Bitcoin analysis: Will rising high-yield credit rates boost BTC above $60K?

  • High-yield credit rates turn bullish after breakout.
  • Bitcoin price action sitting on crucial support.

Bitcoin [BTC] has become a focal point in discussions, particularly after yesterday’s, the 28th of August, downturn.

Analyzing high-yield credit rates reveals a bullish breakout from the lows, signaling increased investor optimism toward the global economy.

This shift in sentiment is contributing to a growing risk-on appetite for risk assets, including Bitcoin. This trend is expected to positively influence Bitcoin price, potentially driving it higher.

Source: Bitcoin Magazine PRO

The movements in high-yield credit rates could play a significant role in shaping market dynamics, making it essential to monitor how these developments impact Bitcoin and other assets.

As BTC currently sits on crucial 4-hour support, the question arises: Will this renewed risk-on appetite help Bitcoin recover its recent losses?

Critical support holding

Focusing on Bitcoin price action, the BTC/USDT pair is currently consolidating within the $59K – $60K range on the 4-hour timeframe.

Nine consecutive 4-hour candles have failed to break below this critical support level, leading to speculation that BTC may have gathered the necessary liquidity around this range. However, the weekly candle still presents a concerning outlook.

Source: TradingView

Given the growing risk-on appetite and the potential for upcoming rate cuts, closely monitoring Bitcoin performance in September will be vital as it could set the direction for BTC in the coming months.

Bitcoin RSI approaches extremely oversold levels

Moreover, BTC’s Relative Strength Index (RSI) is nearing extremely oversold levels. While an immediate rebound may not occur, historically, such RSI levels have often preceded significant price reversals.

With the indicator approaching the flip zone, the increasing risk-on appetite could help BTC reverse its recent losses and potentially aim for the $70K price level.

Source: Trader Tardigrade/Trading View

Liquidity analysis

Liquidity analysis also shows that Bitcoin recently absorbed substantial liquidity below the $60K mark, with prices briefly dipping below $58K.

However, a significant liquidity zone awaits above $70K. If BTC fails to break below its current support level, there’s a strong expectation that the price will revisit this higher zone.

Although it’s too early to fixate on this target, if Bitcoin price starts trading within a few percent of this level, it becomes more likely that the liquidity will be taken out.

Bitcoin

Source: Coinglass

Read Bitcoin’s [BTC] Price Prediction 2024-25

For now, BTC remains near the lower end of this range, so vigilance is necessary. Bitcoins price action, influenced by the growing risk-on appetite, could see a recovery from recent losses, especially if critical support levels hold.

The potential for BTC to move higher is evident, but it requires careful observation of key indicators and market dynamics.

Next:

Investors trust Binance, Coinbase most for security, says AMBCrypto report

The markets expect the Federal Open Market Committee to cut interest rates at its next meeting on 18 September. However, escalating geopolitical tensions in the Middle East and Africa are making investors fearful.

Consider this – After the easing of U.S inflation, traders expected BTC to change hands at a premium. However, the coin instead lost its $60,000 psychological support and was trading at a discount of 3.10%, at the time of writing.

A silver lining emerges

Interestingly, AMBCrypto’s August 2024 report found that whales have been buying the dip and adopting a HODLing strategy. In fact, the number of whales, after falling to a low of 1,638, has also been gradually increasing.

Most definitely, big-pocket investors are seeing the current market condition as an opportunity to go long.

Source: glassnode

Despite the whales’ bullish conviction, interest in trading Bitcoin declined in early August as retail investors favored altcoins over the king coin. But, after 25 August, the sentiment changed in favor of BTC since active addresses noted a sharp uptick.

On the other hand, BRC-20 inscription activity cooled down in August from its April peak of 18,085. Although August recorded a hike in new inscriptions (552), the overall volume was still far below its previous high.

Amidst all the on-chain developments, a concerning factor emerged on 28 August when the BTC OI-Weighted Funding Rate moved to the negative side. This implied that perpetual contract traders were leaning towards a bearish outlook.

