Bitcoin shows stability after dipping below $60K

Posted on October 4, 2024 by Olumide Adesina

Bitcoin showed a poor start to its historically most bullish month since 2013, briefly falling below $60,000 late Thursday before rising above $61,000 on Friday. The digital asset at the time of publication remains unrelatively unchanged for the day, hovering just above its 50-day moving average at $61,150.

If there is a breakout or bounce from a critical level, the protracted consolidation positions the market for a powerful move.

Bitcoin has lost more than 5% of its value since the beginning of October. Since 2013, this month has only twice concluded negatively, with gains of up to 60% and an average of 22% making it the best for investor returns.

Some users on X are pessimistic about a price recovery, which has damaged social sentiment. Bettors are more certain that Bitcoin will remain range-bound between $57.5K and $65K, even though they have ruled out an attempt at $70,000.

The first week of the month is typically bearish, indicating that the current price action is consistent with past movements. CoinGlass data showed most gains occur later in the month.

Pessimistic opinions about Bitcoin’s price rebound are reflected in the social sentiment on sites such as X.investors’ attention is being drawn to commodities like gold and oil, which affects the sentiment surrounding risky assets like Bitcoin

Polymarket bettors tend to believe that October will see range-bound trading while they have mixed emotions about the direction of Bitcoin’s price
investors are still optimistic about BTC-ETFs’ long-term prospects notwithstanding the recent decline. Glassnode calculated that 911,000 BTC, or 41.6 percent of the digital gold supply, had been redeemed by spot bitcoin-ETFs issuers

A CoinMarketCap analysis states that Bitcoin’s bullish phase has intensified and is 100 days ahead of historical data. BTC’s possible peak might occur in mid-May or early June of 2025

Ethereum Collapsing As Whales Scramble For the Exit: Will ETH Break $2,000?

Posted on October 4, 2024 by Dalmas Ngetich

Ethereum is struggling for momentum, looking at the formation in the daily chart. After the close of the October 3 bar, it means ETH has posted four days of consecutive losses. Most importantly, from a technical perspective, the second most valuable coin couldn’t maintain prices above $2,400. For this reason, sellers may push the coin toward August 2024 lows of around $2,100. From the fundamental front, it doesn’t look positive. There is a wave of liquidation, especially from ICO participants, whales, Vitalik Buterin, and crypto market makers, including Wintermute.

At press time, ETH is down nearly 16% from September highs, and sellers dominate. Unless otherwise there is a refreshing bounce, slowing down sellers and forcing prices to consolidate horizontally, the path of least resistance will be southwards. As it is, Ethereum is stable in the past 24 hours, pushing weekly losses to nearly 11%. At the same time, engagement is average, at $17 billion in the past day.

Ethereum traders are closely monitoring the following developments:

Yesterday, Wintermute, a top crypto market maker, sent 14,221 ETH to Binance. Usually, whenever an address moves coins to a crypto exchange, it is seen as bearish; explaining the concern among holders. Over the past few days, whales have been moving ETH to exchanges and looking to liquidate.
While some whales are selling, one withdrew 7,735 ETH worth over $18 million from Coinbase. The whale is known for accumulating the coin—injecting optimism among holders.

Ethereum Price Analysis

[[ETH/USD]] is in a difficult position, looking at the formation in the daily chart.

Sellers are dominant, breaking below the local support, which is now resistance, at $2,400.

With this trend emerging and ETH in a bearish formation from a top-down preview, sellers can consider shorts targeting $2,100.

This outlook will only change if Ethereum prices recover, reversing losses and even closing above $2,500 by the end of the day.

If not, ETH may fall and register fresh H2 2024 lows in the coming weeks.

Bitcoin Down 8% In 4 Days, Will BTC Lose $60,000 Or Bounce Above $64,000?

Posted on October 4, 2024 by Dalmas Ngetich

Bitcoin is stable, containing losses yesterday, but the path of least resistance remains. Unless otherwise, there is a refreshing bounce toward $66,000, which will help recover losses for the better part of the week, the downtrend remains. If anything, there is real risk of the world’s most valuable coin dumping below $60,000 and the local support at around $57,000 should bears press on. Interestingly, Bitcoin is losing ground amid a wave of demand from BlackRock, looking at how it has been loading up coins on behalf of its clients.

The sell-off of the last four days has pushed BTC down nearly 10% from September highs. Although there are fears of more losses, yesterday was more balanced. Sellers are still in control. In the past 24 hours, Bitcoin is stable but down nearly 7% in the previous week. At the same time, the average trading volume in the past 24 hours is decent, at $34 billion.

Bitcoin traders are monitoring the following trending news:

Miners are crucial in the Bitcoin ecosystem. According to the latest data, these entities are sending fewer coins than they did after the Halving event in April. The more they slow down on their liquidation, the slower the downtrend is since the selling pressure will slow down.
With Bitcoin down, this is the worst start for any October, looking at price trends over the last ten years. All the same, Q4 2024 tends to be bullish, a positive encouragement for optimistic buyers.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure when writing.

