Bitcoin Price Analysis: BTC Attempting $90,000 Breakout But Selling On Rallies Stalls Recovery
Bitcoin (BTC) bulls are battling to break above the $89,000-$90,000 price ceiling. However, bears continue to sell on rallies, thwarting a move higher.
The flagship cryptocurrency battled selling pressure to reach an intraday high of $89,365 on Friday before settling at $88,092. Bulls are trying to break the sell pressure at $90,000 and start a recovery.
Meanwhile, US equities are showing momentum and boosting crypto-related stocks like Galaxy and BitMine.
Blockstream CEO Pushes Back Against Bitcoin Quantum Threat
Blockstream CEO Adam Back has criticized claims that Bitcoin (BTC) is facing an imminent quantum threat. Back criticized Carter Island Ventures founding partner Nic Carter for amplifying the claims after the latter explained why his company had invested in Project Eleven, a startup developing defenses against quantum attacks on Bitcoin and other crypto networks. Back accused Carter of creating unnecessary fear, stating,
You make uninformed noise and try to move the market or something. You’re not helping.
Back stated that the Bitcoin ecosystem is not ignoring the quantum threat, adding that developers are working on counteracting the threat without making it into a public spectacle. However, Carter countered Back’s argument, stating that the Bitcoin developer community is unwilling to confront the threat, claiming they were in “total denial” about the possibility of powerful quantum machines undermining Bitcoin’s cryptographic foundations.
CLARITY Act Unlikely To Have Significant Impact On Bitcoin: Brandt
Veteran trader Peter Brandt believes the CLARITY Act won’t have a significant impact on Bitcoin (BTC) price action. Market experts believe the legislation could pass Congress as early as January. Brandt stated in an interview,
Is it a world-shaking macro development? Nope. Needed for sure, but not something that should redefine value. Having an asset regulated, particularly an asset for which die-hard investors never wanted to be regulated, is not an earth-shattering event.
Solo Bitcoin Miner Wins $271,000 Block Reward
A solo Bitcoin miner beat overwhelming odds to mine an entire Bitcoin block, renting hashpower from the NiceHash marketplace. The solo miner discovered block 928,351, winning the standard block subsidy and transaction fee for a total payout of $271,000 from an initial investment of $86. The block was mined outside a major mining pool, allowing the miner to claim the entire reward.
Bitcoin’s network hashrate is dominated by large industrial mining operations using specialized hardware. This is why the odds of a solo miner mining a block are extremely low. Most miners pool their resources into mining pools to improve their chances of mining a block and earning rewards.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is struggling to reclaim $90,000 as bulls struggle to maintain momentum. The flagship cryptocurrency crossed $89,000 on Friday and reached an intraday high of $89,365. However, momentum fizzled out, and it settled at $88,092. The price is marginally up during the ongoing session, trading around $88,114.
BTC’s brief push above $89,000 comes despite the Bank of Japan hiking interest rates to 0.75% on Friday. While a Bank of Japan rate hike is considered bearish for risk assets, BitMEX co-founder Alex Hayes was optimistic and asked followers not to “fight the BOJ.”
Don’t fight the BOJ: -ve real rates is the explicit policy. JPY to 200, and $</span></i><a href="https://coinstats.app/coins/bitcoin/"><b><i>BTC</i></b></a><i><span style="font-weight: 400;"> to a milly.
Meanwhile, Temple 8 Research flagged a standoff between market expectations and economic reality, stating,
The market sees a hawkish pivot. We see a political ceiling. You cannot floor the gas (Fiscal Stimulus) while slamming the brakes (Rate Hikes). If rates go to 1.5%, interest payments on this new debt explode.
BTC started the previous week in positive territory, rising 0.28% to $90,653. Buyers retained control as the price reached an intraday high of $94,640 before settling at $92,690, ultimately increasing 2.25%. However, it lost momentum on Wednesday, dropping 0.71% to $92,035. The price fell to an intraday low of $89,257 on Thursday as selling pressure intensified. However, it rebounded from this level to reclaim $90,000 and settle at $92,542. The price returned to bearish territory on Friday, dropping 2.45% to $90,278.
Source: TradingView
Price action remained bearish over the weekend as BTC registered a marginal drop on Saturday and 2.31% on Sunday, slipping below $90,000 to $88,171. Sellers retained control on Monday as the price fell 1.99% to $86,417. Despite the overwhelming selling pressure, BTC recovered on Tuesday, rising 1.66% to $87,854. The price briefly crossed $90,000 on Wednesday and settled at $90,336. However, it failed to stay at this level and settled at $86,209. BTC reached an intraday high of $89,447 on Thursday before losing momentum and settling at $85,460. The price recovered on Friday, rising over 3% to $88,092. The flagship cryptocurrency is marginally up during the ongoing session, trading around $88,120.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.