Blockchain

On-chain data shows the Bitcoin Miners’ Position Index (MPI) has formed a death cross recently, a sign that the asset’s rally may end.

Bitcoin MPI Has Formed A Bearish Crossover Recently

As pointed out by an analyst in a CryptoQuant Quicktake post, the 365-day moving average (MA) of the BTC MPI has crossed above the 90-day recently. The “MPI” here refers to an indicator that measures the ratio between the miner outflows and the yearly MA.

The “miner outflows” are the amounts these chain validators transfer out of their combined wallets. Generally, the miners take out their coins for selling purposes, so the miners outflows can measure how much dumping they are currently partaking in.

Miner outflows are usually not that unusual, though, as this cohort has to constantly sell what they mine to pay off their running costs like electricity bills. What can be notable, however, is whether their selling deviates from the norm.

The MPI provides us with information about precisely this since it compares the outflows against their 365-day MA. When the metric is greater than 0, the miners are selling more than the average for the past year, while negative values imply the opposite.

Now, here is a chart that shows the trend in the 90-day and 365-day MAs of the Bitcoin MPI over the last few years:

The above graph shows that the 90-day MA Bitcoin MPI (colored in orange) has declined during the last few weeks. Recently, the metric crossed below the 365-day MA, consolidating sideways.

Historically, the crosses of the two MAs of the BTC MPI have appeared to be significant for the cryptocurrency’s price. In the chart, the quant has highlighted the major crossovers that occurred during the last few years.

Whenever the indicator’s 90-day MA has observed a cross above the 365-day MA, BTC has gone off to witness some bullish momentum. Such a cross preceded the April 2019 rally, the 2021 bull run, and the rally that started this January.

On the other hand, the opposite type of cross has proven to be bearish for the asset’s value, as steep declines have followed it. Since this death cross has once again formed for Bitcoin recently, it may signal that this year’s rally has reached its conclusion.

However, the crossover is still in the process of forming, meaning that the coming weeks may be important. If the 90-day MA can turn itself around quickly, then the death cross may not form, but if the metrics continue in their current trajectory, the bearish signal would be solidified.

BTC Price

Regardless of the death cross, Bitcoin has observed some sharp bullish momentum during the past 24 hours, as the asset has surged to the $28,300 level.

The sentiment around the XRP price has been mostly bullish lately with numerous predictions coming through for a potential rally. However, not everyone has joined the bull bandwagon after being disappointed by the XRP price performance. One analyst in particular has expressed its displeasure at XRP’s performance over the years, and as a result of this, the analyst wants to abandon the token.

XRP Price Value Weakens

One analyst who goes by CryptoCheck on the TradingView platform has put forward reasons for why he is no longer bullish on the XRP price. The analysis shows how XRP has underperformed the rest of the crypto market over the years, leading to the belief that the value of the token has weakened.

CryptoCheck points to the fact that XRP has been unable to reclaim its first and only all-time high even though Bitcoin and a lot of altcoins have been able to do the multiple times. The crypto trader refers to this price performance as unusual when compared to other assets in the industry.

The analyst laments the inability of XRP to put on the same kind of performance as other coins over the years despite its value proposition as being a cryptocurrency for institutions. “Other coins have long surpassed their ATH’s. But XRP made one high, and never again. This speaks of weakness in terms of value. And that can no longer be ignored,” the analyst writes.

Furthermore, CryptoCheck compares the token to the likes of Dogecoin (DOGE) which is widely known for having no value and being a meme coin. Nevertheless, DOGE has hit multiple all-time highs while the XRP price continues to lag behind. “The truth is, if I bought as much DOGE as I did XRP, my portfolio would have been up x100 compared to now,” CryptoCheck adds.

Will No Longer Accumulate XRP

The culmination of CryptoCheck’s analysis comes from the fact that he will no longer be buying the token. According to the crypto trader, he had been religiously buying XRP due to his strong belief and ideology about the value proposition of the token. However, the XRP price performance has been nothing to write home about.

The analyst attributes this to low trading volume for the token and investors not being interested in buying the token. Also, CryptoCheck points to what he referred to as a “Pump and Dump” price action which has led to XRP constantly forming “weak support zones and strong resistance zones.”

