Bitcoin is under immense selling pressure at spot rates, crashing below critical multi-month support at around the $53,500 to $56,000 zone. As bears take over, there are concerns that the coin could, after all, slip even lower, plunging towards the $50,000 and even $40,000 level in a bear trend continuation formation. Bitcoin Sellers Testing Resolve Of Determined Active Investors Despite the prevailing doubts, several on-chain indicators point to strength. Notably, one analyst observed that Bitcoin prices have dipped below the “moderate risk lower boundary of 9% from the average purchase price of active investors” for the fifth time in eighteen months. If history guides, prices are likely to bounce from spot rates, peeling back sharp losses posted over the weekend and into early Monday, August 5. Looking at price data, the average purchase price for these active investors (or addresses that bought BTC within the last 155 days) currently stands at $48,000. Related Reading: Chainlink: Market Panic Shaves 23% Off LINK Price – Details Earlier today, August 5, when prices crashed, BTC tumbled to as low as $49,000 before bouncing higher. Therefore, even with the drop, most active investors are not yet in full panic mode. Challenges will emerge once the $48,000 level is breached, testing the resolve of these investors. For now, looking at how intense the dump was and the accompanying trading volume, it is clear that bulls are not out of the woods yet. Should BTC fall again in the coming session, breaching $50,000 and $48,000, weak hands might choose to exit, fueling the sell-off. BTC In A Bearish Formation After Drop: Time To Take A Contrarian Approach And Buy? Technically, Bitcoin is now within a bearish breakout formation after the close below the consolidation. With July gains sharply reversed, losses spilling over throughout this week are highly likely. From this outlook, Bitcoin may slip to $40,000 in a bear trend continuation formation. Currently, from price active, one analyst also noted that the Bitcoin market value to realized value (MVRV) ratio is at levels last seen when FTX collapsed in November 2022. The MVRV ratio gauges whether the coin is available for a discount or not. Related Reading: Ethereum ETFs Struggles To Have a Positive Impact On Price, Whilst Investors Purchase Now Crypto at $0.00107 Though the coin briefly tanked to as low as $15,800, the recovery afterwards anchored the bull run of 2023 through to early 2024. Accordingly, if the August 5 events mirror the panic selling of late Q4 2022, Bitcoin could be available for a discount. Feature image from DALLE, chart from TradingView
Bitcoin price started a recovery wave after it crashed below $50,000. BTC is back above $55,000 and faces many hurdles near the $58,000 zone. Bitcoin started a recovery wave above the $52,500 and $55,000 levels. The price is trading below $58,000 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to clear the $58,000 resistance zone. Bitcoin Price Starts Recovery Wave Bitcoin price extended losses below the $52,500 support zone. BTC even traded below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price recently started a recovery wave. It recovered above the $52,500 level and tested the 50% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading below $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $56,500 level. It is near the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. The first key resistance is near the $58,250 level. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance. Another Decline In BTC? If Bitcoin fails to recover above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $55,000 level. The first major support is $53,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $55,000, followed by $53,500. Major Resistance Levels – $56,500, and $58,000.
Zoth's $4M funding to tokenize real-world assets could significantly bridge traditional finance with DeFi, enhancing liquidity and investment options.
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Both sides say they are open to restarting negotiations, but which actors are protected remains a sticking point.
On-chain data reveals what percentage of the entire Bitcoin userbase is still carrying a profit following the latest crash in the asset’s price. Bitcoin Has This Many Addresses Still Holding Net Gains In a new post on X, the market intelligence platform IntoTheBlock has discussed about the profit-loss status of the Bitcoin investors after the […]
Bitcoin sunk to under $50,000 at the start of US trading on Aug. 5, prompting a huge spike in trading volumes of crypto-related ETFs.
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
Lawyers for the U.S. Securities and Exchange Commission (SEC) are pushing back against what they describe as Coinbase’s “breathtakingly broad” subpoena requests searching for “essentially all documents that in any way relate to crypto.”
Semler Scientific's Bitcoin strategy could significantly impact its financial stability and influence other healthcare firms to adopt similar approaches.
The post Semler Scientific acquires additional 101 Bitcoin, holdings now at 929 BTC appeared first on Crypto Briefing.
