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The BTC price faced a serious downturn this week, shedding more positions from above $9,500.
Now, the Bitcoin price is fighting for key support levels, in case it breaks down closer to the low $8,000s.
Bitcoin bounced on Friday, moving to $8,659.07 after dipping twice to the $8,500 tier.
At these price levels, the accounts in the money and out of the money are pretty well balanced.
The latest IntoTheBlock report shows that bitcoin may put up a serious fight around the $8,600 to $8,900 level, where 873,000 addresses are holding onto 643,000 BTC.
If that level breaks through, there are other signs of possible support levels between $8,100 and $8,300.
At that area, defense may come from an even larger group of 810,000 holders, who bought 593,000 BTC at this price point.
Addresses out of the money, if they decide to liquidate, may pose resistance at above $9,150.
But overall, the robust number of addresses in the money may lead to “hodling” behavior, giving bitcoin more resilience.
Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?
Chainlink’s native token LINK was among the biggest gainers as a majority of assets in the crypto market plunged deeply earlier this week.
The eleventh-largest cryptocurrency beat the bearish odds to grow by more than 40 percent since February 26.
It established a week-to-day high at $4.38 in early Saturday trading, hinting its inclination to behave as a hedge against Bitcoin, the top asset that plunged by circa 16 percent this week.
“Chainlink is receiving tremendous exposure during this BTC, ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. LINK”
The safe-haven narrative was not in play during most of the February session.
The LINK-to-USD exchange rate slipped almost in tandem with the rest of the crypto market after settling its year-to-date high of $4.90.
It was down by up to 36 percent before it even attempted a pullback.
But Chainlink validated its key supports, which other cryptocurrencies failed to maintain.
The coin bounced back from its 50-day moving average, showing higher buying interest near the area. It was not the case with Bitcoin or XRP, which plunged below their short-term moving averages in massive sell-off rounds.
Chainlink’s ability to maintain its crucial floors led to a decent recovery this week, opening up the possibilities of extended upside momentum in the next.
“A bullish retest of the monthly close bought up recently,” said popular market analyst CryptoGainz. [There is now] zero resistance above. Absolute juggernaut. No reason to think [LINK] won’t outperform the field again next month.”
2020 #bitcoin halving will not be an easy ride:– US/Mnuchin: draconian anti-btc laws– Craig Wright: legal & patent FUD– Hacks: like 2016 halving (DAO,Bitfinex)– MtGox & PlusToken selling narrative– Miner death spiral & futures FUD– Forks
Risk vs S2F:https://t.co/FIMcEZWDPn
— PlanB (@100trillionUSD) February 18, 2020
Massive $68 Trillion Wealth Transfer Bullish for Bitcoin (BTC), Says Crypto Influencer
A looming, massive transfer of wealth is one of the single largest reasons to be bullish on Bitcoin, according to crypto influencer Nick Chong.
Chong, a journalist and marketer at the HTC Exodus Bitcoin division, says Millennials will likely funnel a portion of inherited wealth from their parents and grandparents into BTC, a shift that bodes well for the leading cryptocurrency’s long-term prospects.
“Bitcoin’s most bullish statistic: millennials will inherit $68 trillion from baby boomers. Why? Confluence of distrust in institutions, devaluation of fiat, shift from gold to BTC, and the growth of digital tech will make Bitcoin investing a no-brainer.”
Cerulli Associates, an asset management research firm, estimates nearly 45 million US households will hand over $68.4 trillion in wealth to heirs and charity in the next quarter century.
Chong cites an April 2019 report from venture capital firm Blockchain Capital, which indicated that millennial interest in Bitcoin was increasing despite the bear market at that time.
Wrote Spencer Bogart, a general partner at the firm,
“Younger demographics appear most inclined to purchase Bitcoin: 42% of those aged 18–34 said they are ‘very’ or ‘somewhat’ likely to purchase Bitcoin in the next 5 years — up 10 percentage points from 32% in October 2017.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
#Chainlink is receiving tremendous exposure during this $BTC, $ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. $LINK
— John Cioffoletti (@JohnCioffoletti) February 27, 2020
Where’s money going? It’s clear money’s going into US10Y bonds (Blue). Money was going into Gold until recently (Black). Bitcoin (Orange) continues to be dragged down with stocks (Green) at this point.
BUT, the stage is set for #Bitcoin to do it’s own thing this weekend. $BTC pic.twitter.com/pZzgh225lK
— Alex Saunders (@AlexSaundersAU) February 28, 2020
With Crypto Markets, Gold, Stocks Falling, Where is the Money Going?
Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?
Bitcoin Price Could Recover If Bulls Defend These Key Levels
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Bitcoin Sentiment Hits Extreme Fear at $53K – A ‘Wild’ Divergence from Reality Sparks BTFD Alert
Bitcoin’s rollercoaster ride continues, and the latest twist in the tale has left the crypto community in a state of “extreme fear” as the price plunges to $53,000. The divergence between market sentiment and fundamental reality is leaving many investors scratching their heads, with some seeing it as a golden opportunity to “buy the dip” (BTFD).
As the cryptocurrency market experiences heightened volatility, emotions among traders have intensified. The Fear and Greed Index, a popular metric that gauges market sentiment, has now hit the extreme fear zone, reflecting the prevailing unease among investors. The question on everyone’s mind: is this fear justified, or is it an overreaction to short-term market fluctuations?
Bitcoin’s price movements are often influenced by a myriad of factors, including macroeconomic trends, regulatory developments, and market sentiment. While the Fear and Greed Index suggests a high level of anxiety in the market, some argue that it may be a misreading of the overall situation. The “wild” divergence from reality, as mentioned in the article, highlights the emotional rollercoaster that often characterizes the cryptocurrency landscape.
For seasoned investors, extreme fear can be an indicator to “buy the dip” and capitalize on undervalued assets. BTFD, a popular acronym in the crypto community, encourages investors to seize opportunities when the market experiences sudden downturns. However, this strategy is not without risks, and caution should be exercised as market conditions can change rapidly.
It’s essential for investors to consider both short-term market sentiment and long-term fundamentals when navigating the crypto landscape. While extreme fear may create buying opportunities, it’s crucial to assess the underlying factors driving market sentiment and determine whether they align with the broader outlook for Bitcoin.
As the crypto community grapples with this latest bout of market turbulence, one thing is certain: Bitcoin’s resilience and ability to bounce back have been demonstrated time and again. Whether the current sentiment proves to be an overreaction or a genuine cause for concern, only time will tell. In the meantime, investors are advised to stay informed, exercise prudence, and make decisions based on a careful analysis of both market sentiment and fundamental realities.
