The Bitcoin market has been closely analyzed by a CryptoQuant analyst named Percival, who recently provided insights into Bitcoin’s realized cap and net capital flows. The realized cap is a metric that tracks each Bitcoin (UTXO) when it was last moved on the network, effectively representing the cost basis of all circulating coins. This metric […]
With only a few weeks before Q4 begins, investors and market watchers remain vigilant of the market’s performance. Many expect the next quarter will kickstart the rally’s second leg up, suggesting that most altcoins will explode in the coming months. Several analysts are bullish about the upcoming performances, hinting that the time to accumulate these cryptocurrencies is near its end and that the alt season is near. Related Reading: Crypto Investor Loses $16 Million Amid Friend.tech’s Controversy And Token Crash Investors’ Last Call Before The Altseason Bitcoin (BTC) and Ethereum (ETH) have taken a hit throughout Q3’s market retraces. Since July 1, the flagship cryptocurrency’s price fell more than 10%, while the “King of altcoins” plunged by over 30%. Nonetheless, several altcoins have led the market bounces amid the volatility, displaying a remarkable performance during the shakeouts. Many of the alts have outperformed their BTC pairs, as crypto analyst Michaël van de Poppe stated. Per the post, many technical indicators show that “the Bitcoin pairs of many of the altcoins have been crawling up.” The analyst also considers that BTC and alts have bottomed out and that a market’s next moves will “be great.” Moreover, altcoins’ dominance seems “ready to take the spotlight.” Analyst and trader Titan of Crypto recently noted that Bitcoin dominance “is on the verge of printing a new lower high.” To the analyst, this could trigger the Altseason between Q4 2024 and Q1 2025, which could last until mid-2025. Meanwhile, crypto analyst Alex Clay suggested that investors’ chance to accumulate alts might end soon as “Uptober” approaches. To the analyst, the second correction wave of the Elliot Impulse Wave is over. As a result, cryptocurrencies, excluding BTC and ETH, are ready to begin the third bullish wave. Clay highlighted that the second correction wave displayed a bullish flag pattern. Additionally, he noted that altcoins’ market capitalization has been supported “at the strong confluence of EMA 100 + MA 200 + Key zone.” Based on this, he forecasted the sector’s mid-term target could hit a market capitalization of $1.3 trillion by May 2025 before the fourth wave. Clay also predicted a “conservative” long-term target of a $1.65 trillion market cap for the final impulse wave. Will Altcoins Hit $2 Trillion? Miky Bull highlighted Altcoins’, including ETH, market cap impulse. To the trader, the cryptocurrencies’ market cap is getting ready to break from the bullish flash pattern, potentially targeting a mark above the $1.8 trillion level. Miky previously suggested that the alts chart follows “the 2020 blueprint.” However, he considers they will differentiate by the duration of the re-accumulation phase, as he deems this cycle’s expansion will be “longer and huge.” Related Reading: Analysts Say Bitcoin Will Break $90,000 In Q4 2024 But This Must Happen First Another crypto analyst, Moustache, noted that alts have been in a 2-year-long cup and handle pattern, which is considered extremely bullish. The pattern suggests that altcoins’ market cap will significantly increase from the handle lows. To the trader, if this scenario plays out, alts target a $2.14 trillion market cap by 2025. As of this writing, altcoins sit at a market cap of $558 billion, a 10% decrease since Q3 began. Featured Image from Unsplash.com, Chart from TradingView.com
Recent market analysis has revealed a significant shift in Bitcoin capital flow from short-term holders (STH) to long-term holders (LTH). Particularly, according to CryptoQuant analyst IT Tech, short-term investors have been selling off their positions amid recent market volatility, while long-term investors continue to accumulate. Related Reading: Why Bitcoin ETFs Haven’t Sparked Major Adoption Yet: […]
Eighty-eight corporate leaders have joined forces in a letter endorsing US Vice President Kamala Harris’ presidential campaign. Chris Larsen, Ripple’s co-founder and executive chairman, was among the signers of the “strategic” letter to support the Democratic nominee. The significant endorsement comes just a day after Russian President Vladimir Putin revealed his support for Harris. Related […]
Considering the recent trend in the cryptocurrency market, a crypto expert claims that the market is projected to experience frustrating and erratic price movements in the short term as volatility and uncertainty continue to plague the sector. This projection suggests that the market may become more unpredictable and unstable without significant triggers, hindering both short-term […]
The crypto market is witnessing an interesting trend as liquidity continues to grow, although the impact on the market remains muted. According to a report by CryptoQuant analyst Cauê Oliveira, over $3.65 billion has flowed into the market through the stablecoin USDT over the last 30 days. Liquidity Surges, But Market Isn’t Impacted This increase […]
