After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins. It means no one wants to sell here.

This brings total balance to just over 700k $BTC.

The last time the Coinbase Bitcoin balance was at this level was December 2017.

Are you thinking what we are thinking?

If you had followed our previous update, we clearly told you about the support levels for BTC and look how nicely it bounced from our support ($46k). We also mentioned that if BTC holds and closes above the $50k level then we may see a rally towards $52k and above.

Well, you can clearly see it in this 2 hours chart where we are heading.

In 2 hours TF, BTC formed a symmetrical triangle and look how perfectly it broke out of it and it is currently at the retest phase. BTC may possible reach $52k+ only if it holds above these triangle pattern. $46600 would be an important support for BTC.

See you guys on our next update so stay tuned.

#BTC broke above $50k!!!!

$1.5 TRILLION INVESTMENT MANAGEMENT FIRM IS HIRING A BITCOIN AND CRYPTO RESEARCH ANALYST

On Wednesday Franklin Templeton, with over $1.4 Trillion in assets under management, posted an open position for a “Research Analyst - Crypto Currency” on LinkedIn.

According to the LinkedIn post, the traditional multinational holding company, which provides investment solutions to 34 countries around the world, is seeking to employ someone to provide “research coverage” for Bitcoin.

BTC perfectly broke out and retested from the exact trendline which we drew in our previous chart.
Like we said, BTC strongly hold on to the Symmetrical triangle pattern and looks like it is possibly gearing up for $52k+ levels. So far, we are in a good hands but stills let's not forget the bearish side of the market. A break down below the upper trendline would have invalidated this chart but we saw a bounce. It is quite possible that BTC may get rejected again bur we are biased on the bullish scenario so we will stick to it keeping in mind the other half as well.

Stay tuned for more quality updates.

Bitcoin is now on the cusp of breaking $51k for the first time since May 12th, and daily active addresses hit 1.01M as support was broken. This was the first full day of addresses eclipsing 1M on the $BTC network since July 3rd.

BLOOMBERG REPORT: BITCOIN AT $100,000 IS PATH OF LEAST RESISTANCE

Bloomberg has published the September edition of its Crypto Outlook report, sharing how the company's analysts are navigating the market and measuring adoption rates as well as demand and supply dynamics. According to the report, Bitcoin is set to reach the $100,000 mark soon, a "path of least resistance," as well as establish itself as the global reserve asset.

Just three days until the first country adopts a bitcoin standard.

On Tuesday El Salvador will become the first country in the world to adopt bitcoin as legal tender, with plans to use volcanic geothermal energy to power the “mining” of the digital currency.

Bitcoin quick update:-

Bitcoin just kissed the $51,000 resistance and rejected from there. Now BTC ranging in $49,500-$50,500 zone. For bullish scenario BTC must close and hold above $51k in daily.

This is the decision area and BTC need to break and hold above $51,000 to go towards the $55,000 area.The next support for BTC is $48,500 as long as it's above $48,500 we are in uptrend.

Stay tuned for more updates.

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Bitcoin whales have added +41,580 BTC (~$2B) to their holdings in the last 10 days.

El Salvador has become the first nation state to buy and hold Bitcoin with the purchase of 200 BTC.

Exactly 5 days ago from now we posted a chart on BTC saying that it is forming a symmetrical triangle pattern and may possibly reach $52k level.
Well, here we are, guys, BTC reaching $52956.
Now what's next? Will there be a drop from this level?
Well, take a look on this chart. BTC formed a rising wedge pattern and to our surprise, it broke out above the trendline. Could this mean that BTC will go higher than this?
Yes, it can. We can also see that BTC is highly respecting the 21 hourly moving average and it is closely going along with it.

So, we may see BTC going down to touch the 21 MA at $51600 level and then bounce back.
Overall, the daily close above the $51k is a good sign for BTC and the market.
We will certainly update you all about the market so stay tuned and pin our channel to the top.

Around 2.7 billion dollars got liquidated in an hour.

This was something unexpected.
A 19% price drop from $52956 to $42900 is no joke. A complete market manipulation. The drop in BTC price has certainly taken a bearish turn forming two important supports. Support 1 is at $46700 from where the BTC price is bouncing back, currently. Support 2 is at $43900, a strong support where BTC left a long shadow.
The most worried part is BTC has gone down below the 200 MA. Last time when BTC broke down below the 200 MA in 4 hours TF was on 12th May 2021 (112 days ago). That wan the time when BTC fell almost 50%.
If BTC do not show any sign of bounce back from Support 1 then it'll likely test Support 2 and then further below.
In the daily time frame, BTC is still above the 200 MA ($46200). In order to stay bullish, BTC must close above the 200 MA and show some bounce.

We will update more on the price action so stay tuned and trade safe.

One of the main reasons for market fall.

Virtual assets, including cryptocurrencies, are officially legalized in Ukraine!

BTC broke below the Support 1 but it quickly bounced back from the dotted line drawn in the chart. Currently, BTC is testing the resistance (which was support 1, previously). The blue box in the chart (Between $44k to $46k) is a crucial area for BTC. If BTC breaks above the resistance then we may possibly see BTC at $48k to $50k but if it breaks down below Support 2 then we could go all the way down to $40k to $37k.

Let's hope for the best. We will keep things updated so stay tuned.