Bitcoin break $60K amid assassination attempt on President Trump

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

Bitcoin’s price broke through the $60k resistance line once again, in the aftermath of an assassination attempt on President Trump while giving a speech at a rally in Butler, Pennsylvania.
Traders on the cryptocurrency-based prediction market estimate that the former president, who was hurt during a rally in Pennsylvania on Saturday, now has a 70% probability of regaining the White House.

Images and videos of a furious Trump, covered in blood, pumping his fist in the air went viral on social media after two weeks during which the national discourse was centered around the weakness and mistakes of his opponent, President Joe Biden.

Bitcoin’s price increased by 3% to $60.2K on Sunday morning. The most popular crypto token has steadied in recent days due to the belief that ETFs from industry heavyweights like Fidelity Investments and BlackRock Inc. provide the kind of stable demand that can reduce market fluctuations.

The former president, who has positioned himself as a supporter of Bitcoin and the crypto industry said that he was hit in the right ear following an explosion of gunfire on Saturday during his political rally in Pennsylvania. After the encounter, according to his campaign, he was “fine” and excited to attend the Republican National Convention, which gets underway in Milwaukee on Monday.

In light of today’s events, PredictIt data indicates that Trump’s odds of winning the presidency again have improved. Following the incident, footage of a defiant Trump with his fist raised over his head, his right ear bloodied, and the American flag waving in the background has gone viral on social media and television. A representative for the Secret Service declared that the Republican presidential candidate was “safe”. Both the suspected gunman and a bystander perished.

The market’s reaction will probably be more volatile in the coming days, and they might make the same trades they did after Trump won the debate last month. Treasury yields rose and the US dollar appreciated under the scenario.

Following his injuries from a shooting at a rally in Pennsylvania, former US President Donald Trump’s chances of winning the presidency again surged to an all-time high on Saturday, according to traders on Polymarket.

Pepe Bulls face more rejection

Posted on July 13, 2024July 13, 2024 by Olumide Adesina

PEPE has been gaining ground lately as investors drive the price. Nevertheless, the $0.000009 resistance level was a brick block for the token. Currently trading at $0.000009 per unit in the early hours of Saturday, Pepe has a market valuation of $3.68 billion. The total daily trading volume stands at about $544 million. Pepe’s gain over the previous day is +1.39%. It has 420,689.9 billion in circulation

Recent price action shows a rejection of that level. PEPE’s price crashed after the botched breakout attempt. The token lost about 10% of its value in the last two days. Recent gains were obliterated by this sharp collapse, which returned the market to a bearish trend. PEPE price decrease that followed the rejection at the crucial resistance level was strongly associated with bearish on-chain indications for the most part, the signs were negative.

Notably, the number of investors “in the money” was -0.50%, indicating a negative trend, and the Net Network Growth suggested a bearish trend of 1.08%. Large transactions showed a bearish signal of 0.57%, and concentration levels were marginally bearish at -0.07%.

It was indicated by the correlation of negative signals from several measures that it would continue to experience downward pressure shortly. Notably, a significant decline in network activity during the past few weeks was shown by Santiment’s Active Addresses statistics. It might be challenging for PEPE to stage a rebound shortly due to this declining interest and participation.

What does PEPE do next?

Considering the converging bearish indications, PEPE appears poised for additional declines in the coming days. $0.00000720 is the next critical support level to be aware of PEPE may test its recent lows at $0.0000065 if such a support line breaks.

PEPE needs to take back the $0.00000920 resistance level, recently rejected to have any chance of a positive reversal. It is recommended that traders search for indications of support surrounding the current price level to identify possible short-term purchasing opportunities. But it is imperative to hold off on taking long positions until there is more evidence of a trend reversal. Price weakness may be indicated if it breaks below the lower pitchfork barrier

PEPE, a deflationary meme-coin, was released on Ethereum. The cryptocurrency was created as a tribute to the early 2000s internet fad known as Pepe the Frog, created by Matt Furie. Enacting a no-tax policy and being upfront about its lack of utility, PEPE is a meme-coin that appeals to the cryptocurrency community because it keeps things simple and pure.

