Bitcoin Live News: What’s Ahead For BTC Price in June?
In a recent analysis by TechnicalRoundup, the current state of Bitcoin (BTC) was discussed. His in-depth review revealed a prolonged market stagnation, with the key resistance and support levels still persisting.
A Prolonged Stagnation in Sight?
Analyst suggests that the month’s close revealed little to no significant changes in market structure. The market seems to be stuck within the $20,000 to $35,000 range with no imminent signs of a breakout.
A visible “spike and close above” argument, which might indicate an upcoming shift, is currently absent from the timeframes. It is anticipated that until the market breaks out from this range, there might not be a substantial recovery.
The analyst also expressed concerns that the market could enter a new range with continuous monthly candles, potentially leading to a prolonged stagnation period. This stagnation, dubbed as “multi-month diddling,” might result in significant losses for traders who are not cautious.
Navigating the ‘Choppy’ Market
Although the cryptocurrency market has historically been volatile, the current situation is described as particularly “choppy”. Even the higher timeframes, such as the weekly and monthly, aren’t spared from this rough trend, making it difficult to establish a directional bias. The prevailing theme seems to be a lack of follow-through on the bearish side, but this hasn’t done much to invigorate the bullish traders.
The current market condition necessitates a careful approach when setting up trades. The $27.5k level was identified as a critical line in the sand for Bitcoin. A close below this could signal a bearish trend, further complicating the already complex market scenario.
Nevertheless, the daily timeframe remains crucial in this choppy market condition. This is where most of the work has to be done, especially as the volatility becomes more constricted. However, the daily timeframe has also presented a number of fakeout signals since the range started at the end of March, requiring traders to remain vigilant.
At press time, BTC was worth $27,166.
Bitcoin Investors Wait For A Bullish Surprise! Will BTC Price Head Toward $28K?
As the Bitcoin market continues to display massive volatility near the $27K level, investors are awaiting a bullish surprise to ride on a short-term uptrend. The U.S. unemployment rate recently broke the expected 3.5%, creating a favorable position for Bitcoin’s upward trajectory. Additionally, the recent rise in the debt ceiling is building a bullish positive momentum for BTC price, leaving investors waiting for a solid trend.
Bitcoin Experiences Bullish Scenario
The U.S. unemployment rate recently broke the expected 3.5%, coming in at 3.7%. While this slight increase may initially seem concerning, it’s important to delve deeper into the data. The May non-farm payrolls, a key indicator of job growth, were projected at 190,000 but instead came in at a whopping +339,000. This robust and resilient job market paints a picture of an economy that is bouncing back stronger than expected.
According to a recent analysis by QCP Capital, clarity has emerged in the macroeconomic landscape following a compromise on the Debt Ceiling by U.S. political figures. This event had previously been a source of uncertainty, causing unrest in the financial sector.
This heightened uncertainty was a significant factor in the observed decrease in volatility and the stagnant trend in risk-on assets like Bitcoin. Drawing parallels to 2020, QCP Capital suggests that Bitcoin is on a similar path, mirroring the period of uncertainty in both the macroeconomic scene and the crypto market after a prolonged dormant phase.
The cryptocurrency experienced a significant drop and remained stable for the year, mirroring Bitcoin’s 2020 behavior, as shown in the chart. Bitcoin later trended upwards in 2020. QCP Capital predicts a similar pattern for BTC, anticipating a break from the stable price action soon.
What’s Next For BTC Price?
BitMEX co-founder Arthur Hayes argues that Bitcoin’s price and inflation will increase together due to aggressive central bank policies, a view that contradicts the modern monetary theory.
BTC’s price is currently facing a hurdle to hold its momentum near the $27K price level. After forming a Doji candle near $27,200, the BTC price faced sharp selling pressure, forcing it to drop below the 23.6% Fib level.
However, Bitcoin is showing a reversal from its downtrend, suggesting that sellers remain active at key resistance levels. The nearly flat 20-day EMA of $27,106 and the RSI just below the midpoint don’t clearly favor either buyers or sellers. If the price stays below the 20-day EMA, BTC could fall to the $26,650 support level.
The $24,000 to $25,300 range is expected to be strongly defended by buyers, as a break could lead to a sharp drop to $20,000.
For a new upward trend, buyers need to overcome the resistance line at $28K. This could initially push the BTC price to $30,000 and then to $31,000.
BTC Price Analysis: Analyst Describes Bitcoin’s Current Stage as a General Accumulation Phase
According to the latest data, Bitcoin was trading at around $26,835, showing minimal change over the previous four hours and a 1.2% decrease from the same time on Wednesday. Despite the late-night U.S. developments on Wednesday, the largest cryptocurrency appeared largely unaffected.
On an optimistic note, Maverick’s Baxley observed a general accumulation phase among crypto investors. He highlighted that the moving averages indicated a neutral or slightly bullish sentiment, suggesting the formation of a foundation for a potential upward trend. Baxley acknowledged that the market had already factored in possible rate hikes by the U.S. central bank, which have historically impacted prices.
Regarding the current situation, Baxley emphasized the importance of liquidity and stated that the upcoming weeks’ developments would depend on the Treasury’s ability to execute its replenishment process diligently. He speculated that many investors are currently adopting a cautious approach as a result.
According to CoinMarketCap data, Bitcoin is trading at $27,128 with a 1% gain in value over the last 24 hours. BTC is down by 3% in the last 30 days and up by 2.28% in the last seven days. Bitcoin rose from a low of $26,574 to a high of $27,203 before falling to its current price.
Ethereum trades in the green
Ether, the second-largest cryptocurrency by market value, recently traded at approximately $1,888, representing a 1.67% increase in the past 24 hours. While most assets experienced negative movement on Thursday, Ether briefly entered positive territory.
CoinMarketCap data shows that ETH rose from a low of $1,851 to a high of $1,896 before falling to its current price.
After two days of bloodshed, the whole cryptocurrency market seems to be picking up pace. The global crypto market cap is also up by 1.23% in the last 24 hours.
Analyst Predict BTC Price Can Surge 200% Ahead of Bitcoin Halving
For the first time since the calendar flipped in January, Bitcoin price had a bearish monthly close in May. Having dropped approximately 3 percent in the past 24 hours to trade around $26.8k on Thursday, Bitcoin price faces choppy days ahead. Moreover, several support levels in the higher time frames have failed to yield bullish sentiments.
Bitcoin Analysis
Nonetheless, a popular crypto trader on Twitter Rager (@Rager) thinks Bitcoin still has a shot at hitting $40k before the onset of the fourth halving in 2024. In this regard, Rager noted that Bitcoin has a lot of range to happen similar to the 2019 rally that yielded approximately 200 percent.
Meanwhile, the famous crypto trader noted that the current Bitcoin range will present long-term investors with an opportunity to enter before the onset of the next major bull cycle.
“But do expect a lot of ranging to happen and IMO good BTC entries are worth holding for the next couple of years,” Rager concluded.
What Next For BTC Price?
For Bitcoin to hold a bullish outlook in the coming weeks and months, the instrument must hold crucial support levels to avoid further capitulation. According to another famous crypto trader on Twitter @CryptoFaibik, Bitcoin price is currently consolidating in a falling wedge on the daily time frame chart. As a result, the analyst noted that several indicators including the Bollinger Bands and the Relative Strength Indicator (RSI) have been pointing to an imminent breakout.
“Bitcoin Bulls Must Defend the Crucial Support at 26k and Clear the Resistance at 28k to Confirm a Wedge Breakout..,” the analyst noted.
Bitcoin News : Here’s Why BTC Price Is Dropping Today?
In a sudden turn of events, Bitcoin (BTC), the leading cryptocurrency, took a nosedive and plunged close to the $27,000 mark earlier today, signaling a wave of selling pressure in the crypto market. Bitcoin’s price tumbled to a low of $26,978 before showing a slight recovery, but it remains volatile as it continues to trade.
