Traders previously warned of the bearish market reaction to Mt. Gox’s bitcoin repayments.
Around $193 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since February.
The post Mt. Gox Terror Strikes Markets, Bitcoin Faces Second-Largest Long Liquidation in History After FTX Collapse, What’s Next? appeared first on Coinpedia Fintech News
Ever since Mt. Gox released its rehabilitation plan to repay the creditors who lost their BTC in a hack that occurred in 2013, the markets have become extremely furious. As Bitcoin price continued to rise, the fear of selling pressure began to hit the highs. As a result, the market participants seem to have closed …
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Bitcoin’s price has fallen below the $55,000 mark for the first time since February, marking a dramatic decline of 13% within just four hours. The leading cryptocurrency experienced an intraday fall of 4.46%, signaling significant market volatility. The broader crypto market also faced substantial long liquidations over the past two days, totaling $697 million. Bitcoin …
BTC slides to lowest since late February, breaching key price support.
As Bitcoin, the flagship cryptocurrency asset continues to garner support from leading figures in the industry, Chris Wood, the Chief strategist at Jefferies in a daring statement that might change people’s perceptions of digital currencies has suggested that the potential collapse of the United States Dollar Paper Standard could significantly benefit BTC holders in the […]
Bitcoin is fast selling off. At spot rates, the world’s most valuable coin dropped by over 5% on the last day of trading and continues to spiral lower, easily breaking $60,000. The psychological round number has been level to watch out for over the previous few days, especially following gains over the weekend. Bitcoin Is Down: Is It Time To Buy? While Bitcoin is edging lower and sellers are relentless, one analyst thinks this is the right time to stack up. In a post on X, the analyst argues that Bitcoin is on the cusp of the “Spring” phase within the Wyckoff re-accumulation model. The Wyckoff model is a technical analysis tool used by traders and chartists. Traditionally, it uses price and volume patterns to identify potential price movements. Related Reading: Crypto Market In Panic As Bitcoin Crash To $57,000 Sends 105,000 Traders To The Slaughter While Wyckoff describes multiple phases when it comes to price patterns, the “Spring” stage is what most traders always track. When prices “spring” higher from this stage, the coin tends to break out from the current range at the back of rising trading volume. Looking at the Bitcoin daily chart, it is evident that prices have been consolidating. Thus far, the primary support is around the May and June 2024 lows. Then, prices broke lower, sinking below $57,000 and bottoming at around $56,500 in May. Resistance lies between $72,000 and March 2024 highs on the upper end. As it is, Bitcoin is retesting the primary support, with the July 4 bar piercing $60,000 and dropping to as low as $56,900 earlier today. Based on the Wyckoff model, prices are priming for the spring phase. This preview will hold, especially if there is no confirmation of today’s losses. Miner Capitulating Though Long-Term Holders Are Not Selling Though the analyst is upbeat, not everyone is bullish. According to Willy Woo, an on-chain analyst, the current sell-off is primarily driven by miner capitulation. Looking at the Bitcoin Hash Ribbons, the drop appears to be getting started as the market culls off “weak” miners. Since the April 20 Halving, the Bitcoin network automatically slashed BTC rewards by half to 3.125 BTC. This automated move heaped more pressure on miners, who must invest capital to buy gear and operate efficiently. With falling revenue, only the most efficient miners stand a chance to operate profitably. Related Reading: Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed As a result, those who can’t upgrade their gear are forced to exit the scene. If they don’t, they stand operating without a chance of consistently winning block rewards. Over the last eight months, on-chain data shows that miners have been offloading BTC, countering the uptrend of Q1 2024 and worsening the correction from April. Amid this, long-term holders, mostly institutions and whales, stopped selling in mid-January 2024. Then, the United States Securities and Exchange Commission (SEC) approved the first spot for the Bitcoin exchange-traded fund (ETF). As proof, the Bitcoin “illiquid supply,” which shows the number of coins that haven’t been moved for over two years, is at a near all-time high. Feature image from DALLE, chart from TradingView
