Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000. Bitcoin started a fresh decline and traded below the $60,000 zone. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $60,850 resistance zone. Bitcoin Price Dives 5% Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level. The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair. If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term. More Losses In BTC? If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level. The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $58,250, followed by $58,000. Major Resistance Levels – $59,250, and $60,000.
Crypto analyst Quinten François has provided an ultra-bullish narrative for the Bitcoin future trajectory. The analyst suggested that things are about to get interesting for the flagship crypto, predicting it could rise to as high as $4.5 million. The “Fireworks” Are Just About To Begin For Bitcoin While highlighting the significance of Bitcoin’s fourth halving, Quinten claimed that the “fireworks” were just about to begin for Bitcoin. The crypto analyst remarked that BTC was currently at the bottom of the range of a growth pattern, which it could enjoy if this fourth halving were to follow the same growth rate as the previous market cycles. Related Reading: Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170% If that were to happen, Quinten claims that Bitcoin could be worth between $140,000 and $4.5 million going forward. He noted that this potential move for BTC is starting at the range bottom at $63,000, so he remarked that the fireworks are just about to start for the flagship crypto. From the chart Quinten shared, Bitcoin’s impressive growth to $4.5 million isn’t expected to happen in this bull run. He predicts that Bitcoin could peak at around $1 million if it were to mirror Bitcoin’s trajectory after the first halving. Meanwhile, Bitcoin could eventually rise to $4.5 million in 2028 if it continues to mirror the price action following the first halving. Additionally, BTC’S fourth halving mirroring the second or third halving will bring lower price moves for the flagship crypto. Quinten predicts that Bitcoin will rise to as high as $400,000 or $280,000 if it follows the second or third halving, respectively. Meanwhile, based on the second and third halving trajectory, Bitcoin could rise to as high as $1 million or $800,000 by 2028. Time For BTC To Resume Its Upward Trend Based on recent analyses by different crypto analysts, Bitcoin could resume its upward trend soon enough. Crypto analyst Ali Martinez mentioned that retail investors are returning to the Bitcoin ecosystem, with new Bitcoin addresses hitting a four-month high of 432,026. This could put the flagship crypto in price discovery and lead to a rally as these investors accumulate Bitcoin. Crypto analyst Mikybull Crypto also recently predicted that BTC is set to rise higher. He claimed that the flagship crypto had completed its inverse head-and-shoulder pattern on the daily and noted that Bitcoin’s Moving Average Convergence/Divergence (MACD) indicator suggests an imminent bullish cross, which indicates strength for the flagship crypto. Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments Meanwhile, Mikybull Crypto revealed that Bitcoin’s CME gap has been filled. This is significant as crypto expert Michael van de Poppe predicted that Bitcoin could witness a bounce from its current price levels once the CME gap has been closed. At the time of writing, Bitcoin is trading at around $60,600, down over 3% in the last 24 hours according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon. Bitcoin To Hit $150,000 In 2024 In a recent interview with CNBC Television, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024. Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the year ends. At the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of inflation in the United States (US) and a subsequent increase in the demand for BTC. However, now Lee adds that BTC could witness a sharp rebound following the conclusion of Mt Gox’s Bitcoin repayment process to creditors. During the interview, Lee suggested that the upcoming Bitcoin redistribution by Mt Gox might be driving the bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox disclosed that it would officially start its $9 billion worth of BTC and Bitcoin Cash (BCH) repayment plans in July. The redistribution will see creditors being refunded and compensated for the Bitcoin exchange’s hack attack in 2014. With $9 billion worth of BTC and BCH set to flood the market, speculations are rising concerning potential sell-offs from creditors. This sentiment has led to BTC’s downward spiral, triggering stronger selling pressures from investors. Bitcoin’s price also fell below $60,000 at some point, recording even more declines as miners sold off their holdings to purchase more effective mining tools. Lee believes that following any Gox’s repayment process, Bitcoin may have a “pretty sharp rebound” in the second half of the year. Bearish Trends May Be Over For BTC Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a sharp downward trend, crashing by up to 20% due to the substantial outflows from Spot Bitcoin ETFs. However, Bitcoin may be getting ready for a fresh upside as analysts foresee a major rebound as miners’ selling pressure cool off and the broader crypto market stabilizes. Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here’s The Target Particularly, on-chain market intelligence platform, CryptoQuant has projected a potential upside for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects. In an X (formerly Twitter) post, Martinez highlighted Bitcoin’s underperformance in the previous month, describing this bearish event as a “negative June.” Despite the downtrend, the analyst foresees a strong rebound for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800. Featured image created with Dall.E, chart from Tradingview.com
