The nearly $9 billion in Mt. Gox creditor repayments starting July may not kick down the price of Bitcoin, but they could spell trouble for Bitcoin Cash.
Bitcoin price gained bearish momentum and traded below $60,000. BTC is signaling a short-term downtrend and might face hurdles near $62,000. Bitcoin started a fresh decline from the $62,550 resistance level. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above the $62,000 resistance zone. Bitcoin Price Nosedives Bitcoin price failed to recover above the $63,500 level. BTC struggled above $63,000 and started another decline. There was a strong decline below the $62,000 and $61,500 levels. The price even declined below the $60,000 level. A low was formed at $58,448 and the price is now correcting losses. There was a minor increase above the $59,800 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. If there is a recovery wave, the price could face resistance near the $61,500 level. The first major resistance could be $62,150 or the 50% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. The next key resistance could be $62,500. There is also a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair. 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 $65,000 resistance in the near term. Another Drop In BTC? If Bitcoin fails to climb above the $62,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,200 level. The first major support is $60,000. The next support is now forming near $58,500. Any more losses might send the price toward the $57,000 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 – $61,200, followed by $60,000. Major Resistance Levels – $62,150, and $62,500.
An analyst has pointed out how an indicator is forming a signal for Bitcoin that has proven to be quite bullish for the asset during the past two years. Bitcoin Daily RSI Has Dipped Into The Oversold Territory In a new post on X, analyst Ali Martinez has discussed the latest trend forming in the Relative Strength Index (RSI) for Bitcoin. The RSI is a popular technical analysis indicator that keeps track of the speed and magnitude of recent changes in BTC’s price. This metric represents its value on a scale from zero to a hundred. Related Reading: Bitcoin Whales Switching To Risk-Off Mode After $61,000 Crash When the indicator has a value lower than 30, the cryptocurrency is oversold right now. Such a trend may lead towards a bottom for the asset’s price. On the other hand, the metric above the 70 mark suggests the coin could be overbought currently and, hence, potentially due to a reversal towards the downside. Now, here is the chart shared by Ali that shows the trend in the daily RSI for Bitcoin over the last couple of years: As displayed in the above graph, the daily RSI has recently observed a plunge for Bitcoin, which now sits under the 30 level. Thus, it would appear that BTC is turning oversold, at least according to this metric. This development in the indicator has come as BTC has seen a crash in the past 24 hours that has taken its price below the $60,000 level for the first time since the start of May. The latest plummet into the underbought region is the first time the indicator has dipped into this region since August of last year. Interestingly, the signal eventually led to a 197% rally for cryptocurrency. Bitcoin also enjoyed a similar bullish effect during the other two occurrences of this trend from the past two years. The November 2022 signal resulted in a 60% surge, while the March 2023 one led to an increase of more than 62%. As the daily RSI has once again dropped into this territory for the asset, it’s possible that its price could end up seeing a return of bullish momentum in the coming future. The analyst notes that this could make the current dip a prime opportunity to buy. In the scenario that BTC does observe a rally arising out of this pattern similar to the previous instances, a run equal to the smallest surges (60%) would mean the cryptocurrency would rise to a new high of $96,000. Related Reading: Bitcoin Slips Under $64,000: Here’s Where The Next Support Is Given this trend in the daily RSI, It remains to be seen how the price of the cryptocurrency develops from here. BTC Price Bitcoin had slipped under $60,000 earlier in the day, but the asset has since seen a small rebound to $60,200. Featured image from Dall-E, charts from TradingView.com
The weakened market sentiment comes amid fears of a potential $8.5 billion market dump by Mt. Gox and recent mass outflows from United States spot Bitcoin ETFs.
