Bitcoin Bulls Weak below $60,000 but a Bottom Is Forming

Posted on September 17, 2024 by Dalmas Ngetich

Bitcoin ended up lower yesterday, deflating hopes of an immediate recovery after gains of September 13. Overall, the uptrend remains since bears didn’t wipe out end of last week’s gains. The short-term trend is bullish from a top-down preview, but this will change fast should sellers press on. Any dip reversing September 13 gains and below the $58,000 to $60,000 support range means buyers will struggle to ignite momentum. In that event, the shift can favor sellers looking to retest $50,000.

The path of least resistance favors buyers in the short term. Unless there is a sharp recovery lifting BTC above $61,000, the sell-off might continue. Before then, buyers are optimistic, expecting to find support this week. At press time, the coin is up 3% in the previous week, stable on the last day, amid below average trading volume at around $28 billion.

Traders are closely monitoring the following Bitcoin trending news:

Despite the sell-off, traders are upbeat. There might be a bottom forming, looking at the Mayer Multiple indicator. It is down, sliding from 1.82 to around 0.9. If it falls further, reaching 0.7, a local bottom might form.
One analyst thinks the uptrend will only form or begin taking shape once there is a convincing lift-off above $69,500. Before then, sellers have the upper hand.

Bitcoin Price Analysis

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

As September 13 gains have been reversed, how prices evolve today will shape the short to medium-term formation.

Any drop below $56,500 will question the strength of buyers, paving the way for losses toward $50,000.

However, any sharp uptick above $61,000, confirming gains of September 13, could ignite another round of demand.

If the leg up is with rising volume, BTC may soar, reaching $70,000.

Bitcoin Price Forecast – Bullish Flag Points to New Record Highs

Posted on September 16, 2024September 15, 2024 by Skerdian Meta

Bitcoin has been trading on a descending channel since April when it placed a record high above $70K, but we might see a new ATH in BTC price soon. Sellers have tested the 50 SMA twice on the daily chart, but that moving average has held as support, so Bitcoin has bounced off of it and climbed above $60,000 yesterday.

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Ethereum faces high selling pressure

Posted on September 16, 2024September 16, 2024 by Olumide Adesina

Ether fell more than 5% on the day due to high anxiety in the cryptocurrency market.

The decline in ETH prices coincides with the start of a busy week for the US economy, as the Federal Reserve is expected to announce a rate cut on Wednesday, September. 18. Ethereum’s price fluctuated between $2,000 and $4,000 throughout 2024.

The altcoin momentarily fell below $2,200 during the August flash crashes. It has since returned to levels not seen since January.

In reaction to institutional demand from the Spot Ethereum ETF, the second-largest altcoin has not yet seen gains. Technically speaking, to prevent further weakness shortly, the price of Ethereum relative to the US dollar needs to recover from the current support level.

Approximately 1.9 million Ethereum addresses bought 52.3 million ETH between $2,290 and $2,360, according to on-chain data analysis provided by IntoTheBlock, serving as a significant support level.

Ether’s price hasn’t seen meaningful upsides even though spot Ethereum ETFs have been approved in the US and other countries. The US spot Ether ETFs have experienced losses for five weeks running.

As evidenced by the latter’s market dominance, Ethereum’s price has continued to bleed to Bitcoin, and the US spot Bitcoin ETFs have received a better reception. Experts predict a significant bullish rebound that will usher in the expected parabolic alt season, given that the ETH/BTC pair has dropped by more than 53% since September 2022.

The odds are 41 percent for a rate cut of 25 basis points and 59 percent for a larger cut of 50 basis points. Analysts at Bitfinex forecast earlier this month that the cryptocurrency market may decline because of the US central bank’s widely anticipated rate cut. Furthermore, as the mainstream media reports, former US President Donald Trump has escaped what appears to have been a second attempt at his life.

Trump escaped unscathed, and Ryan Wesley Routh, 58, was apprehended as the suspect who had left the scene. Given the spike in cryptocurrency prices that followed the presidential candidate’s most recent assassination attempt in mid-July, it is unclear if the incident had any effect on the ETH markets.

