ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on social media that 285 days have passed in 2024, and if Bitcoin cannot start a bull market within 14 days, it will set the record for the longest consolidation period since the halving.

ChainCatcher news, according to CoinDesk, on-chain data shows that Bitcoin's weekly MACD has been negative since April, but the Bitcoin price has remained in a slightly downward-sloping channel between $50,000 and $70,000, forming a "bull flag" pattern rather than a sharp downward trend, which contradicts the persistent MACD signals.Indicator data shows that since the end of April, the MACD has remained bearish, coupled with the flag price pattern, suggesting that there is bullish sentiment beneath the surface price action. This indicates that sellers have failed to establish a strong downward trend, as even during the panic selling in early August, the price was only suppressed to between $55,000 and $50,000. The long-term weakness of sellers suggests that a bull market may suddenly revive, leading to a price increase.

ChainCatcher news, former Ark Invest crypto head and current Placeholder VC partner Chris Burniske stated on social media: "Although BTC and ETH are in a consolidation phase, the market sentiment feels as if Satoshi has passed away, the long-tail market is showing strong signs. At the same time, blockchain technology is gradually integrating into various aspects of society, even though for those who are impatient, all this progress seems too slow. But I have no doubt that the future is bright.Mainstream coins are still in the same range as the first quarter of 2024, infrastructure continues to mature, and application experiments are expanding (both in variety and geographical scope), but market sentiment is completely opposite to the first quarter—it's absolutely wonderful. What's wrong with that? Don't be scared."

ChainCatcher news, according to CoinDesk, a research report from Canaccord indicates that the crypto asset industry has recovered from the consolidation phase following the collapse of the FTX exchange over the past year and has returned to a growth mode.The report mentions that the launch of Bitcoin and Ethereum spot ETFs in the U.S. this year has been a positive driving force for the crypto market, promoting broader institutional adoption of digital assets.Canaccord expects that the allocation of cryptocurrencies in institutional portfolios will continue to increase. Additionally, MicroStrategy's stock price has risen by approximately 325% over the past year, outperforming most asset classes.

ChainCatcher news, according to CoinDesk, investment bank Architect Partners pointed out in its latest report that the Bitcoin mining industry is in a consolidation phase, a trend triggered by the halving event in April this year.The report emphasizes that mining companies are seeking to acquire large scalable data center capacity and obtain low-cost electricity and capital. The planned acquisition of Stronghold Digital Mining by Bitfarms is a typical example of the recent merger and acquisition trend. The report's authors believe that hostile takeovers are not common in talent-dependent technology and financial services industries, but the Bitcoin mining industry is different, as its core assets are physical facilities, power resources, and generally available computing equipment. However, this consolidation trend contradicts the original intention of Bitcoin's creator, Satoshi Nakamoto, who hoped that anyone could participate in mining without a concentration of computing power. The impact of the current centralization in the mining industry remains to be seen.

ChainCatcher message, Deribit analyst Anand Raj released a report stating that Bitcoin has broken through to $65,000 as expected, but may consolidate around this pivot point due to the presence of a supply zone, while options indicators suggest it could hover around $61,000.

ChainCatcher message, trader Eugene Ng Ah Sio posted on social media, "I believe that in the coming days, new support levels will be found, and the market may undergo some consolidation and retest certain levels, after which quality altcoins will start to rise again. Currently, my watchlist includes the following projects (in no particular order): SUI; SEI; ENA; ZRO; STX; IO; CHR.""In this environment, the definition of 'quality' is quite broad, essentially meaning having good catalysts, fundamentals, or a clean chart without any tokens pending unlock, while also demonstrating historical relative strength. I currently have a substantial position but am still waiting to add more after the previously mentioned retest levels."

ChainCatcher message, Bitcoin's volatility has exceeded the levels of March (when Bitcoin reached its all-time high) and continues to rise, with traders believing this could be the catalyst needed for Bitcoin to finally break out of its consolidation phase.However, to trigger a rebound, Bitcoin must first stay above $61,000 and successfully retest the $62,000 level, which is a level Bitcoin has not touched since August 9.According to data from CoinGlass, on August 21, the historical volatility chart indicator for Bitcoin reached 3.42%, surpassing the 3.00% recorded on March 13, when Bitcoin hit its historical high of $73,679.