Dogecoin is down by 6.87% in the past 24 hours after a brief cooldown in bearishness. However, the downturn has given Dogecoin a hint of bullish reversal as it has entered a historically prominent buy zone. Interestingly, this is suggested by the MVRV ratio, which currently hints at a very bullish short-term bounce for DOGE. […]
Anthony Scaramucci, the founder of SkyBridge Capital, has predicted that Bitcoin could reach new all-time highs (ATH) when his preferred presidential candidate wins. He also claimed that crypto “has already won” following recent developments in the industry. Bitcoin Could Rise To As High As $250,000 When Joe Biden Wins Scaramucci mentioned during an interview on Unchained that he believes that the market will witness a new ATH for Bitcoin during a second Biden administration if the incumbent US President wins his reelection bid. As to how high Bitcoin can rise, Scaramucci predicts that the flagship crypto will rise to between $170,000 and $250,000. Related Reading: Little-Known But Important Dogecoin Indicator Goes Off, How High Can It Drive Price? The SkyBridge Founder also revealed that he would be voting for Joe Biden and claimed that the good news for those who support Biden and crypto is that the “needle” has moved in a positive direction. Scaramucci tried to banish the belief that this current government is anti-crypto, noting that the Spot Ethereum ETFs have been approved, and there could be more layer-1 ETFs. Scaramucci further stated that although Biden vetoed the SAB 121 bill, he believes there will be a crypto bill in the ensuing congressional term that Biden will be willing to sign. Scaramucci is also bullish on Biden’s second term in relation to crypto because he believes that the “anti-crypto nonsense,” which he says is sponsored by Senator Elizabeth Warren and Gary Gensler, will be in the past by then. Interestingly, Scaramucci served as the White House Director of Communications under former US President Donald Trump, making his support for Biden surprising. Trump had also recently affirmed his support for cryptocurrencies, suggesting he was more open to Bitcoin and other crypto assets than Biden. However, despite all these, Scaramucci explained he isn’t supporting Trump because the former US President is “very transactional.” He noted how Trump had an anti-crypto stance while he was still President and has now made a complete turnaround, suggesting that Trump might just be supporting crypto because he wants to get votes from the crypto community. Why Crypto Has “Already Won” Scaramucci stated that the crypto industry has already won because it beat Warren and Gensler, who he claims are very Trump-like and “authoritarian and autocratic.” He also noted how the crypto industry has defeated the Securities and Exchange Commission (SEC) in court on several occasions, with some of these cases causing the Commission to pay fines and be rebuked by Judges. Related Reading: Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales? Scaramucci also claimed that the SEC has been pressured by Biden’s administration and his campaign team, who have realized that being anti-crypto is bad for Biden’s campaign. Based on those points he outlined, Scaramuci again reaffirmed that the crypto industry has won against those who are anti-crypto. Featured image created with Dall.E, chart from Tradingview.com
Onchain Highlights DEFINITION: The percentage of circulating supply in profit, i.e. the percentage of existing coins whose price at the time they last moved was lower than the current price. Bitcoin’s percentage supply in profit reflects dynamic market conditions. The first chart illustrates historical data from 2013 to 2024, showing periods where over 90% of […]
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South Korea appears to have found itself at a crossroads, engaging with the potential impacts of introducing spot crypto exchange-traded funds (ETFs) into its financial ecosystem. The Korea Institute of Finance (KIF) recently released a report voicing significant concerns over these financial products. What did they say about ETFs? Related Reading: South Korean Won Takes […]
AI machines will need to use and store their wealth somewhere, and Bitcoin is the logical choice for that, Anthony Pompliano says.
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
Louisiana Governor Jeff Landry signed a bill to prohibit central bank digital currencies (CBDCs) and protect crypto mining on June 19. The bill, HB 488, prevents governing authorities from accepting or requiring payments in CBDCs. It also bars authorities from participating in CBDC tests by the Federal Reserve Board of Governors and other federal government […]
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The Wikileaks founder is expected to plead guilty to one U.S. charge and be sentenced for time served in a U.K. prison.
ID Software co-founder John Romero said using AI is “problematic” as it is based on existing material.
