Shiba Inu Receives Prestigious Honor Alongside Bitcoin and Ethereum In Japan

Bitcoin futures traders are showing resilience despite the cryptocurrency's price dropping to $89,000. The stability in the derivatives market suggests that traders may be anticipating a potential price reversal, indicating a level of confidence amidst the recent downturn.

Bitcoin is currently trading at critical price levels around $90,000, indicating a severe short-term capitulation phase. Recent data from CryptoQuant reveals that short-term holders are realizing losses at a scale typically seen near major market turning points. The STH-SOPR metric has dropped below the critical 1.0 threshold, suggesting that many are selling out of fear rather than strategy, marking a significant moment of uncertainty in the cryptocurrency market.

Bitfury, a prominent Bitcoin mining firm, has announced a strategic shift away from mining operations to focus on technology investments. The company plans to launch a $1 billion technology fund aimed at supporting ethical artificial intelligence and cryptocurrency startups, marking a significant transition after 14 years in the mining sector.

A bearish signal from Bitcoin’s SuperTrend indicator suggests a potential major price decline, with estimates indicating a possible drop of up to 77%. This prediction is further supported by the Crypto Fear and Greed index, which is currently registering 'extreme fear' in the market.

A bearish signal from Bitcoin’s SuperTrend indicator suggests a significant price decline, potentially leading to a 77% drop. This prediction is further supported by the Crypto Fear & Greed index, which indicates 'extreme fear' in the market.

Nvidia's earnings for Q3 exceeded expectations, resulting in a surge in its stock price and contributing to Bitcoin's recovery to $90,000, driven by strong data center revenue.

Bitcoin is currently trading around the $90,000 mark, reflecting a significant market shift. Analysts are divided on whether this decline below $100,000 signals the start of a bear market or if Bitcoin is poised for a recovery. Recent data indicates that nearly 7 million BTC are now at an unrealized loss, the highest since January 2024, highlighting the ongoing volatility and uncertainty in the cryptocurrency market.

VanEck analysts report that the recent selloff of Bitcoin is primarily driven by mid-cycle traders, while long-term investors, referred to as whales, continue to hold their positions. This trend indicates a divergence in market behavior, with short-term holders reacting to price fluctuations while long-term holders remain steadfast in their investment strategy.