Bitcoin loses mojo, retests $62.3K

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

The principal digital asset fell below $63K to a fresh multi-week low of about $62,200, setting off a chain reaction of losses in the broader cryptocurrency market. 69,206 traders were liquidated in the last 24 hours, for a total liquidation value of $162.86 million. The greatest liquidation order ever was on Bitmex for $10 million worth of Bitcoin.

Bitcoin’s performance last week was awful due to significant withdrawals from spot ETFs. The weekly high for the cryptocurrency was reached on Tuesday when it momentarily surpassed $67K, and then the bears took over and began driving it lower. There has been a decrease in interest in retail searches this year around Bitcoin, according to data from Google Trends.

After a tremendous run-up from October to March, the cryptocurrency market is going through a good consolidation, at least for investors who bought the two biggest digital assets.
However, this is a harsh correction for people who own smaller cryptocurrencies, with the mood in crypto social media circles akin to bear market despondency. Some of the biggest cryptocurrency names this year, including Solana and a few well-known meme currencies, have lost more than half of their value, while Ethereum’s ether and bitcoin are barely 15% off their yearly highs.

However, statistics monitored by research firm Santiment indicate that audience opinion for Bitcoin is currently in its fourth week of “extremely negative” reading, contrarians bulls might find solace in this.

Still, there was another significant dip to start London’s trading day on Monday morning. Within hours, Bitcoin dropped below $62,500 for the first time since May 15 and lost around two thousand dollars. If the $62,451 support level is maintained and Bitcoin breaks above the declining channel, it may rise 7.5% to $67,147, the previous resistance level.

The awesome Oscillator (AO) and the Relative Strength Index (RSI), are below their respective mean values of zero and fifty on the daily chart, Such momentum indicators need to hold their positions above their respective mean levels if bulls are making a comeback. Bitcoin is still down about 3% for the day and 6% for the previous week.

Floki up 6X this year despite market correction

Posted on June 22, 2024 by Olumide Adesina

Floki’s reached an intraday high of $0.00017378 though moderated at $0.00016947 at 3.30 pm GMT, amid ongoing market correction. Floki Inu saw significant volatility on the daily chart following its peak of $0.00035. Numerous significant technical variables have impacted the ensuing 54% decrease that began on June 5 and is ongoing.

The 200 EMA on the daily chart, a key support level, is being tested. The 200 EMA has always been regarded as a crucial long-term indicator. If this barrier is broken, there may be more volatility and a decline toward $0.00015.

$0.000165 and $0.000157 are the immediate support levels to WATCH. If these levels fall through, $0.00010 represents the next crucial support. Price action affirms that FLOKI needs to recover the $0.000188 level on the resistance side.FLOKI has been one of the best performers in 2024, growing by more than six times this year. IntoTheBlock research indicates that around 86% of FLOKI holders are profitable.

Beyond market movements, FLOKI has become a prominent player in the meme coin industry. Its strong presence, practical applications, and committed community propel its growth.
According to data from the social media analytics service LunarCrush, FLOKI’s social engagements increased by 320% and its social dominance by 109% during the previous six months. According to LunarCrush, social dominance quantifies the “share of voice” on social media.

Holders can trade any token on the BNB Chain network with FLOKI’s trading bot, based on Telegram. It should be available to the public by mid-June. At a later time, the Ethereum and Base blockchains will be added to the service. The bot’s goal is to boost token demand by supporting purchasing pressure using a fee structure, and it requires FLOKI tokens to operate. Every transaction by a bot incurs a 1% fee, of which 50% is utilized to purchase FLOKI on the open market.

Ethereum’s light brightens on $3,500 support line

Posted on June 22, 2024June 23, 2024 by Olumide Adesina

During the Saturday trading session, Ethereum traded at over $3,503 with a market valuation of $428 billion. Data from CryptoQuant showed Ethereum’s open interest fell by roughly $2 billion after hitting an all-time high of $13 billion on June 5.
The entire amount of long and short positions in the market is known as open interest. While a decline in open interest may produce calmer markets, a large increase in open interest may cause greater market volatility.

Ethereum’s price hasn’t yet hit a new all-time high, which has led to more volatility and liquidations despite ETH’s new OI high. As the market gets more excited about spot ETH ETFs, the OI decline might momentarily calm things down.

The daily timeframe indicates that the price of ETH has returned to $3,500 following another rejection from the $4,000 resistance level. At the moment, the $3,500 barrier is holding and keeping the price from dropping any lower toward $3,000.However, the market can moderate swiftly toward the $3,000 support zone and the 200-day moving average nearby if the $3,500 level is broken to the negative.

The $3,500 level is crucial due to these coincidental factors, and the way the price responds to it will likely determine how the market moves in the upcoming months. Therefore, the direction of the possible breakout from this pattern determines the direction of the next move. The market attitudes suggest that traders holding long positions outnumber those holding short positions, which may portend a spike in price soon.

Issuers have started initiating marketing efforts as the possible launch of a spot ETH ETF approaches, in an attempt to corner the market. Bitwise unveiled a 40-second promotional video that contrasted Ethereum’s capacity to transfer assets around the world around the clock with traditional finance’s seven-hour and weekend time constraints.

Bitcoin bulls seek gas on $63.5K support line

Posted on June 21, 2024June 21, 2024 by Olumide Adesina

Santiment data indicates that there has been an “extended level of FUD” (fear, uncertainty, and doubt) surrounding Bitcoin (BTC) on the social media site X. The extended period of fear and skepticism among traders. Santiment wrote on June 20 on X, “This extended level of FUD is rare, as traders continue to capitulate.”