A quant has explained how a rally could be possible for Bitcoin in this third quarter of 2024 as miner selling pressure has disappeared. Bitcoin Miners Appear To Have Stopped Their Selling In a CryptoQuant Quicktake post, an analyst has talked about how the selling pressure concerns from miners have resolved recently. There are two on-chain indicators of focus here. Related Reading: Shiba Inu ‘Underbought,’ While Bitcoin ‘Overbought’ Recently: Santiment The first of these is the “Miner to Exchange Transactions,” which, as its name suggests, keeps track of the total number of transactions that are going from miner-related wallets to exchange-affiliated ones. When the value of this metric is high, it means the miners are making a high number of deposits to exchanges. Generally, the main reason why these chain validators may transfer their coins to these centralized entities is for selling-related purposes. As such, this kind of trend can have potential bearish consequences for the market. Low values of the indicator, on the other hand, could either be neutral or bullish for the asset, as they imply miners are possibly not participating in any selling through these platforms. Now, here is a chart that shows the trend in the Bitcoin Miner to Exchange Transactions over the past year or so: As is visible in the above graph, the Bitcoin Miner to Exchange Transactions had been rising between late 2023 and end of April of this year. This uptrend in the metric had taken place as the price of the cryptocurrency itself had been going through a rally. It would appear that the miners saw the rally as an exit opportunity, as they gradually upped their selling pressure as the price went towards a new all-time high (ATH). It’s also apparent, however, that since the peak in April, the indicator’s value has observed a very rapid decline. Thus, it’s possible that miners’ appetite for selling has cooled off. Exchanges aren’t the only way miners sell, however, as over-the-counter (OTC) desks are also a popular option among these chain validators. Below is a chart that shows the trend in the Total OTC Desk Balance, which is an indicator that keeps track of the non-exchange and non-miner wallets that miners send to when they want to sell. From the graph, it’s visible that the Total OTC Desk Balance had been at relatively high levels just earlier, suggesting that these entities that are likely OTC desks had been holding a large number of coins. Related Reading: Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO In the past couple of days, though, the indicator has seen a sharp decrease, potentially implying that the coins that had piled up in these wallets have now found a buyer. Thus, it would seem that miners have eased off their selling pressure on exchanges and the coins that they had been waiting to sell on OTC desks have also now been absorbed. “Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024,” notes the quant. BTC Price Bitcoin has shown some recovery over the last 24 hours as the asset’s price has now rebounded back above the $63,700 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650. Bitcoin started a decent increase above the $62,500 and $63,000 levels. The price is trading above $62,250 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it clears the $63,650 resistance zone. Bitcoin Price Holds Ground Bitcoin price started a decent upward move above the $61,200 zone. BTC was able to clear the $62,000 and $63,000 resistance levels to move into a short-term positive zone. However, the bears took a stand near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Bitcoin price is now trading above $62,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair. If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be $64,000. A clear move above the $64,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,000 resistance. Any more gains might send BTC toward the $66,500 resistance in the near term. Are Dips Supported In BTC? If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly move down. Immediate support on the downside is near the $62,800 level and the trend line. The first major support is $62,200. The next support is now forming near $61,800 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Any more losses might send the price toward the $60,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $62,800, followed by $61,800. Major Resistance Levels – $63,650, and $64,000.
The world of cryptocurrency is witnessing a boom in accessibility, with Bitcoin ATMs leading the charge. From a meager 10,000 in October 2020, the number of these cash-to-crypto converters has ballooned to over 38,000 globally. This surge isn’t just a fad; experts predict continued growth fueled by a perfect storm of convenience, profitability, and strategic […]
In the last week, the price of Bitcoin took a significant nosedive, recording a 7% loss to trade as low as $59,478. According to data from CoinMarketCap, Bitcoin attempted a rebound following this dip but has since been stuck in consolidation between $60,100 – $62,300. Commenting on this development, John Bollinger, inventor of the Bollinger Bands, a popular technical momentum indicator, has provided potential insights into Bitcoin’s next movement as investors continue to await the much-expected crypto bull run. Related Reading: Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal? Bitcoin To Remain In Consolidation, Bollinger Says In an X post on June 28, Bollinger predicted the price of Bitcoin will maintain its current range-bound movement. The prominent analyst made this projection based on the absence of a price bound following a two-bar reversal at the lower Bollinger Band. For context, the Bollinger Bands consist of three lines (bands) namely a Middle Band which is typically a 20-day moving average of the asset’s price, and an upper and lower band which represent the SMA plus and minus two standard deviations of the price respectively. The Bollinger Bands are primarily used for trend identification and for indicating potential breakouts and breakdowns. Notably in trading, a two-bar reversal is a candlestick pattern showing a potential change in price direction. When this pattern occurs at the lower Bollinger Band, it often suggests that the asset might experience a bounce or a reversal to the upside due to being oversold. However, in the current case of Bitcoin in which there is no price gain following this development, it can indicate continued weakness or price indecision which may cause BTC to remain in consolidation. Generally, such sideways price movements are driven by bearish or uncertain sentiments leading to a lack of buying pressure from investors even at lower prices. In addition, this absence of price bounce also indicates that the current lower Bollinger Band represents a weak support level increasing the risk of a price breakdown. Related Reading: Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal BTC Price Overview At the time of writing, the price of Bitcoin continues to trade at $60,629 with a 1.31% decline in the last day. However, the asset’s daily trading volume is up by 15.95% and is currently valued at $24.8 billion. Notably, Bitcoin lost 11.69% of its value in June as its price dipped below $60,000. However, despite this decline, investors remain resilient in their expectations of a price rally to kick-start the crypto bull season. Notably, a crypto whale recently bought 20,200 BTC at $1.23 billion, showing much confidence in the token’s ability to stage a price rebound and embark on a bullish run. BTC trading at $60,750 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com Featured image from Shutterstock , chart from Tradingview