Additionally, he explains that the rising unpopularity of XRP translates to weak confidence. As such, investors who are already holding the tokens are looking for a good opportunity to sell and exit, especially short-term traders.

As for the analyst, he explained that the next course of action was to sell. “I have decided I will no longer accumulate. Instead, as soon as the price reaches higher than what I bought for, I will be looking to sell my bags,” he revealed.

Over a billion dollars in liquidations sent the XRP price and the crypto market back from the dead and into local highs. However, new data suggests the rally might be short, pushing down the nascent sector into critical support.

As of this writing, the XRP price trades at $0.5 with a 4% profit in the last week. The cryptocurrency rallied in the previous 24 hours but has been retracing its steps over the past few hours, hinting at potential losses unless buyers step in and defend these levels.

XRP Price Braces For Impact?

According to the trading desk QCP Capital, the current rally in the crypto market coincides with seasonality. In the nascent sector, October is known as “Uptober” because major cryptocurrencies, including the XRP price, trend to the upside.

In the past years, every Bitcoin, Ethereum, and XRP price rally began in October, making it the best month for the market, as seen in the chart below. However, the trading desk warned its followers on social media X about a potential reverse that could have negative effects on cryptocurrencies:

However, we are not fully convinced by this move, and we think that BTC might test super key 25k support sometime in the final quarter of 2023 (…) This aggressive bounce has been due almost entirely to exogenous factors thus far and might not have the momentum to sustain.

The trading desk believes these factors may lack the power to sustain the current price action. In addition, the narrative around approving an Ethereum future Exchange Traded Fund (ETF) in the US could set the stage for a bloodbath.

Two years ago, when the price of Bitcoin reached its all-time high of $69,000, the Securities and Exchange Commission (SEC) approved a BTC futures ETF. This event marked the crypto market’s top, making the current ETH future ETF an ominous event for XRP and the altcoin market.

QCP Capital claims that the newly approved financial asset could increase selling pressure in the sector due to adding “synthetic coins” to the market. In other words, the ETH futures ETF creates a disbalance between the supply and demand forces in the sector. The firm added:

We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market.

Good News In The Short Term For XRP

The XRP price could benefit from the US government shutdown in the macro arena. The analysis shows that in the past 30 years, each US government shutdown preceded a bull run for the financial market. This is the only positive news for the cryptocurrency in the medium term.

In the short term, XRP still has a chance to run back above $0.6; as for Bitcoin, the trading firm expects the $29,000 to $30,000 resistance to remain intact.

Cover image from Unsplash, chart from QCP Capital and Tradingview

An on-chain signal that preceded crashes of at least 34% for Chainlink in the past has once again formed for the cryptocurrency.

Chainlink 30-Day MVRV Ratio Recently Hit The 20% Mark

As explained by an analyst in a post on X, the last two times the 30-day MVRV ratio broke above the 19% level, the price of LINK registered a sharp decline. The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Chainlink market cap and the realized cap.

The “realized cap” here refers to the total amount of capital that holders of the cryptocurrency have invested into it. As the MVRV ratio compares the spot valuation (the market cap) with the amount that the investors bought the asset with, its value can provide hints about whether the holders as a whole are in profits or not.

When the metric has a value greater than 1, it means that the market cap is more than the realized cap, and hence, the average investor is in profit right now. The more the holders get into profit, however, the more likely they become to sell, so high values of the MVRV ratio can suggest the asset is becoming overpriced and a correction may be due.

On the other hand, values under the threshold suggest the cryptocurrency may be undervalued currently as the overall market is holding some net unrealized losses.

Now, here is a chart that shows the trend in the 30-day version of the Chainlink MVRV ratio, which looks at the profitability of only the investors who bought within the past month:

In the above graph, the value of the 30-day MVRV ratio is represented as a percentage relative to the break-even level. As is visible, this indicator has observed some sharp uptrend recently as Chainlink has enjoyed its rally.

During this latest rapid growth, the metric had managed to hit a peak of 20%, which means that the market cap had become 20% more than the realized cap of the 30-day investors.

The analyst has pointed out an interesting trend that LINK has followed during the past couple of years. It would appear that whenever the 30-day MVRV ratio has broken above the 19% mark, the cryptocurrency has followed up with a steep drawdown.