May Blues: Bitcoin Set for Worst Month Since November 2022
May has been a catastrophic month for BTC is down by 3.09% within the last 24 hours and is currently valued at $27,110. The current decline comes after Bitcoin briefly managed to climb above the $28,000 level during the extended holiday weekend. Unfortunately, the overall market sentiment appears to be waning as many cryptocurrencies are witnessing losses. Ethereum, Solana, and Cardano, in particular, suffered drops of up to 3%.
On the other hand, this recent price drop has also set Bitcoin on course for its worst month since November of last year when the FTX exchange faced difficulties. It is also on track to register its first negative month since 2023. Presently, Bitcoin has experienced a 7.3% decrease in value throughout May.
Earlier this year, Bitcoin witnessed a remarkable 84% surge in value from January 1st to mid-April, briefly reaching an all-time high of $31,000. However, this meteoric rise has since dwindled to 64%.
Factors Influencing the Market
Factors such as a lack of liquidity and a restrictive monetary policy have contributed to a dampening of interest in cryptocurrencies.
The recent decrease in cryptocurrencies can be attributed, in part, to traders carefully evaluating the implications of the U.S. debt-limit agreement. Congress is under pressure to adopt the agreement before June 5th, the date by which the U.S. might potentially default. Should the deal receive approval, it could result in a flood of bill sales, draining liquidity from the market.
Furthermore, traders are closely monitoring the statements made by top Federal Reserve officials. Loretta Mester, the President of the Federal Reserve Bank of Cleveland, recently commented that there is currently no compelling case to halt the tightening of liquidity measures.
The cryptocurrency market continues to be a rollercoaster ride, with Bitcoin’s recent drop serving as a stark reminder of its volatility. As market participants brace themselves for potential further fluctuations, the fate of Bitcoin and the broader crypto market hangs in the balance.
Are Sellers Shorting Bitcoin Before A Big Move? Here’s What To Expect From BTC Price Next
The crypto market is currently witnessing a rollercoaster ride, and Bitcoin is leading the pack. Following an accord to elevate the U.S. debt ceiling, Bitcoin (BTC) ascended beyond the $28,000 mark. However, despite this rise, the cryptocurrency seems poised for its initial monthly decline since December. Currently, analysts and traders are expecting selling pressure in the BTC price chart as Bitcoin faces rejection near the much-anticipated resistance level at $28K.
Bitcoin Sparks Possibilities Of Increased Volatility
Glassnode, in its most recent blog post, portrays the Bitcoin market as balanced, with a likelihood of heightened volatility looming. The analysis indicates that the market is bracing for a surge in volatility.
With the deceleration of momentum in the Bitcoin market, the Monthly Realized Volatility has dipped to 34.1%, falling beneath the 1-standard deviation Bollinger Band. This period of subdued volatility, representing just 19.3% of the market’s history, hints at a potential spike in volatility in the near future.
Moreover, on-chain activities, encompassing transactions related to deposits and withdrawals from exchanges, have experienced a periodic downturn. The recent activity has seen a 27.3% decrease compared to the past half-year, suggesting a notably subdued level of investor engagement.
When examining Bitcoin’s short liquidation metric, a recent surge to $40 million was observed as Bitcoin managed to break through multiple resistance levels starting from $27K. This metric is crucial as it represents the value of short positions that have been forcibly closed due to sudden price increases, causing losses for those betting against the market.
This trend indicates that Bitcoin’s upward movement beyond the $27K mark is activating stop-loss orders for sellers.
This sentiment suggests that the recent price movement of Bitcoin has caught short sellers off guard, forcing them to exit their positions and potentially driving the price of Bitcoin even higher.
What To Expect From BTC Price Next?
The inability of bearish traders to pull the price beneath the immediate support level of $25,871 has sparked robust purchasing activity from the bulls. They managed to propel Bitcoin back into the symmetrical triangle pattern, although higher levels are drawing in sellers. As of writing, BTC price trades at $27.6K, declining over 0.04% in the last 24 hours.
Sellers are making efforts to halt the recovery at the triangle’s resistance line. However, if the bulls prevent the price from dropping below the 20-day EMA at $27,318, it could increase the likelihood of a breakthrough above the resistance line. If this occurs, the Bitcoin price might surge to $30,000, followed by a potential rise to $31,000.
On the downside, the first support level to monitor is the 20-day EMA. If this level is breached, it could indicate that bearish traders are selling during price rallies. Consequently, the pair could plummet to the crucial support zone that lies between $25,810 and $25,250.
Bitcoin Price Prediction: BTC Price All Set To Ignite Historical Bull Run
Renowned crypto analyst PlanB suggests that Bitcoin (BTC) is on the verge of crossing a crucial resistance level that has historically marked the beginning of bull runs.
PlanB, known for his pseudonymous identity, shared his observations with his 1.8 million followers on Twitter.
PlanB’s Analysis
PlanB believes that once Bitcoin surpasses its two-year realized price of $29,500, a new bull market could be initiated. He highlights that during previous bull markets, Bitcoin consistently traded above all its realized prices, including those from 2017, 2013, 2011, and 2021. Conversely, during bear markets, Bitcoin remained below its realized prices. This historical pattern has caught the attention of traders and investors.
Also Read: Bitcoin (BTC) Price Might Surge 40% In Coming Weeks – Here’s Why
The realized price metric, which calculates the value of all Bitcoin tokens based on their purchase price divided by the total number of tokens in circulation, plays a significant role in PlanB’s analysis. Bitcoin’s current two-year realized price stands at $29,500.
He suggests that if Bitcoin manages to surpass this level, it could serve as a pivotal moment indicating the start of a bull market.
Market Anticipation Rises
Traders and investors are eagerly watching as Bitcoin inches closer to the two-year realized price. PlanB’s analysis and predictions hold considerable weight in the crypto community, given his past success in accurately forecasting Bitcoin’s price movements. The market is filled with anticipation, as breaking through this resistance level could potentially trigger a new bull run in the cryptocurrency market.
This Might Interest You: Top 3 Reasons Why Bitcoin (BTC) Price Will Surge By 150% Soon – Coinpedia Fintech News
Bitcoin’s current trading price of $28,147 showcases a more than 4% increase in the past 24 hours.
Bitcoin (BTC) Price Might Surge 40% In Coming Weeks – Here’s Why
After heightened fears of falling below $26k last week, Bitcoin managed to pull off a bullish trend over the weekend. According to the latest crypto market data, Bitcoin price exchanged around $28k during the early Asian trading session on Monday, up approximately 2.5 percent in the past 24 hours. Similarly, the altcoin market managed to rally behind Bitcoin over the weekend led by Ethereum. As a result, the total crypto market capitalization jumped approximately 2.2 percent to about $1.21 trillion on Monday.
U.S Debt Crisis
The sudden reversal in the crypto market over the weekend is largely attributed to the announcement that the United States government will raise its national debt to avoid defaulting for the first time. Notably, the rise in national debt only means higher inflation as the Fed will be compelled to print more money to accommodate the rising national debt.
Nevertheless, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement that the government will cut spending along the way.
“It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone,” Biden noted.
Bitcoin Price Analysis
According to a popular crypto influencer Lark Davis, Bitcoin price is poised for higher gains in the coming days. In his latest analysis, Davis noted that Bitcoin price has reclaimed the 50-day EMA after 20 days of trading below it.
As a result, the analyst expects Bitcoin to replay a similar move to the one in early March.
“The last time we had a big fat green candle pumping up over the 50-day EMA the price of Bitcoin rallied by 40% in the following weeks,” Davis noted.
Top 3 Reasons Why Bitcoin (BTC) Price Will Surge By 150% Soon
A highly regarded crypto analyst is making a bold forecast, suggesting that the world’s leading cryptocurrency, Bitcoin (BTC), could experience a remarkable surge and shatter its previous all-time highs this year.
Bitcoin: Historical Outlook
The analyst shared his bullish outlook on BTC with his Twitter followers. Comparing the current state to the 2020 impulse, Credible Crypto points out that it took about three months for Bitcoin to complete a support/resistance flip and retest at the $10,000 level. Just two months later, Bitcoin rallied by an impressive 90% and went on to reach new all-time highs within six months, representing a surge of over 500%. The analyst confidently asserts that achieving new all-time highs is not an impossible feat, as it has been accomplished before.
