So far, Ripple has made some fantastic moves in the ongoing XRP Lawsuit; today, Ripple Labs CEO Brad Garlinghouse’s new defense attorney filed a notice of appearance in court. A new Attorney? Yes, you heard it right: we think this is a strategic move by the firm at this crucial juncture.
Though XRP’s status of Securities will remain the same for the next two years, many expect that the executives will get minimal punishment for selling “unregistered Securities.” Okay, so is it that simple, or are there complexities? Let’s face it.
Per the recent court filing, Rahul Mukhi, from the law firm Cleary Gottlieb Steen & Hamilton LLP, will represent Brad Garlinghouse exclusively. This is significant because Garlinghouse and Ripple Labs founder Chris Larsen are involved in the lawsuit, yet Mukhi is designated explicitly for Garlinghouse. This move has sparked curiosity in the XRP community about the implications of this unique legal representation.
Since the XRP case is complex and many defendants are involved, they need an experienced hand to join the ends with the regulators.
New Lawyer: Trump Card to Stop SEC Interlocutory Appeal?
Ripple’s decision to bring in a new attorney at this stage is unexpected. It raises questions about their strategy. Are they confident of winning or considering a settlement with the SEC? The new attorney, Rahul Mukhi, is highly regarded for his expertise in complex legal matters and investigations. Some experts believe Garlinghouse and Larsen might be facing unnecessary lawsuits. It could significantly strengthen his case with Mukhi on Garlinghouse’s defense team.
The two lawyers representing SEC, Richard Best and Robert Moye, exited the XRP lawsuit last month, creating a notable gap in the representation. The departure is seen as a weak case from the SEC against Ripple. However, Ripple clarified that the exit of these lawyers will not affect their stance on XRP’s status. This indicates the company’s confidence in the ongoing legal proceedings.
So… What Next?
Ripple vs. SEC is far from over, as a federal judge, Analisa Torres, has ruled that the case will proceed to trial without definitively resolving all issues. A recent decision determined that Ripple’s token is classified as a security when sold to institutional investors but not to the general public. Judge Torres’ ruling had a mixed outcome, as she concurred with the SEC that direct sales of XRP to institutional investors were unlawful securities sales.
Hence, SEC’s case against Brad Garlinghouse and Chris Larsen may be dropped because Judge Analisa Torres ruled that trading XRP on secondary markets isn’t considered securities. If this happens, the crypto will see a new day in the crypto history.
Binance.US has filed a motion to respond to Magistrate Judge Zia M. Faruqui’s order concerning the U.S. Securities and Exchange Commission’s (SEC) motion to compel. The motion was filed on September 22 by BAM Management US Holdings and BAM Trading Services, the entities behind Binance.US. This comes as a strategic countermove against the SEC’s claim that Binance.US has failed to cooperate in accordance with an earlier agreed consent order.
The essence of this legal maneuver is to buy Binance.US more time to respond to the SEC’s allegations properly. An approval would give them the much-needed time against the regulator’s motion to compel them to release specific documents.
Binance.US Claims SEC Overreach
Binance Holdings Limited and CEO Changpeng “CZ” Zhao have been vocal that the SEC lacks the authority to make these claims. They argue that the allegations are based on unclear premises and that the SEC has failed to prove that the crypto assets are indeed securities.
While the courtroom battles unfold, Binance.US’s trading volume has been severely impacted. The exchange saw its trading volume drop from $5 billion to $40 million amid this regulatory pressure.
- October 23, 2023: Deadline for Binance to respond to the CFTC’s September 22 filing.
- November 7, 2023: The SEC will reply to Binance’s plea for dismissal.
Initially, the CFTC filed a lawsuit against Binance in March. This case alleges that Binance offered unregistered derivatives products and failed to implement a robust KYC or AML program. In parallel, the SEC filed its lawsuit, focusing on Binance’s offering of investment products like “BNB Vault” and “Simple Earn” without proper registration.
The Department of Justice (DoJ) is also circling, accusing Binance of allowing Russian customers to access its platform, violating U.S. sanctions tied to Russia’s actions in Ukraine.
If Binance succeeds in its legal battles, it might pave the way for a more accommodating regulatory environment. However, a loss on either front could signify a domino effect, opening the floodgates for further regulatory action against other crypto platforms.
Crucial Week Ahead for Crypto: Fed’s Interest Rate Decision, FOMC Meeting, And Binance Vs. SEC Hearing To Capture Attention
The crypto market is preparing for a volatile week, filled with major events that have the potential to shift investor sentiment and alter price trends. From the Federal Reserve’s much-anticipated interest rate decision to the Federal Open Market Committee (FOMC) meeting and the hearing of the legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), all eyes are on these crucial developments next week.
Next Week’s Macro Events And Crypto Market’s Reaction
FOMC Meeting: Will the Fed hike interest rates again in 2023? After ten straight increases and a pause in June, rates rose by 25 basis points in July to 5.25-5.50%. The decision hinges on U.S. CPI data, especially core inflation. August’s CPI rose 3.7% year-on-year, up from July’s 3.2%, while Core CPI was 4.3%, down from 4.7% in July, leaving the Fed and markets uncertain.
When Federal Reserve Chairman Jerome Powell and his team convene next week, they are unlikely to indicate that they’re finished with interest rate hikes. Given that inflation remains above the 2% goal and the economy is robust, U.S. central bankers are expected to maintain a leaning towards stricter policy during their September 19-20 meeting, even if they keep rates unchanged.
Last week’s CPI data failed to bring any significant volatility to Bitcoin. Nonetheless, Fed interest rate announcements are expected to induce a 1% market volatility based on recent trends. At the moment, Bitcoin is trading in the $26K range, comfortably above bearish levels.
Binance Vs. SEC Hearing: A key event on the horizon for next week is the court hearing between Binance and the SEC. A ruling in favor of the SEC could lead to a significant market sell-off, while a decision supporting Binance could ignite a buying demand.
The U.S. SEC recently presented evidence against Binance U.S., highlighting the exchange’s non-compliance with a prior consent order. Binance U.S. has countered, claiming the SEC’s demands in an emergency order are unwarranted.
Last month, the SEC filed confidential documents that caused unrest in the crypto market. They’ve now submitted a “motion to unseal” to reveal these papers. Amidst the ongoing lawsuit, several officials from Binance and Binance U.S. have departed, affecting investor confidence and trading volumes.
The SEC has submitted 31 exhibits to support its motion to compel and oppose Binance U.S.’s request for a protective order. Only 10 of these 31 exhibits were included in the latest filings. The SEC is also asking the court to reject BAM’s plea for a protective injunction. Magistrate Judge Faruqui has scheduled the next hearing for September 18.
On September 15, the SEC moved to unseal or withdraw its previous motion to seal documents related to the Binance case. Both parties have agreed to disclose numerous SEC filings from last month. The SEC has expressed concerns that Binance U.S. (BAM Management and BAM Trading) is not adequately separating its wallets, systems, and personnel from Binance.
If the SEC wins the case, which is expected to extend beyond Gensler’s term, Binance could face hefty fines, operational restrictions, and strict oversight of its BNB token. Additionally, CZ could be permanently banned from running financial firms. With the SEC alleging that Binance U.S. is jeopardizing $2.2 billion of presumably U.S.-based funds, these assets could be seized if linked to illegal activities.