XRP price tumbled and dived below the $0.400 support zone. The price is consolidating losses and might struggle to recover above the $0.4150 resistance. XRP price gained bearish momentum below the $0.4240 support zone. The price is now trading below $0.4250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.4150 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might recover, but the upsides might be limited above $0.4050 and $0.4150. XRP Price Takes Hit XRP price struggled to clear the $0.4550 resistance and started a fresh decline, like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.4240 support. The pair even declined heavily below the $0.4150 support level. Finally, it even spiked below the $0.400 support. A low was formed at $0.3826 and the price is now correcting losses. There was a recovery wave above the $0.3920 resistance. The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.4467 swing high to the $0.3862 low. It is now trading below $0.4250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4050 level. The first major resistance is near the $0.4150 level and the 50% Fib retracement level of the recent decline from the $0.4467 swing high to the $0.3862 low. There is also a key bearish trend line forming with resistance at $0.4150 on the hourly chart of the XRP/USD pair. The next key resistance could be $0.4220. A clear move above the $0.4220 resistance might send the price toward the $0.4380 resistance. The next major resistance is near the $0.4450 level. Any more gains might send the price toward the $0.4650 resistance. More Losses? If XRP fails to clear the $0.4150 resistance zone, it could start another decline. Initial support on the downside is near the $0.390 level. The next major support is at $0.3850. If there is a downside break and a close below the $0.3850 level, the price might continue to decline toward the $0.3620 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.390 and $0.3850. Major Resistance Levels – $0.4050 and $0.4150.
In a recent letter to a district court judge, Coinbase argued that the SEC Chair’s private communications are an “appropriate source of discovery” crucial to mounting a reasonable defense.
Ethereum price remained in a bearish zone below $3,250 zone. ETH dived below the $3,000 support and even tested the $2,850 zone. Ethereum started a fresh decline below the $3,120 and $3,000 levels. The price is trading below $3,000 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct losses, but upsides might be limited above the $3,120 zone. Ethereum Price Dives 8% Ethereum price failed to start a recovery wave above the $3,150 and $3,200 resistance levels. ETH started another decline below the $3,120 support zone like Bitcoin. There was a move below the $3,050 and $3,000 support levels. The price declined 8% and even tested the $2,850 support. A low was formed at $2,862 and the price is now consolidating losses. The price is showing a lot of bearish signs and trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. Ethereum is trading below $3,000 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price might face resistance near the $2,960 level. The first major resistance is near the $3,000 level. There is also a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD. The next major hurdle is near the $3,120 level or the 50% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. A close above the $3,120 level might send Ether toward the $3,200 resistance. The next key resistance is near $3,250. An upside break above the $3,250 resistance might send the price higher toward the $3,350 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near $2,850. The first major support sits near the $2,800 zone. A clear move below the $2,800 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,850 Major Resistance Level – $3,000
Data shows that Bitcoin traders’ sentiment has declined into ‘fear’ after the price crash the cryptocurrency has seen during the past 24 hours. Bitcoin Fear & Greed Index Is Now Suggesting A Fearful Market The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment currently held by traders in the Bitcoin and wider cryptocurrency market. The index uses a scale from zero to a hundred to represent the sentiment. The score is calculated based on five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends. Related Reading: These Are The Altcoins In Buy Zone, Analytics Firm Reveals All values of the indicator above 53 signify the presence of greed among the investors, while those below 47 imply fear in the market. The