Bitcoin Whales Exiting En Masse: Are They Avoiding A Crash To $50,000?

Posted on July 4, 2024 by Dalmas Ngetich

Bitcoin is trending lower at spot rates and under immense selling pressure following events on July 3. Though the $56,000 zone is untested, at least for now, the sell-off this week means sellers are in control. If there are more losses today, the probability of BTC shrinking to $50,000 will be high, a concern for optimistic traders. Going forward, traders should watch the reaction at $56,500, aware that any rejection would be massive for buyers currently on the fringes.

Bitcoin is in red at press time, dropping 20% from May 2024 highs. From coin trackers, BTC is down 4% in the past day and week. Even though the uptrend remains, at least guided by the performance from H2 2023 to mid-March 2024, there is a reason for concern. Participation increased slightly yesterday, rising to $34 billion amid falling prices. This formation suggests that sellers are in the equation, and likely more people are exiting.

Traders and investors are keeping tabs on the following Bitcoin news:

Bitcoin whales, on-chain data shows, are unloading, transferring in bulk, coins to top exchanges, mainly Binance. Over 2,000 BTC have been moved to Binance in the past day alone, suggesting that they might have been sold, further weakening the uptrend.
Even though prices are up nearly 2X in the last year, most speculators, or short-term holders (STHs), are in the red, contending with losses. Even so, diamond hands, holding for at least five years, are deep in green.

Bitcoin Price Analysis

[[BTC/USD]] prices crashed on July 3, and the same were extended earlier today.

Even though there might have been hope for gains, the wide-ranging bars of July 3 and 4 decimated bulls.

For this reason, aggressive traders might choose to unload, selling on every attempt higher. The immediate target would be $56,500, marking May 2024 lows.

On the other hand, conservative traders will find entries if Bitcoin plunges below $56,500, ideally at the back of rising volume.

In the event, BTC might likely crash to $50,000 in a major correction since Q1 2024.

Ethereum Crashing: ETH Approaching $3,000 Despite Massive Adoption

Posted on July 4, 2024 by Dalmas Ngetich

Ethereum is selling off when writing, looking at the performance in the daily chart. Even though the uptrend remains, since gains of May 20 weren’t wiped clean, there are cracks developing. These fissures are widening after ETH closed below $3,300 today, confirming yesterday’s losses. If the dump continues, the probability of the coin crashing to as low as $3,000 would be elevated, denting sentiment.

At press time, Ethereum is bearish, breaking below a critical support level. As things stand, Ethereum is down 5% in the last day and week. Since the coin is in red, there have been changes in trend; the coin is sliding on rising participation. Over the last day, the average trading volume rose to over $18 billion. This points to traders flowing in, possibly unloading.

Traders and investors are monitoring the following Ethereum trending news:

GTA 6, the popular video game, reports show that it will support other crypto assets apart from BTC, ETH, and USDT. The expansion of the number of coins accepted is a huge boost as far as adoption is concerned.
Circle and Paxos are now regulated in the European Union, compliant with MiCA laws. Meanwhile, Société Generale, one of the largest banks in France, is launching its stablecoins on Ethereum. More TradFi companies are choosing the first smart contracts platform over modern solutions like Solana.

Ethereum Price Analysis

[[ETH/USD]] is under immense selling pressure, looking at the performance in the daily chart.

With the drop of July 3 and early today, every high below $3,300 could offer entries for aggressive sellers targeting $3,000 in the short term.

Since the drop was comprehensive, the probability of ETH sliding below $3,000 to as low as $2,800 remains elevated.

Notice that the gains of May 20 are yet to be completely erased, giving hope to optimistic Ethereum buyers.

If ETH unexpectedly picks up momentum, winding up recent gains, and breaks $3,500, it would be a huge boost for bulls.

XRP Bulls Destroyed: Ripple Traders Angling For $0.40

Posted on July 4, 2024 by Dalmas Ngetich

XRP is dumping, looking at the performance in the daily chart. As crypto prices trend lower, the impact on the seventh most valuable coin is evident. While the ongoing court case is a huge factor to consider, the short-term formation favors sellers. With this in mind, smart traders might choose to align with the dominant bearish trend, at least for now.

As crypto crashes, shaking out speculators, XRP has not been spared. Currently, the coin is down 5% on the last day but relatively stable over the previous week. What’s clear in the daily chart is that participation is rising. Over the past 24 hours, the average trading volume rose to over $1.5 billion. At the same time, the July 3 bar was wide-ranging, instantaneously wiping out gains posted throughout this week.