The crypto market has been struggling with prolonged sideways movement in recent months. Since March 2024, the market has failed to make a successful breakout above previous peaks, leaving investors frustrated. According to a recent report by CryptoQuant analyst Crypto Dan, this continuous pattern of stagnation leads many to wonder when the market might see a significant rebound. While there are some short-term factors that may provide relief, the overall sentiment in the crypto space remains cautious. Related Reading: Bitcoin Eyes $68,000 In September: Could This Be The Turning Point? Is The Crypto Market Stuck? One key observation made by Crypto Dan is the emergence of a “Dead Cross” on the short-term and long-term SOPR (Spent Output Profit Ratio) moving averages. This is a bearish signal in technical analysis, indicating that selling pressure is likely to outweigh buying pressure. It suggests that traders may be locking in profits rather than betting on further gains. The persistence of this trend as highlighted by Dan raises questions about whether a meaningful recovery is on the horizon, or if the market is headed for a longer period of consolidation. Looking ahead, one potential catalyst Dan pointed out for the market movement is the upcoming US Federal Reserve meeting on September 18, where a base rate cut is anticipated. Historically, rate cuts have tended to inject positive sentiment into financial markets, including cryptocurrencies. A reduction in interest rates could result in an influx of liquidity into riskier assets like Bitcoin and altcoins, as investors seek higher returns. This could trigger a short-term rally, offering some relief from the stagnation observed in recent months. However, Dan warns that while a short-term rebound might occur, it may not lead to a sustained bullish trend unless there is a significant shift in market conditions. When Will A Breakout Finally Happen? The fundamental outlook for the crypto space remains mixed, with macroeconomic factors such as inflation and recession concerns still weighing heavily on investor sentiment. If these factors do not improve, Dan noted that it is likely that frustrating, low-volatility movements could persist well into 2024. In his words: Due to the expected US base rate cut on September 18, a short-term rebound due to positive market sentiment can be expected, but if the market atmosphere is not significantly reversed, it is highly likely that frustrating movements will continue in 2024. Although actively monitoring the crypto market at this current state may feel discouraging. However, Crypto Dan emphasizes that “patience” will be key for long-term investors. Related Reading: Bitcoin’s Breakout Blueprint: Analyst Reveals Roadmap For Imminent Surge According to Dan, while the potential for a short-term rally exists, broader market trends suggest that a more meaningful and sustained uptrend may not occur until 2025. Featured image created with DALL-E, Chart from TradingView
Following its renewed peak above $73,000 back in March, Bitcoin has been experiencing a prolonged period of price stagnation ever since, leaving many investors wondering about the potential for future movements. According to a recent analysis by a CryptoQuant analyst under the pseudonym ‘Avocado,’ this stagnation may bear a resemblance to a similar pattern observed in 2019. Related Reading: Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst Why Is Bitcoin Price Still Below $60,000? In the report uploaded on the CryptoQuant QuickTake platform, the analyst suggests that the lack of volatility in Bitcoin’s price is largely due to the increased prevalence of over-the-counter (OTC) trading compared to exchange-based trading, which has reduced the frequency and intensity of price fluctuations. This conclusion was made after the analyst assessed one of Bitcoin’s key metrics—lifespan of UTXOs (Unspent Transaction Outputs)—which is used to analyze investor behavior. By examining UTXOs held for less than six months, the analyst classifies these holders as new investors and compares their behavior to similar periods in previous market cycles. The data reveals a small peak in UTXOs under six months, which closely mirrors a structure seen in 2019. These new investors likely entered the market around March of this year when Bitcoin’s price peaked, according to the analyst. However, as the price has remained stagnant, many of these investors may have exited the market due to losses, while others have transitioned into the six-month-and-above holding category, the analyst added. The 2019 Pattern And What It Signals For Current Market The analyst, Avocado, further explained that this similar pattern, which was also observed in 2019, occurred around the time of the halving event, which eventually led to a new all-time high (ATH) for Bitcoin. However, it took approximately 490 days for Bitcoin to reach this ATH, a timeline that was also influenced by the onset of the COVID-19 pandemic. With Bitcoin’s price stuck in a large range for more than six months, the current situation raises questions about the potential for a similar outcome. Related Reading: Is Bitcoin’s Rally Over? Top Analysts Predict Imminent Price Corrections The analyst remains confident in the long-term upward trend of Bitcoin but advises caution in the short term. Avocado noted: Currently, Bitcoin’s price has been stuck in a large range for more than six months, with no clear trigger for a breakout. While I have no doubt about the long-term upward trend, in the short term, I believe it’s wise to temper expectations and closely monitor the market. Historically, the influx of capital from new investors has been a critical condition for Bitcoin’s price increases. Featured image created with DALL-E, Chart from TradingView