It is sliding and weak, losing roughly 10% in the past week alone.

The local resistance is at around $64,000, while support is at $60,000.

If sellers press on and Bitcoin loses $60,000, the coin may plunge to as low as $57,000.

Conversely, any expansion above $64,000 may trigger a wave of buying pressure, lifting the coin back to $66,000 or September highs.

CryptoPunk NFT sold for $56.3 million

Posted on October 4, 2024 by Olumide Adesina

A record-breaking $56.3 million was recently paid for a CryptoPunk NFT 1563. The world has mostly moved on from NFTs, with interest in cryptocurrency products adorned with humorous images now focused on meme-coins.

Lately, the NFT market posted an impression of a price recovery, supported by the most recent record sale. BAYC, CryptoPunk, and Pudgy Penguins collections have seen upticks in floor prices and overall sales volumes.

The Punk 1563—a pixelated picture of a woman with dark hair and blue eyes—fetched 24,000 ether (ETH) in the transaction.

NFTs have observed different strange things related to sales in the past.

In 2021, a different CryptoPunk purportedly sold for $532 million; however, blockchain records unambiguously indicate that the same individual was involved in both transactions.

According to a closer examination of the on-chain data, the alleged “buyer” of Punk 1563 actually obtained a 24,000 ETH flash loan from the automated market maker protocol Balancer to purchase the punk.

The “seller” wallet then sent the 24,000 ETH straight back to Balancer after completing the sale—an odd arrangement for a purported NFT purchase.

Particularly, Punk 1563—a pixelated picture of a woman with dark hair and blue eyes—fetched 24,000 ether (ETH) in the transaction, and currently holds the record for market capitalization in the NFT sector. It was available for purchase as late as September for less than 30 ETH, so the most recent transaction represented a significant premium over previous rates.

While the NFT changed hands and 24,000 ETH was sent from one contract address to another, in the end, the buyer only had to part with a total of $54 to cover gas and contract execution costs. In 2021, an investor took out a $532 million flash loan to purchase CryptoPunk 9998 and quickly repaid the balance to the AMM.

While the enormous dollar amount attracted attention and made headlines, Larva Labs, the company behind CryptoPunks, quickly followed suit by declaring that it would not consider the sale valid. Punk 1563, which features a pixelated woman with dark hair and blue eyes and fetches 24,000 ether (ETH) in a transaction, has seen a sharp increase in quotations on CryptoPunk, which holds the market capitalization record in the NFT sector.

It was sold for less than 30 ETH in September, so the most recent transaction represented a significant premium over the going rate.

Bitcoin Stabilizes at $65K – BTC Founder Satoshi to Be Revealed?

Posted on October 3, 2024 by Skerdian Meta

Bitcoin retreated around 47,000 lower early this week, but it has stalled above $60K and news of BTC founder revealing the identity didn’t move it much. Stock markets on the other hand retreated as the risk sentiment turned negative again, but the losses were minimal.

Continue reading “Bitcoin Stabilizes at $65K – BTC Founder Satoshi to Be Revealed?” →

XRP Crashes below $0.55 Despite Spot ETF Hopes, Ripple Open Interest Approaching $1 Billion

Posted on October 3, 2024 by Dalmas Ngetich

XRP is down at press time. After losses of yesterday, it means the coin is down in the last three days, threatening to break below $0.50. As things stand, sellers can consider riding the trend, unless there is a sharp rebound lifting prices above September highs. For now, bears dominate and have the upper hand, looking at the pace of the sell-off and the accompanying trading volume. This dump, notably, comes amid quality partnerships with Ripple, the blockchain firm promoting XRP via the On-Demand Liquidity (ODL) platform.

Traders are confident, at least looking at price action. However, this is changing and should today close lower, possibly below $0.50, bulls have to re-consider their stand. Following the dump of the past three days, XRP has reversed gains over the past week. At the same time, the average trading volume over the last day is low, at around $3 billion.

The following XRP and Ripple news are worth tracking:

Brad Garlinghouse, the CEO of Ripple, predicts an upsurge in the number of spot XRP ETF applicants. Recently, Bitwise became the latest firm to apply for such a product.
There is a general increase in the number of XRP open interest in the past 24 hours. According to Coinglass, the number stands at nearly $1 billion. It comes days after Ripple said RLUSD is still being tested but will soon deploy for institutional use.

XRP Price Analysis

[[XRP/USD]] is under pressure.

The break below $0.55 means the trend is changing in favor of sellers.

In a bearish breakout formation, every high towards $0.55 may offer entries for sellers targeting $0.50, $0.45, and $0.40 in the coming days.

