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Bitcoin options traders expect a catalyst in the asset to boost the volatility in the assets price. Closing in on the quarterly settlement of Bitcoin options, the investor sentiment is relatively neutral. BTC nosedived below the $27,000 level in the absence of a new narrative in Bitcoin.

Also read: Ethereum price steadies above $1,700 as ETH holders grow confident ahead of token unlock

Bitcoin, the largest asset by market capitalization continues to experience fluctuations while other altcoins are experiencing a liquidity crunch. Analysts at the options data intelligence tracker Blofin Academy note that with the upcoming quarterly settlement of the crypto market, Bitcoin could experience volatility.

Implied Volatility(IV) has entered a dormant state as seen in the chart below. IV is the markets expectation of volatility and formally it is one standard deviation range of expected movement of an asset's price over the course of a year.

Investor sentiment is leaning towards neutral, while in the case of Ethereum it is slightly bearish according to Blofin Academys analysts.

Amidst the rising uncertainty among crypto market participants, BTC nosedived below the $27,000 level earlier today. The largest asset by market capital is exchanging hands at $26,959.

In the absence of a catalyst and a narrative, options traders expect Bitcoin price volatility to decline or remain relatively low. @tedtalksmacro, a crypto analyst argues that Bitcoins ongoing consolidation is part of the assets run up to its new all-time high.

The expert compared the current trading environment to the period between September and November 2019. The analysts target for Bitcoins all-time high is nearly $100,000.

Excerpt from:

Bitcoin options traders await a catalyst in the asset as BTC slips below $27,000 - FXStreet

Bitcoin price declined and retested the $26,500 support. BTC must stay above the $26,500 support to avoid more losses in the coming sessions.

Bitcoin price failed to gain strength above the $28,200 resistance zone. BTC formed a short-term top and reacted to the downside below the $27,500 support zone.

There was a clear move below the $27,200 support zone and the price even broke the $27,000 support. It retested the key $26,500 support zone. A low is formed near $26,491 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $28,240 swing high to $26,491 low.

Bitcoin price is now trading below $27,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $27,700 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $27,350 level. It is near the 50% Fib retracement level of the downward move from the $28,240 swing high to $26,491 low. The next major resistance is near the $27,700 zone, the trend line, and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

A close above the trend line resistance might send the price towards the $28,200 support. In the stated case, the price could rise towards the $28,800 resistance, above which the price might gain bullish momentum.

If bitcoin price fails to clear the $27,700 resistance, it could start another decline. An immediate support on the downside is near the $26,500 zone.

The next major support is near the $26,500 zone. A downside break below the $26,500 support might send the price towards the $25,800 support zone. The next major support is near the $25,200 level.

Technical indicators:

Hourly MACD The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.

Major Support Levels $26,650, followed by $26,500.

Major Resistance Levels $27,350, $27,700 and $28,200.

Originally posted here:

Bitcoin Price Revisits Key Support, Can Bulls Save The Day? - NewsBTC

NEW YORK, March 24 (Reuters Breakingviews) - Almost one year ago, billionaire Peter Thiel threw $100 bills into the crowd from the stage at a cryptocurrency conference in Miami, likening fiat currency to toilet paper and touting bitcoin as the best alternative. Thiel has said that central banks are "bankrupt" and that the fiat money regime is coming to an end. Since his Miami proclamations, bitcoins price has fallen by nearly 40%, though in the last few weeks after Silicon Valley Banks failure it has had a resurgence. That suggests people think that Thiel is onto something. Those following his advice are sorely misled.

Thiels venture capital fund quietly dumped almost all its own holdings shortly before that Miami speech, according to the Financial Times. But others are buying. Former Andreessen Horowitz investor Balaji Srinivasan made a bet with a pseudonymous Twitter user last week that bitcoin would reach $1 million in the next three months while hyperinflation takes hold. At first glance, his prediction seems wildly optimistic but directionally reasonable bitcoin has surged by over 35% since SVBs collapse on March 10. The tech-heavy Nasdaq Composite Index (.IXIC) and gold both rose less than 10%.

The philosophy behind that surge is that cryptocurrency will replace government-backed dollars. The trouble is bitcoin has benefitted precisely because of actions taken by central banks. The Federal Reserve, by the faith and good standing of the U.S. government, has stepped up to stabilize the system with new programs. Fed Chair Jerome Powell has also tempered his comments about plans to raise rates. Whats more, bitcoin may never have surpassed $60,000 to reach its highest-ever price level in 2021 had the Fed not kept interest rates consistently low. Its the prospect of lower rates not the lack of government stability that is opening the door to riskier bets like those on bitcoin.

The second snag is that contrary to Srinivasan and Thiels claims, bitcoin is too volatile to protect investors against inflation by preserving its purchasing power over long periods of time. U.S. inflation continues to spike even as the Fed raises rates. Gold is a tangible asset, unlike bitcoin, and thats precisely what makes it an inflation hedge. In theory, as the price for goods goes up, gold follows. If investors hope to inoculate their portfolios against a weakening dollar, they should heed Thiels actions, not his words.

