{"id":573849,"date":"2024-02-07T21:30:53","date_gmt":"2024-02-07T21:30:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573849"},"modified":"2024-06-11T07:12:07","modified_gmt":"2024-06-11T07:12:07","slug":"bitcoin-on-the-brink-is-a-big-move-imminent","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-the-brink-is-a-big-move-imminent\/","title":{"rendered":"Bitcoin On The Brink: Is A “Big Move” Imminent?"},"content":{"rendered":"

The state of Bitcoin (BTC) price action across multiple time frames has analysts at the edge of their seats. As of February 7, various technical formations suggest that the leading crypto appears poised for a critical breakout from the current consolidation.\u00a0<\/span><\/p>\n

Is Bitcoin Preparing For A Big Move?<\/span><\/h2>\n

Taking to X, Mags\u00a0<\/span>thinks<\/span><\/a>\u00a0Bitcoin is in for a “big move,” considering the candlestick arrangement in the weekly chart. The analyst notes that prices have been moving horizontally in the past nine weeks, falling within the expected range.\u00a0<\/span><\/p>\n

\"BTC
BTC in range | Source: Mags on X<\/figcaption><\/figure>\n

The Bitcoin market has ranged between 8 and 30 weeks in the past. So far, the current consolidation has lasted for nine weeks. Amid this, Bitcoin prices have tested both sides of the range with notable “fake-outs.”\u00a0<\/span><\/p>\n

Related Reading: XRP Bulls Looming: Analyst Predicts 400X With Historical Trend<\/a><\/div>\n

In light of the current state of affairs in the Bitcoin market, Mags is confident that the prolonged consolidation suggests that the coin, guided by history, could edge higher.\u00a0<\/span><\/p>\n

Beyond the ranging market, another analyst\u00a0<\/span>notes<\/span><\/a>\u00a0that the Bitcoin 3-day Bollinger Bands, a technical indicator that measures volatility, is narrowing. The squeeze, the trader notes, is at historical levels, often followed by a breakout. However, as it is, how prices will evolve in the weeks and months ahead remains uncertain.<\/span><\/p>\n

\"BTC
BTC Bollinger Bands squeeze: Source: Matthew Hyland on X<\/figcaption><\/figure>\n

Adding to the intrigue, Jason Goepfert on X\u00a0<\/span>points<\/span><\/a>\u00a0out that the S&P 500, a stock market index, is currently within 0.35% of its 3-year high. The uptrend is clear even though less than half of all stocks constituting the index are trading above their 10-day moving average.\u00a0<\/span><\/p>\n

Related Reading: VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH<\/a><\/div>\n

At the same time, less than 60% are above their 50-day moving average, and fewer than 70% are above their 200-day moving average. This rare confluence suggests that the financial market could be at a critical turning point, possibly impacting crypto.<\/span><\/p>\n

Eyes On Spot ETF Issuers And United States Federal Reserve<\/span><\/h2>\n

Only time will tell whether Bitcoin will rally or tank from spot rates. However, what’s evident is that the Bitcoin uptrend remains clear, with fundamentals aligning to support optimistic bulls. To illustrate, spot Bitcoin ETF issuers are buying more coins from the market. At the same time, the excitement around the upcoming Bitcoin halving event is adding fuel to the optimism.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView<\/figcaption><\/figure>\n

The broader market is also watching the United States Federal Reserve<\/a>. Market consensus is that the central bank will slash interest rates in March 2024 and embark on quantitative easing. With more money circulating, some will find their way to Bitcoin, driving prices to record highs of $69,000 or beyond in the coming months.<\/span><\/p>\n

Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

The state of Bitcoin (BTC) price action across multiple time frames has analysts at the edge of their seats. As of February 7, various technical formations suggest that the leading crypto appears poised for a critical breakout from the current consolidation.\u00a0 Is Bitcoin Preparing For A Big Move? Taking to X, Mags\u00a0thinks\u00a0Bitcoin is in for a “big move,” considering the candlestick arrangement in the weekly chart. The analyst notes that prices have been moving horizontally in the past nine weeks, falling within the expected range.\u00a0 The Bitcoin market has ranged between 8 and 30 weeks in the past. So far, the current consolidation has lasted for nine weeks. Amid this, Bitcoin prices have tested both sides of the range with notable “fake-outs.”\u00a0 Related Reading: XRP Bulls Looming: Analyst Predicts 400X With Historical Trend In light of the current state of affairs in the Bitcoin market, Mags is confident that the prolonged consolidation suggests that the coin, guided by history, could edge higher.\u00a0 Beyond the ranging market, another analyst\u00a0notes\u00a0that the Bitcoin 3-day Bollinger Bands, a technical indicator that measures volatility, is narrowing. The squeeze, the trader notes, is at historical levels, often followed by a breakout. However, as it is, how prices will evolve in the weeks and months ahead remains uncertain. Adding to the intrigue, Jason Goepfert on X\u00a0points\u00a0out that the S&P 500, a stock market index, is currently within 0.35% of its 3-year high. The uptrend is clear even though less than half of all stocks constituting the index are trading above their 10-day moving average.\u00a0 Related Reading: VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH At the same time, less than 60% are above their 50-day moving average, and fewer than 70% are above their 200-day moving average. This rare confluence suggests that the financial market could be at a critical turning point, possibly impacting crypto. Eyes On Spot ETF Issuers And United States Federal Reserve Only time will tell whether Bitcoin will rally or tank from spot rates. However, what’s evident is that the Bitcoin uptrend remains clear, with fundamentals aligning to support optimistic bulls. To illustrate, spot Bitcoin ETF issuers are buying more coins from the market. At the same time, the excitement around the upcoming Bitcoin halving event is adding fuel to the optimism. The broader market is also watching the United States Federal Reserve. Market consensus is that the central bank will slash interest rates in March 2024 and embark on quantitative easing. With more money circulating, some will find their way to Bitcoin, driving prices to record highs of $69,000 or beyond in the coming months. Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":572116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,679,1122,78790,2007,89583,4707,86959],"class_list":["post-573849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc-price","tag-btcusdt","tag-fed","tag-spot-bitcoin-etfs","tag-stock-market","tag-united-states-federal-reserve"],"acf":[],"yoast_head":"\nBitcoin On The Brink: Is A "Big Move" Imminent?<\/title>\n<meta name=\"description\" content=\"Bitcoin continues to range as the 3-day BB forms a squeeze. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On The Brink: Is A “Big Move” Imminent?","url":"http:\/\/uniquehot.com\/news\/bitcoin-on-the-brink-is-a-big-move-imminent\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-on-the-brink-is-a-big-move-imminent\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin_8fc12d.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin_8fc12d.png?fit=1600%2C900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","bitcoin price","btc price","btcusdt","fed","spot bitcoin etfs","stock market","united states federal reserve"],"dateCreated":"2024-02-07T21:30:53Z","datePublished":"2024-02-07T21:30:53Z","dateModified":"2024-06-11T07:12:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On The Brink: Is A “Big Move” Imminent?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-the-brink-is-a-big-move-imminent\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-the-brink-is-a-big-move-imminent\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin_8fc12d.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin_8fc12d.png?fit=1600%2C900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"bitcoin price\",\"btc price\",\"btcusdt\",\"fed\",\"spot bitcoin etfs\",\"stock market\",\"united states federal reserve\"],\"dateCreated\":\"2024-02-07T21:30:53Z\",\"datePublished\":\"2024-02-07T21:30:53Z\",\"dateModified\":\"2024-06-11T07:12:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin_8fc12d.png?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/573849"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=573849"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/573849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/572116"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=573849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=573849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=573849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}