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BTC price metric that cued biggest Bitcoin bull runs breaks out at $23K

A little-known Bitcoin (BTC) price metric has just given a new bull run signal — and it has never been wrong.

As noted on Feb. 8 by Caleb Franzen, senior market analyst at Cubic Analytics, the Williams %R oscillator has left its bottom zone for the first time since May 2022.

Analyst: Oscillator crossover is a “great sign”

Bitcoin gaining 40% in January and continuing to hold higher levels has produced breakout signals across various on-chain indicators.

Some analysts are cautious, opting to wait and see if the improved conditions last, but for Franzen, the data coming from the Williams %R oscillator is of particular interest.

Williams %R is a momentum oscillator that measures how near BTC/USD is to its recent highs or lows. Momentum oscillators are utilized to measure the strength of a price trend, and Bitcoin’s January performance has made it a prime test case.

Market Analysis

End of bull run? The Graph awaits correction after a 200% GRT price rally

The Graph (GRT) price slipped on Feb. 8 alongside a broader correction across the top crypto assets.

GRT price skyrockets with other data management tokens

GRT’s price plunged nearly 14.5% intraday to $0.18, showing signs of short-term upside exhaustion after rising over 200% earlier in the year. At its sessional high, the token was changing hands for $0.23 on Feb. 7, its highest level in nine months

GRT/USD daily price chart. Source: TradingView

Buying flocked to the GRT market amid a relatively stronger risk-on mood, led by the United States Federal Reserve’s slower interest rate hikes and a strong recovery witnessed in the Bitcoin (BTC) market, which typically influences altcoins into tailing the trend.

The GRT price rally also accompanied similar gains across data management platform tokens. This sector’s market capitalization doubled so far in 2023, with Ocean Protocol (OCEAN), Mask Network (MASK) and Band Protocol (BAND) recording over 200%, 100% and 60% gains, respectively.

Data management tokens and their performances. Source: Messari

Will The Graph’s price correction continue?

The impressive GRT price rally has left The Graph as technically overbought, according to its daily relative strength index (RSI) indicator.

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Market Analysis

End of bull run? The Graph awaits correction after a 200% GRT price rally

The Graph (GRT) price slipped on Feb. 8 alongside a broader correction across the top crypto assets.

GRT price skyrockets with other data management tokens

GRT’s price plunged nearly 14.5% intraday to $0.18, showing signs of short-term upside exhaustion after rising over 200% earlier in the year. At its sessional high, the token was changing hands for $0.23 on Feb. 7, its highest level in nine months

GRT/USD daily price chart. Source: TradingView

Buying flocked to the GRT market amid a relatively stronger risk-on mood, led by the United States Federal Reserve’s slower interest rate hikes and a strong recovery witnessed in the Bitcoin (BTC) market, which typically influences altcoins into tailing the trend.

The GRT price rally also accompanied similar gains across data management platform tokens. This sector’s market capitalization doubled so far in 2023, with Ocean Protocol (OCEAN), Mask Network (MASK) and Band Protocol (BAND) recording over 200%, 100% and 60% gains, respectively.

Data management tokens and their performances. Source: Messari

Will The Graph’s price correction continue?

The impressive GRT price rally has left The Graph as technically overbought, according to its daily relative strength index (RSI) indicator.

image
Altcoins

UK blockchain carbon offset platform raises $45M in seed funding

Carbonplace says it will use the funds to scale its services and become the "SWIFT of carbon markets."

Blockchain

Crypto and psychedelics: Clarifying regulations could help industries grow

It’s a long road to federal legalization, but opposition to psychedelics is waning at the state level and Capitol Hill.

Regulations

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin AversanoLocation: Los AngelesDate minted first NFT: Feb. 15, 2021Which blockchains? Ethereum Bio: Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple […]

Ethereum

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin Aversano
Location: Los Angeles
Date minted first NFT: Feb. 15, 2021
Which blockchains? Ethereum

Bio:

Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple million-dollar sales, including one auctioned at Christie’s. 

A multidisciplinary artist with a great eye and passion for photography, Aversano’s journey into NFTs started with a trip to Peru to work with local shamans to try to get over an addiction and depression. It was on that trip that he started to heal and found a spark that would become the initial idea for his iconic collection. 

“I never questioned that I was an artist, but you know the feeling inside when you’re grappling with anger, depression, sadness and grief. I was looking to outgrow the grief and become whole. In San Pedro, there was a ceremony run by twins. It really opened my heart to connecting with my twin, who passed during my mom’s pregnancy. It felt like opening Pandora’s box. I remember thinking, ‘Okay, there’s something there, and I need to work on it.’” 

A few months removed from San Pedro, Aversano was at an exhibition and photographed a pair of twins who came to his art show. That night, he knew he was ready to take on this new project spotlighting twins. 