Keep hearing “how can we reach new ATH before the end of the year? It’s impossible.”
About where I think we are now compared to our last impulse. Note that the S/R flip and retest at 10k took about 3 months to complete.
2 months later we had rallied 90% to new all time highs.… pic.twitter.com/6KYjkju3QY
— CrediBULL Crypto (@CredibleCrypto) May 24, 2023
Also Read: Even Biden’s Re-election Can’t Threaten Bitcoin, Claims Pro-XRP Lawyer
However, what’s going to drive this surge?
Perfect Retest: Bitcoin has yet to undergo a perfect retest of the black support/resistance level at $25,200. While not a prerequisite, there remains a possibility that the local low for this retest has not yet been established. If the analyst’s thesis holds true, the downside potential from current levels should generally be limited.
Historical Patterns: Credible Crypto cautions that while history does not repeat exactly, it often exhibits similarities. While not expecting an exact time and price correlation, the movements in Bitcoin’s price are anticipated to display resemblances to previous patterns.
Accelerating Ascent: As Bitcoin progresses through impulse waves, the rate of ascent tends to accelerate, particularly during a parabolic advance. Interestingly, the current rate of ascent is expected to be the slowest within the entire journey toward a new all-time high. This suggests that a rapid ascent to prior record levels is not only plausible but also expected if this indeed marks the beginning of a significant impulse. Notably, as Bitcoin climbs higher, larger price candles are typically observed.
“With both prior impulses of this cycle ($3,000 – $14,000 and $10,000 – $60,000), bigger candles were observed as Bitcoin climbed higher.”
Credible Crypto’s analysis concludes that Bitcoin could climb and surpass previous all-time highs. Looking at the historical aspect, BTC’s 150% is not unrealistic and will be euphoric for long-term holders. Do you agree?
Bitcoin Trades At Crucial Support Of $26,500! Will BTC Price Make A Big Move Ahead?
As we approach the mid-year of 2023, the crypto market is once again at the edge of its seat, with Bitcoin (BTC) trading at a crucial support level near $26,500. Despite the ‘hot’ Personal Consumption Expenditures (PCE) data hinting at a potential June rate hike, Bitcoin is nearing $27K. The unexpected rise comes even as the PCE data, indicating persistent inflation, suggests a need for further financial tightening. Amid this, investors are confused to determine Bitcoin’s upcoming trend.
Bitcoin Bulls Show No Momentum
Bitcoin is at a pivotal juncture in terms of price action, with speculators holding the reins, according to a recent analysis. Checkmate, the lead on-chain analyst at Glassnode, shared his insights on Twitter on May 26, indicating a potential Bitcoin price standoff on the horizon.
As BTC price nears key trend lines, a growing number of long-term market players are becoming increasingly apprehensive this month. With bearish price forecasts on the rise, the focus of on-chain analysts is shifting towards short-term holders (STHs) as they try to predict the next direction of Bitcoin’s price.
Glassnode’s STH-SOPR metric, which assesses the profitability of spent outputs, is currently indicating a dominance of losses among short-term Bitcoin holders. This situation calls for dip buyers to enter the market. If this trend continues, it could potentially trigger a fear-of-missing-out (FOMO) bounce. However, if the short-term holder realized profit/loss ratio stays below 1.0 for an extended period, it could signal a bearish turn.
Moreover, the MVRV ratio is surging as it touches 1.31. A retest near 1.5 will become bullish for the BTC price to push it above the $30K level, as seen in the previous bull run. The MVRV ratio, comparing Bitcoin’s market cap to its fair-value model, can hint at its current valuation. A value above one suggests Bitcoin may be overpriced, while a value below one indicates it could be undervalued.
What’s Next For BTC Price?
Bitcoin is on the brink of breaching its tight range toward a lower value. It appears that the cryptocurrency markets are echoing the trends in the U.S. equities markets, which have experienced a two-day decline amid the uncertainty surrounding debt ceiling negotiations.
Bitcoin hit the 20-day EMA of $27,219 on May 24, but the bulls failed to break this resistance, leading to aggressive selling by the bears. The bears are now attempting to keep the price below the immediate support of $26,650. If successful, the BTC price could drop to the crucial support at $25,250, a level likely to see a fierce contest between the bulls and the bears. As of writing, Bitcoin trades at $26,786, gaining over 2% in the last 24 hours.
The 20-day EMA remains the primary resistance that the bulls need to overcome for a sustained recovery. A shift in the short-term trend could be indicated once the bulls push the price above this resistance line.
BTC, USDT And Tradecurve: A Match Made In Heaven?
The post BTC, USDT And Tradecurve: A Match Made In Heaven? appeared first on Coinpedia Fintech News
Tether adds more BTC to their large reserves, strengthening credibility in the crypto world’s biggest stablecoin. Tradecurve allows investors to strengthen their own reserves and investment strategy, by allowing people to invest in a wide range of financial derivatives including bitcoin, via their hybrid decentralized trading platform.
Tether buys more Bitcoin to strengthen its reserves
Tether International LTD, the company behind USDT, just revealed news about their investment strategy, after criticism from a former SEC member.
As of March 2023, they already had around $1.5 billion in BTC sitting in their reserves. Unlike other investors who let someone else hold their Bitcoin, Tether is concerned about the often repeated crypto maxim “Not your keys, not your Bitcoin,” so they’ve got the private keys for all their BTC.
They plan to keep buying Bitcoin every month, using about 15% of their profits. Tether is only going to use actual money from its investment strategy, ignoring any unrealized gains from price increases. Basically, they’re focusing on the actual profits they make from buying low and selling high or getting their fiat back when an investment matures (like with U.S. treasury bills).
Tether’s got a conservative and smart approach to investments. They want to strengthen, expand, and diversify their reserves. And by going all-in on Bitcoin, they’re not only aiming to boost their portfolio’s performance but also showing their faith in the stalwart of crypto.
Tether is not stopping there. They’re throwing in some of their cash for smaller investments, focusing on building communication using technologies like Holepunch and also getting into the energy and bitcoin mining infrastructure industry.
Tradecurve allows anyone to trade with BTC and USDT
Tradecurve is also out to offer more transparency and safety to crypto users by offering an on-chain trading platform. Unlike CEXes such as the now disgraced FTX, Tradecurve’s DeFi-based platform will offer a much better level of clarity as to where their funds are stored, what the fee structures are and more. They also plan to reveal Proof of Reserves, once they go live, as they are currently in presale.
Tradecurve allows you to trade things like commodities such as gold, stocks and shares, forex, options, indices, crypto and ETFs, meaning that like Tether, blockchain users will have a truly diverse way to allocate their portfolio.
KYC is not required and so those who cannot normally trade these things due to country-specific regulations, have new freedom.
TCRV is the native token of Tradecurve and is expected to be 50x during the presale and 100x after launch on Uniswap and various tier 1 exchanges. USDT is one of the best ways to buy into the platform, which is based on the Ethereum blockchain. You can use Ethereum-based ERC-20 Tether or the Tron-based version – TRC-20. Bitcoin, Ethereum, Ripple, Doge and BNB are other currencies that are accepted as well.
Bitcoin and USDT are two of the currencies that will be allowed as collateral, enabling traders to get leverage rates of 500:1 and more. TCRV is changing hands for $0.012 at the moment, as it is near the start of the presale.
For more information about TCRV presale tokens:
Website | Buy presale | Twitter | Telegram
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The Crypto Market Sentiment is Back to Fear-Panic Sellers Dragging the Bitcoin (BTC) Price Lower!
As the global markets continue to consolidate, the crypto space is also suffering a notable pullback. While the long-term holders seem to show confidence, panic sellers are causing more trouble by selling cryptos at a loss. Now that Bitcoin shows indications of plunging to $25,000, traders expect the price to revisit levels below $20,000.
Will the BTC price drop below $20,000?
Ever since the collapse of the Terra ecosystem back in May 2022, market participants have continued to remain in extreme fear as it triggered multiple fallouts later. The tokens witnessed a sigh of relief during the first few weeks of the year as the majority of them rallied significantly. Unfortunately, at the beginning of the second quarter, the volume dried up, slashing the volatility to its lowest levels.