Amid the crypto market slump, rumors emerged that Tron founder Justin Sun’s positions had been liquidated. Sun denied the rumors and criticized the community’s FUD (fear, uncertainty, and doubt), pledging to create a fund to help the industry. Justin Sun Denies Liquidation Rumors Over the weekend, the crypto market saw a significant retrace that dragged […]
It comes as decentralized prediction platform Polymarket has gathered more than $500 million in bets on who will likely win the 2024 United States presidential election.
Ripple’s Q2 2024 market report recently highlighted a decline in a crucial on-chain metric that could significantly impact the the XRP price. This decline in network activity and several other factors threaten to send the crypto token to new lows soon enough. XRP Records Decline In On-chain Transactions According to the report, on-chain transactions on the XRP Ledger (XRPL) declined by 65.6% in the second quarter of 2024. 86.38 million transactions were recorded during this period, compared to 251.39 million in the first quarter of this year. A drop in the network activity is significant as it highlights investors’ sentiment towards the XRP ecosystem. Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch This decline in network activity can also negatively impact the XRP price, especially if this trend continues in the third quarter of the year. A plausible explanation for the decline in on-chain transactions for the XRPL in the second quarter is XRP’s underperformance in the first quarter of the year. High expectations for XRP heading into the new year may have prompted investors to increase their exposure to the crypto, which led to the highs in network activity recorded in the first quarter. However, these investors may have had a rethink as XRP failed to reach new highs even when Bitcoin hit a new all-time high (ATH), leading to a decline in network activity in the second quarter. The silver lining is that XRP investors have regained their bullish sentiment towards XRP, leading to increased network activity. Bitcoinist recently reported a spike in new addresses and the number of addresses interacting on the XRPL, with these metrics reaching their highest levels since March earlier this year. The revived bullish sentiment among XRP investors is mainly thanks to the belief that the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple could end soon, presenting a bullish outlook for XRP’s price. However, if that doesn’t happen soon enough, XRP is at risk of witnessing a significant price decline as activity on the XRPL drops. Other Factors That Could Contribute To A Crash For The XRP Price The bearish sentiment in the broader crypto market is another factor that could contribute to massive price declines for XRP. Bitcoin is currently struggling to hold above $50,000, and the flagship crypto could send altcoins like XRP crashing if it continues to drop to new lows. XRP is also well-placed to be among the altcoins that will be most affected, seeing how the crypto token has so far reacted to Bitcoin’s recent crash below $60,000. Related Reading: Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000 The conclusion of the lawsuit between the SEC and Ripple could also negatively impact XRP’s price if the remedies awarded against the crypto firm align with the Commission’s proposed remedies. The SEC has asked Judge Analisa to award a fine of $102.6 million against Ripple, which is way above the $10 million that the crypto firm proposed. At the time of writing, XRP is trading at around $0.46, down over 16% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
In a recent development, the Dogecoin Core is expected to undergo another major upgrade that is important to the wellbeing of the network. The upgrade will introduce some major fixes, with the main one being to increase trust in the system, by not allowing the addition of malicious code or for an entity to take […]
The former president continues to stress that if the United States does not innovate in the digital asset sector, other countries will.
Author Thomas Ross sees AI as a solution, not a threat, and says the U.S. political machine needs to be rebooted.
