in addition to the bearish divergence. On October 23, following the daily candlestick closure, the first sell signal was presented as a red downward arrow. The MRI has displayed another red down arrow nine days later. This indicator suggests a falling one to four candlestick pattern.

Therefore, investors should expect a decline in the price of Bitcoin if things continue as they are. Important support levels to keep an eye on are the Fair Value Gap (FVG) region, which spans from $30,248 to $32,832 and has a midpoint at $31,540.

On-chain indicators support the pessimistic outlook

Santiment’s Network Realised Profit/Loss (NPL) indicator displays two significant spikes of 524 million and 542 million on October 24 and 28, respectively, suggesting that investors are booking profits. Similar profit-taking occurrences and bearish divergence in July caused the price of Bitcoin to plummet from about $31,400 to $25,800.

The Whale Transaction statistic, which has been surging since October 23, reflects the same pessimistic sentiment. This indicator, which measures transfers of $100,000 or more, spiked, indicating that whales are shifting their assets to book profits.

Investors who have bought Bitcoin in the last month can gauge their average profit or loss using the 30-day Market Value to Realised Value (MVRV) indictor. The MVRV dropped from 16% on October 23 to roughly 10% at this point. This level indicates that investors who bought Bitcoin within the last month made an average profit of 10%. A sell-off could occur if these holders decide to sell to realise their profits.

In the last year, the 30-day MVRV has often created a local peak of 16% to 22%. Because a correction in the price of Bitcoin follows this period, it can be referred to as the “Danger Zone.”

Finally Thoughts
Overall, both from a technical and an on-chain perspective, the price of Bitcoin appears to be headed towards a bear market. These sale signals can only be ignored in the event of an ETF-related development.

In that scenario, the price of Bitcoin might cross the $35,000 barrier and approach the psychological $40,000 mark. This action would refute the pessimistic theory.

An overview of the September 11 cryptocurrency price: On Monday morning, the market capitalization of all cryptocurrencies was $1.04 trillion.

On early Monday morning, Bitcoin (BTC) and Ethereum (ETH), two of the most valuable crypto coins, were able to hold above the $25,000 and $16,000 thresholds, respectively. However, BTC had a 1.65% decrease in performance measured in percentage terms. Other well-known altcoins, like as Litecoin (LTC) and Ripple (XRP), also experienced losses as overall values decreased marginally across the board. The highest gainer, Stellar (XLM), saw a 24-hour increase of more than 3.35 percent. On the other side, Lido DAO (LDO) ended up being the greatest loser.

The worldwide crypto market cap was $1.04 trillion at the time of writing, representing a drop of 1.08 percent over the previous 24 hours.

Bitcoin Price Today
According to CoinMarketCap, the price of one bitcoin was $25,858.66, a drop of 1.65% over the previous 24 hours. The price of Bitcoin was Rs 22 lakhs, according to Indian exchange WazirX.

Ethereum Price Today
At the time of writing, the price of ETH was $1,633.35, a loss of 0.83 percent over the previous 24 hours. According to WazirX, the price of ethereum in India was Rs. 1.42 lakhs.

Dogecoin Price Today
Currently trading at $0.06354, DOGE saw a 24-hour loss of 0.37 percent, according to statistics from CoinMarketCap. Dogecoin’s price in India was Rs 5.5200, according to WazirX.

Litecoin Price Today
Litecoin lost 1.19 percent throughout the course of a day. Its price at the time of writing was $62.80. The cost of LTC in India was Rs 5,350.04.

Ripple Price Today
The price of XRP was $0.5025, down 0.56 percent over the previous 24 hours. WazirX reported that the price of ripple was Rs 43.6999.

Solana Price Today
The price of solana was $19.53, down 2.07% during the previous 24 hours. WazirX reported that SOL cost Rs 1,711.01 in India.

Zipmex, a cryptocurrency exchange focused on Southeast Asia, has filed for bankruptcy protection in Singapore to protect itself from legal threats from creditors.

Take advantage of London’s biggest financial event. This year we expanded into new verticals in online trading, fintech, digital assets, blockchain and payments.
The exchange filed for bankruptcy protection in a Singapore court on July 22, just days after it suspended withdrawals from its platforms.