Therefore, the traders who waited for a notable push towards $30,000 until now appear to remain in a state of distrust and have begun to sell cryptos at a loss.
As per the data from Santiment, more cryptos have been bought within the underbought zone, where there is very little possibility of buying. The traders now appear to be dull, as the restless addresses have been constantly dumping on Bitcoin and other assets at a loss. The MVRV model indicates that altcoins are flashing underbought signals across the sector.
Now that the crypto markets have begun a sluggish trade, the market sentiments have shifted back to ‘fear’. The net realized profit/loss (NUPL) underwent a bearish pullback, signalling the sentiments have shifted from ‘Optimism/Anxiety’ to ‘Hope/Fear’.
Collectively, the market participants have again developed fear as the crypto markets consolidate within narrow regions. While the Bitcoin (BTC) price is hovering just above $26,000, the altcoins have been bleeding heavily. Therefore, indicating a more bearish trend may be imminent in the succeeding days.
Bitcoin Price Plunge: Experts Fear BTC Price Might Drop Below $24K
The most popular cryptocurrency in the world, Bitcoin, is currently going through a rough patch, and traders are now predicting that the worst is not over as more price crashes are to follow.
Pseudonymous analyst Crypto GVR has even predicted a potential dump in the range of $24,000 to $25,000 within the next 7-14 days for a retest of that level.
#Crypto Shocking News 😱#bitcoin gonna dump in between 24000-25000$ in next 7-14 days to Retest the level , Better to eat #BTC dip
I can't see reversal and also all #altcoins will dump 30-60% by end of the may month (Retweet for Rewards)
Note : 99% Accurate Tweet pic.twitter.com/8ixYHEq1nv— Crypto GVR (@GVRCALLS) May 25, 2023
Crucial Levels To Watch
Bitcoin appears to be now declining from all important areas of support, increasing the likelihood of a large correction.
Currently, Bitcoin is priced at $26,222, as reported by CoinMarketCap. However, recent developments have shown nearly 2% downfall in the past 24 hours alone. Zooming out to a broader perspective, the past week has witnessed a gradual decline of 3.6%, showcasing the volatile and ever-shifting nature of the digital asset market.
BTC’s trajectory seems to be pointing towards a crucial demand wall situated between the $24,300 and $25,200 levels.
Within this crucial zone lies a remarkable transaction history, where a staggering 852,000 investors acquired approximately 341,000 BTC, with an estimated value of $8,946,930,000. It is crucial for market participants to keep an eye on this threshold because of the significant degree of interest and potential support indicated by the buildup of BTC at the demand wall.
A Battle Of Bulls & Bears
There are currently two opposing views on Bitcoin, creating a duality. Some believe it is ready to begin its ascent as it gingerly rests on a small ledge around the $27,000 mark.
Others, on the other hand, believe it to be hanging on by a thread and predict a definite collapse to the mid-20s or perhaps even lower.
At the time of writing this article, BTC has already fallen to the $26,230 mark, and the Relative Strength Index (RSI) is showing a flow under the 30 mark.
The markets appear to be choppy right now and it’s definitely difficult to navigate. However, traders and investors can still secure a strong portfolio with continuous research and analysis.
BTC Price: Data Shows That Bitcoin is Trading Above Realized Price Amidst Market Panic
The cryptocurrency market has been going through a fair share of trauma with the recent decline in the prices of various assets. The fall in price, which can be attributed to various macroeconomic factors, caused the global market cap to drop by 1.63% in the last 24 hours. According to CoinMarketCap data, the global crypto market cap stood at $1.10 trillion at press time.
Amidst the market chaos, the founder of LookintoBitcoin, Philip Swift, shared some interesting data.
https://twitter.com/PositiveCrypto/status/1661644838411051008
Bitcoin is Trading above the Realized Price
According to the data on price action 140 days after the realized price breakout, the price of Bitcoin is trading above the realized price of $20,167. BTC is trading at $26,256 at press time, which, according to Swift, is a clear breakout for BTC above its realized price. A zoomed-out picture of the chart shows that Bitcoin is performing well and as expected for this stage of the cycle.
Bitcoin and Ethereum have shed 1.98% and 1.72%, respectively, amidst the recent market turmoil. BTC has dropped below the $27,000 level, whereas ETH has plummeted below the $1,800 level.
Amidst the ongoing debt ceiling negotiations in Washington and varying perspectives among Fed officials regarding interest rate hikes, bitcoin has exhibited characteristics of a risk asset once again, diverging from its earlier trend of trading more closely with gold earlier this year.
Both bitcoin and ether are currently experiencing their least favorable month in 2023, with bitcoin down by 12% and ether down by nearly 9.7%, respectively, in 2023.
The trending meme coin, PEPE, has also suffered from market chaos, as it is down by 4% in the last 24 hours. PEPE is also down by 10% in the last seven days. The current market turmoil hasn’t spared any altcoins, as most of them have exhibited single-digit losses.
BTC Price Might Hit This Level
Bitcoin, the world’s premier cryptocurrency, has been a hot topic of discussion at the recent Bitcoin 2023 conference in Miami. One of the voices making waves at this conference is Gareth Soloway, Chief Market Strategist at inthemoneystocks.com.
Soloway’s Market Prediction and Bitcoin Outlook
Gareth’s perspective on the market is interesting, as he suggests that investors might have mispriced the market. He stresses that the market might be anticipating a pause in the Federal Reserve’s approach to interest rates, but the expert asserts that a pause does not necessarily indicate an imminent rate cut. This cautionary view reflects his bearish stance on the equity markets.
His belief that inflation will remain high for the foreseeable future and that the Federal Reserve will not lower interest rates unless inflation drops significantly is noteworthy. He insists that such factors are contributing to his prediction of a near-term outlook of stagflation.
Gareth’s view on Bitcoin is equally intriguing. He explains that despite potential short-term positive impact in case of a default, Bitcoin’s role is still not well-defined, hence his belief that Bitcoin’s bottom hasn’t been reached yet. He even postulates a drop to as low as $9,000 into 2024.
Furthermore, Soloway stresses that traders and investors need to be aware of the ongoing debt ceiling issues in Washington DC. He maintains that although a resolution is likely, the growing tension with each cycle could lead to increased volatility and potential default, which in turn could generate substantial returns if invested in the right instruments.
Also Read: DeSantis to Secure Bitcoin over Threats
Predicting Future Bitcoin Trends
Gareth’s outlook on Bitcoin is thought-provoking. He sees Bitcoin as a risk asset and its recent behavior as a sign of a market top, rather than bottom. He anticipates that a market reevaluation could potentially drive Bitcoin’s value further down, which contrasts with the commonly held belief that Bitcoin will continually increase in value.
BTC Price Analysis: Analyst Anticipates Potential Bitcoin Short Squeeze to $30K
There’s a compelling forecast in the air as a renowned crypto trader anticipates a vigorous rise in Bitcoin’s (BTC) value to the $30,000 mark. Inmortal, the pseudonymous analyst suggests that a potent short squeeze could be the primary driver behind this Bitcoin rally.
Short Squeeze — The Rally’s Main Engine
Short squeezes have a critical role in such bullish predictions. For the uninitiated, this market phenomenon occurs when traders borrowing an asset to sell it at a lower price—aiming to gain from the price difference—find themselves compelled to buy back the borrowed assets. This is a response to the market momentum turning against them, causing further price rallies.
Currently, Inmortal observes the market at a crucial point. “Price at support. No momentum. Both sides trying to position themselves here for the next big move,” he comments, drawing attention to the potential for a squeeze which would drastically increase Bitcoin’s liquidity up to the monthly open.
A Potential Dip Before the Surge
While Inmortal’s predictions point toward a significant BTC rally, he does not ignore the possibility of a sizeable correction beforehand. According to his analysis, Bitcoin might see a corrective movement pushing its value down to around $22,000 before any upward surge takes place.
Understanding the Market Indicators
Inmortal’s forecast aligns with various indicators. Bitcoin’s price fractal hints at an impending breakout, although the recent price increase on May 22 met with selling pressures, resulting in a 3% drop. The Relative Strength Index (RSI) also displayed a rejection after touching the mean level.
