Connect with us

Published

on

BTC price dropped below $30,000 again on July 18, but the recent crab market price action is also backed by compelling investor activity on-chain. 5497 Total views 51 Total shares Listen to article 0:00 Market Analysis Join us on social networksBitcoin (BTC) price dropped below the $30,000 level on July 18, which retail investors may not have expected given the developments of the last month, but does the downside move represent an upcoming shift in the trend?

Data suggests that over the longer term, it does not.

To get to the positives first, Bitcoin price is still attempting to flip the $30,000 level to support after about 10 attempts since April of this year, but price is continuously finding buyers in the $28,000 to $25,000 range, which buyers seem to be viewing as an accumulation zone.

On-chain data from Glassnodes Bitcoin Accumulation Trend Score supports this sentiment and could be a positive, depending on how investors look at things given that the behavior of investors at $30,000 BTC price mirrors the same accumulation behavior seen in the $28,000 to $24,000 zone and the near the supposed $16,800 bottom. Bitcoin Accumulation Trend Score. Source: Glassnode

According to Glassnode, an Accumulation Trend Score of closer to 1 indicates that on aggregate, larger entities (or a big part of the network) are accumulating, and a value closer to 0 indicates they are distributing or not accumulating.

Basically, buyers strongly accumulated from November to December and they were heavy accumulators from March to April when BTC recaptured $30,000. The metric suggests they are doing the same in July as BTC attempts to either conquer the $30,000 resistance or received a boost from all the ETF and XRP SEC news.Bitcoin is in a crab market

The current price action and derivatives market data suggest that Bitcoin is in a crab market, where price remains range bound and consolidates for a prolonged period of time. As JLabs analyst JJ the Janitor pointed out last week, a strong push through the $32,000 level would catalyze a CME gap fill from the Luna Terra-crash era. Bitcoin CME Futures showcasing Luna crash CME Gap. Source: JJ The Janitor

From the perspective of Bitcoins weekly market structure, the $30,000 level is an important pivot point that has functioned as support in the previous bull market cycle (and now as resistance) but a grab above that level would essentially set a higher high on the longer time frame and be confirmation of a trend reversal where the next point of resistance is around the $37,000 level. BTC/USDT 1-week chart. Source: TradingView

Traders activity in the derivatives market is another factor contributing to the current crab market. Funding is down, open interest is relatively muted and besides retail plebs who are attempting to long breakouts and long lower support retests, or short breakouts and getting liquidated in both instances, a meaningful surge in these metrics that would inspire confidence that price is on the verge of some massive breakout has yet to emerge.BTC/USDT derivatives data, daily chart. Source: JJ The Janitor

Sure, DXY took a dip below 100 last week, but its possibly more connected to investors reacting to the Feds positive steps on inflation and too tight of a timeframe to expect some massive reaction from BTC immediately.

The price action in crypto exchange futures highlights degen longs and shorts trying to get ahead of price breakouts and that they are not having much success in the short term.

JJ the Janitor suggests that a metric to watch is aggregate open interest, if that breaks down sharply from the current range then some true buy the dip opportunities could emerge. Currently, its still in an uptrend, albeit sideways, but seeing a surge in OI could also be interesting and likely news, regulatory or legislative event driven.

Related: Bitcoin price falls under $30K as macro and regulatory worries take center stage

While Bitcoins short-term price action might raise some concern among newer investors and day-traders, the on-chain perspective remains quite compelling.

The #Bitcoin Long-Term Holder Supply remains at an ATH of 14.5M BTC. This suggests mature investors are preferring to accumulate Bitcoin, rather than distribute. pic.twitter.com/VkY9uTAVGG glassnode (@glassnode) July 18, 2023

At the same time, the Total Balance in Accumulation Addresses metric has also resumed its uptrend since March 16, when BTC price traded at $25,000. Bitcoin Total Balance in Accumulation Addresses (BTC). Source: Glassnode

Readers should also note that the metric also shows the total balance in accumulation addresses increasing since January 2022, when Bitcoin price was trading at $47,800 per coin. What is apparent is that through the worst of the crypto market collapse and Bitcoin price sell-off, multiple on-chain metrics show investors continuing to increase their allocation to BTC.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. # Bitcoin # Cryptocurrencies # Bitcoin Price # Markets # Derivatives # Market Analysis

Add reaction

Add reaction Related News How to check an Ethereum transaction 7 payment gateways for fast online transactions Bitcoin rally will lead to "speculative blow-off top in 2024, Mark Yusko predicts Fed rate pause triggers traders pivot to stocks Will Bitcoin catch up? Bitcoin holds $30K as bulls flaunt their advantage in Fridays $715M BTC options expiry Bitcoin price data suggests bulls will succeed in holding $30K as support this time

Continue Reading

Sports

Cubs blow lead in 10-run 8th, storm back in thriller

Published

on

By

Cubs blow lead in 10-run 8th, storm back in thriller

CHICAGO — Kyle Tucker had the fans on their feet, roaring and pumping their fists as he rounded the bases after hitting the go-ahead two-run homer in the eighth inning. His screaming line drive cleared the right-field wall with plenty of room to spare.

The Chicago Cubs went from giving up 10 runs in the eighth to scoring six in the bottom half and beating the Arizona Diamondbacks 13-11 on Friday in one of the wildest games on record.

