While the pair discussed a range of well-worn narratives not a single word was uttered by the former president on the asset class.
Bitcoin price stayed above the $57,650 support zone. BTC is now rising and might aim for a move above the $60,000 resistance zone. Bitcoin started a recovery wave above the $58,500 resistance zone. The price is trading below $60,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might attempt a fresh increase if it settles above the $60,000 resistance zone. Bitcoin Price Eyes Another Increase Bitcoin price started a downside correction below the $60,000 level. BTC declined below the $59,500 and $58,000 levels to move into a short-term bearish zone. A low was formed at $57,690 and the price recently started a recovery wave. There was a move above the $58,000 and $58,500 levels. The price climbed above the 50% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,000 level. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $60,250 level. It is close to the 61.8% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. A clear move above the $60,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200. The next major hurdle sits at $62,500. A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $64,200 resistance. Another Decline In BTC? If Bitcoin fails to rise above the $60,000 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level. The first major support is $57,650. The next support is now near the $57,000 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 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 – $58,500, followed by $57,650. Major Resistance Levels – $60,000, and $60,250.
Bitcoin had an amazing week in July after the former president headlined the industry’s annual Bitcoin conference in Nashville, delivering the keynote at the event. Now, with Elon Musk and Trump’s latest discussion/debate on X, the cryptocurrency community hoped to find a mention about Bitcoin. Despite avoiding Twitter/X for a while, Trump’s return to the …
Bettors at one point gave an over 60 percent chance of Trump mentioning digital assets during the interview
Bitcoin miner TeraWulf mined 699 Bitcoin in Q2 — a 21% year-over-year decline — but still beat analyst expectations with $35.6 million in quarterly revenue.
The Ethereum gas fees for transactions have dropped massively amidst a broader decline in the cryptocurrency’s price. According to recent data, the base fee paid by users has fallen to an astonishingly low 0.82 Gwei, a clear indication of reduced activity on the Ethereum network. Rapid Decline In Ethereum Base Fees Data from Ultra Sound […]
Bitcoin buyers might be upbeat after the uptick on August 8. While traders are waiting for a conclusive close above $63,000, confirming bulls of the second half of last week, on-chain data points to risk and traders staying on the sidelines. Traders Cautious: Will The Bitcoin Consolidation Continue? Taking to X, one on-chain analyst said. However, traders are bullish and expecting immediate price expansion; key metrics show that most are more cautious, meaning the uptrend might be delayed. Related Reading: Optimism Suffers 21% Loss – Will On-Chain Activity Regain Investor Trust? One key indicator, the Bitcoin Estimated Leverage Ratio (ELR), a dynamic ratio between the Bitcoin open interest in futures exchanges and the Bitcoin exchange reserves across leading platforms like Binance and Exchange, has been decreasing, recently falling by 1.5%. Usually, whenever the Bitcoin ELR falls, traders are more confident, meaning traders are more risk-on and unwilling to gain more exposure via leveraged positions. While open interest and ELR are falling, the analyst notes that funding rates across leveraged futures platforms remain neutral. This shows that the broader market is balanced. Most importantly, active traders are cautious, adopting a wait-and-see approach, and are mainly hesitant. This state of affairs, the analyst said, could persist until the end of the month as traders wait for clear signals before diving in. Miner Reserve Falling, USDT And USDC Inflow Spikes: Will BTC Rise? The continuous drop in the Bitcoin Miner Reserve is added to this current state of affairs. The decrease comes when miners have been actively selling after the Halving event on April 20. Related Reading: Toncoin Rally Thwarted As TON Slips To $6, Can Bulls Prevent A Bearish Breakdown? As revenue fell due to the halving of miner rewards, weak miners sold to stay afloat. Bitcoin prices tanked by nearly 20% throughout June amid a wave of miner liquidation. It remains to be seen whether prices will bounce higher. However, as long as miners hold fewer coins, supply constraints exist. This development may increase prices if institutions demand more coins via spot Bitcoin ETFs. As prices flatline, there is hope. Over the past few weeks, there have been massive inflows of stablecoins across leading exchanges, averaging $53 billion per day. Demand could be reinvigorated as more USDT and USDC flow into Binance and other competitors. Subsequently, this may spark another wave of higher highs above crucial resistance levels in the coming days and weeks. Feature image from DALLE, chart from TradingView
Many X users complained they could not join the livestream of Elon Musk’s scheduled interview with Donald Trump on the platform.