In a scathing assessment of Bitcoin, the largest digital asset by market capitalization, popular crypto analyst and trader Mags has warned BTC investors, highlighting that the crypto asset may drop as low as $50,000 in the short term. Will Bitcoin Drop To $50,000 Soon? Mags has identified a crucial element that Bitcoin must manage to avert […]
In a recent filing with the US Securities and Exchange Commission (SEC), the BlackRock Global Allocation Fund disclosed its ownership of 43,000 shares of the asset manager’s Bitcoin ETF, iShares Bitcoin Trust, as of April 30. This announcement follows two previous filings by BlackRock on May 28, which disclosed the fund’s exposure to Bitcoin in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio. BlackRock Bitcoin ETF Investment Plan The investment giant’s move towards Bitcoin integration became evident in March when it submitted a filing to the SEC, expressing its intention to include Bitcoin ETFs in its Global Allocation Fund. BlackRock’s objective is to invest in Bitcoin ETFs that directly hold BTC, aiming to mirror the performance of the digital currency market. The company’s filing specified that the Global Allocation Fund may acquire shares in exchange-traded products (ETPs) that seek to reflect the price of Bitcoin by directly holding the cryptocurrency. However, it clarified that investments in Bitcoin ETPs will be limited to those listed and traded on recognized national securities exchanges. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% This initiative aligns with BlackRock’s broader investment strategy for its Global Allocation Fund, a mutual fund designed to diversify investors through a wide range of assets, including equities, bonds, and potentially Bitcoin ETPs. With $17.8 billion in assets under management (AUM) and a year-to-date return of 4.61% as of March 2024, the fund aims to capitalize on global investment opportunities while effectively managing risk and pursuing long-term capital growth and income. This marks the third internal BlackRock fund to invest in Bitcoin through the iShares Bitcoin Trust (IBIT) ETF. The Strategic Global Bond Fund, Strategic Income Opportunities Portfolio, and now the Global Allocation Fund have all recognized the potential of Bitcoin as an investment asset. Bitcoin Price Analysis In the past 24 hours, Bitcoin has shown resilience by reclaiming the $61,780 level after experiencing a dip to as low as $58,000 on Monday. This recovery suggests that the leading cryptocurrency is withstanding the selling pressure it has encountered over the past week, indicating a potential continuation of its halted uptrend. According to technical analyst Ali Martinez, Bitcoin is forming an Adam & Eve bottoming pattern, which could lead to a projected 6% increase towards $66,000 if BTC maintains a candlestick close above the $62,200 level. Furthermore, historical data indicates that July has historically been favorable for Bitcoin’s price growth, particularly in years of Halving. Analyzing the image above, 7 out of the previous 11 July months resulted in positive gains. The green months, in particular, generated an impressive upside of 16.52%, while the red months experienced a downside of 6.99%. Examining the performance of Bitcoin in the third quarter (Q3), the data presents a more balanced picture. Out of the previous 11 Q3 periods, 5 were positive. Green Q3s, on average, produced a significant upside of 33.52%, while red Q3s generated an average downside of 16.023%. Related Reading: Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target Whether historical price performance will repeat itself, leading to price gains for BTC, remains to be answered. If history were to repeat in this scenario, it could potentially result in Bitcoin retesting its all-time high, which reached $73,700 in March, potentially even surpassing it. Featured image from DALL-E, chart from TradingView.com
Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid more downsides if it manages to recover above the $62,400 resistance. Bitcoin is still struggling to recover above the $62,200 and $62,400 levels. The price is trading above $61,500 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline unless there is a close above the $62,400 resistance zone. Bitcoin Price Faces Hurdles Bitcoin price struggled to rise above the $62,400 resistance zone. BTC again declined below $62,000, but the bulls were able to protect the $60,550 support. The recent high was formed at $62,297 and the price is now consolidating. Recently, there was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair. It is trading above the 50% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. Bitcoin price is now trading above $61,500 and the 100 hourly Simple moving average. If there is another increase, the price could face resistance near the $62,250 level. The first key resistance is near the $62,400 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $64,400 resistance in the near term. Another Decline In BTC? If Bitcoin fails to climb above the $62,400 resistance zone, it could start another decline. Immediate support on the downside is near the $61,450 level and the 100 hourly Simple moving average. The first major support is $61,150 and the 61.8% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. The next support is now forming near $60,550. Any more losses might send the price toward the $58,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $61,150, followed by $60,550. Major Resistance Levels – $62,250, and $62,400.