Follow @AnitaRamaswamy on Twitter

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)

CONTEXT NEWS

Bitcoins price has appreciated by over 35% since Silicon Valley Bank collapsed on March 10, while the Nasdaq Composite Index has traded up less than 5% over the same period, according to data from Refinitiv. Bitcoins price is up nearly 70% in 2023.

Editing by Lauren Silva Laughlin and Sharon Lam

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Continued here:

Breakingviews - Bitcoin is a solution looking for a problem - Reuters

Bloomberg Intelligence senior macro strategist Mike McGlone says the stage is being set for a strong Bitcoin (BTC) performance next year.

In a new interview with Scott Melker, McGlone says that Bitcoins halving event, plus a series of other fundamental developments, are set to boost the flagship cryptocurrency in 2024.

Bitcoin undergoes a halving every four years when the newly issued supply of BTC is reduced by half, and the event has historically coincided with Bitcoin bull markets.

Says McGlone,

The key thing is what stops that trajectory? In the big picture trying to play for these $10,000 moves, I guess well thats a big amount of Bitcoin now, can make you lose your hair. The bottom line is astute investors, institutions on the planet all realize every day that goes by is they need part of this asset. I think by the time we get to 24, that halving, were gonna be talking about a pretty severe recession, all politics leaning Republican, at least presidential, and its just going to be a great setup next year. Im really looking forward to it.

In the near term, McGlone says hes not totally bullish on Bitcoin yet, and is waiting to see the performance of the S&P 500 (SPX). He says the SPX is a reliable measure of the volatility of other risk assets like Bitcoin.

The current trajectory is Bitcoin is showing its becoming more of a global digital reserve asset and potentially a store value as the stock market volatility is high. The key thing is lets say S&P is making a new low and heads toward $3,000. Lets see how Bitcoin reacts. Itd be wonderful if it doesnt go below $20,000. But we got to see. I dont know. Long term, as we get through this period, therell be more significant signals that Bitcoin is going to go up to $100,000

Im too bearish [on the] stock market. The number one measure of beta of risk assets on the planet is the S&P 500. Im still too bearish that, to be bullish Bitcoin. I just got to see how that pans out.

Bitcoin is trading for $27,191 at time of writing.

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Featured Image: Shutterstock/Sergey Nivens

See the original post here:

Bloomberg Analyst Says Great Set Up Forming for Bitcoin (BTC) Before 2024 Halving - The Daily Hodl

SINGAPORE - A face-to-face transaction to sell $320,000 worth of bitcoin went awry when a quarrel broke out over who was entitled to the cash after the buyer denied having received the cryptocurrency, despite the bitcoin network confirming the transfer.

Mr Christofle Rio, who had transferred 12.14 bitcoin to a digital wallet, eventually left the Tanjong Pagar apartment without the cash and bereft of the cryptocurrency.

He then sued Mr Malcolm Tan Chun Chuen, the man who transacted with him, for breach of contract for failing to pay the agreed price.

But Mr Tan argued that his company, Qrypt Technologies, was merely a middleman that facilitated the sale of bitcoin from Mr Rios company, GCXpress Commerce (GCX), to the actual buyers.

He contended that he cannot be liable, nor does Mr Rio have the legal standing to sue, simply because the agreement was not between them as individuals, but between their respective companies.

Mr Rios lawsuit was dismissed last Wednesday, after the High Court found that both men were not the proper parties to the contract as they were acting on behalf of their respective companies, and not in their personal capacities.

Mr Rio set up GCX in 2019 as a cryptocurrencies trading business, while Mr Tan, a disbarred lawyer, was the managing director of Qrypt, a digital assets and blockchain company.

According to Mr Tan, he was contacted on Dec 1, 2020 via messaging app Telegram by someone identified as Kenneth, who asked to buy more than $300,000 worth of bitcoin.

Mr Tan then contacted Mr Rio, who said he had $320,000 worth of bitcoin to sell. They arranged to conduct the transaction at Mr Tans office at 18 Spottiswoode Park Road that afternoon.

Mr Tan then informed Kenneth about the meeting. Kenneth said he would be present at the office with his staff, and emphasised that all communications should be done via Telegram.

At 4.10pm, three men, who identified themselves as Kenneth, Eric Foo and Chua Hong You, arrived at Mr Tans office. Mr Foo took cash out of a bag and placed it on a table in the room.

Mr Tan asked Kenneth for his identity card to allow Qrypts compliance manager to complete the checks to comply with Monetary Authority of Singapore regulations.

Kenneth declined and asked Mr Chua to provide his identity card instead. Mr Chua was cleared to proceed with the transaction.

Some confusion was caused when a second buyer showed up, also carrying $320,000 in cash. The buyers had apparently arranged for him to wait downstairs. He was told to leave the premises.

At about 4.30pm, Mr Rio, accompanied by a Mr Phoon Chee Kong, arrived with counting machines. After the cash was counted, Mr Rio transferred 12.14 bitcoin to the wallet specified by Mr Tan.

Mr Tan then sent 11.982443 bitcoin after deducting a 1 per cent administrative fee to the wallet address stated in the Telegram chat.

However, the verification process took over an hour.

Mr Rio and Mr Phoon were stopped by the three buyers from leaving with the cash until the transfer has been verified.

See the original post here:

Bitcoin seller loses lawsuit over deal involving $320k in cash - The Straits Times