Bitcoin shows fragility amid $64K baseline

Posted on August 25, 2024August 25, 2024 by Olumide Adesina

Bitcoin’s positive price actions continued as the asset maintained the $64K line amid moderate excitement. Historical on-chain data indicates that high bitcoin (BTC) demand frequently precedes price recoveries and rallies, but this is not the case.

Since the growth in BTC demand has remained modest, current market dynamics indicate that such bullish movements are unlikely soon.

A recent report from CryptoQuant highlighted that since early April, when the cryptocurrency asset was trading at around $70,000, Bitcoin’s demand has dramatically decreased.

This is demonstrated by the sluggish daily increase in Bitcoin’s value and the decreasing growth in large investor holdings.
Bitcoin’s 30-day Apparent Demand growth has decreased from 496,000 BTC in early April to 25,000 BTC recently. April’s increase was also the biggest since January 2021, and prices started to fall toward $50K as demand decreased.

Whales, or large Bitcoin holders with addresses holding 1,000–10,000 BTC, have seen a sharp decline in the growth of their overall holdings. The 30-day change in whale holdings was reported to have been 6 percent in February—the fastest rate since February 2019—but it has since dropped to 1 percent.

According to CryptoQuant, a monthly growth rate of more than 3 percent is required for bitcoin whale holdings to trigger a bullish momentum. Bitcoin traded at around $64.1K at the time of writing. It was only able to surpass $64,000 in August. 23 for the first time in the previous 20 days, and it failed to maintain above before retreating to $63,500.

The breakthrough was brought about by remarks made by US Federal Reserve Chair Jerome Powell, which gave investors more hope that interest rate cuts are in the works. He did not, however, provide a precise timeframe.
A crucial support level for Bitcoin in the months that followed the spot Bitcoin exchange-traded funds (ETF)’s approval in January was once thought to be $64K, but a recent decline in August. 5, referred to as “Crypto Black Monday,” saw Bitcoin reach new support near the $50K price mark

Ton down, Telegram’s Pavel Durov arrested in France

Posted on August 25, 2024August 25, 2024 by Olumide Adesina

Toncoin had a double-digit decline when French media reported that Telegram CEO Pavel Durov had been imprisoned there. Durov was detained because French authorities think he is connected to crimes orchestrated via Telegram due to the platform’s lack of moderation.

One of the individuals, who wished to remain anonymous, stated that the 39-year-old Franco-Russian millionaire was taken into custody on Saturday night at the airport located north of the French capital, Le Bourget.

Toncoin is currently trading above $5.5 and has dropped more than 14% as of this writing. At $64,000, Bitcoin is still largely stable.

Durov was the subject of an arrest warrant issued by the French office OFMIN, which is in charge of stopping violence against minors. The preliminary investigation into the allegations included fraud, drug trafficking, cyberbullying, organized crime, and the encouragement of terrorism.

The Dubai-based encrypted messaging service has positioned itself as a substitute for US-owned platforms that have come under fire for abusing users’ personal information for profit. Telegram pledges never to share any user data with third parties.
In an uncommon interview, Durov told Tucker Carlson, presenter of the right-wing talk program, in April that he was under pressure from the Russian government to release an encrypted messaging app while he was employed at VK, the social network he founded before selling it and departing the country in 2014.

After that, he claimed, he attempted to live in Berlin, London, Singapore, and San Francisco before deciding on Dubai, which he commended for its “neutrality” and business-friendly atmosphere.

Due to a complaint about Telegram’s lack of moderation and collaboration with law enforcement, the OFIM, a French body that works to prevent violence against minors, issued a warrant for Durov’s arrest.

The CEO of Telegram, Pavel Durov, was reportedly detained at Le Bourget Airport, under OFIM, the French National Police office responsible for preventing violence against minors.

The French national police office OFIM filed a criminal complaint that led to the warrant for Durov’s arrest. The complaint claims that Telegram’s lack of moderation and lack of cooperation with law enforcement made Telegram complicit in drug trafficking, the distribution of child sexual abuse material (CSAM), and fraud.

Crimes and misdemeanors were allegedly perpetrated on his platform, which he did nothing to stop or assist with. It developed as the leading network for organized crime throughout the years.

Bitcoin highest level since August 2

Posted on August 24, 2024August 24, 2024 by Olumide Adesina

U. S. Fed Chief’s speech yesterday caused Bitcoin to soar above $64,000 for the first time since the market’s downturn on August 2.