The Awesome Oscillator (AO) is currently retesting the midpoint. A breakthrough of the $26,555 support level could lead to a slide down to $25,175, Bitcoin’s immediate foothold. In the worst-case scenario, BTC could drop as far as the $23,052 barrier, signifying losses of 6% and 14% respectively from the current $26,761 price level.
However, this pessimistic outlook could be invalidated if BTC decisively turns the $28,051 hurdle into a support level, potentially propelling it up to the $30,287 mark.
At the time of writing this article, Bitcoin was trading at $26,713.
BTC & ETH Drops as UK CPI Hits after Ages
The post BTC & ETH Drops as UK CPI Hits after Ages appeared first on Coinpedia Fintech News
Bitcoin and other major cryptocurrencies fell due to poor UK performance in broader equity markets. With Bitcoin dropping below $27k during Asia trading and markets reacted to poor UK inflation figures. UK surprises as CPI (Customer Price Index) rose to 6.8% since 1992, surpassing the forecast of 6.2%. UK banks ongoing pressure in an interest rate hike, Bitcoin drops 2% in the past 24 hours, trading below the $27k resistance level and reversing earlier gains. Ether traded around $1,800 while SOL & BNB tokens show a loss.
Bitcoin Rally: Here’s When BTC Price Will Surge Above $40k
It appears that all the leading cryptocurrency experts are currently eyeing the $40000 target for BTC. The king currency is currently trading sideways in consolidation, so, it is quite possible that the predictions that have manifested recently may hold some ground.
Kaleo’s Target: Bitcoin At $40,000
Kaleo, a widely followed pseudonymous analyst, has taken to Twitter to share his insights with his loyal followers. According to him, Bitcoin is on the verge of a strong rally that is expected to endure until July, following a prolonged period of choppy price movements.
Also Read: Whales & Sharks Accumulate Stablecoins; Will Bitcoin & Ethereum Continue Choppy Trend?
What has caught the attention of market observers is Kaleo’s assertion that Bitcoin is in the process of reclaiming a crucial high timeframe (HTF) support level. After experiencing a temporary dip below this level, Bitcoin’s current price behavior suggests a recipe for an imminent and potentially violent spike in value.
Kaleo explains, “Reclaims of deviations below HTF support usually cause dramatic upside swings. At $27,700, I’m watching.”
Bitcoin’s Recipe for An Impressive Spike
Buoyed by this analysis, Kaleo confidently predicts that Bitcoin will not only surpass its current value of $27,300 but will soar past the $40,000 mark by July. If his projection materializes, it would represent a remarkable 46%+ increase in Bitcoin’s value within a relatively short timeframe. Kaleo confidently sums up his expectations, stating, “One last leg up.”
Ethereum’s Resilient Outlook
Kaleo also weighs in on the future prospects of Ethereum (ETH), the leading smart contract platform. He believes that Ethereum will waste no time in reclaiming the highly coveted $2,000 level, urging it to “Run it back to $2,000 with haste.” This assertion adds an additional layer of optimism to the crypto market, as Ethereum enthusiasts anticipate a swift recovery and renewed momentum for the platform. ETH is currently trading at $1,855, with a 2.1% surge in the past 24 hours.
This Might Interest You: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030
Bitcoin News: BTC Price Might Take A Major Hit In Coming Days, Here’s Why
The previous decade saw a trend where buying the dip and riding the typical corrections in Bitcoin proved to be profitable. However, it is unlikely that this strategy will continue to yield positive results in the future. According to analyst Nicholas Merten, there is a growing concern about the potential dangers in the upcoming years when it comes to trading and investing in Bitcoin, cryptocurrencies, and stocks.
The recent weakness in the short term, as indicated by the cumulative volume Delta and market order flow, suggests a shift in market behavior. People are now withdrawing their Bitcoin holdings and converting them into cash, indicating a decrease in liquidity and a lack of enthusiasm to buy the dip. This shift is not solely due to stablecoin liquidity issues but is also related to changing macroeconomic factors, particularly global central bank liquidity
He also discusses the historical trend of bond yields over the past few decades. He explained that there has been a downward trend in bond yields since around 1988, with interest rates on government bonds decreasing from an average of around 8-9% to just 0.5% over the past 30-35 years.
The analyst said, “If Bitcoin is rallying from sixteen thousand to twenty six thousand, right, what do you think Jerome Powell is thinking right now? What do you think’s going through his mind when he sees Financial assets propping up like this? He sees that there’s still too much money in the system, too many people speculating and buying assets that they don’t really need to be buying right now during what should be a recession or contractionary period.”
Merten highlights the impact of central bank actions, particularly the Federal Reserve (Fed), in lowering interest rates and implementing stimulus measures during periods of economic downturn. However, the recent increase in bond yields, as represented by the blue flip on the U.S. 10-year yield chart, poses challenges for investments such as Bitcoin, cryptocurrencies, meme stocks, and Dogecoin.
BTC Price to Hit $40K-Altcoins to Grow With Bitcoin During H2 2023!
The price of Bitcoin has been consolidating within a very narrow range throughout the past week which was followed by a rejection at $30,000 levels and a subsequent breakdown of the 50-day MA of around $29,000. Until the last trading day, the bearish target was set at around $25,000 but the recent upswing shed light on the possibility of the retest of the 50-day MA levels.
The BTC bulls appear to have dominated the market with strong momentum as they regained control after a sharp pullback. Holding the same momentum, the bulls are now trying to push the prices towards the next resistance level of $28,000. If they succeed to do so, then it may signal the resurgence of a firm upswing that may signal an extended Bitcoin rally.
However, the upswing may still continue for another 3 months as the next upswing is predicted anytime in the next fortnight.
Source: Tradingview
Considering the weekly chart it is quite evident that the BTC price is trading above some strong support levels, above EMA-21, EMA-50 and MA-200 with a strong RSI at 55.5. Hence, on a bullish note, the consolidation may continue for another 1.5 to 3 months before the next breakout.
Besides, in the daily chart, some diverse price actions may be witnessed as the BTC price formed a bullish hammer, some days ago. Moreover, the price continued to trade below this hammer which compelled the price to consolidate more before a breakout. Until the BTC price trades above $25,000, it is considered to be under bullish influence and if it breaks a steep drop below $20,000 is imminent.
Is It Time For Investors To Think Beyond BTC And ETH?
The mainstream crypto market has been more or less dead for a few weeks. Bitcoin has lost 1.88% in the last seven days. Ethereum is doing a little better, with a 0.66% dip in the same window. BNB, Polygon, Cardano, Dogecoin, Solana, Polkadot, and Chainlink – among scores of others – have similar stories to share. XRP, Tron, and Litecoin are the few exceptions to the trend, boasting tiny one-digit surges.
The lukewarm performance suggests that mainstream cryptocurrencies are highly saturated. It’s about time investors left these coins for emerging projects that power interesting new use cases.
Listed below are a few examples with large growth potential this year.
AiDoge – Viral meme coin ready for a startling explosion
Meme coins are all the rage now. New meme coins that enter the market every day are bringing exponential returns to early investors. Sometimes overnight. The phenomenon is super exciting and has captured global attention, further catalyzing the pump.
If you missed out on the recent meme coin explosions, here is another one that can kindle a bigger mania – AiDoge. This might not be your first time hearing about the meme coin as it went viral within a few days of its project announcement.
The reason is pretty interesting. The meme coin has its foot in three of the hottest trends of this millennium. Namely, AI, memes, and meme coins.
AiDoge is an AI-powered Web 3.0 platform that generates memes based on text prompts. It is fuelled by the doge-inspired presale meme coin $AI. The presale is already past its $11M milestone. That is more than what most cryptocurrencies manage to accumulate in a lifetime. The glowing presale strengthens the possibility of a 1000-2000% explosion on the token launch.
But unlike most meme coins we have seen in the past, $AI wouldn’t just be another with no utility or purpose. It plays an integral role in the AiDoge ecosystem. The primary utilities of the token are facilitating the platform’s credit, payment, and reward system.
