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Crypto Venture Capitalist Says Solana (SOL) Going Through Same Bear Phase As Ethereum (ETH) in 2018

One crypto veteran says Solana (SOL) is currently going through a similar phase to what Ethereum (ETH) experienced four years ago. Crypto venture fund Variant co-founder Spencer Noon tells his 112,100 Twitter followers Solana’s current issues won’t matter a few years down the road. “It feels to me like SOL is going through a similar […]

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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

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