This has happened two times in the period of the chart and coincidentally, Chainlink’s decline was about 34.5% in both of these instances (although the time the drawdown was spread out over was different in the two cases).

Since the 30-day MVRV has once again surged above this apparently significant level, it’s possible that LINK may also register a similar drop in the coming days or weeks.

LINK Price

Chainlink has observed some sharp uptrend over the past month, as its price is currently trading just under the $8 level, having gone up almost 34% in the period. If the MVRV ratio is anything to go by, though, this impressive run may finally be coming to an end.

Optimism (OP) has posted notable gains today, October 2, trading at $1.45, with a 5% increase in the last 24 hours. Furthermore, its price has gained 15% in the last seven days. 

OP’s rise coincides with the improvement in the general crypto market, which showed a remarkable recovery. However, whether OP will sustain the ongoing rally remains to be seen. But a close look at a few technical indicators may provide vital insights into its next price moves. 

OP Approaches Overbought Zone As Buyers Sustain Rally

OP continues to show positive price momentum as buyers dominate the market. Also, it has formed a fifth consecutive candle on the daily chart, confirming active accumulation by traders. Its rally became prominent on September 29, when it broke above the Donchian Channel (DC) median band.

OP flipped the $1.41 resistance level to support today and edges closer to the upper band of the Donchian Channel towards the $2.50 resistance level. If the buyers sustain the rally above the $1.50 resistance, OP will likely move into the overbought zone. 

Additionally, the Moving Average Convergence/Divergence (MACD) has risen above its signal line, displaying a strong buy signal. Also, the Histogram bars are green, confirming that the buyers are still active. More so, the Relative Strength Index (RSI) indicator displays a value of 64.2 and is rising to the overbought region of 70. 

Based on these indicators, OP will likely enter the overbought zone in the coming days, implying that accumulation will continue. However, traders should look out for bearish resistance at the $1.50 level that could serve as a potential entry point for sellers. 

What Could Be Behind OP’s Recent Gains?

Besides the general recovery in the crypto market, Optimism records exciting developments in its ecosystem. One notable change is a September 29, 2023, proposal to change Optimism’s security model. 

According to the proposal, the OP team aims to hand over the admin key for the OP Mainnet to public and decentralized participants. These participants will be the Security Council held accountable for Optimism’s Governance. 

Although this proposal awaits approval, it creates engagement in the OP ecosystem, thus increasing investor interest and activity. And this increased activity exerts higher buy pressure on the token. 

Furthermore, the Optimism Superchain is another innovation driving ecosystem growth. According to blockchain data provider Covalent, the Superchain is an interlinked blockchain network of individual chains tagged “OP chains.” 

Interestingly, builders can use the Superchain to engage in on-chain development. However, they must comply with the Law of Chains, a set of community rules on how teams support public goods and decentralization. 

The OP Mainnet is the first member of the Superchain. Again, it has recorded increased daily active addresses, higher than Arbitrum, which is declining in on-chain activity. 

BuildOnBase, created by Coinbase, is the second member of the Superchain, aiming to attract billions of users. BuildOnBase ranked as one of the best-performing chains in 2023 and the fastest L2 to reach 100,000 users in 56 days. 

These developments are likely driving the growth in the Optimism ecosystem, evident in its recent price surge. 

Analysts have unveiled their forecasts for October as the Bitcoin (BTC) price has pushed past the $28,000 mark. The cryptocurrency is currently experiencing an upward trajectory in October, firing up hopes for a productive month.

Analysts Predict A Bullish Run For Bitcoin Price In October

The month of October also referred to as Uptober in the crypto community has always been a bullish month for Bitcoin with a lot of gains. The cryptocurrency has always finished October with gains, doing so 8 of out 10 times since 2013.

According to crypto analyst Miles Deutscher, October has been one of the highest-performing months for Bitcoin. The crypto analyst highlighted this in a post on X (formerly Twitter), along with a graph of Bitcoin’s average monthly performance.

“Historically, October + November are the best performing months for #Bitcoin,” Miles stated.

Another crypto analyst who is also bullish on Bitcoin this month of October is Michael Van De Poppe. The crypto analyst believes that Bitcoin reaching a $40,000 mark is reasonable due to a pre-eminent Q4 of 2023, triggered by a Spot Bitcoin ETF approval and the pre-halving rally.

“Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially #Bitcoin to $40,000 is reasonable.” Michael’s post on X read.

Welcome to Uptober.

Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.

Potentially #Bitcoin to $40,000 is reasonable.

— Michaël van de Poppe (@CryptoMichNL) October 1, 2023

Crypto traders are also high-geared up with Uptober due to Bitcoin experiencing its first ever green in September since 2016, marking the strongest one Bitcoin has experienced since 2016. This pivotal movement of Bitcoin in September sets the pace for October (Uptober).

Crypto trader Ran Neuner also pointed out the last time Bitcoin experienced an upward trajectory in September and the positive effect of this significant move, along with a yearly chart of Bitcoin on a post on X yesterday October 1, 2023.

Additionally, On-chain analytics firm Santiment recently revealed on X that Bitcoin’s sharks and whale holders have now accumulated up to 13.03 million BTC in 2023, presenting a promising long-term outlook for Bitcoin.

According to the analytic firm, the whales and sharks addresses have been accumulating Bitcoin and Tether quietly for the past six weeks.

BTC Holders Are On the Rise

The expectations of approval of a Spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) have since had a positive effect on the BTC price. The crypto asset experienced a significant increase in adoption in different regions of the world.

The cryptocurrency recently pushed past its resistance level of $27,500 and it is currently being traded at $28,300 as of the time of writing. This shows that the cryptocurrency is slowly gaining momentum in what is established to be one of its most bullish months.

Co-founder of Reflexivity Research, Will Clemente revealed Bitcoin’s metrics of long-term holders (LTHs) and short-term holders (STHs) on X a few days ago, as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.

The chart illustrated by blockchain data and intelligence firm Glassnode showed that three out of four Bitcoin are presently owned by long-term holders. The percentage of BTC supply held by Bitcoin’s long-term holders accounted for 76.09%, reaching its highest level ever and pointing to strong conviction among these ‘diamond hands.’

Crypto analyst Egrag has unveiled a new analysis predicting a significant surge in the price trajectory of XRP. Based on his examination of the 1-day chart patterns of XRP, he suggests three primary phases for its future price – labeled as White, Blue, and Green.

The ‘White’ phase, which Egrag claims has already concluded, saw XRP settle at $0.93. The ‘Blue’ phase, currently ongoing, aims for a target of $1.5. The ‘Green’ phase, which will begin after the completion of the ‘Blue’ phase, sets an ambitious target of $4.5.

The Roadmap For XRP Price In The Coming Months

Diving deeper into the analysis, Egrag believes that XRP exhibited a classic break-out, retest, and continuation pattern, suggesting a bullish trajectory. He further urges the crypto community, especially the XRP army, to remain steadfast as the price surge might catch many off guard. The analyst downplays any bearish forecasts for the upcoming months, hinting at their irrelevance.

A significant point from Egrag’s analysis is the formation of a “Mega Ascending Triangle” (Mega AT) in the XRP price chart. Should XRP close above $0.5207, its price might escalate to $1.40 quickly, surpassing its previous peak caused by Ripple’s legal victory against the US Securities and Exchange Commission (SEC). Back then in mid-June, the cryptocurrency formed a “Mini Ascending Triangle” (Mini AT) and surged by nearly 100%, approaching $1.

Egrag pinpoints the strong support zone between $0.4199 and $0.4803, with a key resistance range set between $0.5365 and $0.60. If XRP breaks this resistance, Egrag anticipates a significant move where $0.75 to $0.87 becomes the new supply zone. He emphasizes the $1 threshold as a critical structural and psychological barrier. Bypassing this mark paves the way for a rise to $1.40, marking the full realization of the “Mega AT”.

However, the $4.5 target price, which represents a substantial hike, may take a more extended period to materialize. Egrag hints at the potential for a sudden market pump, even with minimal investment. He thinks, “the market is thin, small amount will pump the market.” However, Egrag adds: “No Timing, just showing the road.” He further advises: “Just wait and be patient.”

At press time, XRP was trading at $0.52118, up slightly by 0.3% in the last 24 hours. XRP price bounced up from the 200EM in the 4-hour chart. However, the bulls had not been able to show enough buying force. The price failed to overcome the 23,6% Fibonacci retracement level at $0.52778. This resistance is crucial for the price to rise to the 20-day high at $0.55768.