Following signals of a reduction in interest rates from Federal Reserve (Fed) Chair Jerome Powell’s keynote speech on Friday morning, Bitcoin (BTC) has increased by almost 5% over the last 24 hours, coinciding with a surge in the cryptocurrency market.

The labor market has cooled, and “conditions are now less tight than those that prevailed before the pandemic,” Powell said in his speech, highlighting Bitcoin’s love for low interest rates. Thus, he stated, “the time has come for policy to adjust.”.

The US Federal Reserve’s further confirmation that interest rates would eventually decline led to a 39-day high in bitcoin buyer interest in the US. According to Julio Moreno of CryptoQuant, “demand for bitcoin in the US surged today as the Fed signaled the cycle of lower interest rates will begin.”. 24 X post. Two encouraging catalysts helped lift the sluggish cryptocurrency prices on Friday.

The first came when U. S. Chairman of the Federal Reserve Jerome Powell announced that a cycle of monetary easing would start next month, and as crypto-friendly as RFK Jr. backed Donald Trump, the GOP standard-bearer who is also friendly to cryptocurrencies, in the presidential race.

The presidential race still seems to be about a closer contest even with Kennedy withdrawing and supporting Trump, however, conventional wisdom indicates that the GOP candidate will primarily gain from Kennedy’s removal from the ballot in the so-called “battleground” states.

Kennedy and Trump have both pledged to treat bitcoin and other cryptocurrencies far more kindly than the Biden administration has, with Trump proposing the U. S. establish a strategic reserve for bitcoin and pledge to fire SEC Chairman Gary Gensler right away. It seems the Harris campaign has noticed. Earlier this week, a senior advisor to Harris stated that the Harris administration would encourage the expansion of the cryptocurrency sector.

Low interest rates have historically led to higher prices for bitcoin and the cryptocurrency market. The 2017 ICO boom and bull run in the cryptocurrency market, during which rates ranged from 0.75% to 1% and 1% to 1.25%, respectively, serve as evidence of this. However, in 2018, when the Fed started raising interest rates, the market began to correct.

Bitcoin must break $62K resistance line to trigger bullish momentum

Posted on August 23, 2024August 23, 2024 by Olumide Adesina

Recent price action affirms Bitcoin has to “clear resistance” at $62,000 to avoid retesting $49,000. The cryptocurrency last dropped below $50,000 to $49,842 in August. 5, sometimes known as “Crypto Black Monday,” will be its first trip there since February.

Using CoinGlass data, a move to $62,000 would wipe out $1.04 billion in short positions—a move that many future traders would not have anticipated. A rise towards the August 2 high of $65,596 is projected if Bitcoin closes above $62,066 because it would establish a higher high on the daily chart. This could result in an additional surcharge of 6% to test the weekly resistance level at $69,648.

However, several crypto traders believe Bitcoin is unlikely to drop below $50,000 anytime soon. In an August 21 statement by Kraken, “The price action suggests a corrective pattern rather than a strong bullish reversal.”
At the time of writing, Bitcoin has not touched $62,000 since August. It is currently trading at $61K., as stated on Binance.

Bitcoin’s current value indicates it’s trading close to its 200-day exponential moving average. This shows that the most recent price data is given more weight. Throughout the last 15 days, Bitcoin stayed between $57,115 and $62,066 (the Fibonacci retracement levels of 38.2 percent and 61.8%, respectively, drawn from the high on July 29 to the low on August 5).

It is nearly at its major resistance level at $62,066 as of Friday, trading marginally higher by 0.7 percent at $60,772. Bitcoin may fall to $57,115 if it can’t close above $62,066. After that, it may drop another 19% to test the $49,917 daily support level again.

Most bitcoin investors, according to recent fundamentals, have a long-term outlook. Bitcoin had its least profitable In terms of transaction fees, for a long time.

The “HODL” strategy, which involves purchasing and holding Bitcoin for an extended period to avoid being impacted by short-term price fluctuations, seems to have been adopted by most Bitcoin owners. Glassnode data also highlighted that approximately 75% of the Bitcoin in circulation has not changed in more than six months, suggesting that investors buy more Bitcoins in anticipation of a bull market.

XRP Accumulates Below $0.66: Hungry But Smart Bulls Snap $20 Million Sent To Binance

Posted on August 23, 2024 by Dalmas Ngetich

XRP is back to the boring ranges seen in the recent past. The sideways consolidation is slowing down the upside momentum. At the same time, it highlights the significance of $0.66 as a roadblock. Therefore, if bulls succeed and there is a conclusive close above this zone, XRP may rip higher, stretching July gains. As things stand, and without any major fundamental development in recent days, there must be convincing high-volume gains for traders to commit.