Iranian government officials and hardliners are voicing strong opposition to the play-to-earn blockchain game “Hamster Kombat,” claiming it serves as a tool of Western soft power aimed at distracting the populace from the upcoming presidential elections, local media reported on June 24. The criticism against the web3 game comes after millions of Iranis have turned […]
The post Telegram-based web3 game Hamster Kombat draws Irani general’s ire amid rising local player base appeared first on CryptoSlate.
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 […]
The deputy chief of the Iranian military claimed the game was a way of distracting Iranians from the country's upcoming presidential elections.
CBDC developers have made little progress in developing products capable of "preserving privacy," and government is not complaining.
The Biden administration has re-hired former crypto adviser Carole House, according to a LinkedIn post on June 24. House said she is “honored to have been called to return to service of absolutely critical mission sets that are necessary to shape the future of secure and trustworthy digital economies.” House will serve as Special Advisor […]
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Former Weta Digital CEO Prem Akkaraju takes the helm of the company as it deals with debt, departures, and a controversial release.
A handful of Bitcoin analysts now believe BTC price is headed below $50,000. Cointelegraph explores why.
Bitcoin is under immense selling pressure at press time, and printing discourages lower lows. While the coin finds a ceiling at $66,000 and bears targeting a retest of $60,000 or even May lows, one analyst is defiant. Bitcoin Analyst Upbeat: Next Stop $500,000? In a post on X, the analyst admitted that the coin is […]
The Solana price has experienced a sharp decline over the past month in line with the broader market correction, intensifying concerns as rumors of a potential investigation into the popular blockchain platform have recently surfaced. Regulatory Storm Brewing? In a social media post on X (formerly Twitter), market expert Crypto Bitlord, who has a considerable following of over 300,000 people, hinted at a rumored investigation into Solana. The post read: We are hearing rumors that SOL is under investigation and a huge case is about to be made public. This has been brewing for weeks and couldn’t come at a worse time. Related Reading: Bitcoin Price Crashes Below $61,000: The Main Reasons While no specific details about the jurisdiction or agency conducting the alleged investigation into Solana have been disclosed, the United States has been at the forefront of an ongoing crackdown on the cryptocurrency industry since the collapse of the FTX crypto exchange in late 2022. The aftermath of the FTX incident resulted in a series of lawsuits and charges against various industry executives. Notable figures like Binance’s former CEO Changpeng Zhao (CZ) and Coinbase have faced legal scrutiny. A comparable scenario can be drawn with XRP and Ripple, as they have been engaged in a complex legal showdown over the sale of the digital asset. For Crypto Bitlord, who has contributed to projects such as Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE), the potential impact on the Solana price is significant. In response to skeptical comments, Bitlord warned, “Don’t cry when SOL is $3 again.” However, until further news emerges regarding the alleged investigation, these statements remain speculative. Solana’s founders have made no official statements regarding these rumors. Solana Price Analysis The Solana price has experienced significant losses across various time frames, with declines of over 9%, 18%, and 22% in the past seven, fourteen, and thirty days, respectively. However, despite the downward trend, trading volume for SOL has remained robust, surpassing $2.8 billion in the past 24 hours alone, according to CoinGecko data. Digital asset investment firm CoinShares reported notable inflows into various altcoins following the recent price weakness, with Solana seeing inflows of over $2.7 million. This suggests that despite the price decline, some investors see potential value in SOL and are strategically entering the market. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10? Nevertheless, the Solana price faces a critical test as it approaches crucial support levels. Currently, SOL is trading just above a four-month support level at $127, which marked the uptrend when the Solana price reached a yearly peak of $210 in mid-March. If selling pressure intensifies and this support is broken, SOL could retrace down to $117, representing the token’s next significant mid-term support level. Other support walls for SOL in the event of a sustained bearish move are at the $109 and $102 levels. These levels should be watched closely by bullish investors looking to prevent Solana from falling below $100. Featured image from DALL-E, chart from TradingView.com
Bitcoin tests the $60,000 support level following a 6% market drop and significant liquidations, historical data shows.