Bitcoin, after experiencing a blood bath last Month, several analysts have re-analyzed its price action to see what this new month of September might hold for the Bitcoin Market. Amongst them, a renowned crypto analyst known as Mags on X has recently shared an insightful perspective on Bitcoin’s current market behavior in one of his latest posts. Related Reading: Bitcoin’s Momentum at Risk? NVT Golden Cross Sends Warning Signals Is Bitcoin Primed For A September Rally? Mags pointed out that Bitcoin has been in a long consolidation phase since March and is now entering its seventh month. He drew a parallel to a similar pattern observed last year, where Bitcoin also began its consolidation in March, only to start recovering by September. According to Mags, over the following seven months, Bitcoin experienced a 195% increase in price. So far, this historical pattern has raised whether September will again serve as a pivotal month for Bitcoin. #Bitcoin – september is a bearish month ? We all know Bitcoin has been stuck in a long consolidation phase for the past few months. This sideways PA began in March and is still ongoing. But what if I told you we saw a similar pattern last year? Back then, the consolidation… pic.twitter.com/8PJ8MMNEUR — Mags (@thescalpingpro) September 2, 2024 Bitcoin is showing signs of a bearish trend, having fallen below the psychological $60,000 level. Over the past week, the cryptocurrency has seen a 9.9% decline. However, there seems to be a slight recovery in progress, with BTC currently trading at $58,411, up 0.3% in the past 24 hours. Next Moves Expected From BTC In response to Bitcoin’s recent price action, prominent crypto analyst Captain Faibik offered his outlook, suggesting that BTC is still moving within a bullish flag pattern. According to Faibik, there is a possibility that Bitcoin may test the $54,000 support area once again. He emphasized the importance of bulls defending this level, as a bounce back from $54,000 could potentially lead to a rally up to $68,000 in September. This scenario aligns with Mags’ theory that September could be a turning point for Bitcoin, mirroring last year’s price recovery. Adding to the discussion, another well-known analyst, Willy Woo, provided insights on the supply dynamics affecting Bitcoin’s price. Woo noted that the influx of BTC from sources such as Germany’s Mt. Gox and the US Department of Justice is gradually being “absorbed” by the market. Related Reading: Bitcoin’s Breakout Blueprint: Analyst Reveals Roadmap For Imminent Surge He also observed that paper BTC bets are declining, which he interprets as a positive sign. Overall, Woo suggested that the market sentiment has shifted from bearish towards neutral, indicating that the worst sell-off may be over. Featured image created with DALL-E, Chart
A recent report revealed that crypto-based investment products saw significant outflows last week. The negative flows, led by the largest cryptocurrency by market capitalization, surpassed $300 million on August 31, suggesting a broader adverse sentiment among investors in various regions. Related Reading: FTX Repayment Plan Faces Potential Hurdle From SEC Scrutiny The US Leads Crypto […]
Ethereum (ETH) which is addressed as ultra-sound money due to its deflationary supply method, now appears to be facing new challenges that have prompted some analysts to question whether this narrative still holds. A prominent crypto analyst, Thor Hartvigsen, recently highlighted this issue in a detailed post on X, where he discussed the current state […]
As August draws to a close, Bitcoin price action has caught the attention of market analysts who believe the current monthly candle could be one of the most significant in the cryptocurrency’s history. The end-of-month price movement has sparked discussions about a potential trend reversal, particularly among those closely following technical analysis. However, while some analysts are optimistic, others urge caution, reminding traders that the month is not over, and external factors could still influence Bitcoin’s trajectory. Related Reading: Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC? August Candle Shows Dragonfly Doji One of the most intriguing aspects of the current Bitcoin price chart is the formation of a potential “dragonfly doji” candlestick on the monthly time frame. In a recent post on X, an analyst from HODL15Capital referred to this candle as “arguably the most interesting monthly candle in Bitcoin’s history.” Notably, the dragonfly doji is a Japanese candlestick pattern that typically indicates a potential reversal in price direction. It forms when the open, high, and close prices are nearly the same, but the low price is significantly lower, creating a long lower shadow. This pattern often suggests that sellers were in control during the early part of the month, but buyers pushed the price back up by the close, signaling strong bullish momentum. Bitcoin Bulls About To Take Over? The potential dragonfly doji on Bitcoin’s monthly chart has sparked optimism among some traders and analysts who believe it could indicate a strong reversal in Bitcoin’s price trend. Javon Marks, a well-known crypto analyst on X, commented on the significance of this monthly candle. He noted that if Bitcoin closes the month with a dragonfly doji, it would represent the largest seller rejection (the strongest bull presence) since March 2020. Marks further pointed out that a similar pattern in 2020 preceded one of Bitcoin’s most significant bullish movements during the previous bull cycle, suggesting that history could repeat itself. However, while forming a dragonfly doji is often seen as a bullish signal, it’s worth noting that it does not guarantee future price action. The pattern indicates that the market has rejected lower prices, but it doesn’t necessarily mean a sustained uptrend will follow. As some have cautioned, the month is not yet over; therefore, the candles are yet to close, and a lot can change in the 4 days of trading left. Related Reading: Expert Explains Why Bitcoin Price Could Explode To $1 Million This Cycle Additionally, fundamental factors such as macroeconomic events, particularly the US news event set to occur this week or perhaps market sentiment, can all play a significant role in determining Bitcoin’s next move. Featured image created with DALL-E, Chart from TradingView