On-chain data shows the Bitcoin transfer volume of retail investors has seen a sharp decline recently, a sign that this group may be losing interest. Bitcoin Volume For Retail-Sized Transactions Has Plunged Recently As explained by CrypoQuant author Axel Adler Jr in a new post on X, the total BTC transfer volume for transactions valued between $1,000 and $10,000 has gone down recently. The “transfer volume” here refers to the total amount of Bitcoin (in USD) that addresses on the network are moving around daily. This metric isn’t confused with the “trading volume,” which typically keeps track of only the volume involved in trades on spot exchanges. Related Reading: Bitcoin Near ‘Euphoria’ Boundary: What Happens After A Breach? When the value of the transfer volume is high, it means the users are moving around large amounts on the blockchain right now. Such a trend implies that investors are actively interested in trading the asset. On the other hand, the low metric suggests that holders may not pay attention to the cryptocurrency as they aren’t participating in much activity on the network. Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin transfer volume specifically for the transactions involving the movement of coins worth at least $1,000 and at most $10,000: As displayed in the above graph, the Bitcoin transfer volume for transactions of this size spiked to relatively high levels during the rally earlier in the year. The $1,000 to $10,000-sized transfers are considered relatively small, so their volume would reflect the level of activity of the smallest of investors in the market: retail. The increase in this metric from earlier in the year would suggest the price surge ignited interest in the asset from these investors. The chart shows that a similar trend was also observed during the previous bull run. Sharp price action is generally exciting to retail investors, so it’s not surprising that they tend to become more active during rallies. This increased interest is what makes any surge sustainable for extended periods. As such, only rallies that can attract retail interest can hope to last. As the chart shows, the Bitcoin transfer volume for retail-sized moves peaked in May and has since seen a sharp drawdown of 30%. This would mean that the bearish price action has made these investors disappear. Interestingly, the downtrend in the indicator persisted even when Bitcoin had made a recovery back above $70,000 a few weeks ago, which could have been a potential foreshadowing that this rally would never stay. Related Reading: Ethereum Price Tied To BitMEX Whales: Quant Uncovers Link With the 30-day retail transfer volume floating at the same lows as during the bearish period in July 2021, any new recovery runs could also be set up for failure unless the indicator shows a revival. BTC Price At the time of writing, Bitcoin is trading at around $62,200, down over 4% in the past week. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
On-chain data shows Bitcoin is trading near a level that has historically acted as the boundary for the ‘euphoria’ phase of the market. Bitcoin Is Not Far From This Long-Term Holder Cost Basis Level According to the latest weekly report from Glassnode, BTC’s recent consolidation has been near the historical boundary between the ‘equilibrium’ and ‘euphoria’ phases of the bull market. Related Reading: Ethereum Price Tied To BitMEX Whales: Quant Uncovers Link The level in question multiplies the Realized Price for the long-term holders. The Realized Price here refers to an on-chain metric that, in short, keeps track of the average cost basis of the investors on the Bitcoin network. When the cryptocurrency’s spot price is higher than this indicator, the investors can be assumed to be holding a net amount of unrealized profit. Similarly, the asset’s value under the metric could suggest the dominance of losses on the blockchain. In the context of the current topic, the Realized Price, specifically for the “long-term holders” (LTH), is of interest. The LTHs refer to the Bitcoin investors who have held onto their coins for more than 155 days without having sold/transferred them on the network. Now, here is a chart that shows the trend in the Realized Price of the LTHs, as well as a couple of its multiples, over the past decade: As displayed in the above graph, the Bitcoin LTH Realized Price is trading around $21,800 right now. This is significantly lower than the current spot price of the asset, so this cohort would be holding considerable profits currently. Statistically, the longer an investor holds their BTC stack, the less likely they become to sell the coins at any point. As such, the LTHs, who tend to hold for long periods, include the most resolute holders in the market. This group doesn’t react easily to market events, like rallies or crashes. That said, when their gains grow very large, even these HODLers start getting tempted by the allure of profit-taking. Historically, this has happened as the Bitcoin market has approached the ‘euphoria’ phase. Glassnode defines it as that market phase when the price breaks above the 3.5x multiplier of the LTH Realized Price. This level currently stands at $76,400, just above the consolidation range the cryptocurrency has recently been stuck in. The chart shows that during the past two bull runs, the asset’s price blew up when it broke past this level. Related Reading: This Historical Ethereum Top Signal Is Yet To Appear This Cycle It remains to be seen how long Bitcoin takes to breach this boundary to escape from the current ‘equilibrium’ phase and fill investors with euphoria. BTC Price Bitcoin has declined toward the lower end of its consolidation range during the past few weeks, as its price is now trading around $61,000. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