Bitcoin Losses $60,000 As Whale Buys 1,062 BTC In One Swipe On Binance

Posted on September 16, 2024 by Dalmas Ngetich

Bitcoin pushed higher on Friday, breaking above $60,000. The race was a statement for buyers and a signal that the trend could be shifting in their favor. Technically, the uptrend is now valid and will remain as long as prices stay above the $58,000 and $60,000 support zone. The leg-up is mostly fundamentally driven. Specifically, the community expects the United States Federal Reserve to ease this week, lifting sentiment. With lower rates, there could be more influx to value-preserving assets, which would benefit Bitcoin and other alternatives.

As it is, Bitcoin is stable at spot rates but has lost $60,000. Crucially, there is a pick-up in momentum and trading volume, pointing to investor interest. Overall, the world’s most valuable coin is in green over the last week, adding nearly 8%. Meanwhile, the average trading volume is up, recording $24 billion over the previous day. Though lower, it could begin rising if there is confirmation of recent gains.

Traders are closely watching the following Bitcoin trending news:

Bitcoin found support at the 50-week moving average, recovering strongly. As the coin strengthens, the next leg up could see prices spike above $92,000 in a buy trend continuation formation.
Over the weekend, as prices consolidated, a whale bought 1,062 BTC via Binance. The wholesale purchase is a mark of confidence and could help further drive demand in the coming days.

Bitcoin Price Analysis

[[BTC/USD]] is bullish at spot rates, even with the retracement.

Despite the cool-off, BTC is still above $58,000.

Since the leg up on September 13 is with expanding volume, there is a high probability of trend continuation. It is especially now that prices are still within its trade range.

Accordingly, traders can consider longing dips above the support zone, angling at $66,000.

Any unexpected flash crash below $56,500, unwinding September 13 gains, invalidates this bullish outlook.

Ethereum Down 5%, ETH Bulls Facing Rejection Wreaking Havoc on DeFi Trader

Posted on September 16, 2024 by Dalmas Ngetich

Ethereum might be firm when writing, registering gains over the last week. However, looking at the daily chart, the downtrend remains. If this trend is to change, not only will ETH bulls need to convincingly break and close $2,400 and $2,800, but this leg up must be with a high trading volume. In that event, the second most valuable coin might find the momentum to fly, even rising above $3,500. As it is, sellers have the upper hand (at least from a technical perspective). Fundamentals might help steady bulls, but the coin may slip below crucial support levels if there are losses.

At press time, Ethereum is down 5% on the last day but stable on the previous week. ETH is underperforming, especially versus BTC and other top altcoins, including BNB, engagement is below average, at $14 billion.

Traders are watching the following trending news:

Ethereum developers, reports indicate, might split the upcoming Pectra upgrade into two parts. If this goes according to plan, the first update will be set for early 2025. The hard fork is set to improve the platform’s efficiency and scalability.
One DeFi trader is facing it rough due to market volatility. Over the past few months, the trader has racked up more than $43 million in losses. Even so, according to on-chain data, the trader holds over $400 million in crypto.

Ethereum Price Analysis

[[ETH/USD]] is down. Technically, the short-term trend favors buyers.

However, for this outlook to be solidified there must be a conclusive close above $2,400.

Ideally, a breach above $2,800 will be a safe entry for cautious but optimistic buyers.

In that event, ETH might fly, even racing to $3,500.

On the other side of the equation, any dip reversing September 13 gains–as is currently the case– pours cold water on the current momentum.

Then, Ethereum might slide back to $2,100 and later $1,500 in a bear trend continuation formation.

XRP Soars 50% in 2 Months: Will Ripple Spike 500% To $3 If This Happens?

Posted on September 16, 2024 by Dalmas Ngetich

XRP is leading gains in the top 10, looking at the steady climb over the past few trading sessions. After the expansion on September 12, buyers have been firm, pushing the coin higher. As things stand, the path of least resistance is northwards. The momentum is visible, looking at the performance over the weekend. While prices of top altcoins like ETH are lower, cooling off, Ripple buyers are firm. The state of price action points to interest from across the board. Subsequently, this may revive demand, lifting the second most valuable coin higher.