Note that the sell-off of the past few days is with rising volume, confirming weakness.

Any uptick above $0.55, reversing recent losses, will be a shot in the arm for bulls.

Forex Signals Brief October 3: Swiss CPI and ISM Services

Posted on October 3, 2024October 2, 2024 by Skerdian Meta

Yesterday the economic data was light and markets calmed down somewhat. The Japanese yen experienced a significant drop earlier in the day, largely driven by comments from Prime Minister Ishida, who signaled that rate hikes were not being considered. This decline was further intensified by Bank of Japan Governor Ueda’s remarks, indicating that markets “remain unstable,” suggesting that rate increases are unlikely in the near term.

Continue reading “Forex Signals Brief October 3: Swiss CPI and ISM Services” →

Ethereum Pinned Down By Sellers: Will ETH Collapse Below $2,100?

Posted on October 3, 2024 by Dalmas Ngetich

Ethereum remains in a tight trade range, looking at the formation in the daily chart. Even though there is optimism that bulls might flow back, the state of price action points to weakness. So far, sellers are in control, which will remain unchanged as long as prices are inside the October 1 bear bar. Technically, the local resistance has been shifted lower to around $2,700, or October 1 high. Any recovery lifting ETH above this line will be a huge endorsement for bulls. On the flip side, losses forcing the coin below $2,400 by the end of the day could trigger a sell-off with targets at August lows.

The state of affairs, especially in the daily chart, points to caution. Although there were hints of strength, the primary trend is bearish and will be so if prices are below the $2,700 resistance. With prices sliding on the past day, ETH is also down 10% in the previous week amid decent trading volume of around $20 billion in the last 24 hours.

Traders are watching out for the following Ethereum news:

In the past three months, there have been net outflows in Ethereum of around $800 million. Although some of its layer-2 solutions, like Arbitrum, also saw net outflows, others, like Base and OP Mainnet, attracted capital.
Ethereum might be slow and struggling to scale, but on-chain data shows that nine chains anchored on the legacy chain are already making profits. Cumulatively, these chains have generated over $140 million in the last year.

Ethereum Price Analysis

[[ETH/USD]] is down at press time.

From a top-down preview, the general trend remains bearish, and the coin is in a downtrend.

From the daily chart, the coin is in range.

Losses below $2,400, as is currently the case, open up Ethereum to $2,100, $2,000, and worse, $1,800.

As sellers are in charge, aggressive traders can choose to ride the emerging trend, targeting $2,100.

However, a recovery, lifting the coin above $2,700 at the back of rising volume, may see ETH soar to $3,000 in a buy trend continuation formation.

Bitcoin under Pressure: BTC May Lose $60,000, Blame Speculators And STHs?

Posted on October 3, 2024 by Dalmas Ngetich

Bitcoin is down in the past 24 hours and bearish since it remains inside the September 30 and October 1 bear range. Technically, sellers are in control in the short term, but buyers are in charge from a top-down preview. If there is a reversal from spot rates, the more traders will be relieved. However, should there be losses, extending losses of the first part of the week; Bitcoin may not only sink below $60,000 but drop towards $50,000. Triggers will depend on fundamental factors, including inflow to spot Bitcoin ETFs, geopolitical factors, and general trader sentiment.

Over the last day, the world’s most valuable coin remains stable but is down 4% in the previous week. At the same time, there is a slight dip in engagement, falling to $40 billion. As long as prices remain above $60,000, buyers have a chance.

Traders are keeping tabs on the following Bitcoin news events:

After weeks of lower lows, Glassnode data has established that Bitcoin recently printed out a series of higher highs. Despite the recent weaknesses, this is bullish and may stymie losses, setting the foundation for even more gains.
One analyst has established that the trouble facing bulls currently is the surge in the number of short-term holders (STHs). Bulls can easily rise from spot rates if their supply falls by 80,000 BTC, breaking $70,000.

Bitcoin Price Analysis

[[BTC/USD]] is down at press time.

The September range defines the short to medium-term trend.

Bulls must recover and close above $66,000 or September highs for the uptrend to remain. This move will allow risk-off traders to consider longs, targeting $74,000.

However, aggressive risk-on traders can load the dips even with losses, targeting $66,000.

If there are worrying losses below $60,000 and later $56,500, the upside momentum would likely lose steam, triggering a sell-off.

Forex Signals Brief October 2: ADP Employment to Jump Above 120K

Posted on October 2, 2024October 1, 2024 by Skerdian Meta

On Tuesday, market movements were primarily influenced by escalating tensions in the Middle East, particularly the conflict between Iran and Israel. This situation prompted an increase in demand for safe-haven assets, driving up the value of the US dollar (USD) and crude oil prices, which in turn supported the Canadian dollar (CAD). Continue reading “Forex Signals Brief October 2: ADP Employment to Jump Above 120K” →