The following XRP and Ripple news are worth watching:

Looking at the performance of XRP, the coin appears to have been accumulating for roughly seven years since peaking at over $3 in late 2017 and early 2018. Since then, prices have been trading lower but within a broad, wide-ranging flag. Analysts now expect a breakout anytime that could mean the end of this consolidation.
For the first time in Sweden, an XRP ETP has been launched, a massive endorsement for the altcoin. The product is issued by Virtune, a digital asset manager, and is available for trading on Nasdaq Stockholm.

XRP Price Analysis

[[XRP/USD]], following Bitcoin and Ethereum, crashed on July 3.

The drop erased all gains posted from Saturday last week, forcing price action back to red.

Aggressive traders can consider selling, aligning with the bear bar of July 3.

The immediate target would be $0.40. Further losses below this level might catalyze the sell-off, forcing the coin toward $0.36.

This outlook (though unlikely) will change should XRP prices close firmly above $0.52 and $0.55.

PEPE on a bear sauce, dips below $0.0000100

Posted on July 4, 2024 by Olumide Adesina

PEPE received a dip in the bear-delicious sauce. The price of Pepe has dropped by over 10% and on Thursday morning it broke below the $0.0000100 support line. A negative financing fee and a declining long-to-short ratio for PEPE are shown by on-chain statistics, suggesting possible bearish momentum that may cause a price drop in the upcoming days.

However, increasing trading activity indicates that the big players are waking up to add to their PEPE holdings or cash in on the gains. A significant quantity of PEPE coins were moved between hot wallets by Binance before the surge of intense PEPE trading activity.

PEPE’s derivatives trading has resulted in liquidations of more than $4 million. Long position investors lost $3.13 million of the $3.97 million in total liquidations. Even with the 11% drop in price over a day, short sellers had to liquidate $837K worth of leveraged positions. PEPE’s market price is still falling even though trading volume on derivatives has flickered a fresh surge of interest with a 73% rise in a single day.

According to Santiment’s research, there has been a surge in selling pressure on the meme-coin since last week. Notably, there was a notable spike in supply on exchanges.

The meme coin was still under strong selling pressure even when its supply outside of exchanges decreased. This bearish thesis is supported by the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart, below their respective neutral thresholds of 50 and zero. This indicates that bears are still in the lead, which could cause the meme currency with the frog motif to drop even further.

Price action shows that if the prognosis for the cryptocurrency market as a whole remains unfavorable, PEPE may break below $0.00000801 and drop a further 15% to retest its low of $0.00000761 on May 8. Given that a favorable 70% of current PEPE Token holders are profiting at this pricing, large holders may be able to save PEPE.

Crypto armageddon: Bitcoin sinks below $58K

Posted on July 4, 2024July 4, 2024 by Olumide Adesina

Bitcoin and the altcoin market witnessed steep declines during Asian trading hours, reversing earlier in the week’s gains. Bitcoin dropped from nearly $61K to about $57.8K shortly after Asian markets opened, with losses of up to 11% on Solana’s SOL and Dogecoin

The devastation left the total market capitalization for virtual currencies at $2.17 trillion; nonetheless, daily trading volumes have increased by 60% in the past day, despite the deteriorating indicators. Meme coins like Pepe and Floki seem to be the greatest losers

Even if there is growing interest in Ethereum spot ETFs, Ethereum is down nearly double digits this week. Ethereum spot ETFs might start trading by mid-July. Concerns of significant Bitcoin sales from the now-defunct Mt. Gox exchange, scheduled to release money taken in a 2014 hack later this month, contributed to the high selling pressure.

After years of delayed deadlines, Mt. Gox will begin distributing money taken from clients in a 2014 attack in July 2024. As previously reported, the reimbursements would be done in bitcoin and bitcoin cash, which may put more selling pressure on both markets.

On the other hand, other traders’ long-term bullish outlooks are still intact, with forecasts of a $150,000 surge following the completion of the Mt. Gox payout. Geopolitical unrest, the impending November U.S. presidential election, and ongoing concerns about U.S. monetary policy are all expected to affect the price of the leading cryptocurrency in 2024.

112,263 traders were liquidated in the last 24 hours, for a total liquidation value of $307.53 million. The greatest single liquidation order, worth $4 million, was placed on OKX – ETH-USD-SWAP.

Forcibly terminating a trader’s position in the crypto market is known as “crypto liquidation.” It happens when there is not enough margin to cover maintenance expenses or when a trader experiences large losses to the point that their margin account is unable to sustain their open positions.