Factors that could spark a short-term bullish reversal

In an exclusive conversation with AMBCrypto, 21Shares’ Head of U.S Business Federico Brokate revealed that ETF inflows could be a turning point for Bitcoin’s price trajectory. According to the exec,

“The players that will be the longest or the largest buyers long-term actually haven’t even started participating in BTC spot ETFs.” 

So, once pension funds and asset managers start allocating more money to the risk-on assets, BTC’s $100k goal won’t be too far. The imminent launch of Solana-based ETFs could also significantly affect the broader crypto market.

In anticipation of this, AMBCrypto asked 21Shares about the possibility of SHIB or DOGE ETFs. While acknowledging the cultural influence of memecoins, Brokate stated that the company is prioritizing more established cryptocurrencies for its current ETF offerings.

Although not dismissing the potential for future memecoin ETFs, the exec stressed the need for clear utility and value propositions in ETF product development.

Headwinds for the crypto market

While on-chain indicators and the macroeconomic outlook seem to be favoring cryptocurrencies, incidents of hacks, thefts, and ransomware attacks are emerging as the biggest challenge for the crypto market.

Crypto hackers made a dramatic comeback in 2024, stealing over $1.58 billion in digital assets through July. This marked an 84% increase, compared to last year when hacking activity had significantly declined.

To closely understand investors’ defense mechanism against crypto hacks, AMBCrypto conducted an exclusive survey. The results revealed that 78% of respondents considered Binance and Coinbase to be the most secure cryptocurrency exchanges.

And, over 43% prioritize hardware wallets for safeguarding their digital assets. AMBCrypto’s August 2024 report discussed this insightful survey in full detail.

Dive into AMBCrypto’s August 2024 crypto market report

This comprehensive report dives deeper than just Bitcoin and security. It explores emerging trends like the surge in staking and restaking on Ethereum, and the growing popularity of memecoins on Solana.

The report even talks about a big development in the world of stablecoins and discusses factors that might help the NFT market recover.

You can download the full report here.

Next:

Will Bitcoin see a repeat of 2020? Here’s what this analyst has to say

  • BTC may be mirroring its 2020 price trend, Is a post-COVID pump scenario on the cards?
  • QCP Capital analysts projected that the recent BTC dip could be short-lived

Since peaking above $73k in March, Bitcoin [BTC] has been consolidating for six months, swinging between $50k and $70k. According to Bloomberg ETF analyst James Seyffart, however, the current price action mirrors its 2020 pattern. 

“Bitcoin right now around $50k-$70k over the last 6 months kinda sorta reminds of BTC trading around $7k – $10k from mid-2019 through early to mid-2020.”

After breaking the $7k – $10k price range in 2020, BTC closed the year nearly at $30k, tripling its value. By 2021, BTC peaked at $69k, more than double its value at the end of 2020. 

As highlighted by Seyffart, 2020 and 2024 share more than just similar price patterns. They also share BTC halving events historically associated with massive rallies. 

Is a parabolic rally likely for BTC?

Although historical performance doesn’t dictate future outcomes, history always rhymes. Most market cycle analysts still maintain that BTC’s post-halving rally is still on the cards. 

One of the analysts, Luke Martin, shared a similar analysis to Seyffart’s and projected a likely pump after the summer’s choppy market. 

“Yup! Very similar setup to mid/summer 2020. Choppy market post-halving, consolidation during uptrend, cycle low ~1.5 years ago.”

Bitcoin

Source: X

Similar post-halving projections have been made too, the latest being a price target of $200k per BTC by 2025. 

That being said, BTC has been whipsawing over the past few days despite positive signals from the Fed about a potential policy pivot towards interest rate cuts. The world’s largest cryptocurrency recently mounted above $64k, only to slip below $60k, stoking confusion amongst investors and analysts. 

CryptoQuant’s Head of Research, Julio Moreno, noted that a massive BTC dump on centralized exchanges from some large wallets triggered the mid-week plunge. 

“There were increasing #Bitcoin inflows to spot exchanges just before today’s sell-off (first chart).”

Bitcoin

Source: CryptoQuant

On the contrary, QCP Capital analysts revealed that given the positive macro outlook, the current downward pressure could be short-lived before the next leg up begins. 