Central banks worldwide must be proactive in adapting to the fast-evolving crypto landscape, urged Cecilia Skingsley, the head of the Innovation Hub at the Bank for International Settlements (BIS). 

Speaking at the New York Fed Conference on Fintech: Artificial Intelligence and Digital Assets in Manhattan, Skingsley emphasized the need for central banks to embrace technological advancements, including cryptocurrencies and tokenization.

Skingsley highlighted the distinctive approach of the BIS Innovation Hub, which focuses on researching and investigating the impact of new technologies on central bank operations.

Unlike other institutions, the Innovation Hub actively engages with emerging technologies, including cryptocurrencies, and shares its findings with the global community. Skingsley expressed pride in the Innovation Hub’s project portfolio, which sets it apart from similar initiatives.

In their most recent report titled “BIS Blueprint for the Future Monetary System,” BIS researchers underscored the significant potential of tokenization in enhancing efficiency and transparency within financial markets. However, the report also questioned the current value proposition of cryptocurrencies themselves.

Tokenization’s Promise And Crypto’s Limitations

The report acknowledged that cryptocurrencies and decentralized finance (DeFi) have provided a glimpse into the potential of tokenization. Still, it criticized cryptocurrencies as a flawed system that cannot assume the role of the future of money. Despite these reservations, Skingsley stressed the importance of central banks preparing for a tokenized future.

“If the future is tokenized, if we’re going for a future where we will have tokenized assets on a broad scale, what would that mean for central banks?” Skingsley pondered. “What sort of infrastructure do you have to have?”

SEC’s Role In Crypto Regulation

In a related development, Paradigm, a prominent crypto investment firm, raised concerns about the US Securities and Exchange Commission’s approach to crypto regulation. Paradigm voiced its worries in an amicus brief filed in the SEC’s lawsuit against Binance, a major cryptocurrency exchange.

Paradigm’s brief highlighted the potential consequences of the SEC’s strict stance on crypto, warning that it could spill over into other asset markets beyond the SEC’s purview. The firm argued that the SEC’s interpretation of the securities laws could hinder the development of crypto technology in the United States and disrupt other significant markets.

“Here, and in other cases, the SEC has acted in excess of its statutory authority,” Paradigm stated in its brief, emphasizing the importance of correct interpretation of the Securities Laws.

As the financial world continues to grapple with the transformative impact of digital assets and tokenization, the calls for central banks to stay vigilant and adapt to this rapidly changing landscape grow louder. Skingsley’s message is clear: readiness is key in navigating the terrain of the digital future.

Featured image from iStock

Solana (SOL) has been on an impressive winning streak, with its price chart resembling the formation of an inverted head and shoulders pattern, a bullish technical indicator signaling potential upward momentum. This surge in SOL’s value has grabbed the attention of crypto enthusiasts and traders alike. 

At the time of writing, SOL is trading at $24.39, according to CoinGecko. Over the past 24 hours, the coin has rallied by an impressive 14.5%, contributing to a seven-day surge of 25.4%. Notably, SOL recently breached the resistance level of $22.2, which now acts as a robust support zone in case of market pullbacks.

Solana: Potential For Further Gains

Analysts are closely monitoring SOL’s ability to maintain its foothold above $22.1, as this could lead to another 13% price surge, with a target zone of $26 to $30. However, a word of caution is in order, as the presence of a long wick rejection around the $24 mark on the daily chart suggests the possibility of a minor pullback. 

In a separate report, it is noted that one SOL is currently trading at approximately 0.01281 ETH. This holds significant implications for traders and investors, particularly those closely following the SOL/ETH trading pair. This price point signifies an increase in volatility for Solana, potentially opening up more trading opportunities and the prospect of higher returns. Perhaps even more intriguingly, it highlights Solana’s growing dominance in certain aspects of blockchain technology when compared to Ethereum.

SOL/ETH Trading Pair Signals Opportunity And Competition

Ethereum has traditionally been the go-to platform for decentralized applications (dApps) and smart contracts. However, Solana has been making substantial headway due to its high throughput and lower transaction costs. A breakout in the SOL/ETH trading pair could signal that the market is increasingly recognizing Solana’s potential to rival, and even surpass, Ethereum in specific use cases.