Bitcoin has been experiencing a notable increase in market activity, with recent movements indicating that sellers are becoming more active. A Major Price Drop On The Horizon? According to a post by XBTManager, a contributor on the CryptoQuant QuickTake platform, Bitcoin’s price rise last week, which saw it temporarily break out of its recent range, was accompanied by a surge in volatility. Related Reading: Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern This uptick in activity included a significant transfer of Bitcoin by short-term holders, with 33,155 BTC moved, as indicated by the 1-week to 1-month spent output age bands. This transfer of assets, particularly by short-term holders, could signal an immediate selling pressure on the market, potentially leading to a short-term price pullback. Meanwhile, despite the chances of a major drop on the horizon given the gradual increase in sellers, Bitcoin has recently managed to reclaim the $65,000 mark, albeit briefly; it has since retraced and is currently trading below this level. As of the time of writing, Bitcoin is holding steady at around $63,000, reflecting a 1.2% decline over the past 24 hours. The report suggests that if the activity within these age bands continues to increase, traders should exercise caution as the selling pressure could intensify, leading to further volatility in the Bitcoin market. Short Term Price Outlook On Bitcoin Amid these developments, renowned crypto analyst Ali has shared his short-term outlook for Bitcoin, focusing on its current price action. In a post published today on X, Ali noted that Bitcoin appears to be trading within a parallel channel in the lower time frames. For context, a parallel channel refers to a chart pattern that forms between two parallel lines, where the price of an asset moves back and forth between the upper and lower boundaries of the channel. The upper boundary typically acts as resistance, while the lower boundary supports. Analysts often look for breakouts above or below these channels to signal potential reversals or continuations of a trend. Related Reading: Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target Ali pointed out that if Bitcoin’s support at $63,500 holds, the cryptocurrency could rebound to $64,200 or even $64,800. However, if the support level fails, a drop to $62,800 might be on the horizon. #Bitcoin seems to be trading within a parallel channel on the lower time frames. If the $63,500 support holds, $BTC could bounce back to $64,200 or even $64,800. However, if it breaks, a drop to $62,800 might be on the horizon! pic.twitter.com/4hROkZxQNp — Ali (@ali_charts) August 26, 2024 Featured image created with DALL-E, Chart from TradingView
Bitcoin appears to be entering a rebound phase, given its recent increase that brought the asset’s price close to the $66,000 mark. Particularly, after briefly touching a 24-hour high of $64,893 earlier today, Bitcoin has retraced slightly, now trading at $63,786, reflecting a minor 0.2% decline over the past day. Despite this slight pullback, analysts remain divided on the immediate future of Bitcoin, with some pointing to key technical levels that could determine the next significant move. Related Reading: Crypto Analyst Sounds Alarm: Here’s Why It’s Your ‘Last Chance To Buy Bitcoin’ Next Step For Bitcoin Renowned crypto analyst, Emperor on X, shared his insights on Bitcoin’s price action earlier today. In a detailed post, Emperor noted that Bitcoin had successfully bounced from a critical support zone of around $58,000, which he had previously identified as a potential buy zone. According to Emperor, Bitcoin has now reclaimed the 200-day Exponential Moving Average (EMA) on the 4-hour chart, which he views as a positive development. He highlighted that Bitcoin’s recent price movement, including front-running the quarterly open and sweeping weekend range lows, is characteristic of a strong uptrend. Emperor suggested that while Bitcoin may not see a continuous upward push this week, it remains bullish, with the next target being the monthly open. The analyst concluded, noting: I will be taking some profits on swing positions. Ultimate direction is up but now is the time to take profit on Bitcoin gradually while you bid alts. Is Another Noticeable Correction Going To Happen? While Emperor’s analysis points to a bullish outlook for Bitcoin, other analysts are more cautious. Macro Johanning, another well-known figure in the crypto space, provided an update on Bitcoin’s recent price action, noting that Bitcoin had recently swept the high at $65,100. Johanning suggested that this move to the upside might have temporarily exhausted Bitcoin’s bullish momentum, potentially leading to a dip to around $61,000 before further upward movement. He highlighted the importance of upcoming economic data releases in Bitcoin’s short-term direction. Johanning pointed to several key events scheduled for the week, including the release of US Consumer Confidence data on Tuesday, Nvidia’s earnings report on Wednesday, Q2 2024 GDP data, and July Pending Home Sales on Thursday, followed by July PCE Inflation data on Friday. Related Reading: Bitcoin Price Faces Challenge at $65K: Can It Break Through? These events will likely influence market sentiment and add volatility to Bitcoin’s price action. According to Johanning, Bitcoin’s next significant resistance level is around $67,000, which could become a target once the consolidation phase resolves. Featured image created with DALL-E, Chart from TradingView
To enhance its foreign economic activity (FEA), Russia plans to launch two major crypto exchanges in its region—one in Moscow and the other in St. Petersburg. According to the report, this initiative highlights Russia’s “strategic” move to integrate digital assets into its economy. It focuses on creating and utilizing stablecoins pegged to the Chinese yuan and […]
Amid the memecoin frenzy on the Tron network, Justin Sun is facing backlash for the controversial removal of over $700 million in Bitcoin (BTC) as USDD’s collateral without the Tron DAO Reserve’s vote. Sun has now addressed the situation after the move raised concerns about the stablecoin’s decentralization. Related Reading: Tether Announces Upcoming UAE Dirham-Pegged […]