Why JP Morgan is bullish on altcoin market

Posted on July 12, 2024July 12, 2024 by Olumide Adesina

JP Morgan, in a recent research report, anticipated a recovery in August for Bitcoin and the cryptocurrency market. The report also stated there was a good chance that liquidations may decrease before the end of this month.

However, the world’s most valuable bank reduced its projected net inflows for this year due to the negative market conditions. The revised estimate, based on earlier estimates of $12 billion, indicates that the cryptocurrency market may see inflows of $8 billion.

The Tier 1 bank projected that if Bitcoin’s price increases next month, the altcoins may also see a recovery. There is a false belief that altcoins are negatively impacted by the rise of BTC, creating a Bitcoin season. This won’t be the case, even as altcoins adopt Bitcoin’s strategy. Actually, in the later part of 2023, when altcoins last rose to mark the start of an altcoin season, they were taking their cues from Bitcoin.

The Wall Street bank stated that the drop in reserves is probably due to the German government selling digital assets it seized from illegal activity, or to bitcoin liquidations by Gemini’s creditors or the now-defunct cryptocurrency exchange Mt. Gox. The market has been concerned about the German government’s continued sale of Bitcoin. Bitcoin had significant sales during the past few weeks because of its seizure of more than $2 billion, and the asset’s price has reflected the heightened pressure.

More than two-thirds of altcoins are now performing worse than BTC over the previous 90 days, altcoins are not even close to experiencing an altcoin season.
Only Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR), and Tron (TRX) are among the cryptocurrencies performing better than Bitcoin which is in the green. Every other token is reporting a loss.

Historical data affirm the crypto market is deemed to be in a downtrend when it regularly trades below the 200-day average, and bullish when they trade above the average. In October, the average value of BTC exceeded the 200-day SMA, at $28,000. Expectations for a spot bitcoin ETF in the US drove the breakout, which opened the door for a surge that saw prices reach historic highs above $70,000 by March.

The US interest rate is one element that influences Bitcoin’s price. The allure of riskier investments, like cryptocurrency, grows as interest rates decline. According to the Federal Reserve meeting minutes, which were made public on Wednesday, officials led by Chairman Jerome Powell are hesitant to lower interest rates unless additional information becomes available that would increase their confidence that inflation is gradually approaching their 2% target. When the Labor Department issues its non-farm payroll data for June, that may happen as soon as tomorrow.

MicroStrategy: Bitcoin’s largest corporate holder plans stock split

Posted on July 12, 2024July 12, 2024 by Olumide Adesina

MicroStrategy, the enterprise analytics software supplier and Bitcoin software developer stated it will split its class A and class B common stock 10 for 1. According to a press release from the company, the purpose of the move is to “make the ballooning stock more accessible to investors and employees.” In response to the news, MicroStrategy’s stock (MSTR), which has more than tripled in value over the past year, at $1,406, is up about 8%.

According to an announcement made by the corporation, shareholders of record as of August 1 will get nine more shares for each share they now own. Split-adjusted trading is anticipated to start on August 8 and the distribution after market close on August 7.
The business said in its release that “the stock dividend will not have any impact on the voting and other rights of stockholders.”

The T-Rex Group filed for many MicroStrategy ETFs on Thursday, which could mean some spicy TradFi products for investors looking for leveraged exposure to the price of Bitcoin.
MicroStrategy is the largest corporate Bitcoin holder with 226,331 BTC stored in its corporate treasury, As of this writing, at the current price of roughly $56.8K, it is about $13 billion. Co-founder and executive chairman Michael Saylor is a vocal supporter of Bitcoin.

Bitcoin saw a spike to a high of $59,485 on July 10 before collapsing to $56.6K on July 12. According to Coinmarketcap data, Bitcoin dropped 23% from its all-time high of March 14 after briefly rising to $59,529 on July 11 but failing to sustain that level.

