Bitcoin Crypto News

Tracking Whales, What This Bitcoin Divergence Could Hint About BTC’s Price

Bitcoin is trending downside on lower timeframes and seems to hint at future losses. The number one crypto by market cap records a 3% loss in the past week, but there is a potential sign of hope for the bulls. Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met At the time of writing, Bitcoin (BTC) trades at $20,000 with a 1% loss in the last 24 hours. As a pseudonym trader pointed out, Bitcoin whales are currently buying into BTC’s price action and could be hinting at a future relief bounce. The trader used data provided by Material Indicators to show what the different investors’ classes are doing while BTC records losses. As seen below, investors with bid orders of about $100,000 (purple in the chart below) have increased their buying pressure as almost every other and smaller investor class sells into this price action. This divergence could hint at a bounce as these BTC whales often anticipate or create price trends. The pseudonym trader explained: Whales (purple) are market buying while #bitcoin price is flat. Historically, purple is the most important class for future price action. Clear divergence, hopefully it will play out this time. Bitcoin whales (brown in the chart) also saw a small uptick in buying orders as BTC returns to the area of around $20,000. This investor class has been mostly dormant in the current market environment, but their recent involvement highlights the importance of BTC’s current levels. In that sense, Material Indicators records massive bid orders for BTC’s price around this area from $19,900 to $20,000. There are over $20 million in bid order on these levels alone with an additional $6 million at around $19,500, and over $10 from $19,000 to $19,000. In other words, there seems to be enough liquidity for Bitcoin to hold at its current levels for the time being. Can Bitcoin The Bitcoin Bulls Score A Green Monthly Candle At higher timeframes, additional data provided by Material Indicators records an important liquidity zone between $17,000 and $20,000. Large market participants could attempt to push down the price to fill these orders which could hinder the bulls’ attempts to save the monthly candle. Analysts from Material Indicators wrote: Bulls are defending the 2017 Top, but with one day to go it’s going to be almost impossible to print a green Monthly candle. Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon. Related Reading | Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic The analysts expect a potential relief in the coming days after a potential retest of the yearly lows. Any bullish thesis would be invalidated if BTC loses $17,500. Trend Precognition is flashing a pretty strong Long signal on the #BTC Weekly chart. Signal won't print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA pic.twitter.com/hvs1as44qG — Material Indicators (@MI_Algos) June 28, 2022

Bitcoin Crypto News

Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic

The current streak of extreme fear is already the longest ever in crypto history, and it’s continuing on still. Here’s a recap of the major events responsible for this bottom sentiment. Crypto Fear And Greed Index Continues To Point At “Extreme Fear” The “fear and greed index” is an indicator that tells us about the general market sentiment among crypto investors. The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. All values below the fifty mark imply a fearful market, while those above the threshold mean investors are greedy right now. End values of above 75 and below 25 indicate extreme sentiments of “extreme greed” and “extreme fear,” respectively. Now, here is a chart from the latest weekly report from Arcane Research, that shows the trend in the crypto fear and greed index over the past year: Looks like the value of the indicator has been very low in recent weeks | Source: Arcane Research’s The Weekly Update – Week 25, 2022 As you can see in the above graph, the current value of the crypto fear and greed index is 10, which suggests the market is extremely fearful at the moment. This run of extreme fear has been going on since more than two months now, and it’s the longest ever such streak in the history of the metric. Related Reading | What Is Bitcoin CFD and How Can It Make You a Profit Even before this latest run of extreme fear, the market sentiment wasn’t particularly well during the rest of 2022. However, it wasn’t still quite as rock bottom as the current streak. So, what’s behind this historically low sentiment? There are a number of market conditions that have lead to it and that are continuing to keep it so. The first event of note is the UST collapse in May. A large stablecoin like Tether USD losing its peg put fear and uncertainty into many investors in the market. Another is the looming macro uncertainties over the market like the possibility of FED hiking rates and the various governments around the world tightening regulations. Related Reading | Bitcoin “Reserve Risk” Metric Approaches All-Time Lows These above factors snowballed into a bottom sentiment and lead to larger consequences over the entire crypto market in the form of the crash. A byproduct of the latest crash was the collapse of Three Arrows Capital (3AC), a cryptocurrency hedge fund. Another was the lender company Celsius halting withdrawals and potentially heading towards bankruptcy. Such negative news is keeping the fear and greed index from recovering from these historic lows. Like a vicious cycle, bad news is leading to more bad news and further fueling the extreme fear sentiment. BTC Price At the time of writing, Bitcoin’s price floats around $20k, down 1% in the past week. BTC plunges down | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research

Altcoins Bitcoin Ethereum

Analyst Who Accurately Predicted 2022 Bitcoin and Crypto Crash Tells Traders To ‘Get Ready,’ Predicts Huge Altcoin Haircut

The popular crypto analyst who accurately called the current market collapse says that the altcoin market still has much further to drop than traders realize. The pseudonymous trader known as Capo tells his 417,000 followers that even though most altcoins are way below their all-time highs, a sizeable haircut is around the corner. “Expecting 45-50% […]

The post Analyst Who Accurately Predicted 2022 Bitcoin and Crypto Crash Tells Traders To ‘Get Ready,’ Predicts Huge Altcoin Haircut appeared first on The Daily Hodl.