In recent hours, Polygon’s MATIC token has shown strong bullish indicators following significant updates in governance proposals for the community. As the crypto market shows signs of stabilization and recovery, MATIC’s price is bringing hopes for additional corrections. This renewed hope is backed by a surge in network activity and noticeable movement among large-scale investors, commonly known as “whales.”
Polygon 2.0’s Implementation Sparks A Fresh Surge
Today, Polygon, the leading scaling solution for the Ethereum network, formally put forth three pivotal modifications in anticipation of its upcoming 2.0 upgrade. These proposed changes, pending community approval, involve introducing a new POL token to replace the existing MATIC token. The announcements concerning Polygon’s upgrades are expected to positively influence the price of MATIC, which has been on a recovery trajectory this week.
Data from Coinglass reveals that short positions totaling more than $150,000 were liquidated in recent hours after MATIC’s price successfully resisted dropping below the $0.5 mark. This turn of events has shifted market sentiment towards bullish expectations, marked by a significant uptick in MATIC buying activity. This trend indicates increasing demand for MATIC at its current price point.
Furthermore, recent on-chain data from IntoTheBlock has revealed a noticeable uptick in large transactions and outflow volume. Specifically, more than 10 million MATIC tokens have been withdrawn from exchanges over the past three days. This movement follows the promising developments around Polygon’s new POL token, adding a reason for massive accumulation. In terms of market activity, the volatility rate for MATIC has surged to an impressive 47.25%.
This increased volatility suggests a surge in trading activity amid bullish sentiment, bringing possibilities of a breakout movement in the upcoming hours.
What’s Next For MATIC Price?
Over the last few hours, bulls have been attempting to validate a clear bullish rally as MATIC’s price struggles to break above the neckline of the resistance level. This indicates that any small price upticks are being met with selling. As of writing, MATIC’s price trades at $0.523, surging over 2.3% in the last 24 hours.
For a sign that bearish momentum is fading, the bulls need to push and maintain the price above the 50-day EMA and $0.54. A successful move could initiate a rally towards EMA200 at $0.57, a point where bearish traders are likely to put up a robust resistance.
On the downside, the bears are aiming to drag the price beneath the immediate support level of $0.49. Achieving this could send the MATIC price tumbling to a crucial support level of $0.42. The bulls are likely to defend this level aggressively, as falling below it could pave the way for a further decline.
Shiba Inu Nears Crucial Resistance Level! Will SHIB Price Break Free From Bearish Territory Or Retreat?
As the cryptocurrency market shows minor signs of rebounding in the last 24 hours, Shiba Inu is signaling a potential bullish recovery as it approaches a key resistance level. After plummeting to its monthly support threshold, the SHIB token has staged a bullish turnaround, backed by mixed on-chain indicators.
Shiba Inu’s Long-Term Holders Remain Confident
Shiba Inu appears insulated from the recent market selloff as Shibarium consistently achieves new highs in daily transactions—indicating increased activity within its ecosystem. Notably, long-term investors are displaying growing confidence in SHIB, as evidenced by the rising number of their wallet addresses. Meanwhile, the count of short-term holders is declining, suggesting that SHIB is becoming increasingly attractive as a long-term investment.
Based on data from IntoTheBlock, the number of long-term holders (holding for more than one year) reached an all-time high of 903.48K on September 12. Meanwhile, the counts of both cruisers and traders have decreased within the same period.
Additionally, SHIB’s recent slump to its support level of $0.000007 served as a prime accumulation point for whales. Data shows that large transaction volumes soared to $36 million as big players took advantage of the dip, taking the price out of the bearish region. However, this metric dropped to $17 million the following day as some investors cashed in for immediate profits.
While this could imply a short-term selling pressure for SHIB, it’s actually a bullish sign for the meme coin in the long run. The whale activity suggests a defense against any drastic decline from the current support level. Moreover, as SHIB maintains stability near its immediate resistance, this is likely to generate increased buying pressure and network activity, pushing the token’s value upward.
What’s Next For SHIB Price?
SHIB’s price has been experiencing a quick adjustment after sellers failed to plunge the meme coin below the support of $0.000007. However, sellers are capitalizing on short-term recoveries up to the 20-day EMA as Shiba Inu struggles for a further rally, signaling ongoing bearish sentiment. As of writing, SHIB price trades at $0.0000073, surging over 0.6% from yesterday’s rate.
The bulls’ consistent inability to drive the price above the 20-day EMA indicates that downward momentum is the more likely trajectory. If the bears manage to pull the price below the immediate support level of $0.000007 again, the SHIB price might decline to $0.0000061 and potentially even to $0.0000054.
On the flip side, the bulls aren’t likely to sit idle. They aim to send the price past the 20-day EMA. Achieving this could set the stage for a run towards the key resistance level of EMA200 at $0.000008. Overcoming this barrier is crucial for the bears to prevent, as it could pave the way for a potential surge to $0.0000087.
It’s a pivotal day for the crypto world, with market movements poised to be influenced by two major events: The Consumer Price Index (CPI) release and the anticipated FTX asset sale. While the market remains clouded in uncertainty, expert Michaël van de Poppe sheds some light on what these events might mean for the crypto industry.
CPI’s Potential Market Ripple
The CPI serves as a guide for the Federal Open Market Committee (FOMC) when deciding on their policy moves. Today, all eyes are on the CPI, waiting to see how it fluctuates from its previous numbers. Last month, the year-over-year CPI was at 3.2%, with a monthly change of 0.2%. This time around, van de Poppe suggests a year-over-year rise to 3.6% and a monthly change of 0.6%.
If these numbers climb higher than anticipated, we could be in for some turbulence. Higher-than-expected CPI numbers may trigger a notable dip in assets perceived as higher risk, such as Bitcoin potentially slipping below the $25,000 mark.
On the flip side, if the numbers match or are even lower than predictions, it’s a signal for brighter days ahead. Assets seen as riskier might rally, leading to more positive market vibes. If other financial indicators in the coming days remain underwhelming, assets like Gold and Bitcoin might take the lead, overshadowing the Dollar.
FTX and the Solana Situation
Alongside the CPI, there’s a buzz around the FTX release. Rumors suggest over $3 billion in assets are about to hit the market, causing some jitters among investors. This has had a ripple effect on Solana, a prime asset, with predictions of a major sell-off looming.
However, there’s a twist. It’s not all doom and gloom. Perhaps the market is reacting to rumors and not the real news. Van de Poppe says there’s a chance FTX might not get the approval to release all assets. If they do, it’s not a free-for-all. Restrictions are in place, allowing only $200 million of their assets to be sold each week, likely through private deals.
Bottomline is today promises to be a roller coaster for the crypto market.
While Bitcoin is trading in an equilibrium position, the global crypto market capitalization is closer to losing the crucial $1 trillion mark. Meanwhile, the other tokens within the top 10 are also following the star crypto and are trading within a very narrow range, but being lenient towards the south. However, the next couple of days are expected to be very important for Bitcoin and some of the altcoins, which may shed light on the next plan of action.
Bitcoin, which is maintaining a declining trend, is sitting firmly above the $25,000 support level. This was the primary level that initiated the BlackRock-fueled rally to $31,500. Moreover, with the CPI & PPI being announced this week, more volatility is expected. Additionally, the Mt.Gox and Silk Road Bitcoin overhangs continue to loom. Therefore, the reaction of BTC price to all these events could be extremely crucial for the entire crypto space.