“This helps protect Zipmex from third party actions, claims and proceedings while it is active and allows the team to focus all of our efforts on resolving the liquidity situation without having to worry about defending potential claims or adverse actions while we do so. ” said the crypto exchange.

The exchange’s attorneys filed five requests for relief from the moratorium, each for a different Zipmex entity. While two entities are registered in Singapore, the rest are from Australia, Indonesia and Thailand.

Read on

The filing automatically granted the exchange a 30-day moratorium period or until the application is decided by a Singapore court.

“It is important to note that the moratorium is not the liquidation of any company,” the exchange added.

Another collapsing crypto exchange?
Zipmex is the latest worrisome cryptocurrency platform after Celsius, Voyager Digital and Three Arrows Capital. Another troubled crypto startup, Vauld, has filed for protection from its Singapore creditors.

In suspending withdrawals, Zipmex cited a combination of circumstances, including market volatility and the financial difficulties of its trading partners. Now, the exchange’s troubles appear to be murkier.

Coinbase was previously interested in acquiring Zipmex, but the American exchange ended up investing only in the Southeast Asian counterpart. The investment came as part of the crypto exchange’s Series B+ funding round, which valued it at $400 million.

Among all the markets it operates in, Zipmex’s user base is concentrated in Thailand. Thailand’s Securities and Exchange Commission (SEC) is also working with law enforcement to assess customer losses after Zipmex suspended withdrawals.

Zipmex, a cryptocurrency exchange focused on Southeast Asia, has filed for bankruptcy protection in Singapore to protect itself from legal threats from creditors.

The exchange filed for bankruptcy protection in a Singapore court on July 22, just days after it suspended withdrawals from its platforms.

Take advantage of London’s biggest financial event. This year we expanded into new verticals in online trading, fintech, digital assets, blockchain and payments.
“This helps protect Zipmex from third party actions, claims and proceedings while it is active and allows the team to focus all of our efforts on resolving the liquidity situation without having to worry about defending potential claims or adverse actions while we do so. ” said the crypto exchange.

The exchange’s attorneys filed five requests for relief from the moratorium, each for a different Zipmex entity. While two entities are registered in Singapore, the rest are from Australia, Indonesia and Thailand.

Read on

The filing automatically granted the exchange a 30-day moratorium period or until the application is decided by a Singapore court.

“It is important to note that the moratorium is not the liquidation of any company,” the exchange added.

Another collapsing crypto exchange?
Zipmex is the latest worrisome cryptocurrency platform after Celsius, Voyager Digital and Three Arrows Capital. Another troubled crypto startup, Vauld, has filed for protection from its Singapore creditors.

In suspending withdrawals, Zipmex cited a combination of circumstances, including market volatility and the financial difficulties of its trading partners. Now, the exchange’s troubles appear to be murkier.

Coinbase was previously interested in acquiring Zipmex, but the American exchange ended up investing only in the Southeast Asian counterpart. The investment came as part of the crypto exchange’s Series B+ funding round, which valued it at $400 million.

Among all the markets it operates in, Zipmex’s user base is concentrated in Thailand. Thailand’s Securities and Exchange Commission (SEC) is also working with law enforcement to assess customer losses after Zipmex suspended withdrawals.

Market capitalization as a term has also entered cryptocurrency investing conversations over time. Its definition and application in cryptocurrencies are not exactly the same as in the traditional stock market. Cryptocurrency market cap is broadly defined as a metric that measures the total value of a particular cryptocurrency in the current market.

The market cap of a cryptocurrency is determined by dividing the total coins that have ever been mined by the price of one coin at a particular time. Market capitalization can be used as a valid measure of how stable an asset is likely to be.

This feature provides a brief introduction to cryptocurrency market capitalization, why it’s important to understand, and what it means for investors.

What is cryptocurrency market cap and how does it work?

Since the inception of Bitcoin, the first cryptocurrency, more and more cryptocurrency projects have entered the scene, each promising a different benefit or use to investors. Some altcoins boast unmatched transaction speeds, while others claim to offer the lowest fees.