“We believe that any dip in equities (and crypto) will be short-lived. With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher.”

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The First Video of Dutch Pinball Exclusive’s Alice’s Adventures in Wonderland, Big Trouble in Little China Pinball Teaser, JAWS “The Shark is Broken” Topper Mode & More

A little over an hour ago, Dutch Pinball Exclusive shared the first ever video of its upcoming pinball machine Alice’s Adventures in Wonderland on its Facebook page. I can’t seem to get the video to embed in this article, so I have included a link to it below.

The short clip shows player-controlled spinning disks that are on the playfield near the outlanes, which is a really cool idea.

https://www.facebook.com/watch?v=876721107678816

Yesterday afternoon, the In Before the Lock podcast shared the debut of the teaser trailer for a brand new homebrew pinball machine from Mudflaps Pinball, creator of the amazing Friday the 13th homebrew pinball machine. Calling Friday the 13th a homebrew doesn’t do it justice. The machine was fantastic. It was a production-quality game with amazing art and callouts from some of the actual actors from the movies.

Mudflaps Pinball’s next project is a game based on the 1986 John Carpenter classic film Big Trouble in Little China.

We’ve had no shortage of news from Stern Pinball lately. First late last week they showed off the cool new JAWS: the Revenge Challenge Mode. Then yesterday I reported about the Company’s new relationship with Costco and the Jurassic Park Home Edition Plus machine. Now today they are going to provide is with the new JAWS “The Shark is Broken” topper mode.

This afternoon at 4:00 PM Central time on Stern Pinball’s Twitch and YouTube channels the game’s design team will give us a sneak peek at the upcoming mode.

It’s cool that we’ll get to see that today, but what it likely means is that we aren’t going to get a teaser or a peek at Stern’s upcoming cornerstone game, which is rumored to be based upon Marvel’s X-Men. I have heard from strong sources that the new game is already on the production line at Stern and that there is a number of them New In Box ready to go. Will we get a brief teaser for the game late this week and the launch during the first week of September? It has to be coming fairly soon.

One thing I will say is that Stern is the King of content. There’s rarely a shortage of things to say about them. They make the hobby interesting.

https://www.youtube.com/user/sternpinballinc

This morning Homepin shared a flyer for its next game Blues Brothers on its Facebook page. The game is scheduled to make an appearance at the upcoming Newcastle Pinball Show in mid-September.

https://pinfest.com.au/pinfest-2024/

Earlier today, the iconic video game manufacturer Capcom announced that it is going to bring out another collection of classic fighting games appropriately named The Capcom Fighting Collection 2.

I own the Capcom Fighting Collection 1, the Capcom Beat ‘Em Up Bundle and the Capcom Arcade Stadium classic game compilations on Steam already, so I’ll definitely buy this one when it comes out sometime in 2025. The list of games in this one include:

  • Capcom vs. SNK: Millennium Fight 2000 Pro

  • Capcom vs. SNK 2: Mark of the Millennium 2001

  • Capcom Fighting Evolution

  • Street Fighter Alpha 3 UPPER

  • Project Justice

  • Power Stone

  • Power Stone 2

  • Plasma Sword: Nightmare of Bilstein

https://www.capcom-games.com/cfc2/en-us/

Below is the trailer for the game:

ABBA Pinball Stream, BBQ Challenge on Sale, Barrels of Fun Factory Tour & More

Last night, the popular Twitch / YouTube pinball streamer Loose Flip aired the first-ever extended stream of Pinball Brothers’ brand new game ABBA. The specific game that was streamed was provided by Pinball Brothers’ European distributor RS Pinball. Yes the players are speaking German in the video, but the gameplay is in English :). I have embedded it below for anyone who wants to check it out.

https://www.youtube.com/looseflip

Over the past year, American Pinball has run several limited-time sales on its games in conjunction with various holiday weekends. Previously, all of its games but Barry O’s Barbeque Challenge were eligible for the discount. This week, American is running a special $500 off Labor Day sale on BBQ Challenge. From 8/23/2024 through 9/2/2024, AP is lowering the price of the game to $6,495, from its regular MSRP $6,995.

https://www.american-pinball.com/games/barry-os-bbq-challenge/

The Texas-based manufacturer of Labyrinth pinball announced this afternoon that it is opening up its factory to the public for a tour on Saturday, October 12th from 9:00 AM to 1:00 PM in conjunction with the upcoming Houston Arcade Expo.