Looking at coin trackers, XRP is flat in the past day but up nearly 6% in the last week. However, what’s evident is that engagement is low, standing at just $1.1 billion. In the coming days, traders should watch out for sharp trading volume before considering longs or shorts. Any uptick above $0.66 will be critical in cementing the presence of buyers. On the lower end, any loss below immediate support levels will trigger a sell-off.

The following XRP and Ripple news are trending:

One XRP Ledger developer is accusing RippleX and Ripple of failing to make payments. The developer claims that the two firms fail to remit pay even after he participated in the XRPL ambassadorship program.
In a bullish development, a large XRP deposit on Binance, worth $20 million, failed to unwind recent gains. It means the market readily absorbed the supply. This development means that the current sideways consolidation is a possible accumulation.

XRP Price Analysis

[[XRP/USD]] is stable, moving inside the bull bar of August 19.

The development means the coin is inside a small bull flag.

Technically, as long as prices remain above $0.55, aggressive traders can consider buying the dips.

Any sharp dump reversing August 7 and 19 bars cancels out this outlook. In that case, the coin might retest $0.50.

However, as mentioned earlier, there might be more opportunities if XRP breaches $0.66 and July highs.

In that event, traders can choose to get exposure, expecting the buy trend continuation of July 2024.

Ethereum At A Critical Point: Will Bears Give Up For ETH To Retest $3,000?

Posted on August 23, 2024 by Dalmas Ngetich

Ethereum is within a very tight range. The current state of price action favors bears. Notably, even with the general optimism among ETH holders, the coin is yet to breach $2,800—a key resistance. At the same time, engagement has been decreasing as prices move inside a narrow zone. In the coming days, traders can look at other fundamental factors and, mostly, inflows to spot Ethereum ETFs. If there is an uptick, most analysts expect ETH prices to rip higher, countering the early August drop.

At press time, buyers are confident of what lies ahead. The problem is that traders are cautious. As prices consolidate below $2,700, ETH is in a tight zone, reflecting in its daily and weekly performances. Ethereum is up 3% in the past week. The absence of trading activity means engagement is suppressed as volume sinks to nearly $12 billion in the past day.

Traders are closely monitoring the following Ethereum trending news:

Vitalik Buterin, the co-founder, thinks over the months, Ethereum has grown. He specifically cites the low transaction fees in layer-2s platforms and the launch of fault-proofs in these scaling solutions.
Despite the lull in spot Ethereum inflows, BlackRock’s ETHA is the first product to cross the $1 billion mark. This is massive and considers the unwinding of Grayscale’s ETHE.

Ethereum Price Analysis

[[ETH/USD]] is flat, but traders are optimistic.

From the daily chart, the immediate support is $2,500. On the upper end, it remains at $2,700.

Bears have the upper hand as long as prices remain inside this zone.

Though prices are also inside the bullish August 8 bar, it is until there is confirmation. This means the coin must break above $2,800 with expanding volumes.

If not, and Ethereum drops below $2,500 with similar vigor, there is no discounting a retest of $2,100 in continuation of August 4 and 5 bear candles.

Bitcoin Cools Off As VC Predicts $100,000 in 4 Months

Posted on August 23, 2024 by Dalmas Ngetich

Bitcoin, even with gains on August 21, didn’t explode higher yesterday. Instead, there was a cool-off, forcing the coin lower. From this formation, it is evident that there is strong resistance at the $63,000 level. Therefore, unless there is a strong breakout from this zone and the bull flag, the path of least resistance will be southwards for now. The sideways chop, looking at the events of the past few days, also means there is a slowdown in inflows to spot ETFs.

At press time, Bitcoin is mostly steady, adding nearly 4% in the past week. Even though the uptrend remains, at least for now, the failure of a sharp uptick above the local liquidation levels should be a concern. A breakout will likely push engagement even higher, driving trading volume above the $26 billion level of August 22.

Presently, the following Bitcoin news events are trending:

At around $0.74, the average Bitcoin transaction fee is at record levels. The lower the transaction fee is, the more inactive the mainnet is, which is a concern for miners. In the coming years, miners will rely more on fees, not block rewards.
Anthony Scaramucci of SkyBridge Capital is bullish on Bitcoin. In a recent interview, he said BTC would still breach $100,000 by the end of the year, citing favorable fundamentals. Top of the list is the approval of spot Bitcoin ETFs.