Bitcoin Struggling: Fed Liquidity Is Rising but BTC Crashing Towards $60,000

Posted on July 3, 2024 by Dalmas Ngetich

Bitcoin is stuck in a range, and bears, as it looks, are not in a hurry to leave. For this reason, the short-term outlook is bearish, at least for now, until there is a sharp shift in trend. In the short to medium term, sellers should look to add to their shorts, targeting $60,000 and May 2024 lows. However, if there is a spike, confirming the weekend’s gains, the coin could rip higher, mirroring gains of early Q1 2024.

Before then, traders should contend with drab price action and sideways movement. Bitcoin is down 3% in the past 24 hours at press time but stable in the last week. Accompanying the boring consolidation is low engagement. To put in the numbers, the average trading volume is just $22 billion, below average.

The below Bitcoin news are trending:

The United States Federal Reserve‘s net liquidity is pumping. According to trackers, it recently spiked to the highest level in 15 months. When liquidity increases, crypto and BTC prices tend to follow.
FTX creditors will distribute $15 billion in cash to affected customers in the next few months. Since more victims were pro-crypto, analysts now think most of this cash will flow to crypto, including BTC.

Bitcoin Price Analysis

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

Even though there were gains over the weekend, the failure of buyers to push higher and close above $63,000 is a concern.

From the look of things, traders should consider shorting, aligning with losses of June 24.

Any conclusive break, yanking prices from the current consolidation might set the foundation for gains above $66,000.

Even so, this depends on trading volume and the breakout bar.

If sellers continue pressing on today, breaking $60,000, Bitcoin could drop below $56,500 in a bear trend continuation formation.

Ethereum Drops 15%: Will Spot ETF Catalyze Demand, Driving ETH Above $3,700?

Posted on July 3, 2024 by Dalmas Ngetich

Ethereum, following the performance of Bitcoin, is in red on the last trading day. ETH is bearish, at least from a technical perspective, but bullish from a fundamental standpoint. This position will only change if there is a convincing close above local resistance levels, the first being $3,700. Gains of June 29 and 30 were welcomed, but for this trend to evolve, there must be confirmations; this is missing at press time.

Presently, Ethereum is in red, sliding nearly 15% from May highs. Though traders are upbeat and expecting gains, movements are tight in the daily chart. So far, Ethereum is down 3% in the past day and relatively stable in the last week of trading. Meanwhile, the average trading volume remains low, at just over $10.8 billion.

Traders are closely watching the following trending Ethereum news:

Uniswap, one of the leading DeFi protocols on Ethereum, will be releasing the Uniswap extension in the coming week. More people will engage with the mainnet through this tool, driving up demand for ETH.
ConsenSys, the developer of MetaMask—a non-custodial wallet, has been charged by the United States SEC for allegedly enabling the trading of unregistered securities. At the same time, the development company has been sued for facilitating the staking of ETH without registration.

Ethereum Price Analysis

Though the crypto and the broader Ethereum community are watching out for the United States SEC to approve the trading of spot Ethereum ETFs, price action remains muted for now.

[[ETH/USD]] is under pressure, looking at price action in the daily chart.

Accordingly, traders may choose to short on every high below $3,700, targeting $3,300 in the short term.

Even so, in light of the spot Ethereum ETF expectations, long-term traders might choose to buy and HODL. This preview is valid as long as prices trend above $3,300.

Any decisive close below this level will invalidate the general bullish preview, permitting ETH sellers to push, angling for $2,800.

This position will be valid, especially if the bear breakout bar below June lows is with rising trading volume.

XRP Extends Boring Range As Ripple Battle with US SEC Takes an Exciting Turn

Posted on July 3, 2024 by Dalmas Ngetich

XRP is in green, defying the current bear trend in Bitcoin and Ethereum. Although gains are not sharp or extended as expected, the coin is up from June lows, pushing gains registered in late June. As it is, the bears of April and May are still in the picture. However, going by recent trends, sentiment could easily change should prices break $0.50 and, most importantly, $0.52 in the coming days, preferably this week.

As traders strive for a moonshot, XRP bulls have a lot to demonstrate to the community. Firstly, the coin’s price action has been largely horizontal over the past day and week, indicating stability. The coin has shown a consistent performance, with a 1% increase yesterday and a similar margin over the previous seven days. This stability is further supported by the gradually rising engagement, currently standing at around $920 million. Based on historical data, this engagement is likely to surge if prices experience a significant rise or fall, breaking out of the current consolidation.