Bitcoin Crypto News

Holding Back The Bears: Why Bitcoin Must Break $22,500

Bitcoin continues to struggle to hold the $20,000 level even after a recovery coming out of the weekend. This decrease in price has pushed the market further into the bear market. It still trades at very critical levels which will determine the movement for the next couple of weeks. These two main points are the support that formed at $20,000 and the 200-week moving average. Bitcoin Turning Bearish? The price of bitcoin at the time of this writing is ranging towards $20,000 with drawdown. Being so dangerously close to this point is critical in the forecast for the price of bitcoin, and this is despite the fact that bulls have already formed support at $20,000. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? Another critical technical level is the 200-week moving average which the digital asset is currently trading below. Now, this is the first time in history that the price of BTC has ever fallen below the 200-day moving average, registering one of the most bearish trends ever recorded in the market. As such, there is now significant resistance mounting at the 200-week moving average which lies at an average of $22,500. This makes $22,500 the point to beat if the digital asset has any hopes of reverting to a bull trend. However, resistance is building even below this point. This was seen at $21,500 over the last couple of days as bitcoin had failed to successfully beat this point. BTC price struggles to hold $20,000 | Source: BTCUSD on TradingView.com Additionally, the digital asset price falling below the 200-week moving average has triggered more sell-offs in the market. These sell-offs are apparent on centralized exchanges such as Coinbase which have recorded large inflows in the last couple of days. Sentiment Refuses To Budge The market sentiment surrounding bitcoin and other cryptocurrencies has been impressively negative in recent times. It has now spent the majority of the month of June in the extreme fear territory as investors refuse to budge on their decisions to not move more funds into the market. The same sentiment is resonating through institutional investors who have been pulling out of the digital market en masse. Even the decline in price to levels some would consider a ‘discount’ has not done much to combat this negative sentiment. Institutional investor outflows from bitcoin for the previous week had come out to $453 million. Related Reading | Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon Moreover, the interest in shorter-term positions in BTC is gaining more ground. This is evident in the attention that the ProShares Short Bitcoin has received in the last week. More than $18 million had flowed into the ETF in the first week alone. Bitcoin is currently trending at $20,000 at the time of this writing. If continues on this trend, the next significant support is existent at $16,500 which could be a shock to the market.  Featured image from Bitcoinist, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News Ethereum

Why Ethereum Could Trade At $500 If These Conditions Are Met

Ethereum has returned to the red as it was rejected as a major area of resistance. The cryptocurrency is bleeding out and records the second-worst performance in the crypto top 10 by market capitalization with a 10% loss in the last 24 hours. Solana (SOL) holds the number one position with a 13% loss. Related Reading | TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K The general sentiment in the market seems to be at an all-time low, but there is room for it to enter into a capitulation state, according to Daniel Cheung, Co-Founder at Pangea Fund Management. ETH’s price could succumb to macroeconomic conditions. Cheung claims the second crypto by market cap is correlated with traditional equities, in particular with the Nasdaq 100 via the Invesco QQQ Exchange Traded Fund (ETF). In that sense, the crypto market has become susceptible to stock price movement making it “a market regime where it is all just one big Macro trade”. The analysis claims that Ethereum could see a 40% drop from its current levels as the Nasdaq 100 has “a lot of room to fall”. This index has only experienced a 30% crash, and historically it has dropped by as much as 45%. The potential upcoming crash in the Nasdaq 100 (tech stocks), and in Ethereum as a consequence, will be driven by a poor earnings season, Cheung believes. This is one of the conditions that could force ETH’s price to break below $1,000 and into $500 for the first time since 2020. The analysis claims that the traditional market is misreading the U.S. Federal Reserve (Fed). The institution is attempting to slow down inflation, currently at a 40-year-old high as measured by the Consumer Price Index (CPI), by increasing interest rates and unloading its balance sheet into the market. Will Ethereum Follow U.S. Stocks To The Downside? The objective is to reduce consumer demand, and reduce prices across global markets, in hopes that this will bring down inflation. Market participants seem to be underestimating the Fed, and thus could be unprepared for the consequences, Cheung argues: (…) there will likely be more iterations of lower earnings revisions that follow over the coming months especially given this is a market regime that very few investors have experienced This will bring equities lower and crypto to follow with it more downside to come. In fact, the analysis argues that the U.S. could already be in an economic recession. This could bolster the Fed to put more pressure on the market, having an even worse impact on Ethereum and other cryptocurrencies. Related Reading | Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners This could be confirmed today with the report on GDP growth to be posted by U.S. financial entities. If this report spells economic slowdown, adding more downside pressure and further impacting companies’ earnings season, Cheung claims while adding: If the GDP print + CPI print + FOMC commentary all play out according to plan – we will likely be at a triple digit $ETH price once again. However, the land mine that investors would have to overcome would still not be over as 2Q22 company earnings would be just on the horizon.