Shuttle busses will be available to take show attendees from the Houston Marriott Westchase to the Barrels of Fun factory, ten minutes away.

https://www.houstonarcadeexpo.com/

This morning I wrote about Stern Pinball’s new partnership with Costco. Stern has also created a new turnkey office pinball solution for companies looking to make their lounges a fun place for employees to hang out and bond.

According to a new flyer for the program from Stern, for “as low as $499/Month” companies can rent a pinball machine with included maintenance, setup and delivery. The list of games shown in the ad includes Foo Fighters, Stranger Things, Mandalorian, JAWS, Godzilla, Venom, Jurassic Park and Avengers Infinity Quest.

That’s not cheap, but I can see big corporations possibly trying it out. Back before we decided to close my company’s office permanently during COVID we used to have a pinball machine there that everyone loved.

I don’t know whether these new volume-driving initiatives from Stern will work, but I like seeing them thinking outside-the-box to try to generate sales and keep the production line moving. The healthier pinball companies are, the better it is for the hobby.

SNK, creator of the popular King of Fighters series of fighting games, is celebrating the 30th anniversary of the franchise. The first game in the series, King of Fighters ’94 made its debut in arcades on the Neo Geo MVS on August 25, 1994.

SNK created a special website to celebrate the anniversary, on which it plays to roll out 30 “exclusive programs” over the next several months. The first of which is the release of development documents for the series later today.

https://www.kof30th.com/en/

Stern Pinball to Sell New Jurassic Park Home Edition Plus in Partnership with Costco

There had been rumblings about a potential new collaboration between Stern Pinball and Costco on Pinside for a week or so and today it became official. Stern announced that it will sell an exclusive version of its Jurassic Park Home Edition pinball machine at approximately 25% of its US warehouse clubs and online.

This special version of Jurassic Park Home will be called the “Plus” edition and include a couple of exclusive features, including Insider Connected, which is really neat because it means more achievements :). The new model will also include a solid wood playfield and a cosmetic coin door.

The price of Jurassic Park Home Plus will be $4,999 at Costco locations and $5,999 online at the Stern website.

At this time, Stern does not plan to sell kits to add Insider Connected to existing Jurassic Park Home games.

Pictures of the new Jurassic Park Home Edition Plus:

Pictures of the original Jurassic Park Home Edition on location:

The First Video of Dutch Pinball Exclusive’s Alice’s Adventures in Wonderland, Big Trouble in Little China Pinball Teaser, JAWS “The Shark is Broken” Topper Mode & More

A little over an hour ago, Dutch Pinball Exclusive shared the first ever video of its upcoming pinball machine Alice’s Adventures in Wonderland on its Facebook page. I can’t seem to get the video to embed in this article, so I have included a link to it below.

The short clip shows player-controlled spinning disks that are on the playfield near the outlanes, which is a really cool idea.

https://www.facebook.com/watch?v=876721107678816

Yesterday afternoon, the In Before the Lock podcast shared the debut of the teaser trailer for a brand new homebrew pinball machine from Mudflaps Pinball, creator of the amazing Friday the 13th homebrew pinball machine. Calling Friday the 13th a homebrew doesn’t do it justice. The machine was fantastic. It was a production-quality game with amazing art and callouts from some of the actual actors from the movies.

Mudflaps Pinball’s next project is a game based on the 1986 John Carpenter classic film Big Trouble in Little China.

We’ve had no shortage of news from Stern Pinball lately. First late last week they showed off the cool new JAWS: the Revenge Challenge Mode. Then yesterday I reported about the Company’s new relationship with Costco and the Jurassic Park Home Edition Plus machine. Now today they are going to provide is with the new JAWS “The Shark is Broken” topper mode.

This afternoon at 4:00 PM Central time on Stern Pinball’s Twitch and YouTube channels the game’s design team will give us a sneak peek at the upcoming mode.

