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Bitcoin has delivered gains that set the foundation for a resumption of the 2023 uptrend, says the latest BTC price analysis from Glassnode. 1528 Total views 10 Total shares Listen to article 0:00 Markets News Join us on social networksBitcoin (BTC) is due to finish 2023 as it started, on-chain analytics firm Glassnode said, as October gains near 30%.

In the latest edition of its weekly newsletter, The Week On-Chain, released Oct. 24, researchers argued that the past week sets the foundation for a BTC price uptrend.BTC price convincingly beats out resistance levels

As it hit $35,200 this week, Bitcoin eclipsed various key trendlines, which had previously acted as support for months.

These included various moving averages (MA), among them the 200-week simple MA at $28,400 the classic bear market support line.

A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October, Glassnode noted.After a month of the market grinding higher, the bulls found sufficient strength this week to convincingly break through the 111-day, 200-day, and 200-week averages.BTC/USD annotated chart with moving average data (screenshot). Source: Glassnode

In so doing, the profitability of various investor cohorts improved considerably. The so-called cost basis of speculators and market newcomers also lies near $28,000.

The Short-Term Holder (STH) cost basis is also now in the rear view mirror at $28k, putting the average recent investor into an average profit of +20%, The Week On-Chain continued.

Researchers uploaded a chart of the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which tracks the profitability of STH coins. They noted that even prior to the October upside, no major capitulatory behavior was visible.

We can see instances in 2021-22 where STH-MVRV reached relatively deep corrections of -20% or more, they explained.Whilst the August sell-off did reach a low of -10%, it is noteworthy how shallow this MVRV decline is by comparison, suggesting the recent correction found noteworthy support, being a precursor to this weeks rally.Bitcoin STH-MVRV annotated chart (screenshot). Source: GlassnodeBitcoin sets the foundation for green year

As Cointelegraph reported, the presence of STH entities versus their seasoned counterparts, the long-term holders (LTHs), is now historically low.

Related:Bitcoin price model expects $45K phase to hit in November

Despite facing profitability issues of their own, LTHs now own more than three-quarters of the available BTC supply for the first time.

Their cost basis is lower, further toward $20,000 and while some believe that Bitcoin could still return to that area, Glassnode is optimistic over how the year will end.

A meaningful proportion of supply and investors now find themselves above the average break-even price, located around $28k, it concluded.This sets the foundation for a resumption of the 2023 uptrend. At the very least, the market has crossed over several key levels where aggregate investor psychology is likely to be anchored, making the weeks that follow important to keep an eye on.BTC/USD monthly returns (screenshot). Source: CoinGlass

Per data from on-chain monitoring resource CoinGlass, BTC/USD is currently up 26% this month by October standards, still relatively modest.

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 # Bitcoin Price # Markets

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Child poverty strategy unveiled – but not everyone’s happy

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Starmer wants to lift half a million children out of poverty - but does his plan go far enough?

A new long-awaited child poverty strategy is promising to lift half a million children out of poverty by the end of this parliament – but critics have branded it unambitious. 

The headline announcement in the government’s plan is the pledge to lift the two-child benefit cap, announced in Rachel Reeves’s budget last week.

It also includes:

• Providing upfront childcare support for parents on universal credit returning to work
• An £8m fund to end the placement of families in bed and breakfasts beyond a six-week limit
• Reforms to cut the cost of baby formula
• A new legal duty on councils to notify schools, health visitors, and GPs when a child is placed in temporary accommodation

Many of the measures have previously been announced.

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Two-child cap ‘a real victory for the left’

The government also pointed to its plan in the budget to cut energy bills by £150 a year, and its previously promised £950m boost to a local authority housing fund, which it says will deliver 5,000 high-quality homes for better temporary accommodation.

Downing Street said the strategy would lift 550,000 children out of poverty by 2030, saying that would be the biggest reduction in a single parliament since records began.

More on Poverty

But charities had been hoping for a 10-year strategy and argue the plan lacks ambition.

A record 4.5 million children (about 31%) are living in poverty in the UK – 900,000 more since 2010/11, according to government figures.