The two teams combined for 21 runs in the seventh and eighth innings, with the Cubs scoring 11 runs and the D-backs plating 10. It was the first nine-inning game in MLB history in which both teams scored 10 or more runs from the seventh inning on, and the third game overall, according to ESPN Research.

“That’s kind of baseball,” Tucker said. “There’s a lot of ups and downs in this game, especially with how many games we play.”

There haven’t been many games like this, though.

The Cubs are just the seventh team in at least the past 125 seasons to allow 10 or more runs in an inning and win. They are also the fifth team to give up 10 or more runs and score six or more in the same inning.

The 16 combined runs in the eighth were the most in an inning at Wrigley Field, according to the Elias Sports Bureau.

“If you’ve seen that one, you’ve been around for a while,” Cubs manager Craig Counsell said with a laugh. “It was crazy. You know, we gave up 10 runs in an inning and we won. So it was a wild game, but we kept going, and, you know, there’s 27 outs in a game and this kind of proves it, and you’re just happy to get out with a win.”

On a warm day with the ball carrying, Carson Kelly homered twice. Ian Happ belted a grand slam and Seiya Suzuki went deep, helping the Cubs open a weekend series on a winning note.

“You’ve seen it early — having some tough losses, coming back winning the next day,” Happ said. “Losing the first game of the series, winning the series. Little things like that. Today’s a great example of professional hitters going out there and continuing to have really good at-bats.”

The way things transpired in the final two innings was something to see.

Kelly hit a two-run homer in the second against Corbin Burnes, and Happ came through with his grand slam against Ryne Nelson as part of a five-run seventh. But just when it looked as if the Cubs were in control with a 7-1 lead, things took a wild turn in the eighth.

Eugenio Suarez cut it to 7-5 with a grand slam against Porter Hodge, Geraldo Perdomo singled in a run and Randal Grichuk put Arizona on top by one with a two-run double. Lourdes Gurriel Jr. hit a three-run homer, making it 11-7.

The crowd of more than 39,000 let the Cubs hear it, but their team regrouped in the bottom half. Bryce Jarvis hit Nico Hoerner leading off and walked Pete Crow-Armstrong before Kelly drove a three-run homer to center. Tucker, the Cubs’ prized offseason addition, came through after Happ singled with one out. Suzuki followed with his drive against Joe Mantiply to give the Cubs a 13-11 lead.

Arizona, which had won five straight, became just the third team over the past 50 seasons to lose a game in which it had a 10-run inning at any point, according to ESPN Research.

“You just got to stay locked in,” Kelly said. “Obviously, you don’t want to … give up 10 in an inning. Obviously, you don’t want to do that. I think the biggest thing is coming back, regrouping and continuing to fight.”

The Associated Press contributed to this report.

Continue Reading

Sports

Chisholm suspended 1 game for conduct, tweet

Published

on

By

Chisholm suspended 1 game for conduct, tweet

Major League Baseball suspended New York Yankees infielder Jazz Chisholm Jr. for one game and fined him an undisclosed amount, the result of his actions during Thursday night’s win against the Tampa Bay Rays.

Chisholm was ejected in the seventh inning by plate umpire John Bacon for arguing after a called third strike on a full-count pitch from Mason Montgomery that appeared low.

Minutes later, he posted on his X account, “Not even f—ing close!!!!!” then deleted the post.

“I didn’t think before I had anything that I said was ejectable but after probably,” Chisholm said after the game. “I’m a competitor, so when I go out there and I feel like I’m right and you’re saying something to me that I think doesn’t make sense, I’m going to get fired up and be upset.

“I lost my emotions. I lost my cool. I got to be better than that. … I’m definitely mad at myself for losing my cool.”

Michael Hill, the league’s senior vice president for on-field operations, said Friday’s discipline was for Chisholm’s “conduct, including his violation of Major League Baseball’s Social Media Policy for Major League Players.”

MLB regulations ban the use of electronic devices during games. The social media policy prohibits “displaying or transmitting content that questions the impartiality of or otherwise denigrates a major league umpire.”

Chisholm did appeal the decision, allowing him to play in Friday night’s 1-0 win against the Rays. He started at second base and went 0 for 4 with two strikeouts.

Information from The Associated Press was used in this report.

Continue Reading

Sports

First-time father-to-be Ohtani away from Dodgers

Published

on

By

First-time father-to-be Ohtani away from Dodgers

ARLINGTON, Texas — Shohei Ohtani is away from the Los Angeles Dodgers for the birth of the two-way superstar’s first child.

Manager Dave Roberts said before the Dodgers’ series opener Friday night against the Rangers that Ohtani was with his wife and going on MLB’s paternity list.

“He and Mamiko are expecting at some point. That’s all I know,” Roberts said. “I don’t know when he’s going to come back and I don’t know when they’re going to have the baby, but obviously they’re together in anticipation.”

The 30-year-old Ohtani posted on his Instagram account in late December that he and his 28-year-old wife, a former professional basketball player from his native Japan, were expecting a baby in 2025.

“Can’t wait for the little rookie to join our family soon!” said the Dec. 28 post that included a photo showing the couple’s beloved dog, Decoy, as well as a pink ruffled onesie along with baby shoes and a sonogram that was covered by a baby emoji.

Ohtani can miss up to three games while on paternity leave. The Dodgers have a three-game series in Texas before an off day Monday, then play the Cubs in Chicago on Tuesday.

Continue Reading

Trending