region between these two cutoffs naturally corresponds to a neutral mentality. Now, here is what the Bitcoin Fear & Greed Index looks like currently: As is visible above, the Bitcoin Fear & Greed Index has a value of 44, suggesting that the sentiment is just inside the fear territory. This is a change from what it has been like during the last few days. The chart below shows how the indicator’s value fluctuated over the past year. The graph shows that the Bitcoin Fear & Greed Index had been in neutral territory during the first three days of this month, but today, on the fourth, the sentiment has plunged. The reason behind this worsening mentality is the crash that the cryptocurrency’s price has witnessed during the past day, which has taken its price under the $58,000 level. It’s also visible in the chart that the neutral sentiment in the first three days of July showed a sharp improvement over how June had ended. The metric had hit a low of 30 on two occasions to end the month as a culmination of the bearish momentum BTC had been facing. As the bearish winds seem to be picking back up for the asset now, the recovery in the sentiment may be lost soon. This may not entirely be, however, bad news for the coin. The Bitcoin price has historically tended to move against the crowd’s expectations. The chances of such a contrary move to take place grow the larger this expectation becomes. That is the more the Fear & Greed Index points in any direction. Major tops and bottoms have generally occurred when the asset has been inside the extreme greed and fear regions, respectively. Extreme greed is the territory where the index attains values higher than 75. Similarly, extreme fear occurs under 25. Related Reading: Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This If the indicator’s value continues to decline from here, it falls into the extreme fear it could be to watch for, as they may also lead towards a potential bottom for Bitcoin this time. BTC Price At the time of writing, Bitcoin is trading at around $57,900, down almost 6% in the past seven days. Featured image from Dall-E, Alternative.me, chart from TradingView.com
Amidst the market turmoil, on-chain data shows a particular whale has been taking the chance to load up on their portfolio. Notable among the transfers is the withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, among other meme coins. Particularly, this whale made a notable withdrawal of $120 million worth of diverse assets […]
Bitcoin price failed to start a recovery wave above the $61,500 resistance zone. BTC started another decline and might dive toward $55,000. Bitcoin started a fresh decline and traded below the $58,500 zone. The price is trading below $60,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $60,000 resistance zone. Bitcoin Price Extends Losses Bitcoin price struggled to start a decent recovery wave above the $61,500 resistance level. The bears remained in action and pushed BTC below the $60,000 support zone. There was a sharp decline below the $58,500 level. The price even spiked below the $57,000 level. A low was formed at $56,650 and the price is now consolidating losses. It seems like the bulls are struggling to start a recovery wave from the $56,650 level as the price is now well below the 23.6% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair. If there is a decent increase, the price could face resistance near the $57,500 level. The first key resistance is near the $58,350 level and the trend line. A clear move above the trend line might send the price toward the $60,000 level. The next key resistance could be $60,200 and the 50% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. A clear move above the $60,200 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $61,500 resistance. More Losses In BTC? If Bitcoin fails to climb above the $58,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $56,650 level. The first major support is $56,200. The next support is now forming near $55,800. Any more losses might send the price toward the $55,000 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 – $56,650, followed by $55,000. Major Resistance Levels – $58,350, and $60,000.
German MP Joana Cotar said the mass Bitcoin sell-off isn’t “sensible” and “productive” as it could be used to diversify treasury assets and protect against currency devaluation.
One of Mt. Gox’s cold wallets just transferred more than 47,000 BTC to an unknown wallet address amid a plan to begin repaying its creditors.
The transfer may lead to market volatility and price fluctuations as creditors potentially liquidate their holdings.