The post Bitcoin can sustain the $60,000 price level, historical data suggests appeared first on Crypto Briefing.
Coinbase could face regulatory challenges over its compliance with new FASB accounting rules that shift the accounting and disclosure for crypto to a fair-value model from a cost-less-impairment model, MarketWatch reported on June 24, citing accounting experts. The rules were agreed upon by the FASB in 2023 and will officially take effect in 2025. However, […]
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The current Shiba Inu price action might be leaving some investors wanting, particularly as the crypto has now extended its 30-day losses by over 30%. However, recent on-chain data and technical analysis indicate that the patience is about to pay off. To be more specific, the current price downturn has seen Shiba Inu entering the accumulation zone, which could signal the start of the next bull run. At the same time, a concurrent 493% increase in transaction fees within the Shibarium network suggests it could be the ideal time for investors to load up. Shiba Inu Price Hits 100-Day Low As Bears Take Control The past few weeks have been a bloodbath for Shiba Inu (SHIB) holders. After rebounding at the $0.000022 support and spiking briefly to reach $0.00002756 in the last week of May, the popular meme coin has plunged over 30%, briefly crashing below $0.000017 this week. This brutal selloff has dragged SHIB to a 100-day low, wiping out billions from its market cap. Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 Experts have blamed this fall on investors pulling out of meme coins. Shiba Inu wasn’t left out, as the meme coin also witnessed major transfers to crypto exchanges. From the price side of things, SHIB’s decline means traders now have the opportunity to buy at its current low prices, which may herald the reversal of the bearish trend. You would think with SHIB’s price taking a beating lately, activity on the network would be slowing down. Surprisingly, that’s not the case at all. Recent data from Shibariumscan indicates that transaction fees on the Shibarium layer-2 network have skyrocketed by 493% last week. The massive surge in transaction fees came from increased transaction activity on the network. Notably, the number of new transactions moved from 5,865 at the beginning of the week to 16,337 at the end of the week, a 178% increase. Although transaction fees on Shibarium are paid in BONE tokens, a portion of the tokens are converted into SHIB and then burned. This, in turn, reduces the amount of SHIB tokens in circulation. What’s Next For SHIB? At the time of writing, SHIB is trading at $0.00001702 and seems to be consolidating. Experts are now divided into different schools of thought about the future of meme coins, including SHIB. According to Ki Young Ju, CEO of CryptoQuant, the current downtrend suggests meme coin dominance in the altcoin market could finally be over. Related Reading: Polygon (MATIC) Turns Bullish After Losing Streak – Is A 1,000% Rally Possible From Here? On the other hand, analyst Javon Marks believes Shiba Inu still has room to break to the upside, and the recent pullback could also be a contributing factor. Marks asserts that Shiba Inu is still up by 100% since its last bullish wave and it has the potential to go up by another 294%. Price targets are at $0.000081 and $0.0001553. Featured image created with Dall.E, chart from Tradingview.com
With the Bitcoin price drop from the $70,000 level to below $64,000, meme coins have understandably suffered as a direct result of this. During this time, meme coins, both large and small, have seen their prices drop significantly, raising concerns about whether the meme coin summer is over. However, going by previous crashes, there may […]
Kanav Kariya announced his resignation amid reports of a pending investigation into Jump Crypto’s activities and several incidents dating back to 2022.
The Recording Industry Association of America accuses the generative music services of “unlicensed copying of sound recordings on a massive scale.”
Galaxy’s head of research, Alex Thorn, believes the impending distribution of more than 140,000 Bitcoin (BTC) from the defunct Mt. Gox exchange will have a less severe market impact than anticipated. Thorn said his research shows that the selling will mostly come from individual creditors, who are receiving less than half of the total 140,000 […]
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Today, the cryptocurrency market faced a lot of selling, causing the price of Bitcoin to fall sharply below important support levels and head toward a low of $59,000. This drop was triggered by an announcement from Mt. Gox about starting repayments, which led to fears of more selling. At the same time, the price of …