Bitcoin Is In Green Above $60,000: Why Is This Analyst Dismissing The Uptrend?

Posted on July 2, 2024 by Dalmas Ngetich

Bitcoin is in green, looking at the performance in the daily chart. There needs to be a confirmation of the past two days’ gains for buyers to build on. Before then, cautious traders can wait on the sidelines waiting for bulls to extend gains or bears of June 24 to flow back. As it is, the immediate local resistance level is at $66,000. Technically, this level must be broken before bulls take over, mirroring gains of Q1 2024.

At press time, Bitcoin is down 1% in the past day but up 3% in the previous week of trading. Trading volume is also decent, at around $23 billion. For the trend to be sustained, there must be an uptick in trading volume in either direction. So far, bears are in control despite the recovery of the last two trading days.

The following Bitcoin news are trending:

Despite the leg up, one analyst is convinced buyers are not in control. Taking to X, he argues that exchanges are loading on dips, creating artificial demand that might not sustain more gains this week. Still, this will change if there is a comprehensive close above $66,000.
Sony plans to launch a crypto exchange; a huge endorsement for the sphere. As more players engage, liquidity would increase, benefiting every asset available to investors.

Bitcoin Price Analysis

[[BTC/USD]] is bullish at spot rates, looking at the performance in the daily chart and within an extended consolidation.

Even though the uptrend remains, at least from the top-down preview, there must be a conclusive confirmation of the June 30 bar.

Yesterday’s bar had a long upper wick pointing to potential rejection.

Nonetheless, all losses of June 24 have been reversed, but this hasn’t prevented sellers from being in control.

Aggressive traders might look for entries to sell on every attempt high below $66,000, targeting $60,000.

If buyers build on from $60,000 as the anchor, breaking $66,000, it could fly to $72,000.

Ethereum Firm: Will Sony’s Endorsement Pump ETH To $4,000?

Posted on July 2, 2024 by Dalmas Ngetich

Ethereum is printing higher highs, although the pace is slower. Presently, buyers are in control, aligning with the gains of May 20. Nonetheless, the uptrend will be valid should there be a conclusive close above the descending channel and bull flag. The failure of sellers to press on and close below $3,000, effectively reversing all May 20 gains, means the pullback was but a normal correction from 2024 highs.

At press time, Ethereum is stable, down 2% on the last day but up 3% in the previous week. With prices rising, the average trading level remains low, at just $10 billion. Since engagement is critical, this figure needs to increase for bulls to build on recent gains and even break above $3,700. Without participation, ETH will likely continue being choppy, even falling and aligning with the trend set in motion in June.

Traders are keeping tabs on the following trending Ethereum news:

Sony is launching a crypto exchange and plans to develop an Ethereum layer-2. Increasingly, more projects are on Ethereum, following the endorsement from BlackRock and Visa.
One analyst, pointing to on-chain data, thinks Solana is helping on-board more people and is not cannibalizing Ethereum as many think. The popularity of Solana has seen Ethereum and Layer-2s addresses grow by over 570% in the last two years.

Ethereum Price Analysis

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

Since bears didn’t wipe gains of May 20, falling to the 61.8% Fibonacci level of the May trade range, the uptrend remains.

Accordingly, aggressive bulls can look to stack on dips targeting $4,100 as long as Ethereum prices remain above $3,300—or June lows.

Even so, caution must remain. Any breach of this line opens up ETH to more losses, possibly to $3,000.

Forex Signals Brief July 2: EZ CPI Inflation Expected to Fall Again

Posted on July 2, 2024July 1, 2024 by Skerdian Meta

The week started with the Manufacturing and Services PMI data from China which was released over the weekend and showed a slowdown. However, the Caixin manufacturing released early yesterday showed a slight improvement, which balanced the situation.

Continue reading “Forex Signals Brief July 2: EZ CPI Inflation Expected to Fall Again” →

XRP Bottoming Up As Momentum Builds: Ripple Preparing For $5?

Posted on July 2, 2024 by Dalmas Ngetich

XRP is bottoming up, looking at the performance in the daily chart. Gains are not as spectacular as expected, but there is progress, which is massive for the coin. However, even as XRP prints encouraging higher highs, the coin is now back into the multi-week consolidation after the flash crash in mid-April 2024. Unless there are sharp and unexpected gains above $0.55 or below $0.46, conservative traders can stay on the sidelines waiting for a proper trend definition.

When writing, the path of least resistance is southwards, and XRP is down 30% from 2024 highs. Even so, gains have been decent in the last day and week. Meanwhile, the average trading volume is picking up, rising to over $780 million. Still, it is below the $1 billion mark, an important level to watch out for.

The following XRP and Ripple trending news are worth watching:

The decision taken by the presiding judge, while dismissing the United States SEC lawsuit against Binance, cited the ruling made in July 2023. Then, the judge said the secondary sale of XRP can’t be considered as trading unregistered securities.
One analyst is upbeat, saying the coin, though stuck in a consolidation, will break out strongly. Once it does, he adds, it can surge above all-time highs to over $5.