The implications of SOL’s recent price surge and potential breakout against Ethereum are twofold. Firstly, it indicates a renewed interest and investment in Solana, potentially driving its market capitalization higher. Secondly, it raises the possibility of a more competitive landscape within the blockchain space, with Solana emerging as a serious contender in the world of decentralized applications and smart contracts. 

As crypto enthusiasts continue to watch these developments closely, the future holds exciting prospects for Solana and its investors.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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The Bitcoin price trajectory has once again taken a sharp upward turn, marking its ascent past the $28,000 landmark for the first time since its notable surge on August 29. This prior leap had been attributed to Grayscale’s triumph over the US Securities and Exchange Commission (SEC) in their legal battle regarding the Bitcoin Trust (GBTC) conversion to a spot ETF.

In a striking demonstration of Bitcoin’s infamous volatility, the BTC experienced a price escalation of over $800 within a minuscule 5-minute window on Sunday evening, rocketing from $27,250 to a peak of $28,053 between 6:15 and 6:20 pm ET.

Why Is Bitcoin Price Up Today?

One primary catalyst behind this dramatic price movement, as pinpointed by the esteemed crypto analyst Byzantine General, is the phenomenon known as a “short squeeze.” In the realm of futures trading, a short squeeze is characterized by a rapid price increase, forcing traders who had bet against the asset’s price (short sellers) to buy it to prevent further losses. This reactive buying can intensify the asset’s price jump.

During yesterday’s surge, a staggering $392 million in Bitcoin short positions, or about 7.7% of the total open interest in the market, were swiftly liquidated. Byzantine General further elaborated on the market’s resilience, observing that the Bitcoin open interest bounced back swiftly with an increment of $350 million, humorously suggesting the market’s willingness to embrace such a volatile maneuver again: “The whole market was actually like ‘I’ll fucking do it again.”

Crypto analyst Fabian D. deepened the analysis by pointing out the intricate interplay between short sellers being ousted and the potential for further Bitcoin appreciation. He indicated that the upward trajectory of Bitcoin from this point hinges on two primary factors: the entry of spot buyers driven by the fear of missing out (FOMO) and whether short sellers decide to re-establish their positions.

Fabian also alluded to the absence of institutional buying activity in the week preceding this surge but underscored the importance of monitoring premium rates on platforms like Coinbase and CME upon market opening today. Adding to the complexity of the market landscape, Fabian flagged two impending events: the anticipation surrounding the Ethereum Future ETF inflows, and the court hearing concerning the Celsius platform, which might potentially refocus attention on its creditor distributions.

Drawing insights from on-chain data, analyst Maartunn introduced another layer of optimism, noting that “Net Taker Volume has crossed into the green zone, indicating that buyers are in control. The last time was four months ago.”

Diving into granular analytics, quant trader Skew shed light on the dynamics at play on platforms like Binance and Bybit. He emphasized that the recent price upswing wasn’t entirely unforeseen, particularly given the noticeable shift away from short positions and the robust perpetual bid leading up to the spike.

Looking at the Bitcoin aggregate CVDs & delta, he further noted: “Mostly seeing sell pressure just in perps for now. Price decline with Perp CVD decline & Perp sell delta picking up. Next move that decides the fate of this entire move is spot.”

Highlighting the evolving market dynamics, Skew pointed out that the BTC Binance Spot exhibited a notably broad order book with a significant amount of available and resting liquidity. He inferred that such a setup could lead to more pronounced price reactions.

Highlighting the evolving market dynamics, Skew remarked that the BTC Binance spot market exhibits a notably broad order book with a significant amount of available and resting liquidity. He inferred that such a setup could lead to another pronounced price reaction. “Increasing ask liquidity on spot order books; implies greater volume needed by spot takers to clear $28K – $29K (Market structure shift),” he warned.

It is also interesting to note that the price movement was already evident in the 1-day chart. As explained in the last Bitcoin price analyses, the price broke through the (black) downtrend line established in mid-July last Thursday. While the successful re-test of the trendline took place on Friday and Saturday, confirming the bullish momentum, the expected bounce occurred yesterday.