About $8.5 billion worth of Bitcoin may have been released onto the market because of the statement that Mt. Gox has started paying its creditors back since July 5. This announcement has been linked to a recent unfavorable attitude.

Furthermore, a significant portion of the recent decline in Bitcoin’s price has been attributed to big sales by the German government, which in recent days transferred 16,254 BTC, or $935 million at current rates, to market makers and exchanges, according to Arkham intelligence data.

Bitcoin Capped Below $60,000 As Germany Dumps: Will Binance Prop Bulls?

Posted on July 12, 2024 by Dalmas Ngetich

Bitcoin is volatile when writing, which has been the state of affairs for the better part of this week. Although prices didn’t drop, following through losses of last week, the downtrend is valid, at least from the current position. So far, Bitcoin has resistance at $60,000, a round number, though a close above $66,000 will be crucial for trend definition. If prices are below this level, every high might be entries for determined sellers angling for $50,000.

Reflecting on this is the performance on the previous day and week. In 24 hours, BTC is down 2% and down 6% in the last week. Meanwhile, participation is within average, rising slightly to over $28 billion.

Traders are closely monitoring the following Bitcoin news events:

It is now emerging that Binance, the world’s largest exchange by client count, has been actively buying BTC. When prices fell from $72,000, bottoming up last week, the platform added over 45,000 BTC.
Amid this, the German government is relentless. They have been unloading more and more BTC. Their impact is visible on price action; bulls have been unable to build on last week’s gains. In the short term, the key reaction level to watch is $60,000.

Bitcoin Price Analysis

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

Despite the efforts of buyers to stem the sell-off, there was no convincing follow-through this week.

Accordingly, aggressive sellers might look to dump, aligning with the losses of last week.

As mentioned before, the short-term target is $53,500. However, any break below this level will push Bitcoin to $50,000.

If Bitcoin has found a bottom and bulls are ready to push higher, they must decisively break $60,000.

Afterward, BTC will likely float to $66,000, especially if trading volume swells.

Ethereum Resilient: ETH Reclaims $3,000, what’s Next before Spot ETFs?

Posted on July 12, 2024 by Dalmas Ngetich

Ethereum is steady, printing encouraging higher highs at press time. Though Bitcoin is falling, the expansion in ETH means the coin is driven more by fundamental factors and not technical candlestick arrangements. In light of this, traders might choose to track the token closely. Any uptick above $3,300, cementing the coin above the $3,000 round number, will be massive for sentiment. Eyes will also be on the United States SEC and its pronouncements on spot ETFs.

So far, Ethereum is in green, outpacing Bitcoin. In the previous day, it is steady, down roughly 2%. Because of this week’s gains, bulls have peeled back all losses posted on July 5. What’s needed in the short to medium term is a firm breakout above $3,300. ETH will likely fly if trading volume expands beyond the current $15 billion, lifting prices above $3,300.

Traders and investors are looking at the following trending Ethereum news:

Though Ethereum is muted at press time, some traders are confident. In a post on X, one said there is a similarity between the current price action and that of Bitcoin before it jumped by 200%.
According to one Bitwise executive, the eventual approval and launch of spot Ethereum ETFs will usher in a new asset class. Specifically, tokenization will blossom in the coming months, with the first smart contracts platform playing a crucial role.

Ethereum Price Analysis

[[ETH/USD]] is steady when writing, increasing as buyers target to reclaim $3,300.

From the technical candlestick arrangement, the level is a key liquidation line that must be broken.

As things stand, Ethereum has support at $3,000, but a drop below $2,800 will be significant.

Looking at the state of affairs, aggressive traders might choose to fade the uptrend, shorting on every high below $3,300, targeting $3,000 and $2,800. In this way, they will be trading with the bear bar of last week.

Meanwhile, conservative, risk-averse traders can wait for a clean break above $3,300 before loading on dips with targets at $3,700.

If ETH collapses, losses below $2,800 will accelerate the dump to $2,500.

XRP Rising: History Favors Ripple Bulls, Do They Have What It Takes To Break $0.46?