At the heart of it, AiDoge generates memes for you with little input on your part. For example, you need not hunt down the image that captures your idea or rack your brain for a caption that suits the image. All of that is taken care of by the algorithms. It gives you ready-to-publish memes in minutes.
Since the platform relies on virality to derive its value, the memes are for anyone to see. That in turn, will drive more traffic and fuel consistently-growing demand for $AI tokens. It looks like the platform’s goal is to become a social hub where you can find the latest memes across different niches. The token-based credit system underpins the market relevance and sustainable growth of $AI.
Anyone who believes AiDoge’s fun, yet relevant vision can become a part of the project early on via the ongoing presale. At the time of this writing, the presale is about to sell out due to overwhelming traffic from meme coin investors. The fast progress of the presale hints at a bull run that is underway for the token.
AiDoge is a Web 3.0 project that has the potential to follow in the footsteps of AI platforms like ChatGPT and Dall-E. Combining the brand value of Doge, it might become a global phenomenon this year if it sticks to its ambitious roadmap.
Copium – When humor, FOMO, and camaraderie come together
Next on our list of altcoins to invest in the current bear market is Copium – the latest meme coin sensation that went 500% up the charts within hours of going live on 18 May 2023. The hype around the meme coin is getting bigger as more investors hoard it in anticipation of another explosion.
The project is not designed to become a fleeting crypto sensation like most meme coin assets. As a result, it can bring generous returns to investors who buy the token in the coming two weeks.
A closer look at the project will help you understand why.
To begin with, Copium’s unique theme and delivery have the capability to win a young audience. It is built around the theme of “coping” with missed opportunities. Humor and fellowship are at the heart of the project, inspiring users to navigate the unpredictable crypto landscape together. That has a higher rate of success.
Another factor that instills faith in the project is its multi-faceted marketing strategy which grows a community of believers in its vision, rather than mere investors. A good example is the exclusive, invitation-only presale that built massive hype around its Uniswap launch.
The presale was limited to 100 influential supporters in the crypto landscape and gave them skin in the game. It is accompanied by a unique NFT drop that compels investors to hold and increase their $COPIUM holdings.
As expected, Copium has succeeded in striking a chord with the meme coin community. The numbers look promising.
The rapid growth of the community to 18K members (on Twitter alone) hints at the project’s fast penetration into the meme coin market.
At the time of writing, Copium is on a short pullback. This is an excellent gateway to buy the tokens before its next bull run.
$COPIUM can generate anywhere from 400-500% returns by June, especially given that more investors are liquidating established meme coins like Dogecoin, Shiba Inu, and Pepe to join projects with larger rooms for growth. Being led by experienced developers and OGs, it has a long way to go.
Ecoterra – Cryptocurrency with the Highest Possibility for Mainstream Adoption
Ecoterra is a cryptocurrency that is on the radar of mainstream brands and celebrities. It is the native crypto of a recycle-to-earn platform of the same name.
The project is led by the mission to promote recycling, circular economy, and carbon offsetting. It makes this possible by harnessing the full potential of blockchain technology, which boasts a secure and transparent makeup.
Although the crypto market has no dearth of green crypto projects, Ecoterra has its eyes on recycling. A niche that most projects don’t dare to venture into. But the interesting thing is that recycling is one of the key pillars of climate action.
Why leave it out then?
And that explains the market relevance of Ecoterra and why it is a strong candidate for widespread adoption this year. Recycling initiatives require knowledge, technical skills, and resources. Ecoterra simplifies it and adds more vigor to it by rewarding you for every item you recycle following its directions.
You can hold, stake, or spend these tokens on various ecological activities. The recycling app is accompanied by a carbon-offsetting marketplace, a recycled materials marketplace, and an impact profile.
The fact that Ecoterra’s target market includes environmentally-conscious individuals, socially responsible small businesses, large corporations, industries, governments, and non-governmental organizations (NGOs) makes it one of the most promising projects of this year.
yPredict – Strong utility, tiny market cap, and large growth potential
We wrap up this list with yPredict – an AI-powered app that allows you to subscribe to data-driven insights, proven analytic metrics, and predictive marketplace trends on a monthly basis.
It is dedicated to all crypto traders who find it difficult to navigate the crypto market dominated by algorithms and bots. They have adulterated the market, making it extremely hard to make price predictions. In other words, it lowers the statistical edge of crypto investment and trading strategies.
With yPredict, you need not rely on news, social media influencers, or trading signals to get a grip on the market direction. The platform provides data-driven insights that help you hone your portfolio by tapping into a large ecosystem of Ai/ML experts, traders, and financial quants.
The DAO-curated financial prediction methods and metrics are designed by highly qualified data scientists. They are incentivized to improve the profitability of their models, while users are incentivized to choose the best predictive models.
The ecosystem consists of:
- A marketplace
- Trading tools
- A trading terminal
- High APY staking pools
The tiny initial market cap of around $6M makes YPRED an attractive early investment this quarter.
First Pepe On BTC, Wrapped with ETH, Closes Record-Breaking Presale; Gears For Launch
London, UK – Ordinal Pepe ($OPEPE) shatters ETH records on PinkSale with a monumental presale achievement, raising an astonishing total of 498.84 ETH. The groundbreaking success of this presale has positioned $OPEPE as the undisputed leader in PinkSale Fair Launches, cementing its place in crypto history.
With an impressive 498.84 ETH raised, equivalent to approximately $906,000, Ordinal Pepe has captured the attention and enthusiasm of the crypto community, setting a new benchmark for crowdfunding success. The overwhelming support demonstrates the widespread belief in the project’s vision and potential.
Ordinal Pepe ($OPEPE) is now poised for an electrifying launch, with a planned release date of Tuesday, May 23, at 4 pm UTC. This highly anticipated event will mark a significant milestone in the evolution of the crypto space. The project’s remarkable success during the presale has already established a market capitalization of $1,740,953, showcasing the immense value attributed to the $OPEPE token.
In a bold move that demonstrates its commitment to transparency and security, Ordinal Pepe has opted to lock the liquidity for 365 days. This decision showcases the team’s dedication to protecting the interests of their investors and fostering long-term stability within the project. Moreover, the contract for Ordinal Pepe ($OPEPE) will be renounced, further solidifying the project’s commitment to decentralization.
The launch will initially take place on the renowned decentralized exchange, Uniswap, allowing users to seamlessly acquire $OPEPE tokens and be part of this groundbreaking movement from day one. But the journey doesn’t stop there. The excitement continues to build around Ordinal Pepe as the project prepares to extend its reach through strategic exchange listings.
In the days following the launch, Ordinal Pepe is set to make its debut on prominent exchanges. Negotiations with a number of exchanges are already in progress, showcasing the immense potential of Ordinal Pepe to achieve new heights in the crypto market. These upcoming exchange partnerships will unlock new opportunities for growth, and expand the project’s reach across the globe.
For more information about Ordinal Pepe and to join the revolution, visit the official project website at https://ordinalpepe.io/. Stay tuned for the much-anticipated launch on May 23rd, 4 pm UTC, and witness history in the making as the first Pepe on BTC takes flight.
About Ordinal PEPE
Ordinal Pepe ($OPEPE) is a groundbreaking cryptocurrency project that combines the iconic Pepe meme with the power of Bitcoin. With a vision to revolutionize the crypto landscape, Ordinal Pepe aims to create a vibrant and inclusive community where users can engage, transact, and celebrate the spirit of the Pepe meme. With a solid foundation of cutting-edge technology and a commitment to decentralization, Ordinal Pepe is set to become a force to be reckoned with in the crypto industry.
Website | Twitter | Telegram | Whitepaper
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Bitcoin Holds Steady At $27K Despite US Debt Default Concerns! Here’s The Next Level For BTC Price
Global financial markets are anxious about potential fallout from a US debt default. Meanwhile, Bitcoin, the leading cryptocurrency, remains steady, maintaining momentum around $27K, creating ambiguity about its next steps amid economic turmoil. As talks remain at a standstill over raising the US government’s $31.4 trillion debt ceiling, stirring financial market jitters, some analysts are breaking away from popular opinion. They warn that a potential agreement could cause a downturn in the cryptocurrency market.