The cryptocurrency market has been rocked by a massive sell-off, with the Bitcoin price plunging 26% from its July highs above $70,000. This dramatic decline comes amid a broader crash in global financial markets, reflecting growing economic uncertainty and investor risk aversion. Crypto Winter Returns? The crypto sphere was not spared from this turbulence, as risk aversion sentiments reverberated across the industry on Monday. Bitcoin witnessed a staggering 16% decline, reaching as low as $48,860 on Binance, while Ethereum, the second-largest cryptocurrency, experienced its most substantial fall since 2021, reaching $2,116. Related Reading: Chainlink: Market Panic Shaves 23% Off LINK Price – Details Notably, the fallout extended to crypto-related stocks, with crypto companies such as Coinbase Global, MicroStrategy, miners Marathon Digital Holdings and Riot Platforms also seeing significant drops in their share values. As concerns about the economic outlook intensified amid a global equity sell-off, concerns about the efficacy of heavy investment in artificial intelligence (AI) added to market unease. Geopolitical tensions in the Middle East further added an additional layer of uncertainty and contributed to investor anxiety. Bitcoin Price Predicted To Hit $15,000 The past 24 hours witnessed a total liquidation of approximately $1.2 billion in crypto bets, marking one of the most significant liquidations since early March. Factors such as the unwinding yen carry trade and adjustments to higher interest rates in Japan played a role in this market upheaval. Despite the current crash, some experts remain bearish on the crypto market’s long-term prospects. Justin Bennett, a crypto analyst, suggests that $15,000 Bitcoin and $700 Ethereum are “very much on the table.” What’s more, the image above shows that historical data further paints a bleak picture of Bitcoin’s performance in August and September, historically the worst months with average losses of -7.82% and -5.58%, respectively. Light At The End Of The Tunnel? Despite these bearish factors, crypto analyst Ali Martinez points to the Bitcoin MVRV Ratio on the 30-day time frame, which has not been this low since November 2022, right after the FTX collapse. “That period marked a bottom and an excellent buying opportunity,” he said. Related Reading: Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000? Martinez also shared a key support that the bulls must hold to avoid further declines, stating that at around $47,140, nearly 900,000 addresses previously bought 489,000 BTC. Although the Bitcoin price has not tested this level, it will be a crucial level to watch and hold for BTC’s price prospects. Additionally, crypto analyst Rekt Capital points to a dramatic increase in sell-side volume, suggesting a potential near-term bottom and a possible bounce to higher levels, as has happened in the past. Economist and analyst Timothy Peterson’s data shows that in previous instances when the Bitcoin price dropped 25% in 10 days, it has rebounded 62% of the time, with an average gain of 17%. In 20 days, Bitcoin has fully recovered 15% of the time. Also key will be the performance of the spot Bitcoin exchange-traded fund (ETF) market, which has previously supported the Bitcoin price leading to the all-time highs reached in March. At the time of writing, the largest cryptocurrency on the market has managed to mitigate losses and rebounded to $53,260. Featured image from DALL-E, chart from TradingView.com
Crypto traders appear to agree that today’s market rout is far from over.
According to Swan Bitcoin CEO Cory Klippsten, “it just doesn’t feel like the right time for a festival” after the firm announced staff cuts in July.
According to a recent report, the Australian Federal Police (AFP) has launched an “in-depth” investigation into several phishing scams that have compromised about 2,000 crypto wallets belonging to residents in Australia. The revelation follows an in-thorough investigation by Chainalysis dubbed “Operation Spincaster,” which brought these security breaches to light. The report noted: The joint activity, […]
The 300 Ethereum coins were transferred from a wallet identified as “Noman Seleem Seized Funds” by the onchain analytics firm.
A rapid decline in the traditional markets has spread to cryptocurrencies, obliterating them with a significant drop in all major assets. What are the possible factors for this perfect storm?
In this market downturn, traders and investors have liquidated over $1.08 billion worth of long and short positions in the last 24 hours. This massive liquidation has created fear across the cryptocurrency landscape. Whales/investors transfer 2.38M SOL to CEXs Amid this fear, investors and whales have transferred a significant 2.38 million Solana (SOL) worth $307 …
In this market downturn, traders and investors have liquidated over $1.08 billion worth of long and short positions in the last 24 hours. This massive liquidation has created fear across the cryptocurrency landscape. Whales/investors transfer 2.38M SOL to CEXs Amid this fear, investors and whales have transferred a significant 2.38 million Solana (SOL) worth $307 …
Ethereum co-founder Vitalik Buterin offloaded his entire holdings of Neiro tokens, a Shiba Inu themed memecoin. The move came shortly after the Neiro project team airdropped 17.145 billion tokens to his Ethereum address, making him the temporary largest holder of the coin. This amount represented about 4% of the total supply of Neiro, valued at […]
The lack of movement so far “makes absolutely no sense,” Wharton's Jeremy Siegel tells CNBC.
Several factors accelerated ETH’s drop to $2,100, and analysts warn that the recovery could take some time.
The primary between two Democrats in Arizona’s 3rd Congressional District will likely go to a recount, with money from crypto interests involved in the race.
Bitcoin's 30% decline in a week was for some observers reminiscent of the March 2020 crash, but there's been multiple occasions of similar drawdowns during previous bull markets.
After a blood bath across the cryptocurrency landscape, the market is showing signs of recovery. The top assets Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have gained an impressive price surge. In addition to this recovery, the recent post from blockchain security firm Arkham has gained massive attention. BlackRock, Fidelity, and Grayscale remain calm On …
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