Analysis Crypto by Thebittimes.Com

The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $68,611 as of 03:28 a.m. EST on trading volume that surged 23% to $41.62 billion. This comes as Mt.Gox moved another $2.2 billion worth of Bitcoin on Monday, identified through wallets tracked by blockchain analytics firm Arkham Intelligence . Bitcoin briefly slid below $68,000 during Asian market trading but has since clawed back losses. Meanwhile, US spot Bitcoin ETFs (BTC ETF) reported $541 million in net outflows on Nov. 4, the second-largest daily outflow since launch in January. Fidelity’s FBTC recorded the highest outflows at $169 million. 🚨BREAKING: Yesterday, the Spot #Bitcoin ETF had an outflow of $541.07 million, the second-largest outflow in its history.⚠️ pic.twitter.com/iZTTRRlMHU — Dz_4L🐋 (@DZ_Trader4L) November 5, 2024 Bitcoin Price On A Sustained Bullish Trend The Bitcoin price recently tested the upper boundary of the rising channel pa...

Significant headwinds continue to batter BTC, and this week’s options expiry is unlikely to provide any relief. Bitcoin (BTC) fell below a four-day narrow trading range near $22,400 on March 7 following comments by United States Federal Reserve Chair Jerome Powell before the Senate Banking Committee. During the congressional appearance, the Fed chairman warned that he bank is prepared to tame inflation by pushing for more significant interest rate increases. Powell added that “the ultimate level of interest rates is likely to be higher than previously anticipated” and that recent economic data was “stronger than expected.” These remarks significantly increased investors’ expectations of a 50 basis point interest rate hike on March 22, putting pressure on risk assets such as stocks, commodities and Bitcoin. That movement could explain why the $565 million Bitcoin weekly option s expiry on March 10 will almost certainly favor bears. Nonetheless, additional negative crypto market event...