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Robust BTC derivatives data indicates strong demand for leverage longs. Bitcoin (BTC) has been trading within a narrow 4.5% range over the past two weeks, indicating a level of consolidation around the $34,700 mark.  Despite the stagnant prices, the 24.2% gains since Oct. 7 instill confidence, driven by the impending effects of the 2024 halving and the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Investors worry about the bearish global economic outlook Bears expect further macroeconomic data supporting a global economic contraction as the U.S. Federal Reserve holds their interest rate above 5.25% in order to curb inflation. For instance, on Nov. 6, China exports shrank 6.4% from a year earlier in October. Furthermore, Germany reported October industrial production down 1.4% versus prior month on Nov. 7. The weaker global economic activity has led to WTI oil prices dipping below $78 for the first time since late July, despite the potential ...

Bitcoin network fundamentals have never looked better, as optimism trickles back when it comes to BTC price strength in a key Fed rate decision week. Bitcoin (BTC) starts the new week with optimism as traders greet the first green weekly candle in over a month. BTC price strength appears to be gradually improving after a weak August and start of September, with BTC/USD climbing toward $27,000. A solid weekly close provides the backdrop to what promises to be an interesting few days, which will include a key United States macroeconomic event as a potential volatility driver. The Federal Reserve will meet to decide on interest rate policy — and any surprises could have significant repercussions for risk assets, including crypto. Elsewhere, things are looking promising for Bitcoin, with network fundamentals set to surge higher to new records. Strength “under the hood” is similarly being reflected in hodler behavior, with wallet numbers continuing to shoot higher regardless of BTC price ...

BTC price weakness shows as Bitcoin analysts debate the likelihood of a return toward $20,000. Bitcoin (BTC) begins a key macro week in a weak place as 2023 BTC action begins to look like a “double top.” After a disappointing weekly close below $26,000, BTC/USD is struggling to catch a bid amid a return to low volatility. Analysts, already predicting downside, continue to forecast new local lows, and liquidity conditions are increasingly supporting their argument. Are there any silver linings on the horizon? One on-chain metric suggests that Bitcoin is “in the midst” of a major shakeout akin to March 2020. A rebound to “fair value” may also come courtesy of Bitcoin’s relative strength index (RSI), which has almost fully retraced its year-to-date gains to reach its lowest levels since the first week of January. Cointelegraph takes a look at these topics and more in the weekly rundown of key BTC price triggers. Weekly close makes BTC price double top a reality Bitcoin closing out the we...

On the latest episode of “Macro Markets,” Marcel Pechman explains the potential implications for crypto of the Federal Reserve losing $100 billion. On this week's episode of “Macro Markets,” Cointelegraph analyst Marcel Pechman delves into a thought-provoking discussion on the United States Federal Reserve’s financial woes. Pechman opens by highlighting how the Fed is grappling with staggering losses and emphasizes a fundamental macroeconomic principle: that overall wealth cannot be universally enhanced as demand for goods and services grows. This discrepancy underscores the challenges posed by inflation, real estate prices and the consequences of the Fed’s policies. Pechman concludes that the Fed is now paying the price for its loose monetary approach during the pandemic, prompting a grim outlook for the U.S. Treasury Department’s finances. Shifting gears, Pechman moves on to discuss European markets, with a spotlight on Novo Nordisk’s remarkable ascent. The Danish pharmaceutical...

Ethereum Foundation's previous big sale of ETH preceded a bear market, but there's little evidence that such sales affect the general market trend. On May 6, Ethereum Foundation transferred nearly $30 million in Ether (ETH) to the Kraken cryptocurrency exchange, causing jitters in the market about a potential selloff event. ETH price fell 4.8% to $1,900 on the day, but the decline has been negligible so far amid a wider recovery trend. ETH price holding key support Ether's price recovered modestly to $1,920 on May 7 after testing its 50-day exponential moving average (50-day EMA; the red wave) near $1,850 as support a day ago. Moreover, the price volatility dropped on Kraken in the said period, per the contracting Bollinger Bands Width in the chart below. That further shows traders' calm amid the Ethereum Foundation transfer. Notably, the 50-day EMA has capped Ether's downside attempts so far in 2023, barring the early March selloff that saw the price briefly fal...