As mentioned in the earlier composition, FTX is likely to get approval to liquidate its $3.4 billion worth of crypto, of which over $1 billion is SOL. However, it has to be noted that the majority of SOL is locked and will be vested until 2028. Considering the liquid SOL, Galaxy is incentivised to sell for the best possible price, which implies OTCs and gradual selling. Hence, yet another ‘buy the rumour & sell the news’ event could occur where the SOL price may find a new bottom with the beginning of FTX’s actual selling.
Polkadot is closer to facing a ‘hidden unlock’ event. Back in 2021, it held the first parachain crowd loans and collected a total of $400 million in DOT. The DOT price was valued at around $25 then, and presently it’s around $4. In late October, users will receive their previously locked DOT. While the SOL-FTX saga has been making huge rounds, the scare around the DOT price has been overshadowed.
Collectively, major events are knocking on the crypto space in the next few days, which may kick-start a fresh bearish wave among the majority of the tokens. Meanwhile, if the bulls display some strength, then the markets may begin to recover very soon.
As one of the earliest cryptocurrencies, Litecoin has always been a key player in the industry. This coin once again captured the spotlight this June. As it became one of the four cryptocurrencies supported by EDX Markets. This and the upcoming halving have helped Litecoin record exceptional performance in the first half of 2023. By the end of Q2, the LTC price surged by an impressive 54.29%, peaking at $113. Despite a slight dip in July, LTC has grown more than 29% in value so far this year, outperforming many other assets, including gold.
Litecoin now ranks as the 12th largest cryptocurrency, with a market cap of approximately $6.68 billion. Miners who keep the network running produce around 7,200 LTC daily, valued at $648,000. With the LTC halving drawing near, in addition to putting in hashing power, miners also need to keep track of the following key metrics to make wise decisions during this critical period.
Date: The halving is expected to take place on August 2 or 3, only less than 3,700 blocks away.
Reduced block reward: The halving will bring down the block reward from 12.5 LTC to 6.25 LTC.
I. Exchange Netflow
Exchange netflow is an indicator that measures the difference between the inflow and outflow of funds on cryptocurrency exchanges during a specific period. Understanding this metric helps miners gauge the strength of buyers and sellers on exchanges and track market trends.
A positive exchange netflow indicates that more coins are flowing into exchanges. This could trigger an oversupply and a bearish sentiment, resulting in a decline. Conversely, a negative netflow means that more coins are leaving exchanges. Which may cause a shortage and a bullish sentiment, leading to a surge.
According to Chainalysis, as of July 26, only 180,500 LTC flowed into exchanges, which is below the average level recorded over the past 180 days. This suggests that more miners and investors tend to hold onto LTC in wallets rather than selling them off. As a result, there might be a short-term shortage, which could drive up the price.
II. Whale Holdings
Cryptocurrency whales are individuals or entities with massive cryptocurrency holdings that can significantly influence the market. Whales often own millions or even billions of coins; they have a material impact on market prices through large-scale buying and selling activities, which makes them a critical force in the market. In the cryptocurrency space, whales are often the focus of all investors because their investment patterns usually indicate market trends.
Data from ViaWallet Explorer shows that all of the top ten LTC whales made transactions in June or July this year. In particular, the address starting with “M8T1” now has the largest LTC holding, and its balance has remained stable over the past year; the whale address starting with “MQd1”, on the other hand, has been hoarding Litecoin since the beginning of 2023. Additionally, the address starting with “ltc1” purchased 2.375 million LTC on May 27 and has maintained a stable balance since then.
Moreover, the top 100 whales currently control over 44% of the total LTC supply, according to ViaWallet’s Rich List.
III. Network Transactions
Network transactions represent the willingness of users to use Litecoin for transactions. Since early May, driven by the BRC-20 boom and the introduction of the LRC-20 protocol, the LTC network has seen a surge in transactions. On May 10, the network processed over 600,000 transactions within 24 hours, a record high. During that period, Litecoin’s daily transaction volume was on par with Bitcoin’s, and the number of active LTC addresses reached an all-time high.
Although the figures dipped after the excitement around LRC-20 cooled down, the network’s average daily transaction volume still exceeds last year’s levels.
IV. Network Hashrate and Difficulty
Hashrate and difficulty are two indicators that measure the sentiment of the mining community. According to data from a blockchain explorer, the LTC hashrate has kept rising since 2023 kicked off and set a new record of 1.03 PH/s on July 3.
This hashrate spike indicates that more miners are joining the LTC community, which will make the network safer and stabler. For some cryptocurrency analysts, the surging hashrate is a leading signal of upcoming price growth.
In the past week, Litecoin added 4,045 new blocks, 1,382 blocks of which were from ViaBTC, the largest LTC mining pool. The next difficulty adjustment is only two days away, and at the current daily production rate of 571 blocks, the third halving will occur in just 155 hours, which is less than 7 days.
ViaBTC, founded in May 2016, has provided professional, efficient, safe and stable cryptocurrency mining services. For over one million users in 130+ countries/regions around the world, with a cumulative mining output value of tens of billions of dollars. As a world’s top all-inclusive mining pool, it provides mining services for dozens of mainstream cryptocurrencies including BTC, LTC, KAS, etc. Backed by the one-stop, all-inclusive services spanning the mining pool, the exchange, and the wallet, ViaBTC is committed to offering global users more abundant supporting tools, stabler and more efficient mining services, and better product experience.
The price of XRP has experienced a significant decline, erasing all the gains it previously made following Judge Torres’ ruling, which granted Ripple a partial victory in the SEC lawsuit. Moreover, whales have been steadily offloading their XRP holdings over the past two months, contributing to the downward pressure on the asset.
Potential Bottom for XRP Price Hinges on $0.6
EGRAG CRYPTO analysis suggested that XRP must reclaim the $0.6 price level to confirm that its recent decline has reached its nadir. Failure to do so could lead to a short-term drop to around $0.41.
The analyst highlights that XRP Price should re-enter a previous trading channel and close above the pivotal levels of $0.6 and $0.67 to regain the bullish momentum. Currently trading at $0.5256, achieving $0.6 would necessitate a 14.13% increase. A failure to reach this level might indicate a short-term bearish trend. On a different note, EGRAG projects a possible pullback for XRP within the range of $0.41 to $0.43, potentially setting the stage for the next upward movement.
Bearish Trend Factors: A Closer Look
Several key indicators suggest that XRP bears may be losing their grip. Firstly, there’s been a noticeable uptick in trading volume, indicating heightened participation in XRP trading. This surge could signify growing belief in XRP’s potential and a heightened interest among traders.
Secondly, bears are struggling to maintain control over XRP’s market value. This challenge arises from XRP’s unusual resilience, defying the typical pattern where prices often dip after a prolonged growth phase. Instead, XRP has sustained its upward momentum.
As XRP balances on crucial support levels, traders and enthusiasts are closely monitoring how the cryptocurrency navigates these challenges. They eagerly await signs of a potential bullish rally. Currently, the coin is trading at $0.5308, reflecting a significant increase of 2.97% in the last 24 hours.
In the dynamic world of cryptocurrencies, XRP’s future trajectory remains uncertain, with its value influenced by a complex web of factors. The coming days will undoubtedly bring further insights into the cryptocurrency’s fate.
