Bitcoin in accumulation phase, reclaims $60K support line

Posted on August 9, 2024August 9, 2024 by Olumide Adesina

Bitcoin posted a swift increase above $62K before declining to $60.8K, capping a broad market rally that undid sharp losses from the previous week. Positive sentiment in the stock market and predictions that Bitcoin will repeat previous market cycles contributed to the rally, as did liquidated short positions before falling during Friday’s London trading session.

Bitcoin has been forming an ascending flag pattern on technical charts since March of this year, according to the most recent post by CryptoQuant, indicating a positive bullish signal for BTC. This well-known pattern typically signals notable upward shifts, implying that Bitcoin may see a breakout in the upcoming months.

Bitcoin’s increased demand was also affirmed by CryptoQuant’s Onchain NetFlow metric, which showed a noticeable increase in buying pressure and supported this technical analysis. The technical pattern’s alignment with on-chain metrics supports the bullish outlook by suggesting significant potential for price increases in the future.
Risk appetite increased as U. S. stock markets rebounded on Thursday, with the tech-heavy Nasdaq 100 rising 3.1% and the SandP 500 having its best day since November 2022.

This assisted in reversing losses following a severe loss on Monday that affected cryptocurrency and stock indexes alike. BTC surged by more than 7 percent over the last 24 hours, the largest increase this month. With this action, nearly $100 million in short positions—bearish bets—on futures linked to Bitcoin were liquidated.

This year’s fourth biggest loss for Bitcoin bearish bets was the $100 million liquidation.
Some market observers explained the gains as the result of positive sentiment in the stock market and expectations that Bitcoin will repeat previous market cycles.

Santiment also noted a notable increase in whale transactions on August 5 and 6. As of the first week of April, the figure reached levels never before observed. The recent decline in price that briefly drove Bitcoin below $50,000 have contributed to the sudden increase in activity, witnessed by wallets holding between 10 and 1,000 BTC.
A strategic accumulation phase may be underway, with large holders taking advantage of the chance to purchase bitcoin at a discount, as indicated by the spike in whale transactions during this time.

Ethereum Spikes By 26%, ETH Traders Shouldn’t Be Too Excited

Posted on August 9, 2024 by Dalmas Ngetich

Ethereum is turning the corner, looking at the performance in the daily chart. Even despite the dump on August 7, the sharp recovery and push above $2,500 places ETH bulls at a vantage position. It remains to be seen whether the upswing of August 8 will cement buyers’ conviction, lifting prices above $2,800 and $3,000 over the weekend. However, what’s clear is that bulls are rejecting lower lows even as spot ETF issuers redeem millions worth of ETH.

Ethereum is up 26% from this week’s low at spot rates. However, unlike Bitcoin, prices are still held inside the August 5 bear bar. Technically, this is bearish from a top-down preview. Nonetheless, with the injection of strength, bulls can extend gains, which stand at nearly 10% in 24 hours. As prices rise, trading volume will also likely expand, rising to over $23 billion posted on the previous day.

Traders are closely monitoring the following Ethereum news events:

Even as Ethereum pushes higher as buyers attempt to align with the trend of Q1 2024, one analyst is confident. In a post on X, he thinks ETH is “super undervalued” and ready for the “big run.”
Amid the spike on August 8, bulls managed to weather the outflows from spot ETF issuers. Yesterday, all the nine spot Ethereum ETF issuers redeemed 11,059 ETH worth over $28 million. Though some issuers saw inflows, Grayscale alone registered outflows exceeding 16,000 ETH.

Ethereum Price Analysis

At spot rates, [[ETH/USD]] is firm, rising, looking at the price action in the daily chart.

While confidence is high, Ethereum is still technically bearish.

Note that the coin is trending inside the bear bar of August 5. At the same time, even with the recent gains, trading volume remains low.

Ethereum will likely break higher should prices float above $2,600 or August 5 highs.

If not, aggressive traders might consider every attempt higher as an opportunity to offload, targeting $2,100.

Bitcoin Surges 25% Despite Major Spot ETF Outflows: Up Next $66,000?

Posted on August 9, 2024 by Dalmas Ngetich

Bitcoin is firm at spot rates, completely reversing losses of early this week and, most importantly, trending above the psychological resistance, now support, at $60,000. As bulls press on, it is ideal that buyers sustain this uptrend by rejecting sellers attempting to push prices lower.