Twin Flames #49. Alyson and Courtney Aliano
Weekly Overview

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin Aversano
Location: Los Angeles
Date minted first NFT: Feb. 15, 2021
Which blockchains? Ethereum

Bio:

Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple million-dollar sales, including one auctioned at Christie’s. 

A multidisciplinary artist with a great eye and passion for photography, Aversano’s journey into NFTs started with a trip to Peru to work with local shamans to try to get over an addiction and depression. It was on that trip that he started to heal and found a spark that would become the initial idea for his iconic collection. 

“I never questioned that I was an artist, but you know the feeling inside when you’re grappling with anger, depression, sadness and grief. I was looking to outgrow the grief and become whole. In San Pedro, there was a ceremony run by twins. It really opened my heart to connecting with my twin, who passed during my mom’s pregnancy. It felt like opening Pandora’s box. I remember thinking, ‘Okay, there’s something there, and I need to work on it.’” 

A few months removed from San Pedro, Aversano was at an exhibition and photographed a pair of twins who came to his art show. That night, he knew he was ready to take on this new project spotlighting twins. 

Twin Flames #49. Alyson and Courtney Aliano
Altcoins

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin AversanoLocation: Los AngelesDate minted first NFT: Feb. 15, 2021Which blockchains? Ethereum Bio: Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple […]

Bitcoin

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin AversanoLocation: Los AngelesDate minted first NFT: Feb. 15, 2021Which blockchains? Ethereum Bio: Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple […]

Blockchain

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin AversanoLocation: Los AngelesDate minted first NFT: Feb. 15, 2021Which blockchains? Ethereum Bio: Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple […]

Regulations

Justin Aversano makes a quantum leap for NFT photography

Artist name: Justin Aversano
Location: Los Angeles
Date minted first NFT: Feb. 15, 2021
Which blockchains? Ethereum

Bio:

Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple million-dollar sales, including one auctioned at Christie’s. 

A multidisciplinary artist with a great eye and passion for photography, Aversano’s journey into NFTs started with a trip to Peru to work with local shamans to try to get over an addiction and depression. It was on that trip that he started to heal and found a spark that would become the initial idea for his iconic collection. 

“I never questioned that I was an artist, but you know the feeling inside when you’re grappling with anger, depression, sadness and grief. I was looking to outgrow the grief and become whole. In San Pedro, there was a ceremony run by twins. It really opened my heart to connecting with my twin, who passed during my mom’s pregnancy. It felt like opening Pandora’s box. I remember thinking, ‘Okay, there’s something there, and I need to work on it.’” 

A few months removed from San Pedro, Aversano was at an exhibition and photographed a pair of twins who came to his art show. That night, he knew he was ready to take on this new project spotlighting twins. 

Twin Flames #49. Alyson and Courtney Aliano
Market Analysis

India in ‘no hurry’ for CBDC as digital rupee pilot onboards 50k users

The central bank of India wants to proceed with CBDC testing in the smoothest way possible, deputy governor Rabi Sankar said.

Regulations

5 high-paying careers in data science

Data science careers tend to have high salaries — often over six figures — as the demand for skilled professionals in this field continues to grow.

Blockchain

ConsenSys founder 'bullish' on Ethereum following crypto winter performance

Ethereum co-founder and ConsenSys founder Joe Lubin says ETH’s relatively stable value through crypto winter is reason to be bullish about Ethereum’s future.

Ethereum

ConsenSys founder 'bullish' on Ethereum following crypto winter performance

Ethereum co-founder and ConsenSys founder Joe Lubin says ETH’s relatively stable value through crypto winter is reason to be bullish about Ethereum’s future.

Blockchain

Happy Bitcoin anniversary, Tesla — Elon Musk firm still hodls 9.7K BTC

Bitcoin exposure may be down 77.5%, but Tesla still has the third-largest BTC holdings of a publicly listed company.

Bitcoin

Happy Bitcoin anniversary, Tesla — Elon Musk firm still hodls 9.7K BTC

Bitcoin (BTC) held by Tesla is still worth 33% less than its 2021 purchase price, the latest data shows.

Two years to the day that Elon Musk’s firm added BTC to its balance sheet, most gains continue to evade the auto manufacturer.

Tesla and Bitcoin: From $1.5 billion to $225 million

Bitcoin and Tesla have proven an explosive combination since Musk announced that it would buy $1.5 billion in BTC.

The move in February 2021 came as BTC/USD was on its way to its first all-time high of the year, which it reached in April, topping out at $58,000.

Tesla’s purchase price was around $34,700 at the time, according to data from the tracking website Bitcoin Treasuries.

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Market Analysis

CoinGecko and 21Shares propose global crypto classification standard

The new crypto classification effort aims to help investors and regulators spot potential crypto failures like those seen in 2022.

Bitcoin

CoinGecko and 21Shares propose global crypto classification standard

The new crypto classification effort aims to help investors and regulators spot potential crypto failures like those seen in 2022.

Regulations

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