Recent reports claim that Robert F. Kennedy Jr. will drop out of the US presidential race on Friday. The rumors have made PolitiFi tokens rise over 15% on the last day. While tokens inspired by RFK Jr. have plunged, Trump-themed memecoins took the lead with a 40% surge. Related Reading: Dogecoin Soars 6.5% Following Elon Musk’s Post, Is A Breakout Imminent? RFK Jr. To Dropout Of The Presidential Race During this cycle, memecoins have been at the front of the industry, becoming the largest narrative of the first two quarters. Due to the sector’s nature, crypto investors have immortalized the current event through these tokens, including the upcoming November US presidential elections. A candidate’s crypto stance has become a key factor for voters after the Biden administration’s crackdown on the industry. As a result, pro-crypto candidates have received significant support from the community. Robert F. Kennedy Jr. was among the first to share his industry-friendly approach throughout his campaign, endorsing Bitcoin and blockchain technology. However, recent reports claim the Independent candidate will drop out of the race on Friday. According to ABC News, sources close to Kennedy claim that the presidential candidate will endorse former US president Donald Trump after dropping out. Trump embraced the industry this year and later started accepting donations of different cryptocurrencies. Per the report, “One possible scenario being discussed is for Kennedy to appear on stage with Trump at an event in Phoenix on Friday.” Sources familiar to both candidates cautioned that nothing is finalized and “Kennedy’s thinking could always change.” Nonetheless, the news comes days after the Independent candidate revealed he would not endorse US VP and Democratic candidate Kamala Harris. Trump Memecoins Take The PolitiFi Lead PolitiFi tokens surged 15.5% in the last 24 hours, with the price of memecoins inspired by the former US president taking the lead. As the rumors of RFK Jr. endorsement hit, online reports revealed the republican candidate’s chances of winning the election rose again. According to Polymarket’s 2024 Presidential Election Forecast, Trump’s chances rose to 54% after the news, with a 7% lead against Kamala Harris’ chances. Following the news, the largest Trump-themed token, MAGA (TRUMP), saw a massive increase. TRUMP’s price has taken a hit since the end of July when it was trading above the $6 mark. The memecoin retraced below the $3 support zone following the August market crashes, registering a 41.5% drop in the last 30 days. However, TRUMP skyrocketed 55.6% toward the $4.14 mark on Thursday. As of this writing the token is trading at $3.7, a 40% increase in the last 24 hours. Other memecoins inspired by the former US president also saw a significant surge. Related Reading: AAVE Breaks Out Of 2-Year Accumulation Range, Is A Parabolic Run Ahead? After the news, Doland Tremp (TREMP), Super Trump (STRUMP), and MAGA Hat (MAGA) rose 16%, 25%, and 23% respectively. Meanwhile, the KAMA and KEIDY memecoins registered a 30% and 57% price drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
The Bitcoin (BTC) market appears to be now experiencing a concerning trend, according to the latest report from an on-chain data provider, CryptoQuant. In the report, CryptoQuant discloses a notable slowdown in the growth of whale holdings, which refers to the accumulation of Bitcoin by large-scale investors. The report reveals that the implication of this trend […]
Amid Bitcoin’s continuous consolidation below the $61,000 price mark over the past weeks, renowned trading guru Peter Brandt, with decades of experience in the financial markets, has recently shared an update on his outlook for Bitcoin and Ethereum. His analysis comes at a time when both of these assets have been unable to maintain a strong rally in the past weeks but have only continued to see consistent plunges. Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation? Bitcoin And Ethereum Next Move In his latest update, Brandt identifies a “megaphone” or “expanding triangle” pattern on Bitcoin’s weekly and daily charts. This pattern, characterized by increasingly wider price swings, often signals that the market is building up for a major move to the upside or downside. However, despite the meaning of this pattern, Brandt cautions that a “clear trend” has not yet emerged for Bitcoin. Commenting under Brandt’s post, an X user asked the trading guru about the factors that could signal a resumption of Bitcoin’s long-term uptrend, noting: What is more relevant in assessing the long term uptrend has resumed? Breaking above the diagonal resistance line or breaking above the horizontal line at 74k? To this, Brandt provided a straightforward perspective, disapproving the significance of “Diagonal resistance.” The analyst particularly noted: “Diagonal resistance means nothing to me.” In addition to his analysis of Bitcoin, Peter Brandt also shared his thoughts on Ethereum, the second-largest crypto by market capitalization. Brandt’s outlook for Ethereum remains cautious, as he observes that the altcoin is still on the “defensive.” Charts of continuing interest are Bitcoin and Ether. Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC No declaration of next trend yet $BTC$ETH will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC — Peter Brandt (@PeterLBrandt) August 20, 2024 He identifies the $3,050 level as a critical resistance point for Ethereum. According to Brandt, Ethereum will not exhibit bullish strength until it closes above this key level. Until then, a bearish bias will likely persist, with the potential for further declines if the price fails to break through this resistance. BTC And ETH Market Performance So far, both Bitcoin and Ethereum have been struggling to achieve any notable high following the significant plunge to lower levels earlier this month on August 5. BTC has ranged between $59,000 and slightly above $60,000 in the past week. Although the asset is up 1.3% over this period, it remains in the range with BTC’s current market price at $59,445 at the time of writing. As for Ethereum, the asset’s performance has also slightly mirrored that of BTC. Following ETH’s plunge to $2,197 earlier this month, the asset has continued to range below the $3,000 price mark. At the time of writing, ETH traded for $2,590, up by 0.1% in the past day. Feature image created with DALL-E, Chart from TradingView
Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out. Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off ETH’s Key Support Zone To Watch Out The crypto market has seen several retraces throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the “king of altcoins” has seen a 24% drop from the $3,400 support level. Following its fall below the $2,100 mark during the ‘Black Monday’ crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level. Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETH’s next step. Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereum’s performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH continues its downward trend. According to the In/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereum’s price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February. Will Ethereum Drop To $1,200 This Year? Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as “even giants will fall.” Top analyst Benjamin Cowen stated that the “collapse of ETH/BTC” is almost completed. A year ago, Cowen forecasted that the collapse of the trading pair would “mark the end of the altcoin reckoning.” He explained that “altcoin reckoning” refers to the devaluation of the altcoins on their BTC pairs. The analyst added that ETC/BTC was the “last one to rise in the bull and it can be the last to fall in the bear.” To him, this trading pair has four more months before it goes up next year. Additionally, Cowen predicted that Ethereum’s price could hit the $1,200 price range in December if its performance is similar to the last two cycles. Crypto investor Ted Pillows urged investors to hold on throughout the troubled waters, suggesting that a $10,000 is still possible. To the trader, the ‘King of altcoins’ is not dead based on different factors. Ted highlighted that spot Ethereum exchange-traded funds (ETFs) inflows have increased while Grayscale outflows have progressively gotten smaller, and Jump Trading has only around $60 million in ETH to sell. Related Reading: Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In Moreover, ETH is “strongly holding its support level,” which he deemed the most important factor. Ultimately, the investor Predicts that the consolidation breakout will occur between November and December, while the “parabolic run” will start in Q1 2025. Featured Image from Unsplash.com, Chart from TradingView.com
Bittensor (TAO) has been one of the best-performing AI (Artificial Intelligence) tokens this cycle after surging 180% during Q1 2024. The token has significantly retraced from its march all-time high (ATH) and is currently testing key resistance levels. Some crypto analysts seem unsure about TAO’s short-term performance but remain bullish long-term. Related Reading: Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags Bittensor To Lead The ‘AI Wave’? Bittensor Protocol’s token TAO recently saw a major downturn following the broader market retrace. The token, which had recovered the $300 mark in July, faced a significant correction as August started. The price decline deepened on August 5, falling below the $180 level. As the crypto market recovered, TAO’s price surged over 75% from its lowest point last Monday. The token retested the $300 resistance level over the weekend but failed to hold it as the market saw another crash this Monday. Bittensor’s native token registers a 10% drop from its Friday price of $315, which seems to have left some investors and market watchers pondering TAO’s short-term performance. According to renowned analyst Altcoin Sherpa, the AI token might experience another 25%-30% drop soon. To Sherpa, TAO’s “bearish market structure is still there,” which could drive the price below the $200 support level again “pretty soon.” Additionally, the analyst wonders whether AI tokens like TAO will outperform most of the market “like they did in early 2024.” Nonetheless, Gonzo, another market watcher, believes that the token will “lead the AI wave” in the coming months. Replying to Sherpa, the investor suggested that TAO might need to move sideways for a while and “hope that BTC doesn’t dump” to start a new uptrend. Gonzo also considers that Grayscale “might dump it hard to get in cheap” but “will pump it to make money” after launching its Bittensor fund. As reported by NewsBTC, Grayscale Investments announced the offering of its new crypto fund, the Grayscale Bittensor Trust, last week. No Clear Direction For TAO Short-Term Crypto trader Pidgeon analyzed TAO’s long-term performance, finding an unclear path in the shorter timeframes. Per the post, the chart displays a “big head and shoulders” pattern in the weekly timeframes. To the analyst, this pattern, which suggests a trend reversal, “remains completely irrelevant as long as Bittensor holds the $200 support area.” He considers that the chances of TAO holding this level significantly increased after “Monday’s major fakeout and liquidity sweep.” Additionally, Pidgeon highlighted that the token is moving within a clear range between the $210 and $360 levels in the daily timeframe, where the token has previously consolidated. The trader considers there won’t be “major direction until either side breaks.” To break from the downtrend, TAO must reclaim the $310 level before retesting the $360 mark. If it breaks above the $360 trendline, the token’s price could retest the $480 and $570 resistance levels before trying for a new ATH. Related Reading: Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms If it fails to hold above the $200 support zone, it might “revisit the wick lows down around $160” and even go as low as $90. Nonetheless, he identified a lower high structure “that it has been stuck in for months” and that “tends to break to the upside.” Ultimately, the trader stated he’s leaning bullish med-long term, but it will depend on “which side of the range it breaks.” As of this writing, TAO is trading at $277, a 4% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
