Bitcoin eyes next move
The market is balancing at a pivotal point. After the correction from the August high, bitcoin has been moving sideways for weeks. The price is stuck between support and resistance, forcing a decision: will we break out into a new phase of growth or will we slip into a period of weakness first? Find out more in this edition of Bitvavo Market News.
Market update
Market sentiment in crypto is tepid. After peaking at ā¬105,700 on August 14, bitcoin's price slowly dropped 13% to ā¬91,500 on the 1st of September. Since then, the price has fluctuated around ā¬94,000, without much movement.
The five-year chart shows that a major decision is imminent. The price is getting sandwiched between the highs at ā¬106,000 and the moving averages that have marked bitcoinās bull and bear markets, now sitting around ā¬85,000.
A drop below the dominant moving average would be a strong indication that a longer period of weakness lies ahead. But that doesn't necessarily mean we're looking at a typical bear market with sharp declines and a 75% drop below the top, as there hasn't been the kind of hype and mania that often drives a bull market.
The alternative is an upward breakout. That would signal a new upward phase, pushing this bull market to another level. In the past, when bitcoin broke out in a more mature bull market, altcoins often outperformed bitcoin itself.Ā
Both scenarios are well supported, so it pays to be prepared for either.
Featured
Growth market: PokƩmon-NFTs
Trading in PokƩmon cards seems to have entered a new phase. In August, trading volume on platforms for tokenized PokƩmon cards skyrocketed to over $124 million. That's a 66% increase over July. Instead of trading physical cards at dusty conventions, packs are now minted as NFTs, stored in vaults, and traded globally. The physical card remains, but ownership changes hands digitally.
The biggest players are Courtyard (on Polygon) and Collector Crypt (on Solana). The latter gained considerable popularity last month, thanks in part to playful features such as a digital "gacha machine". With it, you open a virtual pack like you used to at a toy store, only now you pay with USDC through your Solana wallet. You then instantly receive the card as an NFT. The corresponding physical card remains safely stored but can be shipped to your home address on request.
For collectors, not much changes. But for traders, itās a different story. The NFT version makes it easier to buy, sell, and compare prices worldwide. And with buyback guarantees and marketplaces open around the clock, liquidity appears to be increasing. Some analysts are even calling this the "Polymarket moment" for PokĆ©mon card trading: a fragmented niche suddenly becoming a global market thanks to decentralized protocols.
Is this the future of collectibles? Maybe. But the numbers don't lie: with millions of NFTs minted and rapidly rising trading volumes, this is more than a gimmick. It is a new way of trading that taps into the demand for speed, security AND nostalgia.
In other news
Ethereum staking backlog hits two-year high. More than 860,000 ETH, around $3.7 billion, isĀ waiting to be staked. At the same time, the line of parties looking to exit the ecosystem is shrinking, which analysts see as an early signal of declining selling pressure. In the background, institutional parties are key buyers: together they now holdĀ 4.7 million ETH, more than 4% of the total supply.
Nasdaq increases scrutiny of companies raising capital to buy crypto. Publicly listed companies wanting to raise capital for crypto purchases must now firstĀ obtain shareholder approval. They are also required to provide transparency and accountability about the process to regulators. Companies that do not comply with the new rules risk suspension or even delisting.
Fireblocks launches its own stablecoin payments network. The platform, which already processes $200 billion a month in transactions, will have a separate layer with built-in compliance. The goal is to offerĀ a blockchain-based alternative to SWIFT. The move follows aĀ similar initiative by Circle earlier this year and highlights the race to integrate stablecoins into global payment systems.
DeFi posts its strongest quarter in years. Total value locked (TVL) in protocols rose 41% in Q3 to $160 billion, the highest level since 2022. Ethereum's TVL nearly doubled to $96.5 billion, while Solana grew 30% to $13 billion. The reboundĀ is no surprise: during the same period, the price of ether (often used as collateral) jumped more than 80%, spurring more trading and lending activity. Some analysts also point to clearer regulations in the U.S. as a supporting factor.
Satoshi Radio: InĀ the latest episode of Satoshi Radio, the hosts talk with Sebastiaan van Erne. He's all about Bitcoin Amsterdam, the conference scheduled for this fall. He also has a front-row seat to the launch of a second European bitcoin company: Treasury. After a review of the rest of the news, including news on Rabobank, stablecoins, and Polymarket, a comprehensive market update awaits.
This article is for informational purposes only and does not constitute a marketing communication or recommendation. None of the content herein should be considered as investment advice or a substitute for it. Bitvavo makes no guarantees regarding the accuracy or completeness of the provided information. Investments involve risks. There is a possibility of losing your entire invested capital.