Crypto News Ethereum

Ethereum Needs To Breach This Level To Sustain Bullish Pace

Despite attempts by bears to drive prices down, Ethereum (ETH) managed to hold its head above water on Wednesday, topping $1,200 for the most of the session. Coingecko records indicate that as the time of writing, ETH is trading at $1,129.50, a decrease of 0.5% over the past week and still slightly down from the previous day’s high of $1,228.88. Even though the ETH/USD pair fell to an intraday low of $1,170.23 during Tuesday’s session, bulls were able to keep prices above this area. The market has been dominated by bulls for the past few days. A 40 percent increase in 10 days can undoubtedly be read constructively, but it is essential to consider all possible outcomes. According to the chart, ETH is currently trapped below the resistance zone on the daily time frame. Ethereum Rally Seen If $1,500 Barrier Is Breached This area, which extends from $1,300 to $1,500 (in red), was anticipated to provide substantial support during the severe decline early this month, but clearly failed to do so. Now, it serves as a solid barrier. With this mechanism in place, a relief rally is likely to begin if buyers can push the price over the $1,500 horizontal barrier. Then, the possibility of staging a rally is revived. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Source: TradingView.com In the coming months, Ethereum is anticipated to succeed. Numerous improvements on the Ethereum chain will catapult ETH out of its current slumber. Nevertheless, the efficacy will depend on the conduct of Ethereum holders in the coming weeks. Next ETH Handle Could Be $1,730 In the next bear run, the price of ETH might fall to $750 if bears maintain their tight grip on the market. Consequently, if inflation keeps going up, the cryptocurrency may decline further. However, if the bulls take the driver’s seat, the next ETH handle will be $1,730. Recent movement has pushed the price of Ether up by as much as 8 percent in the past week, resulting in the 10-day moving average displaying indications of potential higher gains. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens ETH total market cap at $137.5 billion on the daily chart | Source: TradingView.com If this short-term trend maintains its current course, market observers should notice a cross to the upside. This may be the impetus that propels the price of the world’s second-biggest cryptocurrency back above $1,400. The cryptocurrency market, which has recently mirrored the stock market, has fallen victim to the larger market sell-off of risky assets. However, as a result of the advancements that the Ethereum team is implementing, especially Ethereum 2.0, the ETH price is anticipated to increase this year. Featured image CoinMarketDo, chart from TradingView.com

Crypto News

Shiba Inu Hops By 45% In A Week – What Could Have Pushed SHIB Up?

Shiba Inu (SHIB) may not have been taken seriously as a crypto asset when it was first introduced, but the meme coin has steadily climbed the cryptocurrency rankings. The newest signals of relief in the crypto markets following a protracted volatility may come as a surprise to many, but the most intriguing aspect of this rebound is that meme tokens have emerged as the largest gainers. In the previous week or two, the majority of other coins have been bleeding from losses or barely able to stay afloat because of the ongoing crypto winter. Suggested Reading | ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch Shiba Inu Continues To Defy The Trend However, Shiba Inu has been able to defy the odds and increase by 45 percent over the past week. Wednesday’s Coingecko stats show that SHIB is currently trading at $0.00000975, down 9.5% from the last 24 hours. Despite the profit-taking on Monday, the coin remained trading at the monthly highs near $0.00001196 on Tuesday. Nonetheless, it remains 85 percent below its all-time high of $0.00008, which was reached in October of last year. The dog-themed token briefly surpassed Tron as the 13th biggest cryptocurrency by market valuation. Even Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively, were eclipsed by this rally. According to Yunometa’s founder, Arijit Mukherjee: “Shiba Inu appears to be benefiting from hints of bottom fishing and a larger mood comeback on the cryptocurrency market.” Yunometa noted that considering SHIB’s large social media presence and devoted fanbase, it’s not hard to understand why the coin’s price has risen in tandem with DOGE’s rally. SHIB total market cap at $5.3 billion on the daily chart | Source: TradingView.com Meme Token Takes Fed Stance Favorably Jerome Powell, the chairman of the US Federal Reserve in the United States, stated on June 23 that the Fed was committed to tackling historically high inflation. In addition, he agreed that a rapid rise in interest rates could lead to job cuts. The central bank’s more lenient position on interest rates looked to have a favorable effect on the equity and crypto markets. Meme coins outperformed the rest of the market following the Fed’s statement. Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally? Meanwhile, it is interesting to note that after rising as one of the leading meme-based cryptocurrencies over the past year, Shiba Inu’s prospects are deteriorating as a result of waning interest in the token as it continues to endure major price decline. According to data provided by Finbold, the popularity score for Google search queries including the keyword “Buy SHIB” dropped by 100 percent over the past year, from 8 in June 2021 to zero this month. Featured image Fintechs.fi, chart from TradingView.com