XRP Price Analysis

At spot rates, the path of least resistance is southwards, following losses in April.

Though there are hints of higher highs, sellers are still in control, and [[XRP/USD]] bulls are weak.

In the short term, aggressive traders can short on attempts higher below $0.55, targeting $0.46.

However, conservative traders can wait for a clean close above or below the symmetrical triangle. If buyers take over, XRP may fly to $0.74 and $1.

Even so, the pace of this expansion largely depends on the outcome of the ongoing court case.

Bitcoin Bullish Bets Building Up, Will BTC Break $66,000?

Posted on July 1, 2024 by Dalmas Ngetich

Bitcoin is attempting to print higher highs after a week of pressure and consolidation. Though buyers are not fully in the equation, the failure of sellers to push through is technically supportive of the uptrend. Overall, buyers of Q1 2024 still have a chance but have a long way to go before this is actualized. Since prices are within the bear bar of June 24, every attempt high and below $63,000 may offer entries for sellers targeting $60,000 and $56,800.

Following gains over the weekend, Bitcoin is up 3% in the past day but stable in the last week. At the same time, trading volume is low, averaging over $20 billion in the past day. Since engagement is highly correlated to prices and general market confidence, gains above $66,000 could spark demand. Before then, conservative traders can stay on the sidelines in the short to medium term.

Traders and HODLers should track the following Bitcoin news today:

Amid the recovery over the weekend, open interest is rising, accompanied by encouraging participation. Most importantly, from a technical perspective, prices remain above $60,000, and bears of June 24 weren’t confirmed.
Based on on-chain data, there are now more buyers than sellers in the perpetual futures market. What this suggests is that traders are increasingly banking on bulls to press on, soaking in the recent wave of lower lows.

Bitcoin Price Analysis

[[BTC/USD]] is bearish, even with gains over the weekend.

As long as prices are inside the June 24 range, every high below $66,000 might offer entries for aggressive traders to dump, targeting $60,000 and $56,800. This preview holds from an effort-versus-result perspective.

This will only change should there be a follow-through of yesterday’s gains, pushing prices above $66,000.

However, if sellers flow back, reversing gains, the probability of Bitcoin dumping below June lows will be elevated.

Any drop below $56,000 opens up BTC to $50,000.

Ethereum Smashing Bitcoin But Solana Is A Big Threat: Will ETH Break $3,700?

Posted on July 1, 2024July 1, 2024 by Dalmas Ngetich

Ethereum prices are in green but there needs to be more for trend definition. As things stand, the path of least resistance is still southwards. This preview will shift if there is a decisive close above the local resistance, ideally with rapidly expanding trading volume. Even so, considering what lies ahead as far as spot ETFs are concerned, there could be more room for growth for ETH. In that case, traders are watching for what happens at $3,700.

In light of the weekend’s events, Ethereum is in green but still trapped in a bearish formation. To quantify, the coin is up 3% in the past day and 4% in the previous week. If this is to change, buyers are closely monitoring how prices react at $3,700. So far, the average trading volume is low, at just $10 billion over the last day. Going forward, it is likely that participation will rise as the community prepares for spot ETFs.

Top Ethereum news headlines today include:

Despite Ethereum dominating DeFi and NFT activity, Solana is emerging as the king of DEX trading. The latest data shows that Solana DEXes like Raydium cumulatively process nearly 2X trading volume as their counterparts in Ethereum.
After over 650 days, Ethereum appears to be breaking out from a descending wedge versus Bitcoin. As ETH bulls take over, this could positively impact the entire market, strengthening the push higher.

Ethereum Price Analysis

[[ETH/USD]] is turning green at spot rates.

Fundamental drivers are in play, but that only matters if immediate liquidation levels are broken.

For Ethereum, this line is at $3,700.

Aggressive traders may begin loading dips, expecting a comprehensive close above this zone, propelling gains to over $4,000.

Even so, this will quickly change should ETH dump below $3,300. In that event, prices could easily dump to $2,800 as the spot ETF approval becomes a sell-the-news event.

XRP Flat and Boring Below $0.50: Why Are Ripple Big Boys Buying In Bulk?

Posted on July 1, 2024 by Dalmas Ngetich

XRP is within a tight and boring range, looking at events in the daily chart. Even though there are flashes of green, how the coin performs largely depends on Bitcoin and crypto sentiment. This position is not forgetting the bearing the ongoing Ripple versus United States SEC court case has on price. Provided prices trend above $0.46, buyers have a chance in a predominantly bearish market. Before there is a complete shift in trend, bulls need to break above $0.52 and $0.55.

Looking at events in the daily chart, it is understandable why daily and weekly performance is nearly static. The coin has been stable in the past day and week. At the same time, the average trading volume is also far lower than expected, shrinking below $600 million.