Shiba Inu’s Bullish Trend Weakens As Holders Seek Selling Opportunities! Here’s SHIB Price’s Next Crucial Level
Known as the “Dogecoin Killer,” Shiba Inu meme coin has had notable ups and downs over the last few days following news of Shibarium. Recently, the Shiba Inu community was filled with bullish news over the relaunch of Shibarium, its Layer 2 scaling solution. However, despite the hype, SHIB’s price has remained under bearish dominance. Moreover, its declining on-chain activity has sparked fears of intensifying selling pressure in the coming days.
SHIB’s Exchange Withdrawing Transaction Touches 2-Year Low
The Shibarium launch failed to meet holders’ expectations as it experienced setbacks. As a result, SHIB, the flagship token of the Shiba Inu ecosystem, failed to respond positively. However, with the relaunch of the Shibarium, the scenario has changed slightly as SHIB’s price recorded minor gains on the price chart from the robust support region.
However, the surge in bullish activity could be fleeting, as declining on-chain indicators point to a growing sell-off sentiment among investors. According to data sourced from CryptoQuant, there has been a significant downturn in SHIB’s exchange withdrawal transactions.
This metric has been on a downward trajectory for several years and has now reached its lowest point in two years. Currently, SHIB’s exchange withdrawal transactions stand at approximately 604, a level not seen since May 2021.
High levels of withdrawal typically indicate strong investor confidence, as they prefer to hold their assets long-term rather than trade them. Conversely, low levels suggest that investors are keeping their assets on exchanges, possibly preparing to sell.
When more tokens are kept on exchanges, it usually means that investors are ready to sell at a moment’s notice. This creates selling pressure, which can trigger a downward price spiral.
What’s Next For SHIB’s Price?
Shiba Inu has been oscillating between the robust resistance level at $0.0000087 and the support of $0.0000077 for several days now. However, following the relaunch of Shibarium, there has been a spike in buying activity near the support zone, with buyers aiming for a skyrocketing trend ahead. As of writing, SHIB price trades at $0.00000835, surging over 3.3% from yesterday’s rate.
Currently, SHIB bulls are attempting to break the consolidation by surging above $0.0000088. To initiate a solid uptrend, they must swiftly send the price above the 38.2% Fib channel. Achieving this could set the stage for a rally towards the crucial mark of $0.00001043. However, sellers will likely trigger a strong fight near this level.
However, the EMA lines are still on a downward trend, and the price might soon face a sharp correction near its immediate resistance line. If this happens, bears will aim to push the price below the $0.0000078 mark to solidify their control and initiate a consolidation.
It’s going to be a big week for Bitcoin and altcoin prices, as upcoming decisions could affect them significantly. The impending verdict in the Grayscale vs. US Securities and Exchange Commission (SEC) lawsuit and the coming pronouncement by the US SEC regarding six high-profile Bitcoin exchange-traded fund (ETF) applications, notably including the BlackRock spot Bitcoin ETF.
These two crucial events are set to take center stage, potentially triggering a much-needed market recovery.
Anticipation Builds for Crypto Market Rebound, as Grayscale Verdict and Bitcoin ETF Decision on the Horizon
Market experts and participants are eagerly awaiting a significant announcement in the Grayscale vs. US SEC lawsuit, slated for this week. The ruling, projected to occur either on Tuesday or Friday, has been a focal point of speculation.
Initial assessments by Bloomberg Intelligence ETF analysts suggested that Grayscale held a 70% chance of winning the lawsuit against the SEC. The elongated postponement of the ruling, attributed to SEC Chair Gary Gensler’s hesitance towards approving a spot Bitcoin ETF, has added to the anticipation.
Concurrently, the US SEC is set to pronounce its verdict on the six Bitcoin ETF applications submitted by major asset management firms, Bitwise, BlackRock, VanEck, WisdomTree, and Invesco, by the end of the week. The approval or consideration of a spot Bitcoin ETF by the US SEC would likely infuse the crypto market with renewed optimism.
Meanwhile, it is expected that the Grayscale victory in the lawsuit would likely signal the SEC’s green light for a spot Bitcoin ETF, thereby paving the way for its potential approval this year.
Bitcoin’s Potential Rebound, as Aiming to Surpass 200-Week Moving Average
In such a scenario, the price of Bitcoin could reclaim its position above the crucial 200-week moving average (WMA) level, currently standing at $27,580. MicroStrategy’s executive chairman, Michael Saylor, underscored the rarity of Bitcoin’s trading below the 200-WMA level, suggesting that this could be an opportune time for investors to enter the market.
Following the current drop of BTC below $25,800 in mid-August, Bitcoin’s price action has been sideways. However, market analysts predict that a breakthrough could be in store if the cryptocurrency manages to conclude the month above the $27,500 mark.
In the shorter timeframes, such as the 4-hour chart, the Bollinger Bands’ constriction indicates the potential for a substantial price movement in Bitcoin. As of now, Bitcoin’s price hovers around $26,150, making a gradual approach toward another support level.
BinanceCoin at a Crucial Juncture; Know Why A Drop From These Levels May Shake up the Entire Markets
Binance exchanges have been in the news in recent times. Before due to the SEC’s crackdown and now the ongoing correction of its native token, BNB. The correction followed after the BTC price dropped from the interim resistance of $29,100. It is noteworthy that the BNB price dropped below the 200-week MA, which has raised concerns over the token’s next plan of action.
Ever since the BNB price is facing extreme bearish pressure, the rounds of the exchange liquidating BTC they hold have been making huge rounds. Binance, the world’s largest crypto exchange, holds more than 500K BTC at the moment, with a robust infrastructure offering high liquidity. Now that the exchange has reportedly been selling BTC over the past few days to halt a further decline in the BNB price, one of the top analysts, Crypto Rover, suggests exiting all trades on Binance.
This may bring the entire crypto market to a standstill, as the recent drop has caused the BNB price to trade at some crucial levels. If the selling pressure mounts, then the prices are likely to fall off the cliff, leading to a fresh bearish wave within the crypto space.
The BNB price has entered a support zone that it has never visited in the past 14 months. Moreover, the price has dropped below the 200-week MA for the first time in its trading history, which is one of the biggest bearish signals. Therefore, if the BinanceCoin price fails to trigger a rebound at this phase, a plunge below $200 may drag the entire market close to its respective support levels.
Therefore, the current week is extremely important for not only BinanceCoin but also for the whole market. Hence, more stability and steadiness are expected from the BNB price, but the bears appear to hold a large dominance.
The broad market selloff led to the erasure of all gains the memecoin sector had accumulated over the past two months. Shiba Inu, often referred to as the “Doge killer,” experienced a significant drop from its eagerly watched price point of $0.00001, primarily due to the liquidation of long positions. At present, SHIB’s price is approaching a crucial support, causing traders to worry about potential further drops. Additionally, a decrease in whale activity since the price downturn suggests a possible sharp decline in SHIB’s value.
Whale Activity Continues To Decline
According to data revealed by IntoTheBlock, whale activity within the Shiba Inu ecosystem has seen a notable downturn over the last few days. The trend accelerated following the market crash, with high-value transactions dropping over $130 million.
The large transaction volume has dropped from a high of $139 million to just $9 million on 19 August. However, it has recovered slightly since then, currently hovering around $44 million. This is a significant drop in whale dealings. This steep fall triggers concerns of further selloff by whales, which might lead to a significant drop.