Coinbase's challenge to the SEC's DeFi rule highlights potential stifling of innovation and a shift of crypto operations away from the US.
The post Coinbase urges SEC to retract DeFi rule, calls it ‘fundamentally flawed’ appeared first on Crypto Briefing.
The DeFi Education Fund's fight against a “patent troll” is over, and the group says the patent will be made available to everyone.
iVest hit with “null address” exploit, millions of PCs at risk to “un-removable” malware, Web3 gamer tricked into $69K approval: Crypto-Sec.
Elon Musk is conducting a live interview with Donald Trump tonight on X. This marks a significant shift for Musk, who has recently shown support for the former president, especially after an attempted assassination on Trump. The interview is expected to dive into Musk’s increasing involvement in Republican politics, despite past disagreements with Trump on …
Ethereum is pushing higher, as shown in the daily chart. After last week’s dip and recovery, the second most valuable coin is up nearly 25% from August lows. If buyers take charge today, clearing and closing above $2,600, as is currently the case, it could anchor the base of another uptick toward $3,300 in a […]
A crypto analyst has unveiled a highly optimistic forecast for Bitcoin (BTC), suggesting that the end of the supposed Bitcoin bear trap could propel the price of the cryptocurrency to new highs, potentially reaching $72,000. Bitcoin Set To Hit $72,000 In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Sensei’ has predicted that Bitcoin will surge to $72,000 soon. The analyst shared a price chart highlighting two parallel trend lines that trace Bitcoin’s recent price movements. Related Reading: Analyst Says Dogecoin Price Will Surge 2,500% To $2.55, Here’s When The analyst rooted his optimistic projections in the potential for a bullish surge in Bitcoin following the recent market bear trap. Given Bitcoin’s earlier crash of over 20%, many analysts, including Sensei, have speculated that this sharp drop might actually be a bear trap. The crypto analyst indicated in another X post that Bitcoin was moving past this supposed bear trap, suggesting that the cryptocurrency could reach the $72,000 target once the bear trap concludes. Furthermore, Sensei disclosed that Bitcoin was 24% from reaching a new all time high this bullish cycle. This implies that the pioneer cryptocurrency was on the path to surpass its March’s all time high which saw its price skyrocketing by more than $73,000. In his daily posts on X, the analyst shows unwavering support for Bitcoin, persistently urging investors to HODL their cryptocurrencies in preparation for a potential bullish surge. He predicts that the biggest bull run will start following Bitcoin’s breakout between the price of $70,000 and $78,000. Additionally, he has provided a potential timeline for this substantial bull run, forecasting that the Bitcoin bull run might commence by the end of August 2024. While $72,000 may be a short term price target for Bitcoin, Sensei remains highly bullish on the cryptocurrency’s long term future outlook, anticipating a substantial rise to $150,000. Despite hopes of a price recovery and subsequent bullish rally, Bitcoin has dropped below $60,000, according to CoinMarketCap. As of writing, the cryptocurrency is trading at $58,773, recording a significant 4.11% decrease in the last 24 hours. Analysts Stay Positive On BTC’s Future Outlook In the face of price declines and large-scale market liquidations, analysts maintain a positive outlook for Bitcoin’s price, predicting massive uptrends once the market downturn subsides. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The ‘Clear Winner’ Popular crypto analyst, Michael van de Poppe expects Bitcoin to experience a major bullish breakout following a period of consolidation. The analyst indicated that the market could be on the cusp of a significant Bitcoin bull run, potentially propelling its price above $250,000. Sharing a similar sentiment, a crypto analyst identified as ‘Milkybull Crypto’ noted that Bitcoin’s price was gaining strength following its higher low on a 3-day chart. The analyst has projected that the cryptocurrency is poised to witness a short term price consolidation before experiencing an upward movement. Featured image created with Dall.E, chart from Tradingview.com
Flux, the open-source image generator launched last week, required huge amounts of computational power to run. The community has pared it down so you can run it, too. Here's how.
On-chain data shows the Bitcoin mining hashrate has continued its decline as the price of the cryptocurrency itself has seen a setback. 7-Day Average Bitcoin Mining Hashrate Down Over 8% Since All-Time High The “mining hashrate” refers to an indicator that keeps track of the total amount of computing power that miners have currently connected […]
The junior senator from Texas has spoken at several crypto conferences about Bitcoin mining and its potential benefits for the Lone Star State’s energy grid.