Other coins, such as the privacy-focused altcoin Monero (XMR), offer airtight security and complete privacy. XMR transactions made through a specially encrypted Monero wallet are said to be completely anonymous and untraceable, making Monero an ideal coin for users with extreme cybersecurity concerns.

There are currently thousands of active cryptocurrency projects available for traders to invest in. Naturally, each of these coins will be valued differently in the market, and this is what cryptocurrency market capitalization is meant to measure.

The market capitalization of a particular coin is meant to give investors an idea of ​​how big the project currently is and how well it is doing.

The market capitalization of a cryptocurrency is calculated by multiplying the current market price of the coin by the total circulating supply. For example, if a certain coin is trading at $5 per unit and there are approximately 10,000,000 coins in circulation, its market cap would be $50,000,000.

Many cryptocurrency experts consider market capitalization to be the most important factor in determining a cryptocurrency’s viability as an asset. There are now a number of websites and online indexes that calculate and track market capitalization for various cryptocurrencies, as well as other important financial metrics. These sites allow crypto investors to track the dominance and popularity of their chosen coins.

Why does market capitalization matter?

The market capitalization of a crypto project can provide valuable insight into the relevance of that project, especially for investors looking to gauge the popularity of a particular coin over the long term.

For example, most cryptocurrency experts will agree that coins with large capitalizations above $10 billion are relatively safe investments. Investing primarily in such coins is usually considered a conservative strategy, as these cryptocurrencies are likely to be less unpredictable investments than other coins.

However, it is worth noting that even the most stable cryptocurrencies will still be more volatile in terms of their value than traditional investment products such as stocks or bonds.

Mid-cap cryptocurrencies are those with a market capitalization between $1 billion and $10 billion. Unlike large-cap cryptocurrencies, these cryptocurrencies are typically much more volatile, but may have more upside potential. Meanwhile, small-cap cryptocurrencies are those with a market capitalization of less than $1 billion. They are often subject to extreme price volatility, with their value often rising or falling significantly within hours.

Thus, small-cap cryptocurrencies are considered the riskiest investments one can make in cryptocurrencies, even though their growth potential is expected to be good in the short term.

How can market capitalization affect your investment strategy?

One viable way investors can apply their knowledge of market capitalization is by following a market capitalization weighted investment strategy. Under this strategy, the amounts that traders invest in their chosen cryptocurrencies are proportional to the current market capitalization of those coins.

To illustrate, this means that an investor looking to put $100 into total crypto investments should allocate the largest portion of that amount to coins with the largest market capitalization and smaller portions to other less popular cryptocurrencies.

However, it is important for novice crypto investors to keep in mind that the market is prone to dramatic price swings, even for large-cap coins. Therefore, the market capitalization of even the biggest and most popular coins is constantly changing. Since cryptocurrency is a relatively new asset compared to traditional assets such as stocks, there are currently few ways to predict how a particular coin’s value or growth trajectory is likely to change over time.

The unpredictability of cryptocurrencies is the main reason why financial experts encourage new traders to invest cautiously even in large crypto projects. It is always a good idea for novice investors to do their due diligence before committing to any investment and only put in as much money as they can afford to lose.

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“Dreams and dedication are powerful combination.”

William Longgood

Set a bigger goals and chase them everyday

Music can help you get into a “flow state” — losing yourself in the task at hand. Even repetitive tasks or mundane assignments seem more bearable, or even fun, when your favorite tunes are in your ears. Plus, your eyes won’t be so prone to checking the time. Check out these and more reasons to bring your music to work in this Zing Instruments infographic below. A great piece of music is an instant mood lifter. Plenty of scientific evidence backs this up – we`re happier bunnies when listening to music.

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Summary

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“Dreams and dedication are powerful combination.”

William Longgood

Set a bigger goals and chase them everyday

Music can help you get into a “flow state” — losing yourself in the task at hand. Even repetitive tasks or mundane assignments seem more bearable, or even fun, when your favorite tunes are in your ears. Plus, your eyes won’t be so prone to checking the time. Check out these and more reasons to bring your music to work in this Zing Instruments infographic below. A great piece of music is an instant mood lifter. Plenty of scientific evidence backs this up – we`re happier bunnies when listening to music.

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Summary

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