Posted on July 12, 2024 by Dalmas Ngetich

XRP is stable, within this week’s range, and trading below $0.46. While the coin is in green, printing a series of higher highs, it is now what buyers want to see. If anything, sellers remain in control, at least looking from a top-down review. The inability of Ripple bulls to push higher, breaking $0.46 and $0.50, is a problem. Until this happens, every high might offer an opportunity for aggressive sellers to consider shorts targeting Q3 2024 lows.

Amid this consolidation, XRP is up 3% in the past day and 13% in the last week. Of note, all losses of July 5 have been revised. However, for bulls to take over and reverse July 4 losses means reclaiming $0.46. Considering the favorable risk reward, a retest of this level might be an opportunity to short at a premium level. Still, depending on the pace of the leg up and if the expansion is high volume, XRP could continue rallying, pushing toward $0.50.

As prices move horizontally, traders are closely watching the following XRP and Ripple news:

XRP is moving sideways, and the result is precisely what traders expected: A volatility squeeze. Looking at the Bollinger Band (BB) in the monthly chart, there is a clear squeeze, which is exactly what was seen in the past. If buyers are successful, XRP will rally even higher, breaking all-time highs.
Brad Garlinghouse, the Ripple CEO, maintains that the United States SEC and Gary Gensler are unlawfully cracking down on crypto. The executive has previously said that their resistance to new technology disadvantages the country.

XRP Price Analysis

[[XRP/USD]] is moving sideways, looking at events in the daily chart.

Though buyers are confident, sellers are in control.

This position holds as long as XRP is trading below $0.46.

Since prices crashed last week, sellers might choose to offload as long as the coin is trending inside the July 4 and 5 range.

The immediate support and target would be $0.40.

On the flipside, a sharp breakout above $0.46, rewinding losses of July 4, invalidates this preview. In that event, Ripple might find the momentum to float toward the upper range of the previous consolidation at $0.55.

Bitcoin Rejected From $60,000 Even As Whales Accumulate: What’s Going On?

Posted on July 11, 2024 by Dalmas Ngetich

Bitcoin turned around on July 10, printing lower. The rejection of higher highs, as evident in the daily chart, points to general weakness and the failure of buyers to follow through on gains of last weekend. Unless there is a close above the $60,000 level, as mentioned earlier, bears have the upper hand in the days to come. In this event, the odds of Bitcoin slipping to as low as $53,500 in a retest of last week’s lows remain.

At press time, Bitcoin is down, sliding 1% in the last 24 hours but stable week-to-date. Amid the excitement across the board, the average trading volume remains muted, falling to $24 billion. Fundamental factors that traders should closely monitor could drive engagement. Considering the recent crash, a revival above $60,000 would be huge for Bitcoin and sentiment.

Today, traders should monitor the following Bitcoin news:

Despite the weakness in price action, on-chain data shows that most whales are on a buying spree. According to CryptoQuant, whales and diamond hands increased their holdings by more than 6% in the past month.
A Bitwise executive recently claimed that though BTC is under immense selling pressure at press time, the coin could soar to $100,000 by the end of the year. Drivers will include rising inflows to spot Bitcoin ETFs and the impact of Halving, which occurred on April 20.

Bitcoin Price Analysis

At press time, [[BTC/USD]] is bearish.

The 2% drop in the past day is puncturing the uptrend.

Since prices are still within the July 4 and 5 range, and trending below $60,000, aggressive traders may look to align with the dominant trend.

Notably, Bitcoin is within a bear breakout formation, especially in the weekly chart.

For this reason, sellers have the upper hand.

Traders can first target a retest of $53,500 and later $50,000 in the sessions ahead.

Ether on $2815 support line, downside risk remains high

Posted on July 11, 2024July 11, 2024 by Olumide Adesina

The second-largest cryptocurrency, Ethereum, got the second week of July off to a positive start. Ether’s price found appropriate support at $2815—a multi-month horizontal level intact in February 2024—in the aftermath of the recent market selloff.