Traders are upbeat, expecting a new phase of price action to develop. As buyers’ strength, engagement is higher, rising to nearly $1 billion. Unlike in past trading days, where volume is lower over the weekend, firm engagement is massive for Ripple bulls. So far, XRP is steady on the last day but up 8% in the previous trading week.

The following XRP and Ripple news continue to make headlines:

Looking at sentiment analysis, most XRP holders and traders, in general, are bullish on the coin. In a recent poll, over 80% of holders expected prices to expand in the days to come.
Some analysts now predict XRP could surge 5X if past price performance and formation lead. Specifically, if the coin breakout from the current wedge, it could easily spike, racing to $3 in a refreshing buy trend continuation formation.

XRP Price Analysis

[[XRP/USD]] is bullish at spot rates.

After bottoming up in July, XRP is now up 50%.

From the daily chart, traders can search for entries, buying the dips as long as the coin is above $0.55.

The immediate resistance is at $0.66.

If buyers breach this liquidation level, it may easily soar, breaking above $0.74 and stretching gains to over $1 in the coming months.

Any dip below $0.55, at the back of the increasing trading volume, invalidates this outlook.

Bitcoin dips again after failed assassination attempt on Trump

Posted on September 15, 2024September 15, 2024 by Olumide Adesina

Bitcoin fell below $60K following reports of gunshots near the former president of the United States during his round of golf at the Trump International Golf Club in West Palm Beach, Florida.

Former President Donald Trump was safe on Sunday, his campaign said, after shots were fired near him at his Florida golf course. After the incident, the golf course was promptly locked down.

The bulls at some point moved quickly to stop the bears and push the price back above $60K, before the Rrump’s incident, after the bears had attempted to drive it toward $59.5K.

Bitcoin Fundamentals still healthy

Bitcoin’s market conditions are still sound. Bitcoin Spot ETFs ended the week with record inflows, $263 million on Friday, according to data from Sosovalue. This capital inflow is the highest since July 2024.
Since institutional capital represents demand among investors with large wallets, it is important to note that higher inflow and demand typically fuel BTC gains

The amount of Bitcoin available on crypto exchanges is at its lowest since 2018. A declining exchange supply is seen favorably for Bitcoin because it lessens the quantity of tokens available on exchange platforms and eases selling pressure.

Suspect Arrested

The Federal Bureau of Investigation said in a statement, “The FBI has responded to West Palm Beach, Florida, and is investigating what appears to be an attempted assassination of former President Trump.”. Four senior law enforcement officials told NBC News that Secret Service agents opened fire on a person they thought was holding a weapon outside the fence line of Trump’s golf course in West Palm Beach, Florida, where the Republican presidential nominee was playing.

According to the officials, one person is currently in custody, and an AR-style rifle was found.

The former president was quickly taken to a secure area as a precaution after hearing gunfire, “I would characterize the suspect’s demeanor as having a relatively calm, flat affect,” Martin County Sheriff William Snyder told reporters.

The suspect was being held on Interstate 95, a road close to Trump’s golf club, which was temporarily closed after gunfire. “He was not displaying a lot of emotions, never asked, ‘

What is this about?'”. Snyder said that when police stopped the suspect’s car and removed him from it, they did not search it. The suspect was unarmed. The sheriff anticipated the Federal Bureau of Investigation would get an order to search the vehicle. Authorities are still unsure about the shooter’s aim and whether any shots were fired.

According to Standard Chartered, bitcoin will end 2024 at all-time highs regardless of the presidential winner. However, if Donald Trump wins, the cryptocurrency will soar much higher. the British-based bank predicts that Bitcoin may hit $125,000 by year’s end.

U.S Fed meeting takes the spotlight

Meanwhile, the Federal Open Market Committee (FOMC) meeting on Wednesday, is expected to mint the first interest rate reduction since 2020. There is still disagreement among observers regarding the cut’s size; according to the CME FedWatch Tool, the odds are nearly equal between a 25 basis point cut and a bigger 50 bps cut. Lingering fears of an impending recession continue to weigh on the market, despite the possibility of looser monetary policy, which is advantageous to risk assets.