Moreover, there’s a steep decline in large transactions (>$100K) as the metric dropped from the high of around 170 to just 21. Such a reduction in activity from the whales, typically viewed as market influencers, might signal impactful shifts for the SHIB token’s market direction and value.
Whales’ recent reduced activity in the SHIB ecosystem could lead to decreased market liquidity and increased volatility. Two primary conclusions emerge from this trend: First, whales might be consolidating their holdings, waiting for a profitable moment.
Second, these influential players might be diversifying, redirecting their investments towards other promising tokens or assets.
What’s Next For SHIB Price?
Bulls attempted to push the SHIB price above $0.0000084 but faced increased bearish activity. As a result, the price dropped to the crucial support line of $0.000008. This likely triggered stop-losses on long trades and prompted bearish selling. As of writing, Shiba Inu’s price trades at $0.00000811, declining over 2% in the last 24 hours.
SHIB’s price is settled near $0.000008, indicating a bearish dominance. The downward trend continues to intensify, with the bears pulling the price under the 23.6% Fib channel. However, minor buying at this lower level provides a slight confidence for the bulls.
If the price successfully rebounds from the support of $0.000008, we might see robust buying activity among bulls, pushing the price to the North. A break above $0.00000883 will send the price to its old momentum near $0.00001043.
On the other hand, a break below $0.000008 will trigger another wave of selling activity, plunging the price to the zone of $0.0000068-$0.000007, where SHIB might consolidate for some time.
Bitcoin closed the previous weekly trade below the bull market support band for the first time since early January. This could be the beginning of a fresh bearish wave, as the bulls are expected to remain passive. Further uncertainty over the impending price movement may prevail. However, a bullish rebound could be expected if the BTC price manages to hold firmly above the major support zone.
Is Bitcoin preparing for a massive bull run? Or does the 2022 bear market seem to remain in action, with the bottoms yet to be reached?
The recent pullback dropped the price below the crucial support levels that it had held since the beginning of the year. Presently, it has dropped below its bull market support band (BMSB), which plays a crucial role in determining the future trend. The time coincides with the pre-halving phase, which begins in August–September and includes a drop in SPX.
While some believe the BTC price may have left its pre-halving path, in reality, pre-halving years get both bulls and bears rekt.
After remaining below the 200-day MA levels throughout 2022, the price surged above these levels in the first few weeks of 2023. Unfortunately, the price plunged hard below these levels after the recent drop, dragging the RSI within the oversold range. In the past, whenever the BTC price has dropped below the 200-day MA levels, it has hit its realized price, which is around $20,600 at the moment.
Will BTC’s price begin with a fresh bearish wave now?
To determine the next price action, Bollinger bands play a significant role. The bands, after the recent drop, have witnessed excess expansion. This usually happens in the case of a bullish breakout or bearish breakdown. The price follows a healthy accumulation at the gains or along the newly reached lows for some time.
Therefore, the Bitcoin (BTC) price is believed to maintain a healthy accumulation between $25,800 to $26,200 for a while before triggering the next price action.
Mastercard has announced a strategic relationship with several blockchain companies, including Ripple. This is a big deal that shows how important central bank digital currencies (CBDCs) are becoming in the global financial system. Despite the positive sentiment, XRP token tumbled by 14.3% in the last 24 hours, along with other assets.
Ripple’s Master Stroke Is Real Now?
Today’s launch of Mastercard’s CBDC affiliate program shows the company’s dedication to forging strong relationships with industry heavyweights. While for Ripple is it surely another milestone. The whole purpose is to educate central banks on CBDCs and their potential to alter the shape of financial systems in the digital era. Mastercard has positioned Ripple, which it refers to as the “CBDC platform” in a press statement, as the frontrunner in this ambitious project.
The early CBDC platform partners will include Ripple, blockchain and Web3 software company Consensys, multi-CBDC and tokenized asset solution provider Fluency, digital identity technology provider Idemia, security technology consultant Consult Hyperion, and digital asset operations platform Fireblocks.
Evidently, Ripple’s partnership with the Republic of Palau has led to the launch of a first-ever govt-launched stablecoin, making its position clear as a major player in the CBDC list. However Mastercard sees this collaboration as a real test of Ripple’s capabilities, in addition, the company may bring four more additions to the CBDC’s pilot project.
A Welcome Move for Banks!
In this context, Michael Miebach, CEO of Mastercard, showed his excitement and said apart from Ripple the company is already working with several central banks to help them leverage this new digital currency project. His aim is to bring transparency, stability, and security to the financial system.
In response, Ripple CBDC Advisor Antony Welfare has also shown his excitement on his X post. While other’s think this move will enable the company to use XRP as a payment system.
On top of this, Ripple has also formed partnerships in nations including Montenegro, Hong Kong, Colombia, and Bhutan as part of its efforts to become a truly global enterprise.
No Relief for XRP?
While Ripple is shining, XRP is still facing rejections in the market. In the recent downturn, the price of XRP dropped to a crucial level of $0.4347. Right now, it’s being traded at $0.5048, which is less than the average price over the past 200 days, which is $0.5251. Expectedly if it rebounds from here, XRP supporters can aim for $0.5251 first and then $0.5524. But it’s crucial for XRP to stay above $0.43; otherwise, it might drop further to $0.41.
The crypto markets have again shifted back into the consolidated range after experiencing a slight relief. While the momentum continues to remain bearish, the latest plunge was much anticipated. However, the technicals have been raised from being bearish to neutral. Hence, the price action in the next few days may be extremely crucial for Bitcoin and the entire crypto space. This may determine the next course of action.
Considering the long-term perspective, the Bitcoin price continues to remain uncertain, with fewer chances of a bullish reversal in the short term. The BTC price, after an extended consolidation, has formed a bull flag, which largely pushes the prices upwards. However, to accomplish the task, the price is required to fulfill some prerequisites during the coming weekend.
As seen in the above chart, the Bitcoin price is trading within a rising wedge. After the recent rejection, the price is driving back towards the lower support, which is stuck within a range. The price is trading between the major resistance and support levels, which collide with the 50-day SMA as resistance and the 50-day EMA as support. Therefore, any movement above or below these levels may attract huge liquidity or otherwise trigger mass liquidation.
The technicals are currently neutral, which suggests the price may deviate in any direction depending on the volume induced. Hence, a minor pullback could trigger a healthy rebound, wherein the price may drop back towards the support range of $29,132 to $28,626 initially. Further, the price may trigger a strong rebound to reach the upper resistance between $30,143.72 and $30,607.36.
Once, the Bitcoin price reaches these levels, the bulls may drive the price higher towards the resistance of the wedge. This may form a new yearly high above $33,000 that may attract bearish interference, dragging the price lower close to $30,000.
After the Litecoin bulls fell short in capitalizing on the recent halving event, a surge in bearish sentiment has taken hold.
Noted analyst Crypto Tony anticipates that Litecoin’s price could find a temporary support level around $65, presenting an attractive short-entry opportunity.
It’s worth noting that this setup might be invalidated if the LTC price manages to rebound above $90 in the coming days.
Just days after the third Litecoin (LTC) halving event, recent price trends point towards a more bearish outlook in the short term.