Bitcoin Settles In A Tightest Price Range
Glassnode, an on-chain analytics company, reports a significant lull in crypto market activity recently. Despite anticipated market fluctuations, Bitcoin, the largest cryptocurrency by market cap, has maintained a remarkably consistent price range for several months.
The graph indicates a 3.4% difference between the highest and lowest prices from the week leading up to May 21. This noteworthy stability persists even amidst ongoing worries about the soundness of U.S. regional banks and the nation’s debt ceiling.
When the debt ceiling is eventually raised, the Treasury is expected to replenish its cash reserves by issuing more government bonds. This could potentially drain liquidity from the system and apply upward pressure on bond yields. As increased issuance often leads to lower prices and higher yields, Bitcoin (BTC), which typically moves counter to bond yields, might be affected.
So, while an agreement could alleviate significant economic uncertainty, assets such as Bitcoin, which lack ties to the tangible economy and rely heavily on fiat liquidity, may actually face challenges.
According to several commentators, Bitcoin attracted safe-haven investments during the banking crisis in March, while other interest rate-sensitive assets like tech stocks also thrived, as traders anticipated early Federal Reserve moves towards rate reductions. Essentially, Bitcoin continues to be a risk asset predominantly influenced by liquidity.
What To Expect From BTC Price Next?
Bitcoin has been experiencing limited price fluctuations in recent days. Typically, such restricted ranges are succeeded by an expansion in range, leading to pronounced trending movements. Glassnode observed that Bitcoin’s seven-day price range is similar to situations in January 2023 and July 2020, both periods that were followed by significant market shifts.
The bears have effectively protected the 20-day EMA, yet failed to drive the price down to the key support at $25,000, implying that bulls are capitalizing on minor price drops. BTC price is currently trading at $26.8K, declining over 0.21% in the last 24 hours.
As long as the price remains above the immediate support of $26,358, the bulls will strive to propel the price back into the symmetrical triangle pattern. Success in this could imply market rejection of lower levels, potentially enhancing the chances of a rally to the resistance line, which might again pose a significant challenge for the bulls.
In contrast to this scenario, if the price dips and breaches the $26,358 mark, it would suggest a supply surplus. This could then cause a potential drop to the critical $25,500 level.
Despite Bitcoin’s (BTC) recent drop below $27K, DigiToads (TOADS) presale breaks records with more than $3.5 millions raised
In the wild oscillations of the crypto market, Bitcoin (BTC) recently dipped below $27K, causing a stir among investors. However, in this turbulent sea, a lily pad of opportunity has emerged, untouched by the waves of uncertainty. DigiToads (TOADS), a newcomer to the crypto pond, has made a splash with its record-breaking presale, raising over $3.5 million and illustrating that there are still vibrant prospects in the crypto ecosystem.
DigiToads (TOADS)
DigiToads, a fresh and innovative ERC-20 token, is making waves with its unique combination of features. Its appeal is multifaceted, combining elements of P2E (Play-to-Earn) gaming, deflationary tokenomics, staking rewards, a dedicated DAO treasury, and a popular NFT collection. Its engaging web3 game allows players to collect, nurture, and battle digital amphibians known as DigiToads. These amphibious warriors can be obtained through purchasing, trading, or winning, each possessing unique attributes that players can enhance using TOADS tokens.
This innovative defi project goes beyond gaming. By staking their NFTs, DigiToads holders can earn rewards from a staking pool funded by 2% of every TOADS transaction. The project also pledges 2.5% of its profits to environmental charities, demonstrating a corporate social responsibility rarely seen in the memecoin arena. Moreover, DigiToads champions community engagement, with 10% of game prize pool funds being airdropped to token holders every month.
The DigiToads crypto ICO has raised more than $3.5 million, a testament to the project’s appeal and potential. Investors, enticed by the prospect of a high-growth token that provides the chance to earn residual income through NFT staking and P2E gaming, have eagerly jumped aboard the DigiToads bandwagon.
Bitcoin (BTC) Dips Below $28,000
Bitcoin fell below $28,000 recently due to several reasons. One of the primary factors was concern over declining participation from institutional market participants. This decline in institutional involvement might have led to lower liquidity in the Bitcoin market.
Further contributing to this situation, a news report indicated that two of the most significant institutional liquidity providers were dialing back their crypto-trading businesses in the U.S. This development could have exacerbated the liquidity concerns and led to further selling pressure.
Lastly, it seems that a recent banking crisis failed to trigger a price surge in Bitcoin, as had been the case in previous weeks. The lack of a positive response to such crises could have sapped investor confidence and contributed to the downward price movement.
Regardless Bitcoin, the progenitor of all cryptocurrencies has had its fair share of ups and downs. Despite the recent dip, it remains the largest and most influential crypto, serving as a benchmark for market trends and investor sentiment. While many are fixated on the price fluctuations of this crypto behemoth, others are scanning the horizon for alternative opportunities, and that’s where DigiToads hops into the picture.
The success of the DigiToads presale amidst Bitcoin’s dip is a stark reminder of the diverse opportunities within the crypto market. It underscores the point that the crypto world is not simply about Bitcoin or Ethereum. It’s a vast ecosystem teeming with innovative altcoins and new defi projects that offer unique experiences and the potential for substantial returns.
Join the DigiToads Journey Today
In the crypto market, fortunes can be made or lost in the blink of an eye. But as the DigiToads example shows, those who scan the horizon, who venture beyond the familiar territories, can uncover opportunities that others may overlook. It’s a game of perception and intuition, of seeing the lily pad of opportunity amidst the churning waves. And right now, that lily pad is named DigiToads.
For more information on DigiToads visit the website, join the presale or join the community for regular updates.
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Renowned Crypto Attorney Makes Shocking Revelation About His Bitcoin (BTC) Investment
In a revelation that surprised many in the crypto community, prominent cryptocurrency attorney and fervent XRP advocate, John Deaton, took to social media to discuss his personal digital assets portfolio.
In a quote tweet of his picture at the XRP Las Vegas 2023 event, Deaton candidly disclosed the heavyweight of his digital assets investments – Bitcoin (BTC). This declaration is quite surprising, given Deaton’s public advocacy for XRP.
Diversified Crypto Portfolio: A Prudent Path
Deaton’s cheeky tweet reads:
“I have standing to make this comment b/c my BTC investment significantly outweighs my XRP investment (my XRP family overlooks this and forgives me).”
His statements brought a dose of humor, demonstrating the broad-minded approach he and the XRP community maintain despite their substantial support for the token. The lawyer was not hesitant to praise the XRP community, labeling them as “the brightest, most knowledgeable, and most passionate of all crypto communities.” It is this diversification in his crypto portfolio that emphasizes the versatility of Deaton’s investment strategy and his conviction in the crypto industry’s potential.
XRP’s Market Outlook: A Dance With the Bulls?
In the meantime, the XRP market has been stirring. Between May 16 and 19, XRP saw a rally of 13% but faced resistance at $0.469. After surmounting the 20-day EMA ($0.45) on May 18, a resurgence of bullish momentum seems to be in play, reducing selling pressure, as indicated by the flattening 20-day EMA and the RSI in positive territory.
However, a formidable resistance zone lies ahead, sandwiched between the downtrend line and the 50-day SMA, which is $0.48. A successful breach could catapult XRP’s price toward $0.54. Conversely, if the price recoils from its current level, the bearish influence might assert itself, potentially stagnating the price between the 50-day SMA and $0.40.
XRP was worth $0.468 at the time of writing this article.
Traders Short on Bitcoin; Here are the Levels Closely to Watch for the BTC Price This Weekend!
No sooner had the Bitcoin price risen above $27,000, than the bears became extremely active and slashed the price below those levels. The rising adoption of new tokens like PEPE, and BRC-20 tokens has compelled major tokens like Bitcoin or Ethereum to hover in a sluggish trend. Currently, the BTC price has plunged back below the crucial support, which has raised many concerns among the market participants.
As the prices dropped back below $27,000, a sense of fear prevailed among the traders, who believed a fair descending trend may be on the horizon. As per a popular on-chain platform, Santiment, Bitcoin’s social volume has spiked extremely high as traders are discussing the price to maintain a sloppy trend ahead.