Phillip Anderson, the Strategic Director for External Affairs at the National Children’s Bureau (NCB), told Sky News: “Abolishing the two-child limit is a hell of a centre piece, but beyond that it’s mainly a summary of previously announced policies and commitments.

“The really big thing for me is it misses the opportunity to talk about the longer term. It was supposed to be a 10-year strategy, we wanted to see real ambition and ideally legally binding targets for reducing poverty.

“The government itself says there will still be around four million children living in poverty after these measures and the strategy has very little to say to them.”

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‘A budget for benefits street’

‘Budget for benefits street’ row

The biggest measure in the strategy is the plan to lift the two-child benefit cap from April. This is estimated to lift 450,000 children out of poverty by 2030, at a cost of £3bn.

The government has long been under pressure from backbench Labour MPs to scrap the cap, with most experts arguing that it is the quickest, most cost-effective way to drive-down poverty this parliament.

The cap, introduced by Conservative chancellor George Osborne in 2017, means parents can only claim universal credit or tax credits for their first two children. It meant the average affected household losing £4,300 per year, the Institute for Fiscal Studies calculated in 2024.

The government argues that a failure to tackle child poverty holds back the economy, and young people at school, cutting their employment and earning prospects in later life.

However, the Conservatives argue parents on benefits should have to make the same financial choices about children as everyone else.

Shadow chancellor Mel Stride said: “Work is the best way out poverty but since this government took office, unemployment has risen every single month and this budget for Benefits Street will only make the situation worse. “

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OBR leak: This has happened before

‘Bring back Sure Start’

Lord Bird, a crossbench peer who founded the Big Issue and grew up in poverty, said while he supported the lifting of the cap there needed to be “more joined up thinking” across government for a longer-term strategy.

He has been pushing for the creation of a government ministry of “poverty prevention and cure”, and for legally binding targets on child poverty.

“You have to be able to measure yourself, you can’t have the government marking its own homework,” he told Sky News.

Lord Bird also said he was a “great believer” in resurrecting Sure Start centres and expanding them beyond early years.

The New Labour programme offered support services for pre-school children and their parents and is widely seen to have improved health and educational outcomes. By its peak in 2009-2010 there were 3,600 centres – the majority of which closed following cuts by the subsequent Conservative government.

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Lord Bird on the ‘great distraction’ from child poverty

PM to meet families

Sir Keir Starmer’s government have since announced 1,000 Best Start Family Hubs – but many Labour MPs feel this announcement went under the radar and ministers missed a trick in not calling them “Sure Starts” as it is a name people are familiar with.

The prime minister is expected to meet families and children in Wales on Friday, alongside the Welsh First Minister, to make the case for his strategy and meet those he hopes will benefit from it.

Several other charities have urged ministers to go further. Both Crisis and Shelter called for the government to unfreeze housing benefit and build more social rent homes, while the Children’s Commissioner for England, Dame Rachel de Souza, said that “if we are to end child poverty – not just reduce it” measures like free bus travel for school-age children would be needed.

The strategy comes after the government set up a child poverty taskforce in July 2024, which was initially due to report back in May. The taskforce’s findings have not yet been published – only the government’s response.

Sir Keir said: “Too many children are growing up in poverty, held back from getting on in life, and too many families are struggling without the basics: a secure home, warm meals and the support they need to make ends meet.

“I will not stand by and watch that happen, because the cost of doing nothing is too high for children, for families and for Britain.”

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Sports

Isles top juggernaut Avalanche with ‘surprise’ win

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Isles top juggernaut Avalanche with 'surprise' win

ELMONT, N.Y. — The Colorado Avalanche entered Thursday night’s game at the New York Islanders as a juggernaut, having lost just once in regulation in 26 games. Islanders coach Patrick Roy’s message to his team before that game: “If there’s a team that could surprise them, it’s us and the way we’ve been playing.”

St. Patrick was prophetic: Roy’s team defeated the mighty Avalanche 6-3 to snap Colorado’s 17-game point streak in a statement win for the Islanders (15-10-3).

The Islanders built a 4-0 lead against Colorado and responded every time the Avalanche crept back into the game. That included a late third-period penalty kill, as the Avalanche pulled goalie Mackenzie Blackwood for a 6-on-4 advantage. Forward Casey Cizikas iced the win with an empty-netter.