During the mid-morning London session on Monday, Litecoin was trading at around $82.77, marking a roughly 12 percent decrease over the past week. Of significance, the daily traded volume for Litecoin has dwindled significantly in the last few days, dropping from nearly $1 billion to approximately $260 million on Monday.
Consequently, the number of short trades on Litecoin has surpassed long trades, with the ratio standing at about 0.9, as reported by Coinglass’s crypto open interest.
Litecoin Price Action
Analyst Crypto Tony, boasting over 327k followers on the X platform, now predicts a continued decline in Litecoin’s price in the short term. After initially projecting a bullish forecast for Litecoin last month, driven by the halving narrative, Crypto Tony now believes that bears have gained the upper hand.
This could potentially drive the third-largest Proof-of-Work-secured coin towards the next significant support zone at approximately $65. Consequently, He acknowledges that his previous long position is no longer valid, and he is currently awaiting an entry point around the aforementioned support zone.
Crypto Tony emphasizes that any retest of the $65 level as a resistance zone must be confirmed before considering a future short position.
The crypto space is heavily dependent on two of the token, the dominant crypto, Bitcoin, and the dominant stablecoin, USDT. BTC & USDT are the two major traded tokens in the market that share more than 80% of the daily traded volume. Hence, the rising or falling dominance of these two crypto assets could have a larger impact on the entire crypto space as well.
Recently, the dominance of Bitcoin has spiked and marked multi-year highs at around 52%, which has injected all the liquidity into the token, propelling the price higher to close to $32,000. Unfortunately, it experienced a major dump and is currently trading below 48.76%. A drop in BTC dominance suggests a rise in the possibility of an alt season.
But the altcoins are also on the verge of losing nearly 20% to 40% of their value as USDT is in the middle of a multi-month consolidation.
USDT dominance is soaring, making an effort to rise within the purple zone. An upward movement to 8.20% will signal an exit from the cryptos to the stablecoin, and accordingly, altcoins could lose another 20% to 40%. Besides, if the dominance triggers a descending movement to 6.90%, then the altcoins may get a wider push, enabling them to undergo a minor upswing, which may even transform into an Altseason as well. On the other hand, BTC dominance is also at crucial levels, close to 49%.
The dominance is plummeting, but it is making an effort for a significant rebound. This is a signal that capital from BTC has begun to flow into altcoins. There will be consolidation of this indicator below 49%. Further, if the dominance drops from 44% to 42%, this may trigger the much-awaited and long waited for altseason. Therefore, the next couple of days could be extremely important for the entire crypto space, which may set forth the trend for Bitcoin, USDT, and the other altcoins in the space.
In recent days, Ripple’s XRP has underperformed, largely due to the unresolved issue of XRP’s security status and various controversies surrounding it. Additionally, concerns around the SEC’s appeal against Ripple’s partial victory have brought fear among traders, pushing the XRP price into bearish territory and even below a critical support level. Consequently, traders are questioning whether the bullish impact of Ripple’s partial victory has faded and if the price might soon crash toward $0.5.
XRP Lost $1.5 Billion From Market Cap
Following Ripple’s partial legal triumph against the US Securities and Exchange Commission (SEC), XRP reached a high of nearly $0.94. However, since then, the price of XRP has undergone a substantial correction.
The crypto market had been keenly observing the legal dispute’s outcome. Although the initial victory gave the price a boost, recent market trends have resulted in a significant pullback in XRP’s price, which is now more than 22% off its recent peak.
As part of this wider downtrend, XRP’s price saw another significant drop in the last 24 hours, falling nearly 5%.
This sharp decline wiped out approximately $1.5 billion from the crypto token’s market cap, reducing it from $36.2 billion to $34.7 billion. At one point, the market cap had decreased by $2 billion before regaining around $0.5 billion.
However, there is still hope for a bullish recovery as Ripple has been forging ahead with its partnerships in regulated regions such as the UK, Europe, Singapore, Dubai, and the Middle East. In an interview with CNBC, Ripple’s President, Monica Long, expressed the company’s readiness to reestablish its presence in the US.
This development is expected to serve as a positive catalyst for the price of XRP, the native token of XRPLedger.
What’s Next For XRP Price?
XRP managed to bounce back from the $0.65 support level, but the upward momentum couldn’t be maintained further as the price already hit the crucial support level. This indicates that every minor rally is being met with selling pressure from the bears, and the XRP price is preparing for a big move ahead. As of writing, XRP price trades at $0.669, declining over 2.3% in the last 24 hours.
The bears are making another attempt to drag the price down to the $0.65 support level, but bulls are defending strongly. However, when a support level is tested repeatedly within a short time frame, it tends to weaken. If the $0.65 level fails to hold, the XRP price could potentially drop to the breakout level of $0.59.
On the other hand, if the price strongly rebounds from $0.65, it would suggest that the bulls are putting up a strong defense at this level by buying in the dip. This could drive the price toward the immediate resistance at $0.743. A successful break above this level could pave the way for a potential rally to $0.856.
After a partial victory against the SEC, XRP experienced a price boost, but concerns over a potential SEC appeal caused a swift drop. Now, the tide is shifting again. Judge Sarah Netburn recently directed Ripple Labs and the SEC to propose dates for a potential settlement conference. This development has rekindled optimism among investors, leading to a resurgence in XRP’s price. The future of XRP is now closely tied to the outcome of this legal dispute, making it a cryptocurrency to watch in the coming weeks.
XRP Experiences Increased Bullish Activity
Bitrue recently reported a significant surge in the notional value of open interest for the XRP token, indicating a bullish sentiment among its users. The notional value of open interest, which represents the total value of outstanding contracts in a futures market, soared from under $200 million to over $800 million during a single weekend.
This dramatic increase suggests a strong belief in XRP’s future performance. Remarkably, 88% of Bitrue users are maintaining a long position on XRP, further underscoring the positive outlook.
Additionally, Judge Sarah Netburn has asked Ripple Labs and the SEC to propose settlement conference dates, hinting at a resolution to their legal dispute. This decision has already boosted XRP’s price, and a settlement could further clarify XRP’s regulatory status and strengthen its market position.
The recent listings of XRP on major exchanges such as Coinbase and Binance US have ignited a bullish wave among investors. These listings have not only increased XRP’s accessibility but also built trust in the cryptocurrency, contributing to its positive market momentum.
What’s Next For XRP Price?
Over the past few days, XRP’s price has lingered in a bearish zone as it struggled to maintain momentum near the $0.8 resistance level. Currently, XRP is trading within the support range of the 50% Fibonacci retracement level at $0.7 and the 61.8% level at $0.64. At the time of writing, XRP is trading at $0.757, marking a 2% increase in the last 24 hours.
Bulls are striving to trigger an upward trend as the price has bounced back from the EMA20 trend line support at $0.71. However, XRP could face substantial resistance at $0.79 and again at $0.83. If the price drops from this zone, it could remain range-bound for a few days.
On the other hand, if XRP manages to break above $0.83, it could propel the price toward $0.9, potentially triggering a new bullish trend that could see the price reach the much-anticipated $1 mark. Conversely, if the price falls below $0.67, it could signal a rush among bulls to sell, potentially pushing the price down to the 100-day EMA at $0.59.