In a continued effort to liquidate its substantial Bitcoin holdings, the German government has once again engaged in significant transactions involving BTC, according to data from blockchain analytics platforms Arkham Intel. This morning, the Federal Criminal Police Office (BKA) executed nine transactions involving a total of roughly 2,786 BTC. German Gov’t Continues Its Bitcoin Sell-Off Arkham Intel’s data shows that four of them are internal transfers while five transactions were direct transfers to crypto exchanges and market makers, suggesting an intent to sell. The five potential sales amount to 1,095.339 BTC worth approximately $67 million. Specifically, the BKA made two 125 BTC transfers, each worth approximately $7.7 million, to well-known crypt exchanges Bitstamp and Kraken. An additional transaction involved a minute test transfer of 0.001 BTC to Flow Traders, a leading market maker. This small transaction was soon followed by a much larger transfer of 345.338 BTC to the same entity, strongly suggesting preparation for a substantial sell order. Related Reading: Here’s Why The Bitcoin Bottom Is In, New Highs Imminent: Crypto Expert Another noteworthy transfer of 500 BTC was directed to an enigmatic address tagged as “139Po.” This address has seen previous activity linked to the German government but remains shrouded in mystery, speculated to be another sale point. These transactions form part of a broader trend observed since last week. Just a day prior, on June 25, the government had disposed of 400 Bitcoin worth $24 million on Kraken and Coinbase, as well as 500 BTC to address “139Po.” This is in addition to significant movements earlier last week: $130 million worth of BTC were transferred to exchanges on June 19 and $65 million on June 20. Counterbalancing these outflows, the government received $20.1 million back from Kraken and $5.5 million from wallets associated with Robinhood, Bitstamp, and Coinbase. Related Reading: Will Bitcoin Have A ‘Red Monday, Green Week’? Analyst Sets $63,500 Target Currently, the German government’s holdings amount to 45,264 BTC, valued at around $2.8 billion. This makes Germany one of the top nation-state holders of Bitcoin, trailing only behind the United States, China, and the United Kingdom, which hold 213,246 BTC, 190,000 BTC, and 61,000 BTC respectively, according to data from Bitcoin Treasuries. BTC Price Hangs Above Critical Level The pattern of large-scale disposals by the German government has contributed to fluctuations in Bitcoin’s market price, which has experienced a decline of approximately 6% since the onset of these transactions. Bitcoin’s value briefly fell below the $60,000 threshold following the announcement from Mt. Gox about disbursing approximately $9 billion worth of Bitcoin and Bitcoin Cash starting in July. Market analysts and investors are also keenly observing these governmental actions as the sell-off seems to continue at a slow pace. This strategic liquidation by the German government arrives at a pivotal juncture for market sentiment, with Bitcoin prices teetering just above critical support levels. Should the daily trading price close below the $60,000 threshold, it could potentially trigger a more pronounced downturn in Bitcoin’s price, exacerbating market volatility and uncertainty. At press time, BTC traded at $61,451. Featured image created with DALL·E, chart from TradingView.com
Florida Congressman Matt Gaetz has ignited a fresh debate on the intersection of cryptocurrency and traditional finance. This week, Gaetz introduced a bill proposing Bitcoin (BTC) as a legitimate payment method for federal income taxes in the United States. The proposal aims to usher in a new era of tax efficiency and technological leadership for […]
Bitcoin recently faced a significant rejection at the $62,498 resistance level, underscoring the prevailing bearish dominance in the market. This failure to break through a critical threshold highlights the strength of selling pressure and raises concerns about potential downward trends. The rejection at this key level signals caution among traders and investors, prompting a reassessment of market strategies. As bearish momentum persists, this analysis explores the possible outcomes for Bitcoin’s price movement and the broader implications for the cryptocurrency market. As of the time of writing, the market capitalization of Bitcoin is over $1.2 trillion, with a trading volume of over $27 billion. The cryptocurrency price is currently up by 1.2%, trading at roughly $61,582. Despite a 31.26% increase in market capitalization, there has been a 35.43% decrease in trading volume over the last day. Technical Indicators: Signs Of Continued Bearish Pressure BTC price on the 4-hour chart is still actively bearish and trading below the 100-day Simple Moving Average (SMA). Currently, Bitcoin is attempting a downward move after a rejection at $62,498, which is represented by a blue line on the chart. The formation of the 4-hour William Alligator signals that the price of BTC may extend its bearish trend as there is no successful cross of both the alligator lip and tooth above the alligator jaw. On the 1-day chart, it can be observed that Bitcoin’s price is making a huge drop after being rejected for the second time at the $62,498 level, thereby signaling more bearishness even as it continues to trade below the 100-day SMA. Additionally, the 1-day William alligator also indicates more bearishness for BTC. After a successful cross of the alligator lip and teeth below the alligator jaw, they have been maintaining a good spread from each other. It should be noted that the crypto asset’s price, from an overall point of view, is actively bearish. Given the formation of the price action and indicators on both the 4-hour and the 1-day chart, it can seen that the bears are currently dominating the market. Potential Scenarios: What’s Next for Bitcoin? An analysis of potential future scenarios for BTC’s price movement following the rejection reveals that if Bitcoin continues to move downward and break below the $60,152 support level, it may move lower to test the $58,523 support level and probably move on to test other lower levels if the price breaches this level. However, if there is a rejection at the $60,152 support level, Bitcoin may start moving upward toward the $64,515 resistance level. If this level is breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above. Featured image from iStock, chart from Tradingview.com