XRP and Ripple traders are tracking the following developments:

In the ongoing court case pitting Ripple versus the United States SEC, it looks like the blockchain company has refused a reduced settlement offer. Earlier, the agency wanted Ripple to pay $2 billion, reducing the amount to $102 million, which Ripple is now rejecting.
On July 1, Ripple unlocked 1 billion XRP. However, what’s different this time is that the release was accompanied by a cryptic message, drawing the attention of traders and community members.

XRP Price Analysis

[[XRP/USD]] remains in range, per the formation in the daily chart.

At spot rates, it is up nearly 5% from June lows.

Nonetheless, the coin remains within a bearish formation.

The immediate resistance level lies at $0.52 and $0.55.

As long as prices are below these levels, every high may offer entries for sellers targeting $0.46.

Conservative traders can choose to exit, waiting for a breakout above $0.55 or below $0.46 before riding the trend.

Ethereum bulls show exhaustion, seek support at $3,350 line

Posted on July 3, 2024 by Olumide Adesina

Ethereum is down over 2% on Wednesday, trading at $3,3, after failing to break through a significant barrier at $3,500.Ether Bulls was rejected for about $3,523, which resulted in lengthy liquidations that cost about $33 million. However, long liquidations have decreased in frequency and have only made up 50% of all ETH liquidations during the last day.

At today’s open, Ethereum bulls are under pressure to test the critical support level of $3.5K. Some signs suggest the price may break through this barrier and back on the negative correcting track. Stochastic, however, exhibits encouraging signals that could stop further drop.

Should the downturn persist and a breach of this level be made, negative targets would be aimed at about 3132.80$. On the other hand, a recovery towards $3641.82 would be supported by consolidation above it. The $3,203 is a crucial level of support for the downside since a move below it could intensify the general negative mood.

For the altcoin to validate the bullish attitude surrounding the possible spot ETH ETF debut, it must overcome the $3,629 resistance, a price level it has not been able to sustain any meaningful rise above in the previous three weeks.

However, the introduction of spot Ether exchange-traded funds (ETFs) could cause the ETH to outperform Bitcoin in the weeks following their US launch. The ETFs, which could debut as soon as July 8, are a “golden egg” for ETH’s price, while Bitcoin is expected to come under selling pressure as this week sees the return of $8.5 billion to creditors of the defunct exchange Mt. Gox.
ETH has lagged behind Bitcoin for over a year, which has had market-leading gains this year thanks to inflows of nearly $14 billion into exchange-traded products for the cryptocurrency.

Bitcoin spot ETF inflows improve despite recent market correction

Posted on July 2, 2024 by Olumide Adesina

Bitcoin bulls are trying to regain composure following a 7% drop at the end of June. June’s decline, which undid May’s rally, was mostly caused by miner selling and worries that inflows into ETFs were more likely to be non-directional arbitrage bets than pure positive wagers.

Price action reveals while Bitcoin is trying to bounce back from its loss from the previous month, more difficulties are ahead despite increased ETF inflows. Onchain data points to a possible resistance level of $65K.
For the fifth day in a row, the spot Bitcoin exchange-traded fund (ETF) market in the United States saw a notable daily inflow of $129.45 million.
Additionally, the $129.45 million inflow into ETFs on July 1 is the largest since June 7. Bitcoin’s value recovered $62.5K after BTC ETF inflows turned positive, following nearly three weeks of difficulties breaking through the major resistance.
Fidelity’s ETF saw the largest inflow, with 1,030 BTC valued at $65 million, according to data from the cryptocurrency research portal SoSo Value. Bitwise’s ETF came in second, with 650 BTC valued at $41 million.
But early today, the price of Bitcoin fell below $63,000 once more, and it is currently trading at $62.6K. BTC is still down more than 15% from its all-time high of $73.7K, even though its price has rebounded from its weekly low below $60,000.
In the past, July has been a bullish month. Since the approval of spot Ether ETFs is quickly approaching, the cryptocurrency market may experience another bullish surge in the upcoming weeks, similar to the one that occurred when spot BTC ETFs were allowed.
The drop has notably pushed prices considerably below the aggregate cost basis of short-term Bitcoin holders—that is, wallets that store value for 155 days or less—frequently monitored metric. According to data provider LookIntoBitcoin, the aggregate cost basis for short-term holders was $65,000 as of this writing. Realized pricing, is the average price at which coins were last spent on-chain, and is what on-chain analytics companies use to calculate aggregate cost basis.
LookIntoBitcoin data highlighted that long-term holders had incentives to increase or preserve their coin holdings because their average cost is less than $20,000. You read correctly; their average cost basis is about 70% lower than Bitcoin’s current present price