The past week started rather weak for Bitcoin despite reaching the 800,000 block milestone. Despite this remarkable advance, Bitcoin price is showing some inertia due to its low volatility and consolidated trading range. This situation brings with it considerable uncertainty for traders and investors, as price movements are difficult to predict. Amidst this dynamic, we spotlight technical analysis and the latest bitcoin-related news to shed light on current crypto market action.
Technical analysis shows low volatility and consolidated trading range
According to Monday’s technical analysis, Bitcoin is currently characterized by low volatility, leading to unpredictable price fluctuations within a limited trading range. This phase presents a particular challenge for traders and investors trying to make profitable decisions amidst these uncertain price movements.
On the daily chart, Bitcoin is in a consolidation phase, with resistance seen around $31,400 and support identified around $29,600. During this phase, prices tend to be stable, fluctuating within a relatively narrow range, suggesting that the market is preparing for a major breakout.
A critical factor to watch is whether Bitcoin manages to significantly surpass the $29,600 level. This could potentially trigger a bullish uptrend for the cryptocurrency that could push the price above the current resistance level.
However, a fall below $29,600 could take the price to support levels around $28,450 and possibly even lower to around $27,450. This scenario would confirm the bearish trend and could trigger further selling, which would lead to further price declines.
To allow for an uptrend, a break above $31,350 would open the door for the next significant target around $32,500. This break would strengthen the bullish scenario and could result in more investors entering the market in hopes of further price gains.
Given these price levels, it is crucial to keep a close eye on the $29,600 level as it represents a focal point for today’s trading activity. Bitcoin’s ability to rise above or fall below this price could determine price action going forward and provide a key indicator of near-term market sentiment.
Bitcoin reaches milestone: Block 800,000 successfully mined
Despite the currently weak price performance, Bitcoin (BTC) has reached another significant milestone. With the mining of block 800,000, Bitcoin marks a historic occasion in its now 14.5-year journey. This development is a remarkable achievement that highlights the resilience and durability of the Bitcoin network.
Glassnode’s lead on-chain analyst, James Check, took to Twitter to provide fascinating insights into how the Bitcoin network has progressed to this point. According to his analysis, a total of 19.437 million BTC were created up to block 800,000. Of that number, miners received 268,700 BTC in fees.
In total, Bitcoin miners’ revenues total an impressive $52.593 billion. The vast majority of this revenue comes from block subsidies (94.5%), while a smaller portion comes from fees (5.5%). This data underscores the tremendous economic importance that mining Bitcoin has gained over the years.
Checkmate also revealed that about 7.5% of the 19.4 million BTC mined has not been used since the first exchange-traded price in July 2010. This suggests that these coins may have been lost forever by early miners. Additionally, 74.6% of BTC is held by long-term holders outside of crypto exchanges, indicating strong commitment to BTC from a significant portion of its user base. Additionally, only 2.68 million BTC are held by short-term holders, and 2.25 million BTC are stored on exchanges.
Furthermore, Checkmate highlights Unspent Transaction Outputs (UTXOs) as a key indicator. He states that the Bitcoin UTXO set contains 163.6 million UTXOs, of which 2.275 billion have been issued and destroyed.
Bitcoin whale activates wallet after more than a decade of retirement and moves more than $30 million
The cryptocurrency world was also recently rocked by renewed activity from a long-dormant bitcoin wallet that had been dormant for over a decade. The wallet, owned by a bitcoin whale, recently moved more than $30 million in BTC to another address. Interestingly, the value of this Bitcoin fortune in USD has increased by more than 600,000% over the years.
The Bitcoin whale received the BTC amount in mid-April 2012, when the USD value of the primary cryptocurrency was still below $5. Back then, the crypto market was still in its infancy, and Bitcoin was a far cry from its current notoriety. This longtime owner of bitcoin has thus seen an impressive price increase.
According to Lookonchain, on July 22, the mysterious bitcoin whale, which had been dormant for over 11 years, transferred assets worth around $31 million (calculated at the current price) to a wallet containing the abbreviation “bc1qt180.” Total holdings of 1,037.42 BTC were received on April 11, 2012, when the leading digital asset traded for $4.92. As the Bitcoin price has increased over the years, the stock is now worth 606,000% more.
The whale’s action confused many Twitter users who commented below the post. Some suspected the whale may have lost access to its private keys or was temporarily hacked. Others speculated that the BTC investor missed his chances to reactivate holdings by two years as they pointed to the Bitcoin price peak.
Similar activities have also been reported previously. CryptoPotato reported that another whale that had been dormant for nine years woke up in April this year to transfer 2,071.5 BTC to a new address. The lot was worth more than $60 million at the time of the transaction, compared to $1.3 million in 2013. Such moves demonstrate the amazing increases in value Bitcoin investors have seen over extended periods of time.
The currently best Bitcoin alternative is called BTC20
BTC20 is a unique cryptocurrency that combines the advantages of Bitcoin and Ethereum in a single token. It is an innovative approach that has the potential to bridge the existing divisions between Bitcoin maximalists and Ethereum proponents, while offering a deflationary payments system with lucrative staking rewards and the technical flexibility of the Ethereum blockchain.
This innovative project was inspired by Bitcoin and therefore has a maximum issue amount of 21 million BTC20 tokens, just like Bitcoin. Unlike Bitcoin, which uses the polluting Proof-of-Work consensus mechanism, bets BTC20 on the Ethereum blockchain, and uses the more efficient proof-of-stake mechanism. This gives the BTC20 token smart contract and dApp capabilities and enables its integration with DeFi applications.
The BTC20 presale offers investors the opportunity to become part of this exciting project. In the presale, 6.05 million BTC20 tokens will be issued at a price of $1 per token, which is similar to the early Bitcoin era. The remaining 14.95 million BTC20 tokens are available as staking rewards for early investors, further adding to the appeal of BTC20.
In addition to its technical advantages BTC20 also high staking rewards, green operation and strong demand. Already in the first 48 hours of the presale, more than 1,500,000 of the available BTC20 tokens were sold, which underlines the wide acceptance and interest in this project.