It’s cool that we’ll get to see that today, but what it likely means is that we aren’t going to get a teaser or a peek at Stern’s upcoming cornerstone game, which is rumored to be based upon Marvel’s X-Men. I have heard from strong sources that the new game is already on the production line at Stern and that there is a number of them New In Box ready to go. Will we get a brief teaser for the game late this week and the launch during the first week of September? It has to be coming fairly soon.

One thing I will say is that Stern is the King of content. There’s rarely a shortage of things to say about them. They make the hobby interesting.

https://www.youtube.com/user/sternpinballinc

This morning Homepin shared a flyer for its next game Blues Brothers on its Facebook page. The game is scheduled to make an appearance at the upcoming Newcastle Pinball Show in mid-September.

https://pinfest.com.au/pinfest-2024/

Earlier today, the iconic video game manufacturer Capcom announced that it is going to bring out another collection of classic fighting games appropriately named The Capcom Fighting Collection 2.

I own the Capcom Fighting Collection 1, the Capcom Beat ‘Em Up Bundle and the Capcom Arcade Stadium classic game compilations on Steam already, so I’ll definitely buy this one when it comes out sometime in 2025. The list of games in this one include:

  • Capcom vs. SNK: Millennium Fight 2000 Pro

  • Capcom vs. SNK 2: Mark of the Millennium 2001

  • Capcom Fighting Evolution

  • Street Fighter Alpha 3 UPPER

  • Project Justice

  • Power Stone

  • Power Stone 2

  • Plasma Sword: Nightmare of Bilstein

https://www.capcom-games.com/cfc2/en-us/

Below is the trailer for the game:

ABBA Pinball Stream, BBQ Challenge on Sale, Barrels of Fun Factory Tour & More

Last night, the popular Twitch / YouTube pinball streamer Loose Flip aired the first-ever extended stream of Pinball Brothers’ brand new game ABBA. The specific game that was streamed was provided by Pinball Brothers’ European distributor RS Pinball. Yes the players are speaking German in the video, but the gameplay is in English :). I have embedded it below for anyone who wants to check it out.

https://www.youtube.com/looseflip

Over the past year, American Pinball has run several limited-time sales on its games in conjunction with various holiday weekends. Previously, all of its games but Barry O’s Barbeque Challenge were eligible for the discount. This week, American is running a special $500 off Labor Day sale on BBQ Challenge. From 8/23/2024 through 9/2/2024, AP is lowering the price of the game to $6,495, from its regular MSRP $6,995.

https://www.american-pinball.com/games/barry-os-bbq-challenge/

The Texas-based manufacturer of Labyrinth pinball announced this afternoon that it is opening up its factory to the public for a tour on Saturday, October 12th from 9:00 AM to 1:00 PM in conjunction with the upcoming Houston Arcade Expo.

Shuttle busses will be available to take show attendees from the Houston Marriott Westchase to the Barrels of Fun factory, ten minutes away.

https://www.houstonarcadeexpo.com/

This morning I wrote about Stern Pinball’s new partnership with Costco. Stern has also created a new turnkey office pinball solution for companies looking to make their lounges a fun place for employees to hang out and bond.

According to a new flyer for the program from Stern, for “as low as $499/Month” companies can rent a pinball machine with included maintenance, setup and delivery. The list of games shown in the ad includes Foo Fighters, Stranger Things, Mandalorian, JAWS, Godzilla, Venom, Jurassic Park and Avengers Infinity Quest.

That’s not cheap, but I can see big corporations possibly trying it out. Back before we decided to close my company’s office permanently during COVID we used to have a pinball machine there that everyone loved.

I don’t know whether these new volume-driving initiatives from Stern will work, but I like seeing them thinking outside-the-box to try to generate sales and keep the production line moving. The healthier pinball companies are, the better it is for the hobby.

SNK, creator of the popular King of Fighters series of fighting games, is celebrating the 30th anniversary of the franchise. The first game in the series, King of Fighters ’94 made its debut in arcades on the Neo Geo MVS on August 25, 1994.