When writing, buyers are beginning to take shape. Notably, Bitcoin is up nearly 25% from this week’s low, propelling gains from the last day to over 6%. At the same time, losses of the past seven days have been trimmed to nearly 5%. Interestingly, the leg up is also amid expanding trading volume, now at over $43 billion.

The following Bitcoin news events are worth tracking:

In a major endorsement of crypto and Bitcoin, Russia approved mining operations within its territory. The decision could see farms migrate to Russia, taking advantage of the cool temperature and low energy costs, further fortifying the network.
Even as prices recover, spot Bitcoin ETFs continue to post outflows, although at a slower pace. Yesterday, all ten issuers in the United States saw outflows of over $9 million.

Bitcoin Price Analysis

[[BTC/USD]] is firm, looking at the performance in the daily chart.

Although prices crashed below $53,500 in a bear breakout formation, the recovery on August 8 now raises questions about the strength of bears.

Thus far, the long lower wick of August 5 anchored bulls who have thus far unwound losses of early this week; a huge positive.

A breakout above $60,000 has set up the base for possible gains, lifting Bitcoin to $66,000 or better.

Even so, if prices drop over the weekend, forcing BTC below $60,000, bears will still have a chance.

XRP Lift Off: Ripple Fined $125 Million, Not $1 Billion, Time for $1?

Posted on August 8, 2024 by Dalmas Ngetich

XRP is back to bullish ways, confirming the trend of July 2024. After the 25% surge yesterday, the coin exploded, reversing losses early this week and setting up the coin for more gains. Of importance, prices are now above $0.55, meaning the bullish breakout of July 2024 remains, and $1 is not farfetched. Triggers, as explained before, are primarily fundamentally driven and follow a court ruling, ending the multi-year court case.

The surge in XRP prices means it is a top performer in the top 10. Most importantly, the uptrend is now in full force and traders can look to buy the dip, targeting $0.66 and $0.74 in the short term. In the last day, the coin is up 17%, pumped by rapidly rising average trading volume now at over $5.2 billion in the 24 hours.

Traders are watching the following trending XRP and Ripple news:

Judge Anarlisa Torres said Ripple, the blockchain company, has to pay $125 million in civil penalties to the United States SEC. This ruling marks the end of the multi-year court case. This also helps clarify the status of XRP as a commodity, depending on how it is traded.
In the ruling, Ripple should file for a registration statement if it wants to sell XRP to institutions. Analysts claim the United States SEC lawyers are likely to appeal even with this.

XRP Price Analysis

[[XRP/USD]] is back to green, resuming the uptrend.

Aggressive traders can look to buy the dips above $0.55, targeting $0.62 and $0.66 in a buy trend continuation formation.

Notice that XRP found strong support from the 68.6% Fibonacci retracement level of the July trade range.

Any dip below $0.50 will cancel this outlook.

Conversely, a firm close above $0.62 and July 2024 highs will confirm the uptrend, fanning demand to $1.

Ethereum Slips, Jump Trading Offloading Millions: ETH Bears Targeting $2,000

Posted on August 8, 2024 by Dalmas Ngetich

Ethereum is printing discouraging lower lows at press time, looking at the price action in the daily chart. Even though bulls are confident of what lies ahead, the short-term trend favors sellers. With the bear bar of August 7, sellers are back in the picture, even setting up the momentum for a drop to $2,000 or worse. Before resuming the Bull Run, buyers must push the price above the liquidation wall between $2,500 and $2,800.

The contraction of Ethereum prices means the downtrend remains, pushing losses from July highs to roughly 30%. At this pace, bears might retest this week’s low and even crash lower. Thus far, ETH is in red in the past day, shaving off nearly 4%. Meanwhile, participation is within average, dropping to around $24 billion.

The following trending Ethereum news events are worth monitoring:

Even with falling Ethereum prices, spot ETFs continue to see inflows. What this means is that investors are confident about the coin’s prospects. It is worth knowing that interest in spot Ethereum ETFs is rising despite the absence of staking, which the United States SEC barred.
Jump Trading is selling its ETH holdings. The impact of their action is visible on prices. The coin is under pressure as the market maker liquidates their holdings following news that the United States CFTC is investigating their operations.

Ethereum Price Analysis

[[ETH/USD]] is down, looking at the daily chart.

The immediate resistance is around the $2,500 to $2,800 zone.

On the lower end, support is at $2,100.

Since Ethereum is within a bear breakout formation, every high within the August 5 bar may offer entries for sellers.

The first target will be a retest of this week’s low at $2,100.

Further losses may force ETH to $1,800 and $1,500 in a bear trend continuation formation.

Any sharp break above $2,800 will trigger demand.

Ethereum shows 2K signs as bulls suffer exhaustion

Posted on August 8, 2024 by Olumide Adesina

Ethereum retested its weekly support on Monday and increased by 4.5% to $2.45K by Thursday, although the downside risk is still significant. The super altcoin has lost over a third of its value this month partly due to a moderated appetite for risk.

There is still more pressure to sell because of the general concern because of such a downturn. In light of this, the crucial query is the potential length of this negative trend.

This has set off a series of protracted liquidations that have terrified the market. However, the price has now settled within the crucial $2.1K support area, which catalyzed the previous bullish surge that sent the price to the $4K annual high.

Since Ethereum’s price couldn’t rise above $3.5K, bulls have been under intense pressure. The market sell orders have increased sharply because of the subsequent rejection of the $3K barrier.

The Taker Buy/Sell Ratio has dropped to its lowest level since 2021 because of this spike in selling activity, reflecting a significant pessimistic attitude among futures market players.

This pessimistic attitude implies that leveraged traders expect Ethereum’s price to drop further. A lack of faith in the market’s ability to support higher prices is indicated by the constant execution of sell orders, which could result in more downward pressure.

In the immediate term, given the severity of the recent decline, a phase of sideways consolidation around the $2.1K support level is probably in order, followed by small positive corrections. This would prevent any more big fluctuations in the market and allow it to stabilize and “catch its breath.”

Lookonchain data revealed Ethereum Spot ETFs received inflows of 44,447 ETH, worth $110.1 million on Wednesday. Santiment’s data, on the other hand, indicates that there may be an impending rally due to increasing activity in inactive wallets and recent capitulation events.

According to Lookonchain statistics, there were net inflows into nine spot Ethereum ETFs on Wednesday totaling 44,447 ETH, or $110.1 million. This makes two days in a row of net inflows this week.

With their combined Ethereum reserves of $7.04 billion, this pattern highlights how critical these ETFs’ net flow data are to understand investor mood and market dynamics.

Ethereum displays significant selling pressure on the 4-hour chart after breaching below the lower border of the $2.8K wedge. The price broke through several support levels because of this breakdown, intensifying the bearish trend.
At the $2.1K level, ETH has now found a strong support area. The market frequently goes into a corrective phase to consolidate and possibly retrace after such an aggressive bearish surge.

Bitcoin Volatile Amid Major Outflows from Spot ETFs: What’s Next?

Posted on August 8, 2024 by Dalmas Ngetich

Bitcoin swung lower yesterday before printing higher earlier today, looking at the performance in the daily chart. Even though traders are upbeat, the downtrend remains for now. The immediate resistance is at the round number set at $60,000, while bears can target $50,000 and lower in the coming days. Technically, bears have the upper hand from a top-down preview. However, what’s fueling sellers is the continuous outflows from spot Bitcoin ETFs, denting sentiment.

Traders should closely monitor how prices react within the August 5 bar. Thus far, the coin is down roughly 17% from July highs and bearish. However, the recovery earlier today means Bitcoin is down 11% in the past trading week, though the average trading volume is relatively lower but decent at over $41 billion.

Traders are monitoring the following Bitcoin news developments:

Institutions are in the picture. However, after the approval of spot Ethereum ETFs in July, there have been unusually steady outflows from spot Bitcoin ETFs. With more heavyweights pulling out of BTC and reportedly seeking exposure in ETH, the impact has been evident: prices are down.
The number of addresses with at least 0.1 BTC is at new all-time highs. This means that more people are choosing to double down.

Bitcoin Price Analysis

Even with gains, [[BTC/USD]] is bearish at spot rates.

From yesterday, the pullback from around the $56,500 level means sellers have the upper hand.

For conservative bull traders, there are opportunities above $60,000.

Conversely, aggressive sellers can increase their exposure as long as prices are inside the bearish engulfing bar of August 5.

