Bitcoin

Bitcoin miners in the U.S. spent $2.7 billion on electricity in the early months of 2024. Post-halving in April, the energy required to mine one Bitcoin increased by two times. The Bitcoin mining industry in the United States has seen a sharp increase in electricity usage and costs in the first quarter of 2024. There has been a growing concern for the sustainability and efficiency of the energy sector due to the rising demand for energy. Paul Hoffman, an analyst…

In a technical analysis shared by noted crypto analyst Josh Olszewicz on the social platform X, there appears to be a significant bullish sentiment building around Bitcoin, particularly if it surpasses the crucial $72,000 mark. Olszewicz, leveraging both the Ichimoku Cloud and Fibonacci extensions, illustrates a scenario where breaking this key resistance level could catapult Bitcoin towards a target of $91,500. Here’s How Bitcoin Could Skyrocket To $91,500 The analysis utilizes the Ichimoku Cloud, a complex technical indicator that provides…

Bitcoin is still traversing sideways and slightly down, and this is the tenth day of such price action. Strong support is holding the price above $67,000 and it would seem that it’s only a matter of time before bitcoin makes that sudden thrust upward that could take everyone by surprise. Sideways and downwards The statement “Markets can remain irrational longer than you can remain solvent” is an adage attributed to John Maynard Keynes, and could be applied to the present…

According to a report by Glassnode, long-term Bitcoin holders have started reaccumulating for the first time since December, with selling pressure from these holders having cooled significantly.  Analysts have also pointed out that Bitcoin’s price movements have been relatively muted compared to previous bull cycles.  Bitcoin Holders Reaccumulating  Glassnode’s report reveals a significant shift in the behavior of long-term Bitcoin holders, marking a return to reaccumulation for the first time since December 2023. According to the report, Bitcoin, which is…

The post Bitcoin Consolidation Continues: Is the BTC Price Preparing for a Huge Move? appeared first on Coinpedia Fintech News The crypto markets are fluctuating within a narrow range as the traders appear to be a little unclear about the upcoming price action. The sluggish trend of market capitalization has also been hovering sideways, suggesting less participation from bulls and bears. However, Bitcoin’s (BTC) price has managed to withstand the selling pressure, as the rally remains within bullish influence. Hence,…

Mt. Gox, the defunct Bitcoin (BTC) exchange that suffered a major collapse in 2014 has recently initiated payout distribution to creditors waiting for it.  The release of a substantial amount of BTC, equivalent to $9.4 billion, on May 27th has raised concerns about potential market liquidity and price stability. In response, the on-chain market intelligence platform CryptoQuant has provided an analysis of the potential impacts of this development.  Potential Market Effects According to the firm’s analysis, 138,000 Bitcoin moved significantly…

As Bitcoin flirts with its previous all-time highs, the celebrated ‘diamond hands’—a term in crypto parlance denoting long-term holders (LTHs)—are demonstrating notable restraint, selling their holdings at a rate notably lower than in previous bull markets. According to a recent analysis by on-chain analytics firm Glassnode, despite the near $70,000 valuation, the selling pressure from these seasoned investors remains subdued. Bitcoin Diamond Hands Loyalty Amid Highs The phenomenon of ‘diamond hands’ holding firm as Bitcoin reaches significant price levels is…

Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term. Bitcoin extended its downside correction below the $68,000 zone. The price is trading below $68,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down unless there is…

Ricardo Salinas advocates Bitcoin as an effective hedge against global inflation during an interview with Bitcoin Magazine. Salinas emphasizes Bitcoin’s resistance to devaluation, which he views as crucial for safeguarding assets in hyperinflationary economies. In a recent post on X, Ricardo Salinas, a prominent Mexican billionaire and honorary chairman of TV Azteca, discussed the advantages of Bitcoin as a hedge against inflation. During his first Spanish-language interview on the subject with Bitcoin Magazine reporter Isabella Santos, Salinas shared his insights…