SNK created a special website to celebrate the anniversary, on which it plays to roll out 30 “exclusive programs” over the next several months. The first of which is the release of development documents for the series later today.

https://www.kof30th.com/en/

Stern Pinball to Sell New Jurassic Park Home Edition Plus in Partnership with Costco

There had been rumblings about a potential new collaboration between Stern Pinball and Costco on Pinside for a week or so and today it became official. Stern announced that it will sell an exclusive version of its Jurassic Park Home Edition pinball machine at approximately 25% of its US warehouse clubs and online.

This special version of Jurassic Park Home will be called the “Plus” edition and include a couple of exclusive features, including Insider Connected, which is really neat because it means more achievements :). The new model will also include a solid wood playfield and a cosmetic coin door.

The price of Jurassic Park Home Plus will be $4,999 at Costco locations and $5,999 online at the Stern website.

At this time, Stern does not plan to sell kits to add Insider Connected to existing Jurassic Park Home games.

Pictures of the new Jurassic Park Home Edition Plus:

Pictures of the original Jurassic Park Home Edition on location:

The First Video of Dutch Pinball Exclusive’s Alice’s Adventures in Wonderland, Big Trouble in Little China Pinball Teaser, JAWS “The Shark is Broken” Topper Mode & More

A little over an hour ago, Dutch Pinball Exclusive shared the first ever video of its upcoming pinball machine Alice’s Adventures in Wonderland on its Facebook page. I can’t seem to get the video to embed in this article, so I have included a link to it below.

The short clip shows player-controlled spinning disks that are on the playfield near the outlanes, which is a really cool idea.

https://www.facebook.com/watch?v=876721107678816

Yesterday afternoon, the In Before the Lock podcast shared the debut of the teaser trailer for a brand new homebrew pinball machine from Mudflaps Pinball, creator of the amazing Friday the 13th homebrew pinball machine. Calling Friday the 13th a homebrew doesn’t do it justice. The machine was fantastic. It was a production-quality game with amazing art and callouts from some of the actual actors from the movies.

Mudflaps Pinball’s next project is a game based on the 1986 John Carpenter classic film Big Trouble in Little China.

We’ve had no shortage of news from Stern Pinball lately. First late last week they showed off the cool new JAWS: the Revenge Challenge Mode. Then yesterday I reported about the Company’s new relationship with Costco and the Jurassic Park Home Edition Plus machine. Now today they are going to provide is with the new JAWS “The Shark is Broken” topper mode.

This afternoon at 4:00 PM Central time on Stern Pinball’s Twitch and YouTube channels the game’s design team will give us a sneak peek at the upcoming mode.

It’s cool that we’ll get to see that today, but what it likely means is that we aren’t going to get a teaser or a peek at Stern’s upcoming cornerstone game, which is rumored to be based upon Marvel’s X-Men. I have heard from strong sources that the new game is already on the production line at Stern and that there is a number of them New In Box ready to go. Will we get a brief teaser for the game late this week and the launch during the first week of September? It has to be coming fairly soon.

One thing I will say is that Stern is the King of content. There’s rarely a shortage of things to say about them. They make the hobby interesting.

https://www.youtube.com/user/sternpinballinc

This morning Homepin shared a flyer for its next game Blues Brothers on its Facebook page. The game is scheduled to make an appearance at the upcoming Newcastle Pinball Show in mid-September.

https://pinfest.com.au/pinfest-2024/

Earlier today, the iconic video game manufacturer Capcom announced that it is going to bring out another collection of classic fighting games appropriately named The Capcom Fighting Collection 2.

I own the Capcom Fighting Collection 1, the Capcom Beat ‘Em Up Bundle and the Capcom Arcade Stadium classic game compilations on Steam already, so I’ll definitely buy this one when it comes out sometime in 2025. The list of games in this one include:

  • Capcom vs. SNK: Millennium Fight 2000 Pro

  • Capcom vs. SNK 2: Mark of the Millennium 2001

  • Capcom Fighting Evolution

  • Street Fighter Alpha 3 UPPER

  • Project Justice

  • Power Stone

  • Power Stone 2

  • Plasma Sword: Nightmare of Bilstein

https://www.capcom-games.com/cfc2/en-us/

Below is the trailer for the game: