Cointime

Download App
iOS & Android

Bitcoin nears key weekly close as analyst says 20% BTC price dip 'over'

Bitcoin held near $42,000 on Jan. 27 as late-week BTC price gains made traders confident about fresh upside.

Bitcoin seen rechallenging $48,000

Data from Cointelegraph Markets Pro and TradingView showed classic cool weekend price action entering, with $41,800 as a focus.
The day prior saw 5% upside, with Cointelegraph reporting on improving market conditions relative to past weeks.
The same topics were on the radar — outflows from exchange-traded funds (ETFs), sell pressure from defunct exchanges FTX and Mt. Gox and the incoming block subsidy halving.
In his latest YouTube update, Michaël van de Poppe, founder and CEO of MN Trading, nonetheless told viewers that he believed the current BTC price correction to be over.
Between now and April’s halving, he foresaw a trip to long-term range highs, but did not discount the possibility of taking liquidity in the mid to low-$30,000 zone.
“Perhaps we’re going to have one more run to $48,000 prior to it, then a final correction,” he summarized.
Van de Poppe argued that the negative influence of FTX, Mt. Gox and GBTC maneuvers would become less noticeable in time.
“Bitcoin is likely consolidating from here, between $37-48K for the coming months,” he added in a subsequent post on X (formerly Twitter).
“In this period, Altcoins will have their time. The real impact on the ETF is going to come in the next few years, resulting into a price of Bitcoin going to $300,000-500,000.”
As Cointelegraph noted, not everyone believes that Bitcoin is out of the woods — some continue to see a return to $30,000 or even lower in the coming months.

$41,300 becomes crunch BTC price reclaim level

Continuing on shorter timeframes, popular trader and analyst Rekt Capital drew attention to the significance of the upcoming weekly close.|
“Great reaction from Bitcoin this week as it slowly positions itself to reclaim the range it had lost earlier this week,” he continued.
“Weekly Close above the Range Low of ~$41300 could be enough to rescue the range.”

Comments

All Comments

Recommended for you

  • BuildBear Labs Raises $1.9M to Accelerate Development of Web3 Tools for Secure dApp Creation

    Singapore-based BuildBear Labs has secured $1.9m in funding from investors including Superscrypt, Tribe Capital, and 1kx, as well as angel investors such as Kris Kaczor and Ken Fromm. The funds will be used to speed up development of the company's flagship platform, which provides developers with testing and validation solutions for secure decentralized applications. BuildBear Labs' platform is dedicated to dApp development and testing, offering developers the ability to create customised Private Testnet sandboxes across multiple EVM and EVM-compatible blockchain networks, with features including private faucets for unlimited Native and ERC20 token minting.

  • Multiple incidents of stETH being stolen and cross-chained to the Blast mainnet were discovered. The victim’s mnemonic words/private keys may have been leaked.

    SlowMist founder, Yu Xian, posted on X platform stating that SlowMist and MistTrack have received at least four cases of stETH being stolen and cross-chain transferred to the Blast mainnet. The common feature is that a small amount of ETH transaction fee is sent from an address with obvious traces (including exchanges) to the stolen address, and then stETH is cross-chain transferred to the Blast mainnet for subsequent transfer, and finally the remaining small amount of ETH in the victim's address is transferred to different ETH addresses. The known loss exceeds 100 stETH, and it is likely a group event. The mnemonic phrase/private key of these victims must have been leaked, and the attackers lurked to start on the Blast mainnet. Previously, Scam Sniffer monitoring showed that a certain address lost over 10 BTC pledged on Aave and some PANDORA due to interaction (clicking on the signature authorization) with a fake Blast airdrop website, with a total loss of approximately $717,817.

  • Hong Kong has closed the application for virtual asset trading platform licenses, and a total of 22 virtual asset trading platforms are waiting for approval.

    The Hong Kong Securities and Futures Commission website shows that the deadline for virtual asset trading platform license applications was yesterday (29th). As of the update on February 28th, there were a total of 22 virtual asset trading platform applicants.The applicants include Bybit, OKX, Crypto.com, Gate.io, HTX, Bullish, and others.Ammbr, BitHarbour, and Huobi HK withdrew their applications, while Meex had its application returned by the Securities and Futures Commission.In addition, virtual asset trading platforms operating in Hong Kong that did not submit license applications to the Securities and Futures Commission by yesterday (29th) must end their business in Hong Kong by May 31, 2024, at the latest.

  • In February, NFT sales on the Bitcoin chain were approximately US$301 million, down nearly 10% from the previous month.

    According to cryptoslam data, the sales of NFTs on the Bitcoin blockchain in February reached $301,983,035.33, a decrease of nearly 10% from the previous month's $335,121,977.66, and the fourth-highest monthly sales to date. The total number of NFT transactions on the Bitcoin blockchain in February was approximately 203,000, a decrease of about 18.4% from the previous month. In addition, there were 67,139 independent buyers and 57,724 independent sellers of NFTs on the Bitcoin blockchain last month.

  • Attorneys general of many U.S. states: SEC is expanding the definition of “investment contract”

    Law enforcement officials from Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio, South Dakota, and Texas submitted a joint amicus brief (or friend of the court brief) to the United States Securities and Exchange Commission in the lawsuit against Kraken on Thursday. The brief states that the states are not supporting the exchange, but rather opposing federal regulatory agencies. If the SEC wins, it may prioritize state consumer protection laws and state regulations surrounding cryptocurrencies.

  • Ethereum mainnet interaction costs rise sharply

    On March 1st, due to the heat of the market and the rise in the price of Ethereum, the interaction cost on the Ethereum mainnet has significantly increased. In the past 24 hours, the lowest average value of Gas on the Ethereum mainnet was about 50 gwei, under which:

  • Blockchain data analysis company Octav completes US$4 million in strategic financing

    According to official sources, blockchain data analysis company Octav has announced the completion of a strategic investment of $4 million. The funding round was led by high net worth individuals in the cryptocurrency space, but their identities have not been disclosed. Currently, Octav is primarily focused on unlocking the potential of on-chain data using machine learning technology to improve the accuracy of data labeling and classification. Its clients include Gelato, Request Finance, and Alchemix.

  • Validation Cloud raises $5.8M in funding for its Web3 technology platform.

    Swiss Web3 tech company, Validation Cloud, has secured $5.8 million in its inaugural funding round. The investment was led by Cadenza Ventures, with participation from Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital. The funds will be used to expand the company's operations and development efforts. Validation Cloud's innovative system architecture, dubbed the "Cloudflare of Web3," provides scalable and intelligent Staking, Node API, and Data services, supporting a range of ecosystems from established networks like Chainlink and Hedera to emerging ones such as Aptos, Eigenlayer, and Berachain, laying the groundwork for enterprise adoption.

  • The daily trading volume of spot Bitcoin ETF is approximately US$4.7 billion, the second highest in history

    According to Bloomberg analyst James Seyffart's data, as of Thursday's US stock market close, the daily trading volume of the US spot Bitcoin ETF was about $4.7 billion, lower than the historical high of $7.7 billion set the previous day, ranking the second highest in history. Among them:

  • AI robot company Figure completed US$675 million in financing at a valuation of US$2.6 billion, with participation from Microsoft and others

    AI robot company Figure completed a financing round of $675 million with a valuation of $2.6 billion. This round of financing was participated by Microsoft, OpenAI Startup Fund, NVIDIA, Jeff Bezos (through Bezos Expedition), Parkway Venture Capital, Intel Capital, and Align Ventures.