Latest data from crypto asset manager CoinShares has shown a noticeable comeback in the crypto market. In its latest ‘digital asset fund flows weekly report,’ the asset manager revealed that last week marked a significant uptick in investor confidence, as digital asset investment products saw $176 million in inflows. According to James Butterfill, head of research at CoinShares, this surge in inflow signals a strong, “unanimous” positive sentiment across the board, with particular attention to Ethereum-based funds. Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows Dissecting The Crypto Fund Flows Delving into the report, Butterfill revealed that Ethereum products have “distinctly” stood out, attracting $155 million of the total inflows, the highest year-to-date intake since 2021. This influx highlights the market’s renewed interest in Ethereum, especially with the recent introduction of spot Ethereum exchange-traded funds (ETFs) in the United States, according to Butterfill. Notably, the successful live trading of these funds has not only boosted Ethereum’s position in the global crypto market but also appears to have played a pivotal role in the overall increase in its market cap and investment product offerings. As for Bitcoin, Butterfill revealed in the report that despite seeing outflows earlier in the week, Bitcoin could still end the week with a positive total inflow of approximately $13 million. On the other hand, Short Bitcoin ETPs, as reported, “saw their largest outflows since May 2023, totaling $16m (23% of AuM), reducing AuM for short positions to its lowest level since the start of the year, indicating a substantial investor exit.” Furthermore, Coinshares disclosed that despite the initial volatility, the overall market sentiment has been “overwhelmingly” positive. The report highlights that the inflows weren’t just isolated incidents but part of a broader, global positive reception to digital assets. Notably, regions such as the United States, Switzerland, Brazil, and Canada have been front runners, injecting substantial capital into the market. It is worth noting that this global participation in inflows highlights a collective bullish outlook despite previous major dips. Market Performances: ETH And BTC Bitcoin and Ethereum are struggling to defeat the bears, with both assets still maintaining their price mark above major key levels. Related Reading: Ethereum Price Weakens: Can It Defend the $2,500 Level? For instance, Ethereum still trades above $2,500 at the time of writing, with a current trading price of $2,689. This price mark comes against the asset’s notable increase of more than 11% in the past week and the extended bullishness of a 1.6% surge in the past day. Bitcoin has also seen quite a surge in the past week, increasing by 11.4%. Although the asset has witnessed a decline of 0.4% in the past day, it is still maintaining its price below $60,000. Featured image created with DALL-E, Chart from TradingView
A unique trading pattern projects a massive upward move for Bitcoin price within the next few months.
The pace of adoption of crypto exchange-traded funds in the United States has been surprising even to Grayscale.
In its third letter to the SEC, the crypto exchange said it would withdraw the proposal, which was first released in 2022, and start over again.
Tigran Gambaryan has had to have his tonsils removed and suffers from a herniated disc, his team says.
Coinbase is once again in a heated battle with the U.S. Securities and Exchange Commission. The SEC has been trying to impose old rules on digital technology for a long time. Now they want to change the definition of exchanges to include Decentralized Exchanges (DEXs). Coinbase isn’t happy about it, and they did not hold …
Shiba Inu’s lead developer, Shytoshi Kusama, has highlighted a feature that gives Shiba Inu an edge over the foremost meme coin, Dogecoin (DOGE). Despite this development, Dogecoin still looks to be the most preferred choice among crypto enthusiasts based on this important on-chain metric. Shiba Inu’s Edge Over Dogecoin In an X (formerly Twitter) post, […]
The S&P 500 Index is extending its recovery, boosting buying in Bitcoin and select altcoins in the near term.
Hamster Kombat has attracted more than 300 million users to the game, setting records in Web3 game development.
In the last 24 hours, an XRP whale wallet address “r4wf7” moved a significant 54.4 million tokens worth $31 million to the Bitstamp wallet address “rDsbeomae4…g9vDiTCdBv,” as reported by the blockchain transaction tracker Whale Alert. The owner of this wallet is still unknown. XRP Whale Transferred 54M Tokens to Exchange Additionally, the whale transferred these …
As the crypto market keeps shifting, investors are always on the lookout for the next big win. With the current bullish trend in full swing, there’s a lot of potential for some major gains. Sure, Solana (SOL) is all over the news, but let’s not forget there are other altcoins out there that could also …
The Bitcoin miner reported a net loss of $17.7 million in the second quarter of 2024 despite hashrate growth.
Binji Pande, who works on partnerships at Optimism Unlimited and is contributor to The Optimism Collective, visits two summer retreats and returns with insights about how crypto can get greater user adoption.