“With Bitcoin revisiting the $26K level, traders are showing increased worries of prices falling back to the $20K to $25K range. BTC’s social dominance has jumped high again, typically a sign of fear. Fear signals increase the probability of a rebound,”
The BTC price failed to hold the major support levels between $27,000 and $27,200, and hence now it becomes mandatory to hold the next support zone. If the price fails to hold around these levels, a popular analyst Michael van de Poppe predicts a clean sweep towards $25,000 may be imminent.
Collectively, the Bitcoin price continues to maintain a sluggish trend throughout the coming weekend, which may drive the prices extremely lower. Although the BTC price may maintain a steep downswing, the primitive tokens are expected to maintain a notable upswing Hence, the altcoins are believed to maintain a decent surge regardless of Bitcoin price.
Top Indicators Suggest Traders Moved Out of Bitcoin-Will BTC Price Remain Stuck Below $28,000?
Ever since the contemporary takes have strengthened their existence, the primitive tokens appear to have lost their charm. The traders are hysterically behind these new tokens which are marking 2000% to 3000% growth in just a few days, while their use cases and the fundamentals are not properly known. And this could be the reason, a steep drop in the on-chain fractals is compelling the Bitcoin (BTC) price to hover within a limited range.
A popular on-chain platform, Santiment, recorded a major drop in some fractals of Bitcoin that suggests traders are opting out of the network. The unique BTC address that interacts with the Bitcoin network has dropped to a 22-month low.
The drop in unique addresses has dropped to some serious levels that were not visible since July 2021. Currently, less than 800,000 daily unique addresses are transacting on the network, which once soared above 1.1 million. Besides, the supply on the exchanges has also dropped heavily, which induces some faith in the impending bull rally.
Despite the traders expecting a long-term gain as they hold the token out of the exchanges, yet the volatility of BTC has been marking significant lows. As per the data from an on-chain platform, Intotheblock, the BTC volatility reaches historical lows. The 60-day annualized volatility has fallen below 40% for the 8th time in the past 5 years.
Besides, the volume remains below this level for 5 weeks which has resulted in a 46% gain. However, the price has also experienced a 50% crash, 3 times following these conditions. Therefore, if history repeats, a notable rise in the Bitcoin (BTC) price may be expected that may follow a major correction.
Bitcoin Price Analysis: Pullback Or Surge? Here’s What’s Next For BTC Price
Bitcoin’s position in the crypto world is indisputably crucial. As the first and most significant cryptocurrency, its market moves heavily influence the crypto landscape. Renowned crypto analyst, Kyledoops, shares insights into Bitcoin’s current market dynamics and potential short-term future trajectories.
Bitcoin’s Range Low and High
Kyle emphasizes that Bitcoin traders should vigilantly observe its market movement. Even if Bitcoin’s price dips below the $25,000 level, a quick recovery would demonstrate a swing failure pattern. This pattern indicates resilience in the face of temporary market dips and suggests that Bitcoin’s range low could be around $25,000. Conversely, the range high could be at the $34,000 to 35,000 level.
This Might Interest You: Bitcoin ‘Flipping Frenzy’: Here’s Why June 2023 Could Ignite A Massive Bull Rally – Coinpedia Fintech News
The critical factor, Kyle points out, is to anticipate multiple scenarios. Traders should be prepared for unexpected turns and have a plan for every eventuality. Essentially, trading Bitcoin requires a strategic mindset akin to a chess player.
Pullback On The Charts?
Kyle points out how the 50 and 200 Exponential Moving Averages (EMA) have acted as a resistance for Bitcoin’s price. After the ‘death cross,’ where the 50 EMA crosses below the 200 EMA, the Bitcoin price fell. If Bitcoin starts to pull back from these levels, a continuation to the downside may be expected.
He also anticipates a possible price refill around the $26,000-$26,500 level due to an imbalance in the market. This occurrence could create a sweep into that area, marking a potential buying opportunity for traders. However, if the Stochastic RSI starts to turn down, the momentum may shift to the downside.
Bitcoin was worth $27,361 at the time of writing this article.
Why Bitcoin (BTC) Price is Down in the Month of May?
Bitcoin has been enduring a rocky season this May, marking a first since July 2021 when less than 800,000 unique Bitcoin addresses engaged in daily transactions on the blockchain. This dwindling activity correlates with a market-wide correction currently impacting Bitcoin and other digital currencies.
For More Context: Bitcoin Unique Addresses Plunge, BTC Price At Risk of Dropping Below $24K
However, an intriguing aspect of this downturn is the resilience of Bitcoin’s price, which despite the reduced transaction rate, continues to maintain a relatively high standing, without dropping off the crucial resistance level of $25,000 as many expected.
Prepare For A Chaotic Mid-May
A salient headline is another rate hike by the Federal Reserve, initiated as U.S. non-farm payrolls marginally exceeded expectations. As we enter the latter half of the month, speculation rife, the question looms – are the bulls preparing to charge back into the market?
Bitcoin, despite a promising April, had stumbled to a two-month low by mid-May. This bearish shift in market sentiment was not entirely unexpected given the short time frame in which several key data releases occurred, thereby injecting a level of price uncertainty into the mix.
Monetary Policy Moves and Market Implications
In a bid to steady the economy, the Fed has hiked interest rates by 25 basis points, following a rise in non-farm payrolls to 253,000, compared to an anticipated 180,000.
Subsequently, inflation recorded a decrease to 4.9% in April, leaving market observers uncertain about the Federal Reserve’s potential moves during the upcoming June meeting.
Is The Future Bleak?
While some pundits suggest Bitcoin might witness a capital influx if the United States defaults on its debt, the imminent risk of the U.S. Treasury depleting its funds threatens to strain liquidity.
Also Read: Bitcoin Price Prediction: BTC Price On The Verge Of 50% Drop – Coinpedia Fintech News
Crypto prices, which still have a high correlation with traditional indices like the Dow and S&P 500, face a potential downturn if major banks’ prediction of a steep U.S. recession in 2023 comes to pass.
Bitcoin is trading at $27,365 at the time of writing this article.
Bitcoin Unique Addresses Plunge, BTC Price At Risk of Dropping Below $24K
The top digital asset, Bitcoin (BTC), has recently struggled to maintain a bullish outlook following a profitable Q1 for the miners and holders. Trading around $27.36k on Thursday, up 2.1 percent in the past 24 hours, Bitcoin price is on the cusp of dropping further toward $24k. Furthermore, technical analysis on the higher time charts shows Bitcoin price is trading below the neck of a head and shoulder candlestick pattern.
Additionally, the daily 50 MA has been acting as a resistance level for the past two weeks, which indicates the sellers are slowly overtaking the buyers. The rise of BRC-20 tokens has briefly increased Bitcoin’s on-chain activity, including the daily average transactions that recently spiked to ATH.
Bitcoin Unique Addresses: What Does It Tell Us?
The number of Bitcoin unique addresses is a major factor when analyzing the overall demand for Bitcoin in the global market. According to a report by market intelligence platform Santiment, the number of unique Bitcoin addresses has been on a decline in the recent past to hit a 22-month low.
Interestingly, the total number of unique Bitcoin addresses dropped significantly in May below 800k amid the rise of BRC-20 tokens.
Litecoin Gains Traction
As the number of active addresses on the Bitcoin network diminishes, the third largest PoW ecosystem, Litecoin, posted an increase in the overall active address. The spike in demand for Litecoin amid the upcoming halving has also increased its daily traded volume and underlying value.
Related: Top Reasons Why Litecoin (LTC) Price Will Go Parabolic Soon – Coinpedia Fintech News
Bitcoin Market Analysis & Future Outlook
The liquidity in the Bitcoin market has thinned in the recent past caused by global geopolitical differences. For instance, the crypto crackdown in the United States has reduced USD on/off ramp services. According to market aggregate data from Kaiko, the altcoin liquidity has fallen by about 17 percent over the last month, compared with 4 percent and 2 percent for Bitcoin and Ethereum respectively.