Bitcoin, the undisputed king of cryptocurrencies, faces a challenge as it approaches a critical moment. After a stellar run in the first half of 2024, breaking past the crucial $71,000 barrier, the digital gold has retreated, currently hovering around the crucial $61,000 support zone. This recent dip has sparked a debate amongst analysts, with some clinging to bullish long-term outlooks and others cautioning of potential headwinds. Related Reading: Don’t Fret The DOGE Dip: Analyst Predicts Big Rebound To $2 Rainbow Whispers: A Golden Buying Opportunity Or Fool’s Gold? One factor keeping some bulls optimistic is the Bitcoin Rainbow Chart, a popular tool that analyzes price movements on a logarithmic scale. This chart currently positions Bitcoin in the “Buy” zone, suggesting there’s ample room for growth before reaching a peak. Additionally, historical price cycles, specifically those following halving events (where the number of Bitcoins rewarded to miners is halved), point towards a potential maximum price point around September-October 2025. This optimistic timeline translates to a potential price target of $260,000 or even higher, according to some analysts. However, not everyone is swayed by the Rainbow’s charm. Critics point out that the chart is a historical indicator, and past performance doesn’t guarantee future results. The recent decline in the “Coinbase Premium Index” throws a bucket of cold water on the optimist’s parade. This index reflects the difference in price between Bitcoin traded on US exchange Coinbase and international markets. A negative index, as seen currently, suggests waning interest from US investors, a significant market segment. Investor Jitters And Declining Open Interest Another cause for concern is the palpable fear and caution gripping investors. The recent price drops have shaken confidence, with many adopting a wait-and-see approach. This sentiment is reflected in the sharp decline of “Open Interest,” a metric that tracks the total value of outstanding futures contracts. With investors hesitant to take long positions on Bitcoin due to the recent slump, Open Interest has dropped significantly, indicating a potential pullback in market participation. However, some analysts see this decline as a necessary correction. They argue that an overheated futures market fueled by excessive leverage can lead to unsustainable bubbles. The current drop, they believe, is weeding out these overleveraged players, paving the way for a more stable, long-term growth trajectory for Bitcoin. Related Reading: Injective (INJ) Price Prediction: Analyst Foresees Huge Jump To $380 A Bumpy Ride Ahead For Bitcoin? The future of Bitcoin remains shrouded in some uncertainty. While the potential for significant growth based on historical trends and the Rainbow Chart is undeniable, short-term investor sentiment and declining US market participation cannot be ignored. The coming months will be crucial in determining whether Bitcoin can weather the current storm and resume its ascent or succumb to bearish pressures. Featured image from Shutterstock, chart from TradingView
In a significant development for the crypto industry, Republican Congressman Matt Gaetz is set to introduce a new bill allowing federal income tax payments to be made using Bitcoin (BTC). Gaetz believes that by allowing taxpayers to utilize Bitcoin for their federal tax obligations, the country can foster innovation, enhance efficiency, and provide greater flexibility […]
Bitcoin price recovered above the $62,000 resistance zone. BTC must clear the $62,500 resistance zone to continue higher in the near term. Bitcoin started a recovery wave above the $61,500 and $62,000 levels. The price is trading below $63,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to rise above the $62,500 and $63,000 resistance levels. Bitcoin Price Faces Resistance Bitcoin price extended losses below the $60,000 support zone. BTC even tested the $58,500 support zone, where the bulls emerged. A low was formed at $58,448 and the price is now correcting losses. There was a decent increase above the $60,000 level. The price climbed above the 50% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low. It even moved above the $62,000 pivot level. However, Bitcoin price is still trading below $63,000 and the 100 hourly Simple moving average. The price seems to be facing a rejection zone near the $62,500 resistance, as discussed yesterday. There is also a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low. The next key resistance could be $63,000. A clear move above the $63,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $65,000 resistance in the near term. Another Decline In BTC? If Bitcoin fails to climb above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $60,500 level. The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $60,500, followed by $60,000. Major Resistance Levels – $62,500, and $63,000.