This week, a new PolitFi token made the headlines amid the crypto market recovery. Restore The Republic (RTR) caught the attention of investors after rumors of being linked to the Trump family surged. The Trump-themed token saw a massive surge after its launch. However, its price quickly plunged after the former US president’s camp denied any links with it. Related Reading: Toncoin Soars 14.8% After Binance Listing, Is TON Poised For A Breakout? Trump-Themed Token Turns Out Fake On Thursday night, a PolitiFi token was surrounded by controversy after it plummeted by over 95% just hours after launching. Restore The Republic was described as a token to “ensure that our nation remains a beacon of freedom, justice, and opportunity.” The memecoin created a buzz among investors as it was suspected to be the Trump Family’s highly anticipated crypto project announcement. As a result, RTR’s price surged over 14,500% following its launch, going from trading at $0.001 to as high as $0.15. The token also hit a market capitalization of $155 million three hours after launching. However, the rapid surge was quickly met with a massive drop after Eric Trump claimed the project wasn’t related to the former US president. In an X post, Eric warned crypto investors of fake tokens, stating that “the only official Trump project has NOT been announced.” He also emphasized that the news would come directly from their camp first. Immediately after, RTR’s market cap nosedived, going from $125 million to $13 million. The token went from trading around the $0.12 mark to $0.007 in less than an hour, leaving many investors with massive losses. On-chain data analysis firm Lookonchain revealed that a crypto whale lost over $800,000 after FOMO-buying the token. Per the report, the investor spent 5,800 SOL, worth $916,400, to buy 7.2 million RTR at its highest price. Due to the price crash, the whale sold the RTR tokens for only 118 SOL, worth around $18,000, resulting in a loss of $898,500 in four hours. Crypto Scam Déjà Vu Online reports revealed that insiders made over $4 million from the memecoin. The newly created wallets bought millions of RTR as it opened trading. The insiders sold the token right after Trump’s camp denied ties to the memecoin. After the price crash, the crypto community discussed the token’s shady launch and promotion. Students for Trump group’s co-founder and chairman, Ryan Fournier, suggested in a now-deleted post that RTR was the official Trump token. Moreover, several KOLs (Key opinion leaders) promoted RTR to their followers, claiming it was the highly anticipated Trump project. After the collapse, some of these influencers affirm to have lost large sums of money. One KOL also claims to possess “legal documentation” that proves Donald Trump Jr.’s involvement with the launch. The crypto community quickly compared this incident to the last “official” token linked to the Republican presidential candidate. Nearly two months ago, DJT made the headlines after being rumored to have been launched by 18-year-old Barron Trump. At the time, other Trump-inspired tokens crashed by over 30%, including the MAGA (TRUMP). However, it was later revealed that the token was created and run by “Pharma bro” Martin Shkreli. Related Reading: Solana Faces Uncertainty: Expert Explains Impact Of Jump’s Rumored Exit Following the RTR debacle, Donald Trump Jr. spoke about cryptocurrencies inspired by his father. He stated that he has “nothing to talk about” regarding these tokens. He also deemed people assuming that all Trump-themed tokens are linked to the family as the problem. The businessman clarified that he loves and respects memecoin culture, but they are not the crypto project they have been teasing. Featured Image from Unsplash.com, Chart from TradingView.com
In a bust that once again reveals the dark side of cryptocurrency usage, the Hong Kong Customs cracked down on a sophisticated money laundering operation, seizing assets and making several arrests. According to the press release by the Hong Kong Government, the operation to bust this money laundering scheme is dubbed “Fencing,” and it particularly […]
Amid Bitcoin (BTC) continuous struggle for a major rally to new heights, miners powering the Bitcoin network are experiencing significant economic shifts. Particularly, recent data shows a stark reduction in Bitcoin reserves held by miners, signaling potential shifts in market stance or miner strategies. Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows Bitcoin Miner Reserves: A Plunge To 3-Year Low Following the latest Bitcoin Halving—an event that reduced the block rewards miners earn for their computational efforts—which occurred back in April, the total Bitcoin reserves held by miners have plunged to a three-year low. The data shown by Kaiko revealed that as of August 3, BTC miner reserves witnessed a notable plunge to roughly 1,510,300 BTC, marking a 2.4% decrease from the peak earlier in December 2020. This reduction translates to an estimated value of $86 billion, accounting for about 8% of all BTC currently in circulation. In its latest report citing Kiako, Bloomberg attributes this decline in the miner’s reserves to the increased sell-offs from the miners ahead of the recent halving. These sales have been primarily driven by the need to cover operational costs amidst reduced income from block rewards. The report read: The main source of revenue for crypto-mining companies