The following XRP and Ripple news should be closely monitored:

The United States SEC will reportedly appeal the ruling the judge makes. However, some analysts think the recent decision to squash the lawsuit pressed by the regulator against Binance has been interpreted positively.
Whales have reportedly accumulated over 100 million XRP over the last 72 hours. This mass buying could explain why prices are static and bears unable to push prices even lower.

XRP Price Analysis

[[XRP/USD]] is stable, moving horizontally at press time.

Even though the coin is within a bearish formation following losses in mid-April, it remains within a bullish formation.

Currently, XRP is within a bull flag, evident in the monthly chart, and bullish.

Even so, traders must close above $0.55 for a chance to load on dips, targeting $1 and all-time highs.

If not, losses below $0.46 could dash this preview, paving the way for losses toward $0.40 in the short term.

Considering the multi-week consolidation, conservative traders might choose to wait for a clean break in either direction before committing.

Forex Signals Brief July 1: Manufacturing and Services Data Today

Posted on July 1, 2024July 1, 2024 by Skerdian Meta

Last week all the attention was on the PCE inflation report from the US, which left most assets trading in a tight range, while today we have several manufacturing and services report, which will show the shape of these sectors amid a high interest rate environment.

Continue reading “Forex Signals Brief July 1: Manufacturing and Services Data Today” →

Solana in a break-or-make moment, faces $150 resistance line

Posted on July 1, 2024 by Olumide Adesina

The fast-emerging altcoin has been rallying since reports that reputable asset managers are interested in Solana. SOL’s value has dropped by 16% during the previous month, but it has risen almost 5% in the last day, currently trading at about $148.

Solana is trading above the 100-hourly simple moving average at $144. A positive trend line is building on the hourly SOL/USD chart, with support at $142, near the 50% Fibonacci retracement level of the last advance between $138 and $151.

Should the bullish run acquire more gas, it might encounter resistance at $150, with a bigger barrier at $152. On the other hand, SOL may initiate a correction if it is unable to break the $152 resistance line. The first level of support is around $145, a short-term decline below $140 would drive it as low as $128.

A document from VanEck made with the Securities and Exchange Commission (SEC) on Thursday, this was the first-ever bid for a Solana (SOL) exchange-traded fund in the United States.

As global asset managers look to expand into more cryptocurrency-backed investment vehicles, the so-called VanEck Solana Trust will follow and reflect the performance of SOL prices. In keeping with updating prospectus filings for Ethereum (ETH) ETFs on the spot, VanEck emphasized in its filing that its Solana Trust would not be staked.

It indicates that traditional investors are becoming more optimistic about Solana’s long-term survival. The premium paid may serve as a prelude to Solana’s future market position as it develops its infrastructure and applications. Furthermore, increased price stability and wider market adoption are facilitated by decreased entry barriers like investment trusts and increased liquidity.

The approval of a SOL ETF will likely spur additional institutional and retail investment, like how Ethereum’s early ETFs increased investor involvement. With its developing ecosystem, governmental approval, and technological similarities to Ethereum, SOL is well-positioned to see a large increase in worth.

Bitcoin fell by 7% in June, a different story in July

Posted on July 1, 2024July 1, 2024 by Olumide Adesina

Bitcoin reclaimed the $63K mark in the first trading session in July despite its uneventful performance in June.

This raises the question of whether the current drop is transitory or the bull market has ended. Bitcoin’s price fell as much as 6.96% last month and has historically averaged a decline of 0.35% in June.

An environment of uncertainty worldwide contributed to the decline in Bitcoin in June. Investors’ fears are mounting because of the market’s erratic fluctuations and conflicting economic signals. The volatility of Bitcoin reflects this anxiety and emphasizes how crucial it is to conduct in-depth market research and have a well-thought-out investment plan to navigate these unsettling times.

About $8.5 billion in Bitcoin is anticipated to be repaid to creditors by Mt. Gox at the start of this week, which could intensify selling pressure in the Bitcoin market. Though only $4 billion of these repayments are expected to hit the spot Bitcoin market, some analysts think the impact of these repayments may not be as severe as many investors fear.

The daily chart shows that the price of Bitcoin has been falling and has repeatedly failed to break above the $75K barrier zone. The price is currently held above the crucial $60K barrier, but the $65K support has also been lost.

Bitcoin price dropped below the $60K support level a few days ago, though it’s a different story in July according to the 4-hour chart. This is a classic example of phony breakthrough behavior, and it may point to a short-term rise toward the $65K mark.

If $60K falls, the 200-day moving average, now roughly $57K, would support the market. However, if Bitcoin remains above its 200-day moving average, the trend is still bullish overall. However, the RSI displays readings below 50%, indicating that the momentum is still in the seller’s favor. Thus, a decline below the $60K mark is still conceivable.