ChainCatcher news, Bitfinex Alpha's latest report states that Bitcoin is surging, despite a brief pullback and some strong resistance encountered mid-week. Today (July 29), it still broke through the $70,000 mark on Bitfinex. Bitcoin has rebounded over 30% since the low on July 5, which was previously predicted to be a local bottom. This upward momentum coincides with the 2024 Bitcoin Nashville conference. The implied volatility in the Bitcoin options market initially surged, but later receded as traders reduced risk. With a large number of options expiring on Friday, August 2, the return of some calm in the market may indicate that prices will enter a consolidation phase or a slight pullback.In fact, despite the resistance being broken above, there were clear signs of net selling in the market last week, as profit-taking put pressure on the market, while the gradual distribution of Bitcoin to Mt. Gox creditors also played a role. However, the market absorbed this well, indicating that stronger forces are intervening. Additionally, the current realized price for short-term holders is $65,700, which has provided solid support. The futures market also witnessed a surge in open interest, indicating that leverage is coming into play again. Although there has been selling in the spot market, leveraged longs have been supporting prices. Looking ahead, the next move in the market will be crucial. The recent decline in implied volatility and the increase in leveraged positions suggest that there may be stagnation or range trading in the short term. With key support levels holding and bullish momentum building, the upcoming week for Bitcoin will be interesting.In the second quarter of 2024, the U.S. economy showed stronger-than-expected growth, with Gross Domestic Product (GDP) growing at an annual rate of 2.8%, exceeding expectations. This growth was driven by significant consumer spending and business investment, highlighting the resilience of the economy. Inflation pressures have also eased, with moderate increases in commodity prices, as falling commodity costs offset rising service prices, further strengthening the likelihood of a Federal Reserve rate cut in September. However, the real estate market remains a drag on economic growth, as median home prices hit record highs, and existing home sales fell more than expected. Nevertheless, the increase in supply and the decline in mortgage rates bring hope for a potential rebound. Overall, the economic outlook remains cautiously optimistic, with expectations for steady growth, easing inflation, and potential improvement in the real estate market.

ChainCatcher news, according to crowdfundinsider, Coin Metrics released a report analyzing the current state of the Bitcoin mining market, which pointed out that since the Bitcoin halving in April, Bitcoin mining profit margins have been under pressure due to stagnant BTC prices and a sluggish fee market, although short-term on-chain congestion has alleviated some revenue pressure. On April 20, the Bitcoin block reward was reduced from 6.25 BTC to 3.125 BTC, and the hype around runes gradually faded in the following weeks, making May and June very difficult months for miners.The Coin Metrics report also mentioned that Bitcoin mining companies are about to enter an era of consolidation, where well-funded miners will acquire the assets of less efficient operators. Coin Metrics concluded that "to survive the impacts of efficiency improvements and competitive pressures, mining companies must look to the future, while the long-term trend of BTC prices remains an unpredictable input for a highly capital-intensive business model."

ChainCatcher news, according to The Block, over the past nine days, the holdings of large Bitcoin holders have shown a negative value. Bitfinex analysts indicate that long-term Bitcoin holders and large investors seem to be the driving force behind the recent Bitcoin sell-off, whether on exchanges or through over-the-counter trading.Historically, long-term holders tend to gradually sell their Bitcoin during bull markets, especially when the market enters a consolidation phase.

ChainCatcher news, Charles Edwards, founder of the cryptocurrency hedge fund Capriole Investment, stated on X that Bitcoin is in a "boringly dead" phase, and this consolidation period may last from one to six months, during which Bitcoin will fluctuate within a low volatility range until market participants lose patience. Before the consolidation ends, market sentiment will be at its most negative.Charles Edwards said: "When you are sufficiently bored with the sideways movement, common symptoms include believing that the halving has already been priced in, the bull market is over, and selling stocks at the bottom. Your symptoms and the bears will peak before a big surge."