After weeks of significant volatility and uncertainty, Bitcoin is currently at a turning point. The recent Federal Reserve interest rate cut, coupled with the escalating conflict between Iran and Israel, has led to erratic price movements, causing traders to navigate a landscape filled with anxiety. Despite this tumultuous environment, key data from CryptoQuant indicates that […]
After weeks of massive volatility, Bitcoin faces heightened risk after failing to break above a key resistance level of around $64,000. Following the Federal Reserve’s decision to cut interest rates, many investors and traders anticipated a full-blown rally throughout October. However, it appears that the expected surge may not materialize just yet. Related Reading: Dogecoin Analyst Expects A ‘Multi-Year Bullish Breakout’ – 200% Surge Potential Top crypto analyst Carl Runefelt has shared his insights on the current situation, emphasizing the significance of the $64,000 resistance. Breaking past this crucial level is critical for Bitcoin to regain bullish momentum and fuel a rally into Q4 2024. Bitcoin could struggle to sustain upward momentum without this breakout, leaving the market vulnerable to further downside. The next few days will be critical for Bitcoin’s price action as traders and analysts closely watch how the market responds. With Q4 underway, Bitcoin’s performance could set the tone for the broader crypto market. As investors brace for the market’s next move, the outcome of Bitcoin’s battle with the $64,000 level will likely determine whether the rally continues or stalls. Bitcoin Analyst Predicts Sub-$60K Dip After Bitcoin’s recent failed breakout attempt, the cryptocurrency is trading at a critical juncture at around $62,000. This level will likely determine whether BTC can reclaim momentum and push past local highs of $66,000 or drop further to $60,000 or even lower. Analysts and investors are growing increasingly uncertain as the bullish sentiment that dominated the past few weeks is beginning to fade. Now, fear and hesitation are creeping back into the market. Top crypto analyst Carl Runefelt recently shared a detailed technical analysis on X, highlighting the precarious situation Bitcoin finds itself in. According to Runefelt, Bitcoin’s price structure has become fragile after two failed attempts to break through the key resistance level. He notes that BTC’s price dropped below important support levels after each failure, which could lead to further downsides. In his analysis, Runefelt sets a price target of $60,000, marking a 5% dip from current levels if Bitcoin cannot reclaim its previous momentum. He warns that if Bitcoin fails to hold critical support at $60,000, it could signal the beginning of a deeper correction. Related Reading: Solana (SOL) Path To New Highs: Analyst Eyes $160 As Critical Breakpoint As market sentiment shifts from bullish to fearful, the next few days will determine whether Bitcoin can regain its strength or face a prolonged decline. Investors are watching closely, preparing for the market’s next move. BTC Price Action: Key Levels To Watch Bitcoin is trading at $62,421 after failing to break above the daily 200 moving average (MA) at $63,538. The price recently surged 25%, only to experience a sharp 10% dip, putting BTC at a critical juncture. Bitcoin faces serious risk in the coming weeks if it does not break past local supply levels around $66,000. The daily 200 MA has been a critical resistance level, and without reclaiming it soon, bearish momentum could take hold. If Bitcoin cannot recover and break through this level, analysts expect a deeper correction down to $57,500. This area is considered a crucial demand zone that could provide support, but a failure to hold above current levels would signal a more significant retracement. Related Reading: Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand Bulls must push the price back above the daily 200 MA in the short term to avoid further downside risk. The next few days will be critical for determining whether BTC can stabilize or faces continued downward pressure. Featured image from Dall-E, chart from TradingView
Bitcoin has been navigating a turbulent landscape of volatility and erratic price action since the Federal Reserve announced an interest rate cut 20 days ago. This pivotal moment has left analysts and investors on edge, with many anticipating a significant rally for BTC in the coming weeks. Favorable macroeconomic conditions combined with the approaching halving […]
Bitcoin finds itself at a critical juncture after weeks of intense volatility, marked by excitement and fear. Currently trading around $59,400, BTC is testing vital demand levels following a 10% dip from local highs of approximately $66,000. This recent price action has sparked uncertainty among investors, some of whom remain hopeful for new all-time highs […]
Bitcoin has recently faced a 10% correction since last Friday, but it is now holding above a crucial support level that could pave the way for a price rally. Analysts and investors eagerly watch the market, hoping BTC will regain momentum. With the potential for increased demand on the horizon, many are sharing valuable insights […]
Bitcoin has remained above $60,000 for the past two weeks, holding strong as the broader crypto market bulges. This steady performance is fueling optimism among traders and investors alike. According to key data from CryptoQuant, short-term holders are now selling for profit, leading to a notable decrease in BTC supply. This reduction in available BTC […]
Bitcoin has surged past the critical $65,000 resistance level following several days of bullish price action and growing optimism after last week’s interest rate cuts. This impressive move has excited analysts and investors, who are now speculating on even higher prices in the coming weeks. The recent rally, fueled by renewed confidence in the market, […]
On-chain data shows that Toncoin (TON) has recently become the number one cryptocurrency in this network activity-related indicator. Toncoin Has Seen A Sharp Surge In Active Addresses Recently According to data from the market intelligence platform IntoTheBlock, Toncoin has recently increased active addresses. The “Active Addresses” here refers to an indicator that keeps track of […]
Bitcoin is at a crucial point after several days of recovery and consolidation. On August 5, it experienced a sharp capitulation event, with the price dropping to a monthly low of $49,577. While some investors remain skeptical, believing Bitcoin hasn’t reached its bottom yet, key data from CryptoQuant suggests that the worst might be over. […]
Since last Friday, Bitcoin has seen a 4% retrace, following a strong 15% surge from its local lows. Despite this recent momentum, the market faces uncertainty and volatility as BTC trades below the crucial $60,000 level—a psychological mark that signals direction. Investors are watching closely to see whether Bitcoin can regain strength and break past […]
Bitcoin is trading around $57,500 after a volatile session sparked by the release of the CPI data. Amid the market turbulence, CryptoQuant’s on-chain and macro researcher Axel Adler shared an interesting observation about Bitcoin and mining stocks. Related Reading: Bitcoin (BTC) Analyst Expects $100,000 By December – Details According to Adler, a strong correlation exists […]
Bitcoin is now in a consolidation phase after weeks of significant selling pressure and fear throughout the market. The price has dropped over 19% from local highs in late August and is currently testing resistance around $58,000. Despite this recent downturn, the broader outlook remains optimistic. Related Reading: Are BTC Whales Preparing for A Big […]
Bitcoin is currently facing a critical test, having retraced over 19% from local highs and holding above a key demand level around $54,000 that supports the market structure. This level represents the last line of defense for BTC, and if it breaks, a deeper correction could be in play. Related Reading: Is BTC Demand Drying […]
As the cryptocurrency industry moves toward a thriving altcoin Season, popular Shiba Inu team member and marketing lead Lucie has proclaimed the season is the perfect time to showcase the potential of Shibarium, the project’s layer 2 blockchain solution, to the larger cryptocurrency community. In this statement, Lucie positions Shibarium as a major participant in […]
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