Bitcoin Price Analysis

[[BTC/USD]] is steady at spot rates.

After the expansion of August 21, bulls expected prices to tear higher, breaching $63,000.

However, that has not been the case.

Instead, the path of least resistance is southwards, at least in the short term.

Though aggressive traders can consider loading the dips, a clean breakout above the bull flag will be ideal.

Once BTC clears this liquidation zone, it may expand to as high as $70,000 in a buy trend continuation formation.

Forex Signals Brief August 22: Markets Turn to Services, Mfg. PMIs

Posted on August 22, 2024August 22, 2024 by Skerdian Meta

The theme of dollar weakening persisted, supported this time by the Bureau of Labor Statistics’ downward revision of non-farm payrolls for the year ending in March. While some argue that the revision might be exaggerated, Goldman Sachs estimates that the actual loss was closer to half of the reported figure, pointing to a weaker labor market and justifying a potential rate cut by the Fed.

Manufacturing still in recession globally

Continue reading “Forex Signals Brief August 22: Markets Turn to Services, Mfg. PMIs” →

Bitcoin Trading Volume Spikes, Senator Thinks A BTC Reserve Will Be a Game Changer

Posted on August 22, 2024 by Dalmas Ngetich

Bitcoin remains within a tight range, per the formation in the daily chart. Even though traders are confident, expecting prices to rip higher, the consolidation means conservative, risk-averse traders should stay on the sidelines. Until there is a clean breakout in either direction, holders will expect the wavy price action to continue. This development is not surprising considering the outflow from spot Bitcoin ETFs. As seen before, once BTC bulls succeed in overcoming the immediate local resistance levels, institutions will be interested, fanning demand.

At press time, Bitcoin is up nearly 3% in the past day and week. Unless there is a swing higher, breaking above $63,000, the immediate trend is neutral. Amid this, the uptick of the last 24 hours means the average trading volume is higher, expanding to nearly $35 billion.

Traders are monitoring the following trending Bitcoin news:

The founder of CryptoQuant expects prices to consolidate for now until Q4 2024. Historically, in the Halving years, whales tend to intervene after a lackluster performance in the better part of the year. Still, whether the coin will register fresh all-time highs remains to be seen.
Senator Cynthia Lummis thinks the creation of a strategic Bitcoin reserve will likely aid in cutting national debt by half by 2045. Former President Trump plans to create a reserve should he win in November 2024.

Bitcoin Price Analysis

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

Even though traders are confident of what lies ahead, bulls have to break above $63,000 for uptrend continuation.

Risk-averse, conservative traders can wait on the sidelines before committing.

A close above $63,000 will confirm buyers of August 8, setting the base for another rally to $66,000.

However, if sellers don’t give up, forcing BTC below $56,500, the coin might retest $50,000.

For now, aggressive traders can consider longs, buying the dips in anticipation of buy trend continuation.

Ethereum Struggling As Trading Volume Drops: Bears and Bulls Battling For Dominance

Posted on August 22, 2024 by Dalmas Ngetich

Ethereum is stable when writing. It is higher than August 20, meaning the coin is finding support. Despite the general confidence among holders, the inactivity and flattening trading volume are concerns. In the short term, the local resistance and support remain at $2,800 and $2,500, respectively. At the same time, it is evident that bulls are yet to decisively reverse losses of August 5. Nonetheless, analysts are banking on spot ETFs and institutional demand to lift sentiment and prices in the short to medium term.

As prices move sideways, Ethereum is also flat, looking at performance in the past day and week. For now, trading volume is also low, standing at around $13 billion. Unless there is a spike above the local resistance or support, this drab price action will continue to push away new traders, reducing liquidity.

Traders are watching the following Ethereum news:

The upward momentum is fading as capital outflows from spot ETFs continue. As institutional investors pull away capital, ETH will be fragile. Most outflows are from Grayscale’s ETHE.
The sideways chop and inability of buyers to unwind losses of early August mean Ethereum’s dominance is falling. This contraction has seen Bitcoin increase its market share, according to Glassnode data.

Ethereum Price Analysis

[[ETH/USD]] bulls are confident of what lies ahead.

However, prices are flat and uneventful—as seen from the dropping trading volume.

Technically, sellers of August 4 and 5 are in control from a top-down analysis.

If bulls build momentum and break $2,800, this preview may change, paving the way for a leg up to $3,000.

Meanwhile, aggressive sellers can consider shorting any attempt higher, targeting $2,100 in the coming days. The drop will be accelerated if bears push the coin below $2,500 and the current bull flag.