Solana (SOL) has recently been in the spotlight, not just for its innovative technology but also for its price movements. The SOL price had been on a bullish run, gaining significant buying pressure following Ripple’s partial victory against the SEC. However, the tides seem to be turning for SOL. Despite the recent bullish charge, the SOL price is now facing increased selling pressure. This has left investors teetering on the edge of bearish momentum.
Solana’s Total Liquidation Surges Above $30 Million
Solana (SOL) has recently been making headlines, but not for the reasons its investors would hope. The total liquidation of SOL has surged above a staggering $30 million, a development that has shaken investors. This surge in liquidation has had a significant impact on the price of SOL, causing it to tumble near higher levels.
According to Coinglass data, Solana’s total liquidation surpassed the $30 million mark over the past four days. When the price of SOL rose above $26, it was not uncommon for short traders to liquidate their positions. Short traders, who bet on the price of an asset falling, would naturally want to exit their positions when the price rises to avoid further losses. However, what was surprising in this instance was the heavy liquidation by long traders as well.
Long traders, who bet on the price of an asset rising, typically hold onto their positions in anticipation of further price increases. The fact that they, too, were liquidating heavily suggests that they did not anticipate further increases from that level and wanted to lock in their profits.
Ripple’s partial victory against the SEC adds to the bearish sentiment, as the SEC could appeal anytime, creating uncertainty for cryptocurrencies like SOL. This uncertainty has triggered bearish feelings among bullish holders, intensifying selling pressure and contributing to SOL’s recent price decline.
What’s Next For SOL Price?
Solana experienced a significant surge recently after hovering around the $22 resistance level for several days. This surge sent the price to a robust resistance at $30. As of writing, the SOL price trades at $27.1, declining by nearly 5% from yesterday’s rate.
The bullish momentum was short-lived as the price quickly declined from its high, with the RSI level triggering a decline toward the midline from its overbought region. Currently, the SOL price is facing a decline in buying pressure, and bears are attempting to send the price below the immediate support line.
If the price drops below the immediate support of $25 and the 23.6% Fib channel, it will trigger a steep fall and initiate a consolidation near the $20 mark. A further decline will result in the price hovering near $15.
The upward key level to monitor is the breakout point at $30. If the bulls manage to convert this level into a support, the SOL price could potentially initiate a powerful rally toward $38-$39.
The crypto space witnessed a magnificent upswing in the past few days as the prices of the majority of the cryptos experienced a gigantic upswing. This was further fueled by Ripple partially winning over the government agency, the SEC. The win was seen as the victory of the entire crypto space, which propelled the prices above their respective resistance levels. However, the rise failed to sustain for a long time as the prices of major cryptos began to drop, except for some altcoins like Dogecoin, which continue to remain under bullish influence.
The DOGE price is testing one of the crucial support cum resistance levels, which is very important for the token to secure to lay the groundwork for a firm upswing ahead. Once the levels are cleared and secured, the higher targets mentioned in the above chart may be tested and achieved accordingly.
Besides, Cardano’s price is undergoing a little diverse price action. After the recent jump, the price experienced a notable pullback similar to that of Bitcoin. The price faced rejection from the 200-day MA levels in the long term and is currently testing one of the crucial support levels at $0.3. A firm rebound from these levels may trigger a fine upswing toward the next higher targets.
The ADA price is currently heading towards daily support at around $0.25. Once the price reaches these levels, a pump may be expected that may lift the price along with the direction of the upswing mentioned here on the chart. However, the bearish influence has been intensified presently, and that may not allow the price to trigger a rebound. Hence an extended consolidation along with the lower support may be expected for a while before the price undergoes the next course of action.
Solana’s price was among the strongest altcoins in the bear market in 2022 and withstood giant market turbulence caused by the fallout of the Terra ecosystem. Unfortunately, the collapse of the FTX exchange impacted Solana drastically, causing the price to drop from $142 in April 2022 to as low as $8 by the end of the year. No doubt the rally has managed to handle the turbulence, but the bears have continued to restrict the price below $25 since the start of 2023.
After the recent upswing, the SOL price has reached a crucial juncture where-in a breakout beyond certain levels may trigger a huge upswing in the future. The price began to rise ever since industry giants like BlackRock, Invesco, Fidelity, etc. and many more filed for a spot Bitcoin ETF. The price then rose from the consolidation between $10 and $12, and the recent bullish action propelled the price from levels around $22 to $23, where it was stuck for quite a while.
Presently, the price is attempting to clear a crucial resistance at $30.87, which may validate a clear breakout from the bearish captivity, paving the way for a notable upswing ahead.
With the recent movements, the price marched above the two key levels, the major S/R trendline, and the horizontal weekly resistance. Breaking these levels has given the token a good push for the bulls, aiming to clear the major resistance that it was failing to do so since the beginning of 2023. The price is now testing the key levels at $30 and a break above may certify a healthy upswing.
Considering the technicals, the possibility of a minor pullback to $28 emerges as the RSI has soared to 83.23, which may drop anytime from now. Besides, the ADX, which suggests the strength of the rally, is trying to inculcate a bullish divergence, which may offer more power for the bulls to lift the price beyond $35. However, once these levels are cleared, the next target could be at $45, which may trigger a fresh upswing or a minor bull run toward the 3-digit figure in the rest of 2023.
The $31,000 level has proven to be a significant resistance point for Bitcoin. Over the past few weeks, the bulls have tried and failed multiple times to break this level. Each failure has resulted in a price correction, with the most recent one being the most significant. After a failed attempt by the bulls to challenge the $31,000 mark, Bitcoin has tumbled down to nearly $30,500, leaving investors and traders on the edge of a bearish correction ahead of CPI release.
Is Bitcoin Price In Trouble?
On-chain analytics firm Glassnode has recently conducted an analysis indicating that Bitcoin is at a pivotal point in its current market cycle. The study by Glassnode shows that Bitcoin is currently stabilizing around the $30,000 level, a crucial midpoint in the 2021-2023 cycle. The importance of this price point is underscored by its repeated testing in past cycles, highlighting its historical significance.
As the crypto community chats about the 2024 Bitcoin halving, another significant market event is on the horizon this year. The trustee of the compromised Bitcoin exchange, Mt. Gox, is slated to reimburse the exchange’s creditors by October 2023. Industry observers concur that this event will force investors to stay away from Bitcoin investments.
However, long-term bulls have not left the field as spot ETF applications hold their confidence, and SEC could approve it anytime. Vance Spencer, CEO of Framework Ventures, has expressed on his personal Twitter account that the much-awaited spot Bitcoin ETF is expected to receive approval by the end of this year, if not sooner.
He suggests that once this happens, similar ETF products could provide investors with exposure to other cryptocurrencies as well. Hence, Bitcoin could experience a skyrocketing trend before the halving event.
What’s Next For BTC Price?
Bitcoin rebounded from the 100-day EMA at $30.1K and triggered a short-term correction. However, the correction intensified when the BTC price broke above the $30.5K level. Following this, Bitcoin gained a spike in buying pressure and broke above $31K, which triggered a sharp decline. Currently, bulls are again attempting a surge as the price makes a surge above $30,500 and is currently trading at $30,639, with an uptick of 0.99% from yesterday’s rate.
To avoid a decline, bulls need to drive the price toward the resistance zone between $31,000 and $31,500. This zone is expected to face significant selling pressure, but if the bulls manage to surpass this hurdle and $32.5K, the BTC price could surge toward the next key resistance at $40,000.