Bitcoin, the leading cryptocurrency asset in the financial sector, is set to garner more recognition as the state of Louisiana has enacted a historic law that will safeguard BTC access while outlawing the use of Central Bank Digital Currencies (CBDCs). New Bill Protects Bitcoin Access In Lousiana Dennis Porter, the Chief Executive Officer (CEO) and […]
As the 2024 US presidential election looms, former President Donald Trump is making a calculated move to solidify support from a key voter base: cryptocurrency aficionados. Axios reports that Trump is in discussions to speak at the Bitcoin 2024 convention, scheduled for July 25-27 in Nashville, Tennessee. Related Reading: Bitcoin Miners In Distress: Mass Sell-Off […]
The Bitcoin price has experienced a significant correction after failing to consolidate above the $70,000 level and retesting its all-time high of $73,700, which it reached in March. With a retracement of nearly 10% over the past week, BTC is now trading just above support at the $60,000 level. However, based on historical data, further price drops may be expected in the coming days, aligning with patterns observed before explosive bull runs. Bitcoin Price Analysis Crypto analyst Rekt Capital has compiled data showing the depth and length of retracements during previous market cycles. Historical patterns show retracements of approximately -23% (February 2023), -21% (April/May 2023), -22% (July/September 2023), -21% (January 2024), -23.6% (April/May 2024), and the current -16% retracement. Related Reading: Solana Developer Shares “Big News” That Could Send The SOL Price Flying Notably, the current retracement has not yet reached the average depth or length. Considering these statistics, Bitcoin could potentially retrace a further 6% to a trading price of $56,400. Additionally, the downtrend may continue for the next seven days until July 1st, possibly marking the final retrace below the sub $60,000 levels before a potential restart of the bull run and explosive price gains. However, the Bitcoin Crosby Ratio, a key indicator, is approaching the oversold territory. Throughout Bitcoin’s history, this has often signaled crucial reversal points for the cryptocurrency. Notably, the last time this occurred, Bitcoin rallied over 190% from approximately $25,000 to new all-time highs above $73,000. Furthermore, the Bitcoin daily Relative Strength Index (RSI) has entered the oversold zone for the fourth time since the $15,500 bottom reached in November 2022. In the past, such occurrences have frequently preceded rallies, resulting in gains of over 100%. Time To Buy The Dip? Renowned market expert Ali Martinez has identified a compelling correlation between Bitcoin’s market value to realized value (MVRV) Ratio and subsequent price jumps. The MVRV Ratio is a metric that compares the market capitalization of Bitcoin to the realized value of its coins. It provides insights into whether Bitcoin holders are at a profit or loss based on when they acquired their coins. Related Reading: Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction? When the MVRV Ratio dips into negative territory, it suggests that many Bitcoin holders are in unrealized losses, potentially indicating an attractive buying opportunity. Analyzing the historical data, Martinez observed a consistent pattern where Bitcoin’s price experienced notable jumps following MVRV Ratio dips below -8.40%. On four occasions, these dips were followed by price surges of 63%, 100%, 92%, and 28%, respectively. These findings indicate that periods of negative MVRV Ratios can indicate strong market support and a subsequent bullish trend. Featured image from DALL-E, chart from TradingView.com
Based on on-chain data, the Head of Research at the analytics firm CryptoQuant has explained how Bitcoin has been looking less bullish recently. Bitcoin Bull-Bear Market Cycle Indicator Has Seen A Decline Recently In a new post on X, CryptoQuant Head of Research Julio Moreno shared what the latest trend in the Bitcoin Bull-Bear Market […]
On-chain data shows the Bitcoin whales have been dialing back risk on derivatives exchanges following the latest downturn in the cryptocurrency. Bitcoin Inter-Exchange Flow Pulse Has Just Turned Red As explained by CryptoQuant founder and CEO Ki Young Ju in a new post on X, the Bitcoin Inter-Exchange Flow Pulse is now giving a red signal. The Inter-Exchange Flow Pulse (IFP) is an indicator that tracks the BTC movements between spot and derivatives exchanges. When the value of this metric rises, the amount of cryptocurrency going from spot to derivatives platforms goes up. Such a trend implies that large entities like the whales are potentially looking to open up new positions in the derivatives market. Related Reading: Bitcoin Slips Under $64,000: Here’s Where The Next Support Is On the other hand, a decline in the indicator suggests investors are transferring fewer coins to the derivatives exchanges. This trend could signal a decreasing appetite for risk positions in the sector. Now, here is a chart that shows the trend in the Bitcoin IFP, as well as its 90-day simple moving average (SMA), over the past decade: As displayed in the above graph, the Bitcoin IFP had been climbing earlier, but the metric seems to have reversed its direction recently, as it’s now heading down instead. Following the latest decline, the indicator has crossed below its 90-day SMA. Historically, the IFP observing a cross with its 90-day SMA has signified a market sentiment shift. A breakout above this line suggests the whales are willing to take risks with the asset again, which can potentially be a bullish signal. The chart shows that such a cross occurred around both the 2018 and 2022 bear market lows. On the other hand, a plunge under the 90-day SMA usually takes place near tops, as it implies the whales are looking at derivative positions as too risky. Related Reading: PEPE Has 80% Of Holders In Profit: How It Compares To DOGE & BTC As the indicator has once more seen the latter type of crossover, it’s possible that the asset could end up facing some bearish momentum. This possible shift to a bearish sentiment, however, doesn’t have to last for too long. The previous instance of the IFP dropping below its 90-day SMA in January. This crossover coincided with Bitcoin’s downturn following the spot exchange-traded fund (ETF) approval. The bearish momentum ended up only temporary, though, as the cryptocurrency soon found a breakout that led to its new all-time high (ATH). The asset observed only a temporary effect from this crossover in 2016 before catching back an uptrend into the 2017 bull run. It remains to be seen where this bearish Bitcoin IFP crossover will lead to this time. BTC Price Bitcoin hasn’t seen an end to its recent decline, as its price has now dropped to $61,200. Featured image from Dall-E, CryptoQuant.com, chart form TradingView.com