This support is critical for Ether to lead another correction or bounce back, as it nearly aligns with the 23.6% Fibonacci retracement. If the price recaptured the immediate resistance of the 200-day Exponential Moving Average around $3080, then ETH buyers could receive a stronger confirmation of a positive reversal.

The Relative Strength Index turned back from the oversold area, indicating that the excessive selling has caused a price cooldown that will allow selling to pick up steam. Conversely, the daily chart of the price of Ethereum displays a double-top formation. Extended correction remains possible with this reversal pattern. The pressure might increase and drop to the $2.5K level in the event of a breakdown from the $2815 support line.

The Relative Strength Index (RSI) is below the neutral level of zero and fifty. The indicator needs to move above these crucial levels for bulls to maintain momentum and assist the current recovery advance. Furthermore, if the altcoin closes above $3,240, it may increase 5.5% to retest its previous daily high, set on June 9 at $3,717.

Strong fundamentals point to a likely price bounce soon, even if the spot Ethereum exchange-traded fund (ETF) launch in the US takes longer than anticipated. Before the end of September, or “sometime in the summer,” according to US Securities and Exchange Commission Chair Gary Gensler, approvals for S-1 filings are anticipated. However, the precise timetable is still unknown, so traders have good cause to stay cautious.

Since comparable spot Bitcoin ETFs have experienced $654 million in inflows over the last three days, anticipation for the eventual debut is growing. In the first eighteen months of trade, spot Ethereum ETFs might draw in as much as $15 billion, according to Bitwise’s Chief Investment Officer, Matt Hougan.

Ethereum’s layer-2 solutions have been helpful to investors looking for lower costs; within the past month, these solutions have witnessed a considerable increase in activity.

Ethereum DApps recorded a volume of $200.9 billion over the last 30 days, but its layer-2 ecosystem grew dramatically. For instance, Arbitrum had a 94% increase in volumes to $52.4 billion, while Blast and Base saw 62% and 57% growth, respectively, to $51.1 billion and $18.4 billion. Conversely, direct competitors such as BNB Chain and Solana saw an average loss of 27%.

Ethereum Endorsed By CFTC, Millions Staked: Will ETH Break $3,300?

Posted on July 11, 2024 by Dalmas Ngetich

Ethereum is firm at press time, looking at the performance in the daily chart. Even though the uptrend is shaky, that buyers did reclaim $3,000 yesterday is crucial. Nonetheless, there is weakness across the board now that prices remain below $3,300, an important resistance level. Thus far, traders are closely monitoring fundamental factors as a trigger. If ETH floats above $3,300 before the spot ETF hits the market, the probability of the coin stretching gains beyond $3,700 will be highly likely.

At press time, Ethereum is stable on the last day but down 2% in the previous trading week. Meanwhile, trading volume remains within range, shrinking to around $13 billion in the past day. From the look of things, traders are cautiously optimistic, aware of sharp volatility on the day when spot ETFs hit the market.

Traders are watching the following Ethereum news today:

The United States Commodity Futures Trading Commission (CFTC) chair recently admitted that between 70 to 80% of all cryptocurrencies are not unregistered securities. He also told the senate committee that Bitcoin and Ethereum are commodities, referencing a summary judgment by a judge in Illinois.
Even as Ethereum prices consolidate, more continue to stake. Trackers now show that a record 47.36 million ETH are locked in the official Beacon Chain deposit contract.

Ethereum Price Analysis

[[ETH/USD]] is soaking in selling pressure and outperforming Bitcoin.

From the daily chart, ETH is printing higher highs, reclaiming $3,300.

Nonetheless, buyers’ failure to pierce through $3,200 and $3,300 swings price action in favor of sellers. Note that prices are also inside the July 4 and 5 bear ranges, pointing to weakness.

Aggressive traders might choose to align with the dominant trend. However, in light of fundamental factors, conservative traders can adopt a wait-and-see approach.

Any surge above $3,300 will invalidate the bearish preview, allowing ETH to push toward $3,700.

Conversely, any dump below $2,800 opens the coin to $2,500.