Binance lists Telegram app game “Catizen” on September 16

Posted on September 15, 2024 by Olumide Adesina

Crypto users can farm the native token of the gaming bot before it is traded thanks to Binance’s announcement of the Telegram mini-app game Catizen as the 59th project on the Binance Launchpool.

Catizen will launch in Launchpool on September 16, 2024, according to Binance’s announcement. Crypto users can participate in CATI farming, lock their BNB, and stablecoin First Digital USD.

Participants in the Launchpool will get the CATI token airdrop after the four-day farming period. Binance invested in Catizen in July through its venture capital division Binance Labs. The company is currently offering support to the startup.

At the end of the farming period, Binance will also launch CATI spot trading, which will begin on September 20, 2024, at 10:00 UTC. The token with a cat theme will support trading pairs including CATI/TRY, CATI/BNB, CATI/FDUSD, and CATI/USDT.
In recent months, Telegram, a platform for mini-programs, has experienced substantial growth, and a number of its innovative apps have made their way into the market.

Telegram is still among the platforms where native blockchain-based initiatives are being adopted at the fastest rate, despite the blow the instant messaging app suffered with the arrest of its CEO and founder, Pavel Durov.

Binance, the world’s biggest digital exchange based on trade volume, has added support for five of these projects, demonstrating the popularity of the TON ecosystem.

Dogs has made its Binance debut through the Launchpool. On September 12, the exchange revealed the play-to-earn game Hamster Kombat, based on Telegram, as the 58th Launchpool project. Catizen was swiftly added to the list.

Bitcoin breaks $60K mark once again

Posted on September 14, 2024September 14, 2024 by Olumide Adesina

Bitcoin breached the $60K mark at late Friday’s trading session. The digital asset maintained an upward trend this week. US macroeconomic data gave markets confidence that the Federal Reserve would guarantee policy easing at the interest rate meeting the following week.

The digital commodity gained some ground over the weekend following the decline that sent Bitcoin down $52.5K on Friday of last week, but then really picked up steam on Monday, rising over $4K in a single day and momentarily surpassing $58K. The US CPI data was released on Wednesday, which caused the mid-week price action to be quite erratic. Bitcoin had multiple ups and downs throughout this period.

This followed a trend reversal in US spot Bitcoin ETFs, which had net outflows of more than $400 million, the previous week. In addition, MicroStrategy revealed plans to make a significant, over $1.1 billion Bitcoin buy.

Despite a decline from earlier in the week, the most recent projections from CME Group’s FedWatch Tool indicated a 0.25% rate drop on September 18 as opposed to a larger 0.5% rate cut.

The Kobeissi Letter noted that the S&P 500 gained about $2 trillion in value in the last week alone, an illustration showing a strong risk-asset attitude.
According to a report released this week, economists Marion Laboure and Sai Ravindran of Deutsche Bank predict that the price of Bitcoin may continue to rise this year.

The statement read, “We expect Bitcoin prices to remain high due to regulatory changes, new ETF approvals, future rate cuts by central banks, and a potential Trump presidency due to his pro-crypto policies and preference for lower Fed funds.”

A major item on the schedule for the coming week is the Fed’s decision about interest rates on Wednesday. Markets are completely priced in for an interest rate decrease, but traders disagree over whether the Fed would choose to reduce rates by 25 basis points or by a more significant 50 basis points.

A significant reduction in interest rates may favor riskier assets like cryptocurrencies, such as Bitcoin. A modest 25 basis point drop appears less definite regarding its impact because risk markets may applaud the move anyway or view it as excessively cautious.

Forex Signals Brief September 13: Light Calendar, Mind China Data Tomorrow

Posted on September 13, 2024September 13, 2024 by Skerdian Meta

Yesterday the ECB policy meeting highlighted the day, as they delivered another 25 bps rate cut. However, the Euro stood its ground, with EUR/USD finding support at 1.10 and moving higher in the US session. The European Central Bank (ECB) delivered the anticipated rate cut, but President Lagarde refrained from committing to any specific future rate path.

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