such as CleanSpark Inc. and Riot Platforms Inc. was dramatically reduced by the halving. The preprogrammed update slashed rewards the firms get from validating blockchain data, which is referred to as mining. Although it is worth noting that the network fees on the Bitcoin network saw a spike immediately after the halving, providing temporary relief, this was short-lived as it was quick to adjust back to lower levels, with average fees now at $1.2 as of today, down significantly from more than $120 seen in April post-halving. There’s A Glitch Interestingly, despite the market-wide trend of reduced reserves or holdings from these miners, some public mining companies appear to be bucking this trend, with their Bitcoin reserves increasing significantly. Bloomberg, citing reports from the US Securities and Exchange Commission, noted: [P]ublic mining companies have actually increased their holdings of Bitcoin by 60% to 54,000 tokens since January 2023. […] Marathon Digital Holdings Inc. recently reported that it bought $100 million worth of Bitcoin. This accumulation, considered strategic given the current market condition, may suggest a bullish outlook from certain mining industry sectors despite the broader sell-off. However, the financial health of these mining companies appears to be somehow varied. Related Reading: Analyst Predicts Bitcoin Could Plunge Back To $51,000 On Wedge Pattern Breakdown According to Bloomberg, Core Scientific Inc. had already recently reported a substantial loss of about $804 million for Q2 of this year, which can be due to a “write-down” of the value of its Bitcoin holdings to reflect the current market prices. Featured image created with DALL-E, Chart from TradingView
Binance, one of the largest crypto exchanges in the world, is facing regulatory scrutiny again. The exchange has been slammed with a show-cause notice from India’s Directorate General of GST Intelligence (DGGI) two months after paying a $2 million fine to the Financial Intelligence Unit (FIU). The notice demands over $80 million from the crypto […]
Over the last week, the Crypto Fear & Greed Index has seen a steady decline as prices have struggled to hold up in the market. Following the Bitcoin price crash below $50,000 that rocked the market, the index plunged farther into fear. The result of this is the lowest level that the index has been […]
Memecoins like PEPE and WIF saw the biggest loss after the $510 billion crypto market sell-off.
Data shows the cryptocurrency derivatives market has suffered liquidations of more than $1 billion in the past day as Bitcoin has crashed to $52,000. Bitcoin Has Plunged By More Than 15% During The Last 24 Hours Bitcoin investors have been dealt a shock to open Monday, with the cryptocurrency having crashed by more than 15%, which has taken its price to the $51,500 mark. Related Reading: Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis The below chart shows how the recent trajectory has looked like for the asset: From the graph, it’s visible that the latest sharp plunge in the BTC price is just an acceleration of the trend that the asset had already been witnessing since the last couple of days of July. On the 29th, the cryptocurrency was floating around the $70,000 mark, meaning that it had come down by more than 26% in only a week. Following this drawdown, Bitcoin is now back to the same level as that just before the late February rally, which went on to culminate in a new price all-time high (ATH). While BTC has had it bad during the past day, altcoins have in general had it even worse. Ethereum (ETH), BNB (BNB), and Solana (SOL), the three largest coins next to the original (excluding the stablecoin Tether), have all seen higher losses of 23%, 19%, and 21%, respectively. With prices across the sector crashing down, it’s not surprising to see that long investors have taken a heavy blow over on the derivatives side of the market. Crypto Liquidations Have Crossed $1 Billion, Majority Are Long Contracts The latest volatility in the various assets has meant the derivatives market has gone through chaos over the past 24 hours, as the data from CoinGlass below shows. As is visible in the table, a whopping $1.1 billion in cryptocurrency derivatives contracts have found liquidation in this period. “Liquidation” here naturally refers to the process any contract undergoes after amassing losses of a certain degree, where its platform forcibly closes it up. An extreme majority of these liquidations, around 85% to be more precise, involved the long holders. This is a natural consequence of the market as a whole going through a crash. Interestingly, though, despite the sharp plummet, $173 million in shorts still managed to get liquidated, which isn’t really a small amount. Thus, it would appear that a large amount of investors only put their bearish bets in when the crash was already finished. Related Reading: Bitcoin Price Plunge Deepens: What Could Prevent a Recovery? In terms of the individual symbols, Bitcoin and Ethereum have contributed to the mass liquidation event by nearly the same degrees, witnessing liquidations of $367 million and $350 million, respectively. Clearly, BTC is still ahead, but by only a small amount, which is not usually the case. The reason behind ETH’s high liquidations may be the fact that the recent launch of the spot exchange-traded funds (ETFs) had put more attention on the second largest coin by market cap. Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
Bitcoin dominance has notched a new yearly high amid a brutal Ethereum-led sell-off.
The crypto industry and its regulations have become a decisive topic among US voters. As the November US Presidential elections get closer, American citizens continue to ask for clearer regulations and a more welcoming landscape in the country. Following Biden’s drop from the presidential rally, Vice President Kamala Harris became the principal nominee for the […]