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Bitcoin's recent price action has caught the attention of market analysts. The world's largest cryptocurrency is now trading 16% above its September 6 low of $52,546. This reversal has sparked optimism among experts. Independent analyst Jelle believes this could be the start of something big. "Bitcoin's local structure turned back to bullish here," he posted on X. He's not pulling punches. Jelle points to Bitcoin's recent high of $60,670 on September 13. This peak surpassed the September 3 high of $59,830. It's a technical setup that suggests market strength. The analyst thinks Bitcoin could soon break through $65,000. From there, new all-time highs might be on the cards. Another analyst, Altstein Trader, agrees. He calls the local bullish shift "promising". Daan Crypto Trades has spotted an interesting pattern. Bitcoin is trading near the middle of a descending parallel channel at $57,902. A 5% move above this level could trigger a bigger 10% jump. Data from Cointelegraph Markets Pro and TradingView backs this up. Bitcoin made a 5% gain after the Wall Street open on September 18. It rose above the $59,300 to $60,738 zone, where key moving averages converge. This move saw Bitcoin hit an intraday high of $61,331. It later pulled back to $60,540. Analysts say Bitcoin needs to hold above this level to keep its bullish momentum. The $60,000 mark is proving to be a tough nut to crack. IntoTheBlock's data shows stiff resistance around this price point. Their IOMAP model reveals that 1.53 million addresses bought 604,760 BTC between $60,465 and $62,278. CoinGlass data adds another wrinkle. There are massive ask orders building up around $60,000. About $40.13 million in ask orders sit at this level. It's a big hurdle for the bulls to overcome. But it's not all doom and gloom. Kyledoop shared some juicy data from CryptoQuant. The futures sentiment index has been on the rise since the start of the year. This metric has an 89% historical correlation with price jumps across four cycles. So, what's the bottom line? Bitcoin's looking bullish, but it's got some serious resistance to push through. The next few weeks could be make or break for crypto's top dog. Grab your popcorn, folks. This could get interesting.

Bhutan, the tiny Himalayan kingdom known for its "Gross National Happiness" index, has a surprising new claim to fame. The Buddhist nation is secretly hoarding a massive Bitcoin fortune. Data sleuths at Arkham Intelligence have blown the lid off Bhutan's crypto stash. The kingdom owns a whopping 13,011 BTC, worth about $780.49 million. This revelation is a real head-turner. It puts Bhutan in the big leagues of government Bitcoin holders. "Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC," Arkham tweeted. But here's the kicker: unlike other governments, Bhutan isn't sitting on seized assets. The kingdom's Bitcoin comes from its own mining operations. And they've been ramping things up since early 2023. Druk Holdings, Bhutan's investment arm, is behind this crypto push. They've set up mining facilities across the country. The biggest operation? It's on the site of a failed "Education City" project. Arkham's sleuths didn't stop at blockchain data. They've been playing detective with satellite imagery too. "We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction," Arkham noted. Pretty nifty, right? But Bhutan isn't going it alone. In May 2023, they teamed up with Bitdeer for a 100% carbon-free mining operation. Earlier this year, Bloomberg reported that Druk Holding & Investments and Bitdeer were thinking big. They're planning to boost mining capacity from 100 to 600 megawatts. Bhutan's eco-friendly mining approach is no accident. The kingdom's flush with hydropower, making it a prime spot for green Bitcoin production. This crypto venture is a far cry from Bhutan's traditional image. The kingdom, nestled in the eastern Himalayas, is known for its stunning monasteries and pristine landscapes. Bhutan's embrace of Bitcoin mining represents a bold step into the digital age. It's a stark contrast to the country's carefully preserved cultural heritage. The kingdom has long prioritized environmental conservation. Its constitution mandates that 60% of the land must remain forested. Bhutan's Bitcoin strategy could potentially boost its economy. The country has been grappling with youth unemployment and a growing national debt. However, the volatile nature of cryptocurrencies poses risks. Bhutan's significant Bitcoin holdings could expose it to market fluctuations. The kingdom's move into crypto mining also raises questions about energy use. While Bhutan's hydropower resources are substantial, balancing power needs with environmental goals could prove challenging. As Bhutan navigates this new digital frontier, the world watches with interest. The Dragon Kingdom's Bitcoin gambit could reshape its economic future - for better or worse.