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Data shows the cryptocurrency derivatives market has seen a huge amount of liquidations in the past day as Bitcoin has crashed under $58,000. Bitcoin Has Registered A Plunge Of More Than 4% In The Past 24 Hours After a bearish June, investors were hoping this new month of July would bring about a turnaround for […]
A crypto analyst has identified key indicators that point to a substantial rally for XRP, the native token of the XRP Ledger (XRPL). According to the analyst, XRP is poised to rebound from its bearish trends and soar to new all-time highs XRP To Mirror 2017 Rally To New Highs In an X (formerly Twitter) post in June, crypto analyst, Tylie Eric expressed bullish optimism about XRP, emphasizing the cryptocurrency’s potential for a major rally this year. He shared an XRP price chart depicting the cryptocurrency’s price movements from as early as 2014 to 2025. Related Reading: British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When Eric disclosed that XRP has met all the necessary requirements and conditions to support a potential bull rally to new highs. The analyst also revealed that XRP is completely prepared to continue with “wave 3 and wave 5” of the renowned Elliott Wave Theory. The Elliott Wave Theory is a tool used to determine price movements in a cryptocurrency. The technical analysis is based on viewing long-term recurrent price patterns in a cryptocurrency. In his post, Eric disclosed that XRP was currently displaying similar patterns and conditions to those seen during its bull rally in 2017. Earlier in 2017, XRP witnessed a massive price rally, which preceded its surge to new all-time highs of $3.84 in 2018. Eric has suggested that XRP’s price action was displaying the same bullish patterns, as a result, he has projected a substantial price increase to $36.36 before the end of 2024. The analyst also revealed that XRP will have to witness a whopping 7,637.22% surge for it can reach the projected price target. Despite being a cryptocurrency analyst, Eric is an avid supporter of the XRP cryptocurrency. The analyst has constantly made bullish predictions for the altcoin, anticipating potential rebounds from bearish sentiment. Moreover, the crypto analyst revealed in his earlier post that XRP’s price action was significantly “boring.” This could be attributed to the cryptocurrency’s recent downward spiral. As of writing, the price of XRP is trading at $0.45, reflecting a 4.12% decrease in the past 24 hours and a 11.71% drop over the past month. The popular cryptocurrency has continually recorded steep declines since the beginning of June. Previously, the cryptocurrency was consolidating slightly above $0.5, however now the cryptocurrency is on a major downward trend, triggered by market volatility and Ripple’s ongoing legal battle with the United States Securities and Exchange Commission (SEC). Bullish Sentiment Rises Despite its waning value, XRP’s bullish sentiment from crypto analysts continues to rise. A particular crypto analyst identified as ‘Egrag Crypto’ predicted that the altcoin was getting closer to the Fibonacci (Fib) 1.618. The analyst disclosed that this unexpected development could indicate possible areas for a price reversal or continuation in XRP. Related Reading: Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH Egrag Crypto also shared a price chart depicting XRP’s price actions from 2014 to 2024. In his post he emphasized that if history repeats itself XRP could potentially see a price surge to $27. The analyst has urged investors to remain prepared and optimistic about XRP’s projected surge to to $27. Featured image created with Dall.E, chart from Tradingview.com
In the crypto world, a Chicago federal judge has ordered Sam Ikkurty, an Oregon resident, and his associated companies to pay over $120 million to victims defrauded in what the Commodity Futures Trading Commission (CFTC) has labeled a “classic Ponzi scheme.” The July 2nd ruling by Judge Mary Rowland marks a significant victory for the […]
Cardano Founder Charles Hoskinson responded to Ben Armstrong’s comments about ADA status as a ‘dead coin’. Hoskinson’s reply sparked a conversation about the state of the crypto industry and what’s valued in projects. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano And Polkadot Labeled ‘Dead Coins’ On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to explain his previous comments, stating that both cryptocurrencies were dead. In a YouTube Video from April, Armstrong said that ADA was “dead for real.” The crypto influencer believed that this time “was different.” To him, investors had to question whether they were okay “standing on ideals” while watching their portfolio take a hit. Per the influencer, ADA’s disappointing performance was because it doesn’t have the same backing as other tokens. He explained that “numbers go up” for institutionally backed tokens. Armstrong also noted that, despite not having “awful” institutional numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that “crypto is changing,” investors are turning their heads toward new projects to feel like they are early. On X, Armstrong reiterated his opinion about ADA and DOT, stating that both were “dead to institutions.” However, he clarified the implications of his statement. The token’s dead coin status doesn’t mean ADA and DOT won’t pump this bull run. To him, the tokens will offer returns to investors, but they will be “mid.” Charles Hoskinson Claps Back Cardano’s founder responded to Armstrong’s comments, questioning the crypto influencer’s stance. To Hoskinson, his logic goes against the ethos of crypto. “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,” the post read. Armstrong’s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder’s reply, wondering, “When did crypto become people begging for institutional investment?” Another user stated that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry and none of us would be here. “Hinging the success of a decentralized chain on centralized entities is hustling backward,” they added. Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is “at least adding content and valued entertainment into the space.” This has been a constant criticism toward the Cardano ecosystem and its founder. Cardano users defended the project, claiming that the blockchain is one of the “few that haven’t lost the DeFi plot.” Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments “will follow the network effect.” At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin’s volatility in the past week created the perfect market conditions for analyzing the behavior difference between long-term and short-term holders. Previous CryptoSlate reports highlighted the importance of these two cohorts and how their actions influence the market. Between June 28 and July 3, Bitcoin’s price fluctuated between $60,000 and $62,000. It failed to find […]
The post Long-term holders realize all of the profit and none of the losses appeared first on CryptoSlate.
