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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    how NFTs became a global brand and a Web3 “social currency”

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    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

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    Labubus have succeeded in every way that NFTs have failed

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    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

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    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

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  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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‘3 in a row’ for Bitcoin fees, but what will dictate BTC’s short-term price action?

August 17, 2024
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‘3 in a row’ for Bitcoin fees, but what will dictate BTC’s short-term price action?
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  • Bitcoin fees hit a yearly low for the third consecutive week as market volume increased
  • Repetition of 2019 divergence of BTC and SPX might spur bullish sentiments 

Bitcoin [BTC] fees have hit a yearly low for the third week running, following the market’s recent stabilization, according to IntoTheBlock’s observation on X. 

Following this fall in the cost of transacting Bitcoin, NPS, the third-largest public pension fund globally, invested $34 million in MicroStrategy’s stock for Bitcoin exposure.

The move highlights a growing trend among institutions to diversify into Bitcoin through companies with substantial Bitcoin holdings at this time of low fees. This is also a sign of the mainstream increasingly accepting this asset class as viable. 

BTC and SPX 2019 divergence repeats itself

The divergence between Bitcoin and the SPX signaled a reversal, similar to 2019 when Bitcoin’s price surged after a rate cut by the Fed. This pattern is repeating in 2024 with the Fed expected to cut rates again.

Bitcoin’s recent decline and subsequent divergence from the SPX mirrors the 2019 trend, which led to a significant price hike. Despite skepticism, this scenario would follow a familiar cycle, reflecting a recurring market pattern.

Source: TradingView

Stablecoins reserves’ influence on BTC price

Stablecoin reserves on exchanges are at record high right now, boosting Bitcoin’s buying power significantly. 

This surge is driving major institutions to rapidly accumulate Bitcoin, as can be deduced from the broadening wedge pattern on the 4-hour BTC/USDT chart. 

Source: CryptoQuant

In the first quarter of 2024, 874 institutions held Bitcoin ETFs, with the same increasing to 1,008 by the second quarter. 

See also  Baby Elon (BABYELON) Price Prediction

In fact, a quarter of Bitcoin’s total supply was bought at $58K-73K, equal to about $300 billion. Investors who bought in this range are likely holding for future gains, suggesting that they expect Bitcoin’s price to rise further. 

Despite Bitcoin’s slow price action and low retail interest, institutional buying is accelerating though – Another sign of the crypto’s long-term growth. 

Combined with recent developments in Bitcoin’s market, a positive long-term price trend can be traced. 

Source: CryptoQuant

Market volume increases in the midst of low funding rates

Since peaking in March, market volumes have been declining for a prolonged consolidation phase too. 

Just last week, despite global market turmoil from the Japanese stock market crash, the crypto markets saw a significant volume hike on the charts.

Source: Daan Crypto Trades on X

This has led to heightened volatility in Bitcoin and other cryptocurrencies.

Finally, Bitcoin funding rates on Binance have hit their lowest point of the year too. The more shorts are loaded, the higher BTC will go.

Source: CryptoQuant

With Binance holding the largest share of Open Interest, some short-term bearish sentiment may be evident too. However, this would present a potential buying opportunity for long-term investors and traders to accumulate more Bitcoin.

Previous: Assessing the impact of $1.86 billion Bitcoin, Ethereum Options expiry
Next: Bitcoin whale bags BTC worth $31 million – Are the bulls back?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin fees hit a yearly low for the third consecutive week as market volume increased
  • Repetition of 2019 divergence of BTC and SPX might spur bullish sentiments 
See also  BlackRock BTC ETF faces zero flows - Are North Korean hackers to blame?

Bitcoin [BTC] fees have hit a yearly low for the third week running, following the market’s recent stabilization, according to IntoTheBlock’s observation on X. 

Following this fall in the cost of transacting Bitcoin, NPS, the third-largest public pension fund globally, invested $34 million in MicroStrategy’s stock for Bitcoin exposure.

The move highlights a growing trend among institutions to diversify into Bitcoin through companies with substantial Bitcoin holdings at this time of low fees. This is also a sign of the mainstream increasingly accepting this asset class as viable. 

BTC and SPX 2019 divergence repeats itself

The divergence between Bitcoin and the SPX signaled a reversal, similar to 2019 when Bitcoin’s price surged after a rate cut by the Fed. This pattern is repeating in 2024 with the Fed expected to cut rates again.

Bitcoin’s recent decline and subsequent divergence from the SPX mirrors the 2019 trend, which led to a significant price hike. Despite skepticism, this scenario would follow a familiar cycle, reflecting a recurring market pattern.

Source: TradingView

Stablecoins reserves’ influence on BTC price

Stablecoin reserves on exchanges are at record high right now, boosting Bitcoin’s buying power significantly. 

This surge is driving major institutions to rapidly accumulate Bitcoin, as can be deduced from the broadening wedge pattern on the 4-hour BTC/USDT chart. 

Source: CryptoQuant

In the first quarter of 2024, 874 institutions held Bitcoin ETFs, with the same increasing to 1,008 by the second quarter. 

In fact, a quarter of Bitcoin’s total supply was bought at $58K-73K, equal to about $300 billion. Investors who bought in this range are likely holding for future gains, suggesting that they expect Bitcoin’s price to rise further. 

See also  Bitcoin's price drops to $66K: Blame the halving or something else?

Despite Bitcoin’s slow price action and low retail interest, institutional buying is accelerating though – Another sign of the crypto’s long-term growth. 

Combined with recent developments in Bitcoin’s market, a positive long-term price trend can be traced. 

Source: CryptoQuant

Market volume increases in the midst of low funding rates

Since peaking in March, market volumes have been declining for a prolonged consolidation phase too. 

Just last week, despite global market turmoil from the Japanese stock market crash, the crypto markets saw a significant volume hike on the charts.

Source: Daan Crypto Trades on X

This has led to heightened volatility in Bitcoin and other cryptocurrencies.

Finally, Bitcoin funding rates on Binance have hit their lowest point of the year too. The more shorts are loaded, the higher BTC will go.

Source: CryptoQuant

With Binance holding the largest share of Open Interest, some short-term bearish sentiment may be evident too. However, this would present a potential buying opportunity for long-term investors and traders to accumulate more Bitcoin.

Previous: Assessing the impact of $1.86 billion Bitcoin, Ethereum Options expiry
Next: Bitcoin whale bags BTC worth $31 million – Are the bulls back?
Tags: actionBitcoinBTCsdictateFeesPricerowshortterm

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