Coinbase, the top US crypto exchange, has rolled out Coinbase Wrapped Bitcoin (cbBTC). It's a 1:1 Bitcoin-backed token on Ethereum. The move has set the crypto world abuzz. cbBTC aims to bridge Bitcoin with decentralized finance (DeFi). It's now live on Ethereum and Base blockchains. Users can access popular DeFi apps like Aave and Curve Finance. Coinbase's blog post explains the perks. "cbBTC removes a key point of friction," it states. Users can now provide Bitcoin as liquidity or use it as collateral in DeFi. The conversion process seems straightforward. When users send BTC from Coinbase to Base or Ethereum, it automatically becomes cbBTC. The reverse happens when cbBTC lands in Coinbase accounts. But not everyone's thrilled. Justin Sun, Tron's founder, is leading the pushback. He called it a "dark day for BTC" on Twitter. Sun's beef? He claims cbBTC lacks proof of reserve and audits. Sun didn't stop there. He warned that a single US subpoena could freeze all associated Bitcoin. "Essentially, it's just, 'Trust me,'" he mocked. The criticism isn't coming out of thin air. Recent drama around Wrapped Bitcoin (WBTC) has made folks wary. WBTC's custodian, BitGo, recently partnered with a Sun-affiliated company. It raised eyebrows about centralization. Amid the fuss, other players are jumping in. Investment firm 21shares announced its own wrapped Bitcoin, 21BTC. It's getting crowded out there. Some industry experts are chiming in. Fireblocks' VP, Arik Galansky, told Decrypt that WBTC hasn't kept pace with tech evolution. He thinks the market needs better alternatives. Vijay Pravin Maharajan from bitsCrunch pointed out the risks. He's worried about centralization and smart contract vulnerabilities. It's not all sunshine and rainbows in the wrapped Bitcoin world. Coinbase isn't taking the criticism lying down. They told Decrypt they're keeping tight control of the keys. No lending or funny business with the backing Bitcoin, they promise. Hours after launch, Coinbase had to issue a warning. Scammers were already trying to impersonate cbBTC. It's a jungle out there, folks. The debate rages on. Is cbBTC a game-changer or a ticking time bomb? Only time will tell. But one thing's for sure – the crypto world is never dull.

Bitcoin's mining hashrate has hit a new all-time high. This comes despite the cryptocurrency's recent price slump. The move suggests miners are betting on a future rally. The hashrate measures the total computing power on the Bitcoin network. It's a key indicator of network health and miner confidence. A rising hashrate typically signals optimism among miners. On-chain data shows the 7-day average hashrate recently spiked. This push came near the end of July and set a new record for the metric. But the high was short-lived. The indicator saw a rapid decline soon after. It wasn't until mid-August that the metric started to recover. This recovery held steady for a while. But the indicator ended August on a low note, simply retreating to earlier lows. Why the rollercoaster ride? The answer might lie in Bitcoin's price action. Miners make most of their money from block rewards. These rewards are fixed in Bitcoin terms. They're also given out at regular intervals. So, there's really only one variable that matters: Bitcoin's dollar value. When the price goes up, so does miner revenue. It's that simple. The late July hashrate peak coincided with Bitcoin's rally towards $70,000. The subsequent decline? That happened as the asset took a nosedive. But here's where things get interesting. Since September started, the hashrate has been climbing. And get this - it's happening while Bitcoin's price is tanking. It's a head-scratcher, for sure. But it suggests miners are feeling gutsy. They're expanding operations, likely betting on a future price surge. We've seen this movie before. Earlier this year, a similar hashrate trend preceded Bitcoin's rally to its all-time high price.

The crypto market's been a bit of a rollercoaster lately. Bitcoin ETFs saw their biggest outflow in two months on Monday. It was rough, but there is one small group of players who may be actually enjoying the ride. The crypto whales. They are buying the dip. And not only Bitcoin, there is another coin that gains momentum right now thanks to the whales' attention. This sell-off pushed Bitcoin below $56,000 early Wednesday. But it didn't stay down for long. By midday, Bitcoin had bounced back above $58,000. Why? Whale watching might give us a clue. On-chain sleuth Lookonchain spotted a wallet scooping up 545 BTC on Wednesday. That's no small fry. This same wallet's been on a buying spree. It's nabbed 862 BTC in just three days. Another big player's been making moves too. Dubbed "Mr 100" by crypto Twitter, this wallet's been steadily accumulating. It now holds a whopping 72,726 BTC. Some reckon it might be an exchange. Who knows? Despite the dip, some experts reckon Bitcoin could be gearing up for a comeback. The $70,000 mark isn't out of reach. The Fed's about to start cutting rates. And Trump, a crypto fan, is leading the polls for November. It's all looking pretty bullish. But here's the kicker – while Bitcoin might double, there's a new kid on the block. Pepe Unchained, a meme coin, is turning heads. It's raised nearly $12 million in its presale. That's no joke. Chester, Cryptonews.com's in-house analyst, reckons it's one to watch, he's got a video breaking it all down. So, what's the takeaway? The crypto market's as unpredictable as ever. But one thing's for sure – the whales aren't sitting this one out.