“That’s a really good hockey team over there,” Cizikas said. “They’ve proved it all season. They’re never out of a game, so you’ve got to complete it.”

Even after the loss, Colorado remained the NHL’s top team in points percentage (.815), goal differential (plus-47), offense (4.04 goals per game) and defense (2.19 goals against per game). The Avalanche have the NHL’s leading scorer in center Nathan MacKinnon (46 points) and the leading scorer among defenseman in Cale Makar (33 points).

But Islanders forward Mathew Barzal said New York’s 4-1 loss in Denver on Nov. 16 gave his teammates confidence they could hang with the NHL’s best.

“We feel like when we played them in Colorado, we probably should have won,” said Barzal, who had a goal and two assists in the win. “As a group, too, we know who we’re playing and that always makes a difference. Against Colorado, if we don’t show up, it could be ugly.”

The Islanders showed up on the scoresheet at 5:56 in the first period, on a controversial goal by forward Kyle MacLean. His shot sailed into the top corner of the net with Blackwood (36 saves) flat on the ice. Replays showed that after a scramble in the crease, the stick of Islanders center Marc Gatcomb had become wedged in Blackwood’s pads as Blackwood attempted to defend the net.

Colorado coach Jared Bednar challenged the goal. The NHL Situation Room cited Rule 69.7 in upholding the goal, which states that “in a rebound situation, or where a goalkeeper and attacking player(s) are simultaneously attempting to play a loose puck, whether inside or outside the crease, incidental contact with the goalkeeper will be permitted, and any goal that is scored as a result thereof will be allowed.”

Bednar disagreed with that assessment.

“Listen, I think goalie interference is a joke. If that’s not goalie interference, I don’t know what is. You can’t just shove the goalie’s pads out of the way to create a loose puck,” said Bednar. “I’m not going to challenge unless it’s obvious. And I thought that was obvious.”

On the other end of the ice, Islanders goalie Ilya Sorokin was great when he needed to be in making 35 saves against the high-octane Avalanche. Roy cited one save in the second period where Sorokin stopped Artturi Lehkonen on a 2-on-1 before Barzal increased their lead to 5-2 with a power-play goal.

“I think that gave us the confidence. Ilya made the key save at the right time,” said the coach.

The Islanders’ win over the Avalanche came on a poignant night at UBS Arena for the players. Their fathers and mentors were in attendance, ahead of their road trip to Florida. The game also marked the return of former Islanders star Brock Nelson, who was sent to Colorado at last season’s trade deadline. He received a standing ovation from Islanders fans after a video tribute.

It was just the second loss for the Avalanche (19-2-6) in the past 14 games.

“It’s closer than you think, but it still wasn’t good enough,” Bednar said. “We’ll refocus on the things that we need to do to make us successful.”

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Sports

McDavid’s hat trick ties Messier, Oilers rout Kraken

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McDavid's hat trick ties Messier, Oilers rout Kraken

EDMONTON, Alberta — Connor McDavid had his 13th career hat trick to tie Mark Messier for fourth in Oilers history and added an assist in Edmonton’s 9-4 romp over the Seattle Kraken on Thursday night.

McDavid opened the scoring at 7:17 of the first period, made it 5-2 on a power play at 6:14 of the second and struck again on a power play at 6:59 of the third. He has 14 goals this season.

McDavid set up Leon Draisaitl‘s first-period, power-play goal for his 28th assist. Along with his 16th goal, Draisaitl had three assists for a four-point night of his own.

Matthew Savoie scored twice and Vasily Podkolzin, Zach Hyman and Mattias Janmark added goals. Evan Bouchard and Ryan Nugent-Hopkins each had three assists, and Calvin Pickard made 28 saves. The Oilers have won two of their last three to improve to 12-11-5.

Eeli Tolvanen, Frederick Gaudreau, Jared McCann and Jani Nyman scored for Seattle. The Kraken have lost four in a row to drop to 11-8-6.

Joey Daccord allowed five goals on 14 shots for the Kraken before being replaced six minutes into the second period by Philipp Grubauer, who also made 14 saves.

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