Along with adding an “easy button” to stop AI developers from training their models on web content, the security firm shared its findings on AI bot activity.
Crypto analyst Javon Marks has remained a long-term believer in the XRP potential despite the crypto token’s underperformance since the start of the year. The analyst has again provided a bullish narrative for XRP, predicting that a massive rally is on the horizon. XRP Could Be Rise Between $15 and $20 Following Major Breakout Marks […]
Bitcoin (BTC) experienced a significant drop, reaching as low as $56,700 on Thursday. This price level has not been seen since May 1st, as Bitcoin faces several challenges, including US political uncertainties and the ongoing sell-off of BTC seized by the German government. These factors have contributed to a nearly 20% price correction for Bitcoin, causing concern among investors. Unraveling The Bitcoin Price Drop According to a recent Bloomberg report, investors are contemplating potential scenarios if President Joe Biden decides to withdraw his US reelection bid. One possibility is the emergence of a stronger Democratic contender who may pose challenges to Republican Donald Trump, whose agenda favors the crypto industry. Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, highlights the likelihood of a “stronger Democratic candidate” who might not support cryptocurrencies as a factor influencing Bitcoin’s weakness in the short term. Related Reading: Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed In addition, the overhang from the collapsed Mt. Gox Bitcoin exchange case, which plans to begin refunding, affected customers of the alleged hack suffered nearly 10 years ago, and the US and German government sell-off are contributing to the current weakness in the Bitcoin market. Traders are closely monitoring the risk of Bitcoin disposals by both the US and German governments, who possess seized BTC. Recent data from Arkham Intelligence reveals that a wallet associated with the German state transferred approximately $75 million worth of BTC to exchanges on Thursday, adding to a series of similar transfers. Meanwhile, administrators of the failed Mt. Gox exchange are gradually returning a substantial amount of Bitcoin to creditors, leaving speculators uncertain about the potential impact of the $8 billion haul on the market. Miners’ Response And Market Impact On the other hand, Bitcoin miners responsible for the computational power that supports the Bitcoin blockchain continue to face the financial consequences of the Halving event, which reduces the number of new tokens they receive as a reward. As a response, some miners are selling a portion of their token inventory, adding to the selling pressure on Bitcoin. This ongoing battle with selling pressure from miners is affecting Bitcoin’s price performance, as highlighted by Noelle Acheson, author of the Crypto Is Macro Now newsletter. However, Acheson notes that the sentiment in the crypto market can quickly change, especially if weaker US economic data instigates expectations of looser monetary policies from the Federal Reserve. Additionally, the potential approval of US exchange-traded funds (ETFs) to invest in Ethereum could uplift the overall market mood. Furthermore, the interpretation of US political developments may shift over time. Matt Hougan, Chief Investment Officer at Bitwise, suggests that potential changes at the top of the Democratic ticket will likely settle in an improved position for cryptocurrencies. He emphasizes that Washington’s attitude towards digital assets has changed positively in the past year. Glassnode Predicts Retest Of Previous All-Time Highs Despite the negative price performance and uncertainty surrounding BTC’s price, Jan Happel and Yan Allemann, founders of blockchain analytics platform Glassnode, maintain their target for Bitcoin, stating that BTC is expected to reach the $110,000 area before the market peak. Notably, Allemann and Happel see the current consolidation as a retest of the previous all-time high area. However, for this to happen, Bitcoin will need to cross key levels at $64,000 and later $70,000, which will require further market development and price action. Related Reading: Solana Eases Gains: Can SOL Bulls Safeguard the $132 Support? According to Julio Moreno, the Metcalfe Price Valuation offers insights into the potential support level for Bitcoin’s price. Moreno suggests that $56,000 should be a crucial support level for Bitcoin based on this valuation. Moreno concluded that if the Bitcoin price fails to hold this key $56,000 level, the correction could potentially deepen, leading to more severe consequences for the market. BTC has regained the $57,300 level; however, the cryptocurrency has been down 5% in the past 24 hours, with no signs of near-term bullish catalysts to climb above $60,000. Featured image from DALL-E, chart from TradingView.com
