Whale accumulation tightens Bitcoin supply, potentially driving prices higher 
amid geopolitical tensions and macroeconomic volatility.
The post Whales accumulate 270,000 Bitcoin in largest buy since 2013 appeared 
first on Crypto Briefing.

Whales accumulate 270,000 Bitcoin in largest buy since 2013

As Bitcoin (BTC) attempts to hold the $74,000-$75,000 area, an analyst 
suggested that the flagship crypto could see another 10% rally toward a key 
area, but warned that this level could be the ceiling. Related Reading: BNB 
Chain’s RWA Value Tops $3.5 Billion As Global Ecosystem Grows Bitcoin Double 
Bottom Breakout Targets Key Level In a Wednesday analysis, crypto analyst Rekt 
Capital shared an outlook for Bitcoin’s potential rally, as it holds the 
$73,000-$74,000 area as support for the first time in a month. The analyst 
highlighted that BTC’s price continues to move between its 2021 and 2024 all- 
time highs (ATHs), which have been a major resistance area since the early 
February correction. After the recent market rally, the flagship crypto 
retested the 2021 ATH as a new support level on the weekly timeframe, but 
ultimately rejected from the 2024 ATH during last week’s close. According to 
the analyst, if Bitcoin can weekly close above the 2024 ATH, located around 
$74,000, then the price could move into the high $70,000. “Until that 
confirmation, however, price will continue to be sandwiched between 2021 and 
2024 old All Time Highs,” he added. Rekt Capital also noted that BTC has 
formed a double bottom pattern in the weekly timeframe, and is “now pressing 
beyond the resistance” of the formation. As he explained, the cryptocurrency 
would need a weekly close and a post-breakout retest of the top of the double 
bottom, around $72,810, to confirm a breakout. If it confirms a breakout from 
this formation, the price could rally toward the $81,000-$82,500 area in a 
Measured Move. Nonetheless, the analyst warned that, given the phase of the 
market cycle we are currently in, the price will likely develop a macro market 
structure that “will appear sufficiently bullish only to ultimately fail over 
time.” “The failure could occur by virtue of rejecting from the Double Bottom 
resistance, by failed post-breakout retest to register a fake-breakout, or by 
falling short of a Measured Move once the breakout is confirmed.” BTC 
Resembles 2014 Breakdown Rekt Capital also analyzed BTC’s historical behavior 
to assess the ongoing rally’s potential failure. The analyst noted that 
whenever Bitcoin has broken down from its macro triangle formation, the price 
usually retraces until it forms a bear market bottom. However, the way the 
cryptocurrency does that has differed from cycle to cycle, he detailed. In 
2018 and 2022, the breakdown led to a very quick bearish acceleration toward 
the bear market bottom accumulation period. On the contrary, Bitcoin 
consolidated below the triangle base in 2014, retested it, and saw another leg 
down. This time, BTC’s performance resembles its 2014 breakdown, as it has 
been consolidating behind the triangle base after losing it in January. To the 
analyst, if the cryptocurrency continues to mirror its 2014 performance, the 
price could consolidate a bit longer, potentially rally to the base at 
$82,500, before rejecting. “Furthermore, Bitcoin tends to build major 
consolidation periods on breakdowns from Macro Triangles. In 2018 and 2022, 
these major consolidation periods developed at Bear Market bottoms,” Rekt 
Capital explained. Related Reading: Bitmine’s Ethereum Holdings Hits 4% Supply 
Milestone After 71,524 ETH Buy “Whereas in 2014, Bitcoin built two such 
periods: just beneath the Macro Triangle it broke down from, and then later at 
its respective Bear Market Bottom,” he continued. The analyst concluded that 
if history repeats, BTC’s current consolidation could precede additional 
downside, and another major consolidation period could develop during the bear 
market bottom. Featured Image from Unsplash.com, Chart from TradingView.com

Bitcoin Double Bottom Formation Eyes $82,500 Rally – Breakout Or Rejection Next?

BitMEX Research has proposed a conditional &#8220;canary fund&#8221; that would only 
trigger a network-wide freeze of older Bitcoin wallets if a quantum computer 
is proven to have successfully stolen funds. BitMEX Research published the 
alternative strategy on Thursday, arguing that…

New BitMEX proposal challenges BIP-361 with reactive “early warning” system

Nvidia&#8217;s rally highlights the growing influence of AI demand on market 
dynamics, potentially reshaping global tech leadership and trade policies.
The post Nvidia extends 10-day rally, up 18% on AI demand appeared first on 
Crypto Briefing.

Nvidia extends 10-day rally, up 18% on AI demand

Crypto users in the US are required to pay capital gains taxes on 
cryptocurrencies, stifling their usefulness as a currency, argued a Washingon 
DC-based think tank.

Cryptocurrency price in USD