On the other hand, if the price dips and falls below the 100-day EMA, it could prompt numerous short-term bulls to lock in profits. The price might then drop to $29,600. A correction below this level would indicate a steep consolidation with $26,800.
The crypto markets continue to remain under a bullish influence, but the star crypto, Bitcoin, remains stuck within a narrow range. The dominance of Bitcoin has witnessed a minor plunge in the past few days. After reaching highs of around 52%, the dominance is dropping heavily by 1.36% and is currently hovering at 50.94%.
The dominance previously underwent a similar action and experienced a minor pullback. If history repeats itself, after the pullback, the altcoins may be triggered for a massive upswing. However, after some time, dominance may resume its upward trajectory and mark highs above 58%, as per a popular analyst, Rekt Capital.
Now that Bitcoin’s dominance is experiencing a slight pullback, some of the altcoins appear to be at the foothills of a massive explosion. One among them is the PEPE coin, which has pulled a massive upswing in the past few hours, triggering a jump of over 20%. The price is currently testing one of the crucial areas, and a clear breakout above the levels may trigger a bullish breakout.
According to a popular analyst, Altcoin Sherpa, the PEPE coin, which is trading at 0.6 FIB levels, is closer to testing the next FIB levels at 0.5 FIB levels. The PEPE price is experiencing a massive upswing and is testing the same levels at which it experienced rejection a couple of times before. Now that the price is trading at the neckline of the cup and handle pattern, a bullish breakout appears to be imminent.
Another altcoin that is about to manifest a massive upswing is Solana, which is closer to testing some crucial levels. The SOL price is approaching one of the crucial resistance levels, and a breakout beyond these levels could trigger a bullish reversal. However, according to an analyst, Crypto Rand, the price may face a consolidation before the reversal.
Collectively, the altcoins are gearing up and trying to secure levels above the crucial resistance. Once done, these altcoins may trigger a massive upswing, which may enable the price to rise in the coming days.
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The court hearing for the ongoing lawsuit between Coinbase and SEC has been moved up to July 13 due to a creative strategy by Coinbase. The exchange filed its first response 40 days before the August 7 deadline, prompting an early hearing. The SEC will present its response on July 13, when Judge Katherine Polk Failla will decide if Coinbase is allowed to proceed with a motion for judgment on the pleadings. Coinbase claimed that many of the tokens in question fall outside the SEC’s scope. The outcome of this lawsuit could have a significant impact on the crypto industry as a whole.
The recent surge in the price of Bitcoin has been attributed to the positive impact of the BlackRock announcement. However, the sustainability of this upward momentum remains uncertain. In this article, we will analyze the technical aspects of both Bitcoin and Ethereum, focusing on their recent price movements and key resistance levels.
Bitcoin’s price is approaching a crucial horizontal resistance level at around $30,500. For a potential surge towards $37,000, a breakout should ideally be accompanied by a four-day or weekly candle close above $30,500. Although a confirmed breakout is yet to occur, the overall trend remains bullish, as indicated by the green Super Trend indicator.
However, it is worth noting that the daily RSI is currently in overbought territory, suggesting a possible period of consolidation or a slight pullback in the short term. If a breakout does occur, the next target to monitor is around $37,000. At the time of writing, Bitcoin is slightly trading above the $30,000 mark.
Shifting our focus to Ethereum, the breakout has already occurred around the $1,830 level, confirming the start of bullish momentum. This view is further supported by the daily MACD, which recently experienced a bullish cross.
In the shorter term, Ethereum is encountering resistance in the range of $1,900 to $1,930. Overcoming this resistance would set the next level to monitor at around $2,000. In case of a pullback, previous resistance levels, such as $1,830 and $1,750 to $1,780, could act as support.
Ethereum, on the other hand, has confirmed its breakout and faces resistance in the range of $1,900 to $1,930, with the next target at $2,000. Traders and investors should closely monitor these key resistance levels and consider potential pullbacks as part of market dynamics.
The recent price movements of Bitcoin and Ethereum have shown promising signs for bullish trends. While Bitcoin is approaching a crucial resistance level at $30,500, a breakout accompanied by a strong candle close could indicate further upward movement toward $37,000.
Bitcoin Price Analysis: Analyst Identifies Crucial Support Level for Potential Rally, Outlines Price Targets
A well-known crypto trader named Pentoshi recently took to Twitter to share his analysis and predictions for Bitcoin’s price rally. According to Pentoshi, Bitcoin has the potential to experience a significant price surge as long as it maintains a support level above $25,000. He believes that if Bitcoin stays above this level, it could reach a price of $32,500, a level last seen in May 2022.
Pentoshi’s analysis highlights two key factors that support his predictions. Firstly, he points out that Bitcoin has formed higher lows at the $25,000 level, indicating an increased interest in buying. Secondly, he notes that Bitcoin has respected the $26,700 level, further strengthening the case for an upward movement in price. Based on these observations, Pentoshi sets a target of approximately $32,500 for Bitcoin.
However, Pentoshi mentions that he will only be truly excited about Bitcoin’s recovery when it surpasses its highest price of 2023, which was around $31,000 in April. He has patiently waited for about six to eight weeks for Bitcoin to recover, and while the recent progress is encouraging, he wants to see Bitcoin exceed its previous highs this year. Currently, Bitcoin is trading at $28,851.
Bitcoin Price Forecast
Pentoshi also discusses the impact of financial giants in the cryptocurrency space. He highlights the news about BlackRock, a major financial firm, filing for a Bitcoin exchange-traded fund (ETF), and the launch of a cryptocurrency exchange backed by Fidelity Investments.
According to Pentoshi, these developments have prevented Bitcoin from experiencing a significant decline. He believes that the involvement of these institutions will create demand for Bitcoin among individuals born between 1946 and 1964, also known as the boomer generation.
To summarize, Bitcoin has shown positive signs of recovery, and if it manages to stay above $25,000, it has the potential to reach $32,500. The participation of major financial institutions such as BlackRock and Fidelity Investments in the crypto space is seen as a positive factor that could drive further demand for Bitcoin.
The Bitcoin (BTC) market continued with the bear market relief rally in the last few days after a blast off towards $30k. The impressive rally has been described as whale-induced as institutional investors move quickly to absorb as many coins as possible before next year’s Bitcoin halving. From a technical standpoint, Bitcoin price on the daily time frame could be entering the final phase of the Elliott wave structure.
Crypto Analysts Are Bullish on Bitcoin
According to a popular analyst on Twitter Crypto Tony (@CryptoTony_), Bitcoin price is undeniably headed for $32k in the short term perspective. With the strong breakout and notable bullish flag consolidation that accumulated significant buy forces, the analyst remains confident Bitcoin price is well bolstered to rally above $31k.
A similar standpoint has been issued by a famous trader Michaël van de Poppe with respect to Bitcoin dominance. According to the trader, Bitcoin dominance has more upside to push before approaching the critical resistance level.
Altcoin Pump Around the Corner?
With the Bitcoin pump approaching crucial resistance levels, Poppe expects some horizontal consolidation on the macro rims frame before the rally continues. The altcoin market led by Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) also turned bullish in the past 24 hours with higher prospects of rallying in tandem with Bitcoin.
“Probably Bitcoin will start to consolidate, so Altcoins have some period of relief approaching and can pick up the pace,” Poppe noted.