Crypto News Ethereum

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

Ethereum declined below the $1,150 zone against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,200 pivot zone. Ethereum started a fresh decline below the $1,220 and $1,200 levels. The price is now trading below $1,200 and the 100 hourly simple moving average. There is a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline further is a clear move below the $1,120 support zone. Ethereum Price Remains At Risk Ethereum remained in a bearish zone below the $1,280 and $1,250 resistance levels. ETH started a fresh decline and traded below the key $1,200 support zone. The decline gained pace below the $1,180 level and the 100 hourly simple moving average. As a result, the bears were able to push the price below the $1,150 support. A low is formed near $1,132 and the price is now consolidating losses. Ether is now trading well below $1,200 and the 100 hourly simple moving average. There is also a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,155 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low. The next major resistance is near the $1,175 zone. The first major hurdle is near the $1,180 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low is also near $1,180. A close above the $1,180 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance. Source: ETHUSD on TradingView.com The next major resistance is near the $1,235 level, above which the price could even rise towards the $1,280 resistance level in the near term. More Losses in ETH? If ethereum fails to rise above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,080 zone. A close below the $1,080 level might spark a sharp decline. In the stated case, ether price may perhaps decline towards the $1,000 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now well below the 50 level. Major Support Level – $1,120 Major Resistance Level – $1,180

Crypto News Ethereum

Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

Ethereum has been closing red week after red week for the past 11 weeks. It is the longest red streak that has been recorded in the history of the cryptocurrency, hence, it carried significant implications for the digital asset. Through the decline, it has been one of the worst-hit coins, performing poorly compared to the other cryptocurrencies at this time. However, the digital asset has now closed its first weekly green candle in three months and things are looking up. Better Days Ahead With this recovery has come a renewed interest in the digital asset. Coupled with the fact that the digital asset is now trading above its 50-day moving average, it has now solidified a bull trend for the short term. The activity on the network, though reduced, remains high enough to strike renewed faith in the heart of investors.  Related Reading | Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 However, there are still things that threaten the price of the cryptocurrency going on another bull rally. The Celsius debacle had been one of the major reasons behind the drawdown below $1,000 and remains a very real threat. The lending protocol which has found itself in a tight spot due to some bad trades remains at risk of being liquidated, and rumors continue to circulate that Celsius is planning to file for bankruptcy, which would mean users would not be able to get their tokens back. ETH price sees first green weekly close after three months | Source: ETHUSD on TradingView.com Additionally, Three Arrows Capital’s insolvency had hit the market hard but there is still more to come. This is because it is the leading crypto fund and as such had its hand in a large number of projects in the space, especially DeFi, the majority of which would be significantly affected by the 3AC insolvency. Ethereum To $1,500 Presently, the price of the digital asset is still trailing $1,200 but there are some things rumored in the market that will likely promote a pump in price. One of these is FTX’s supposed acquisition of the trading platform, Robinhood. Now, Robinhood is one of the most popular platforms when it comes to trading crypto. However, it has drawn the ire of the community in the past due to its practices. As such, if it were to be acquired by FTX, a trusted crypto exchange, it would mean that FTX would be bringing Robinhood’s massive user base of more than 22 million to the broader crypto community. Related Reading | Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet There is nothing definite regarding the acquisition yet but the sentiment among investors regarding it has been good so far. A rally resulting from such an acquisition could easily see Ethereum grow more than 20% and that would put the digital asset above the $1,500 level once more. ETH is trading at $1,221 at the time of this wring. It remains the second-largest cryptocurrency in the space with a market cap of $148 billion. Featured image from CoinMarketCap, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…