Bitcoin is currently experiencing a notable decline, with its price steadily approaching the crucial $60,000 mark. The market sentiment has turned increasingly bearish, driven by a combination of macroeconomic factors and a recent surge in selling pressure. This shift has seen Bitcoin struggling to maintain higher levels, triggering anxiety among investors and traders. As the bears take control, the $60,000 threshold becomes a focal point, with many watching closely to see if the crypto asset can find support or continue its downward trend. With the help of technical indicators, this analysis focuses on analyzing Bitcoin’s current price action and its impact on the asset’s future focusing on the 4-hour and the 1-day timeframe. As of this writing, the market capitalization of Bitcoin is over $1.2 trillion, with a trading volume of over $17 billion. The cryptocurrency price is now down 3.11%, trading at roughly $62,334. Despite a 3.09% decrease in market capitalization, there has been a 96.46% increase in trading volume over the last day. Current Market Overview For Bitcoin Currently, as it can be observed on the 4-hour chart the price of Bitcoin is actively bearish and has hugely dropped below the $64,515 support level. It can also be noticed here that the price is dropping toward the $60,158 support level. Also confirming the above claim is the 4-hour Relative Strength Index (RSI) as the signal line of the indicator has sharply dropped below 50% and is currently trending at the oversold section. This indicates that there is a chance of further price decline. Bitcoin’s price on the 1-day chart is also actively bearish as it is presently trading below the 100-day Simple Moving Average (SMA) dropping towards the $60,158 support level with strong bearish momentum. Lastly, with the formation of the 1-day RSI, it can be suggested that BTC’s price poses more of a threat to extending its decline as the signal line of the indicator having dropped below 50% is actively trending close to the oversold zone. Key Support Levels: Why $60,158 Matters Presently, BTC is dropping toward the $60,158 support level. Two possible events may occur if the price reaches this level, either it experiences a rejection and begins to move upward or it breaches this level and continues to move downward. Therefore, if there is a rejection at the $60,158 support level, BTC may start moving upward toward the $64,515 resistance level. If this level is breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above. On the other hand, if the price of BTC breaks below this support level, it will keep falling to test the $56,524 support level. Should this level be broken, Bitcoin might decline even further, testing the $50,604 support level and perhaps even lower levels. Featured image from iStock, chart from Tradingview.com
Recent on-chain data suggests Bitcoin’s current woes might not yet be over as short-term holders continue to feel the heat. Bitcoin has failed to rebound significantly after a price decline in the past week, leaving many investors wondering whether to expect further declines in the coming weeks. Notably, data reveals short-term holders have been left […]
Crypto analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run. The flagship crypto has been on a decline for a while now and has failed to make a significant run since hitting its current all-time high (ATH) of $73,750 in March earlier this year. What Needs To Happen […]
An analyst explained that Bitcoin has historically seen recovery from bearish phases like the one the cryptocurrency is going through. Bitcoin Hash Ribbons Show Miner Capitulation Is Ongoing In a new post on X, analyst Willy Woo has discussed the relevance of the Bitcoin hashrate to the asset’s price recovery. The “hashrate” refers to a […]
Bitcoin price failed to climb above the $66,500 resistance. BTC is again moving lower and might decline below the $64,600 support zone. Bitcoin started a fresh decline from the $66,500 resistance level. The price is trading below $65,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below the $64,600 and $64,200 support levels. Bitcoin Price Faces Rejection Bitcoin price started a recovery wave above the $65,000 level. BTC climbed above the $65,500 and $66,200 levels. However, the bears were active near the $66,500 zone. A high was formed at $66,444 and the price started another decline. There was a move below the $65,500 and $65,400 support levels. The price dipped below the 50% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high. Besides, there was a break below a connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair The price tested the $64,600 support zone and the 76.4% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high. Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. If there is another upward move, the price might face resistance near the $65,250 level. The first major resistance could be $65,500. The next key resistance could be $66,000. A clear move above the $66,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $66,500 resistance. Any more gains might send BTC toward the $67,500 resistance in the near term. More Downsides In BTC? If Bitcoin fails to climb above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,600 level. The first major support is $64,200. The next support is now forming near $64,000. Any more losses might send the price toward the $63,200 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $64,600, followed by $64,000. Major Resistance Levels – $65,250, and $66,500.
The Bitcoin price crash below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here. Bitcoin Falls Below Major Pricing Band Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on the Bitcoin price that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level. Related Reading: Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here’s The Target The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the “+0.5σ MVRV pricing band” lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it. This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price. #Bitcoin has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com/zZvswgpUpS — Ali (@ali_charts) June 19, 2024 Such a crash would mean that the Bitcoin price would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000. Navigating The Drop In Interest One interesting development for Bitcoin is the drop in interest that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day. Related Reading: Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1? This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions. The Crypto Fear & Greed Index has also declined, showing that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May’s score of 76, which showed extreme greed in the market. At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day. Featured image created with Dall.E, chart from Tradingview.com
In an interesting turn of events, the Bitcoin open interest has remained high even at a time when the price has been dropping. This suggests that despite the price crash, investors are still looking favorably at the pioneer cryptocurrency. Bitcoin Open Interest Stays Close To All-Time High The Bitcoin price has seen a decline over […]