With the recent bars still banding along the lower BB, the downtrend remains.

If sellers press on, the first target is $49,000 and $45,000.

Forex Signals Brief August 7: Following the Market Mood Today

Posted on August 7, 2024August 7, 2024 by Skerdian Meta

Yesterday, the RBA opened the day, maintaining interest rates at 4.35% and refrained from hinting at a future rate hike, which provided support for the Aussie dollar. However, they did remove the rate hike passage from their statement. After Monday’s market bloodbath, the markets rebounded on Tuesday. The Nikkei, which had fallen more than 12% on Monday, recovered over 10%, setting the stage for a bullish opening in the US share market.

Continue reading “Forex Signals Brief August 7: Following the Market Mood Today” →

Bitcoin Whales Loaded Over 30,000 BTC: Will BTC Bulls Break $60,000?

Posted on August 7, 2024 by Dalmas Ngetich

Bitcoin pushed higher yesterday, moving to within the July 2024 zone and floating above the $56,500 level. While impressive, sellers remain in control, at least in the short term, unless there is a big bounce above $60,000 today. What’s clear to see in the daily chart is that the long lower wick of August 5 signaled strength, which showed yesterday and is likely to anchor ambitious buyers. Though the recovery is welcomed, the bear breakout of Monday remains from a top-down preview.

So far, traders are optimistic, but there is a shed of weakness from a top-down preview. From the daily chart, the coin is within a bear breakout formation. Of note, BTC is down roughly 20% from July highs, as weekly losses remain in double digits at 14%. At the same time, trading volume has been dropping over the last two days, currently at over $46 billion.

Bitcoin Daily Chart for August 7

The following trending Bitcoin news developments are worth watching:

Recent losses went into the history books, pushing crypto dips to the largest declines in nearly two years. Though the FTX collapse gained attention, the contraction from over the weekend was more notable.
Though prices fell, spooking retailers, large holders, on-chain data shows, saw this as an opportunity to double down. According to Santiment, whales scooped over 30,000 BTC during the slide.

Bitcoin Price Analysis

[[BTC/USD]] is bearish at spot rates, looking at the development in the daily chart.

Even though prices recovered, the immediate resistance is between $58,000 and $60,000. This zone marks the high of August 5.

Therefore, from a top-down preview, sellers have the upper hand and can short on every attempt higher, targeting $50,000.

However, once Bitcoin bulls break above $60,000, the trend will rapidly shift. Then, traders might consider loading on dips, targeting $66,000 or higher.

Spot Ethereum ETFs Post Inflows: Enough to Push ETH Above $2,800?

Posted on August 7, 2024 by Dalmas Ngetich

Ethereum, mirroring the performance across the crypto board, bounced higher yesterday. Nonetheless, this is not to say buyers are back and the selling pressure from August 5 has been contained. If anything, bears are in control, and the immediate local resistance remains at $2,800, at least for now. In the coming days, traders should closely monitor what happens between this level and $2,000. Sparks of demand will be mainly fundamentally driven, with a specific focus on inflows to spot ETFs.

The short-term favors sellers and aggressive traders will take this position. Prices remain in a narrow range, boxed within a wide-ranging bear bar of August 5. At spot rates, ETH is down nearly 40% from May highs. However, yesterday’s recovery reduced weekly losses to around 25%. Still, participation is dropping, reaching over $24 billion in the past day.

The following Ethereum news developments are trending:

Eyes are on spot inflows. By August 5, despite the sharp drop, inflows stood at over $48 billion even when ETHE saw nearly $47 million in outflows. Demand for ETH was evident across BlackRock and VanEck offerings.
Analysts are convinced after the deleveraging on August 5. Then, over $400 million of ETH leveraged positions were stopped, signaling a possible bottom. If this is the case, a brief consolidation could form the basis of a leg up.

Ethereum Price Analysis

[[ETH/USD]] is bearish when writing.

While there is recovery, traders await a conclusive close above the $2,500 and $2,800 resistance levels before committing to long.

In that case, the immediate target would be $3,300.

However, if yesterday’s gains are reverse and Ethereum closes in the red today, ETH might slip below $2,000 to as low as $1,800 in a bear trend continuation formation.

Notice that prices are still inside the wide-ranging bear bar of August 5. This favors sellers from a top-down preview now that the August 6 bar was narrow and with even lower trading volume.