Bloomberg ETF analyst James Seyffart said he and his colleagues believe spot Ethereum ETFs could launch around July 15 as the application process settles. Seyffart posted the prediction on social media on July 3 but said he has “low confidence in those launch date predictions at this point.” The prediction is related to Bitwise’s amendment […]
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Bitcoin (BTC) has completed its ninth test of the $60,000 support level, hinting at a potential shift in the cryptocurrency’s trajectory. According to a crypto analyst, Bitcoin faces significant moves ahead and determining the direction of this momentum is crucial. BTC Retests $60,000 Support For The 9th Time In an X (formerly Twitter) post published on July 3, a crypto analyst identified as ‘Dana Crypto Trades’ declared that Bitcoin has successfully completed its ninth test for the $60,000 support region. A support level is a price threshold where assets tend to stop falling, signaling the potential for a bounce back in the cryptocurrency. Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments The crypto analyst disclosed that Bitcoin has maintained a support level of $60,000 for approximately nine months, and during those months it has undergone multiple price tests. While the cryptocurrency showed strength by sustaining this crucial level, Dana Crypto Trades highlighted that the support level eventually failed, resulting in substantial price declines for Bitcoin. He noted that the distinctive difference between previous price tests and the recent one was that many crypto investors and enthusiasts believed that the $60,000 support level would be Bitcoin’s bottom, anticipating that it would halt further price declines. The crypto analyst revealed that presently opinions seem to be divided about the direction Bitcoin will take with this new retest, revealing that some individuals believe that $60,000 would hold as the support level, while others remain skeptical. Highlighting Bitcoin’s current lack of momentum, Dana Crypto Trades explained that prices of cryptocurrencies often consolidate around specific levels for an extended period, showing minimal upward or downward movement. He disclosed that the overall high timeframe trend was important in determining the future direction of Bitcoin’s price. Additionally, He stressed the importance of not dismissing any support or resistance level of Bitcoin until its price has completely and undoubtedly broken through on a higher timeframe. The analyst added that after a period of consolidation, large price movements are often expected in a cryptocurrency. This is because the market builds substantial momentum during the consolidation phase, resulting in a significant breakout or breakdown. Analyst Predicts Major Price Swings For Bitcoin In one of his most recent X posts, Dana Crypto Trades shared a BTC price chart, noting that Bitcoin volatility indicators have become less erratic lately. He disclosed that typically when volatility drops to such low levels, it often signals a significant price movement. As a result, the analyst has suggested that Bitcoin could be getting ready for a major price swing. He also emphasized that while the indicators signal an upcoming big move for Bitcoin, they do not specify the direction of the movement, highlighting the uncertainty of whether BTC will rise or fall. Related Reading: 200 Million XRP Tokens On The Move, Where Are They Headed? At the time of writing, Bitcoin’s price dipped below the $60,000 support level, settling at $57,359. The cryptocurrency has experienced a notable decline of over 5.14% within the last 24 hours. Featured image created with Dall.E, chart from Tradingview.com
On July 3, 2024, Ripple Labs introduced a significant enhancement to its API environment called the “Try It” feature, now part of the Ripple Payments API documentation. This development marks a pivotal change in how developers can interact with the APIs by allowing them to execute real-time tests without the necessity for logins or real […]
Bitcoin price is pinned below $60,000, but derivatives and stablecoin data show traders remain optimistic.
The new tokenized assets offer the stability of the Bitcoin network with admirable yield.
According to a BBC exit poll after a July 4 general election, Labour was set to oust the Conservatives for the first time in 14 years.