Over the previous week, the price of bitcoin has varied, reaching highs of $67,294 and lows of $63.5K. Bitcoin bulls seek gas at $63.6K support line. The Weighted Sentiment Index, a measure of Bitcoin mentions on X and the proportion of favorable to negative comments has been negative since May 23 according to Santiment. As of the time of publication, the score is -0.738, which suggests that social media users’ opinions about Bitcoin are primarily unfavorable.

Even still, there has been a bias in the flow of Bitcoin options posted on the major exchanges toward call options at levels (strikes) well above the going market rate of the cryptocurrency. An indication that astute investors believe the current price slump will pave the way for a longer-term rally.

Recent weeks have seen a decoupling of Bitcoin from the Nasdaq’s ascent, primarily because miners and long-term holders sold their holdings and increasing discourse on the non-directional nature of ETF inflows. The German government transferred $425 million worth of Bitcoin to another cryptocurrency on Thursday, most likely with the goal of selling.

Favorable developments for Bitcoin, such as halving on April 20 and the approval of 11 spot exchange-traded funds on January 10, have historically caused favorable sentiment to soar to 2.35 and 4.49, respectively.

Current Sentiment: The attitude among analysts and prominent traders is still pessimistic despite these past gains in the Bitcoin market, with many voicing fear or indifference. “Since the halving, Bitcoin has been in a sideways slog for about 150 days,” wrote Glassnode lead analyst James Check, also known as “Checkmatey,” in a post on X on June 19.

Outlook

The prolonged period of consolidation could lead to a large price increase. “In general, a longer consolidation leads to a larger expansion afterward,” said anonymous cryptocurrency trader Daan Crypto Trades.

-Fear and Greed Index: Concurrently, another attitude indicator, the Fear and Greed Index, displays a score of 63 for Greed, indicating a minor decrease of 11 points over the previous seven days. This measure takes into account several variables, such as market momentum, volatility, and social media mood.

Even with all of the FUD and negativity currently consuming social media conversations, market watchers believe that the extended period of consolidation may indicate that a big upside surge may be imminent.

Bitcoin Weak As Germany Unloads BTC: Is $60,000 Next?

Posted on June 21, 2024 by Dalmas Ngetich

Bitcoin fell yesterday, closing with a long upper wick pointing to heightened selling pressure after initial gains. With prices down, the downtrend remains and bars are banding along the lower BB. In the short to medium term, traders should look to ride the trend by considering shorts. This preview will especially hold water as long as the coin is below the all-important $66,000 resistance level.

At press time, Bitcoin is falling, down 2% in the last 24 hours. Meanwhile, the drop has seen the coin also contract by 5% in the previous week. Unless there are sharp gains above the immediate liquidation zones mentioned above, there could be more losses today. Amid this, the average trading volume in the past day is at $25 billion. It is decent but lower, likely to increase if BTC edge lower by end of trading day.

Traders are watching the following Bitcoin news:

The Winklevoss Twins have donated 30.94 BTC, worth over $2 million, to the Donald Trump campaign. Recently, the former president said he plans to make the United States a crypto leader.
As prices tumble, selling pressure has been traced to Coinbase. Reports reveal that the German government has been liquidating its BTC holdings via the exchange and several others, including Bitstamp.

Bitcoin Price Analysis

[[BTC/USD]] is down at press time, dropping by roughly 10% from peaks.

As mentioned, every high should offer entries for sellers to double down. This position holds as long as prices are below $66,000.

Since the Bitcoin bear bars are aligning along the lower BB, the momentum exists.

Therefore, the coin may drop to as low as $60,000 in a bear trend continuation formation.

Ideally, the next feasible target for aggressive bears would be $56,500, which marks May 2024 lows.

Ethereum Ranging: Why Is $3,700 So Hard For ETH Bulls To Break?

Posted on June 21, 2024 by Dalmas Ngetich

Ethereum is up, looking at the formation in the daily chart, but slipping following yesterday’s contraction. Overall, buyers are upbeat, relying on fundamental factors and what the United States SEC plans to do. Eyes are on the spot Ethereum ETF, and what it could mean once it begins trading, possibly in the next few trading weeks. Although there is a chance of ETH falling, the inevitable inflows could propel the coin above the $4,000 level.

Currently, Ethereum is down roughly 4% in the past day and sliding 2% in the previous trading week. Even though buyers are pushing prices higher, the resistance remains at $3,700. As it is, it means buyers need to do more and break above the local liquidation line. To do that, participation must pick up. So far, the average trading volume on the last day is $15 billion; which is below this week’s average.

Traders and investors are watching the following Ethereum news:

Ethereum, analysts argue, could be a better asset than Bitcoin thanks in part to tokenization. This feature means users can bring real-world assets on-chain, adding value to ETH—and propelling it to new levels.
Despite the consolidation, analysts think Ethereum DeFi protocols are generating record revenues and are at their strongest levels since 2020. Once they roll out new upgrades, value will further trickle into ETH.

Ethereum Price Analysis

[[ETH/USD]] is flat when writing but firm, soaking in selling pressure of the better part of this week.

The first local resistance is $3,700. It will be cleared once there is a complete reversal of June 11—a massive shift that will catalyze demand.

Before then, aggressive traders should look to short on highs below $3,700, targeting $3,300.

However, conservative traders can wait for a breakout from the current range in either direction.

If bulls of May 20 dominate, then there could be entries above $3,700.

Conversely, losses below $3,300 could see ETH fall to $2,800.

Forex Signals Brief June 21: Mftg, Services PMIs to Close the Week

Posted on June 21, 2024June 20, 2024 by Skerdian Meta

Yesterday the focus shifted away from the US dollar, which showed broad strength upon the country’s return from a holiday, to developments in European central banks. The Swiss National Bank (SNB) made headlines by cutting interest rates for the second time, a move aimed at counteracting recent franc weakness. This decision coincided with renewed political risk aversion, which had previously subsided.

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XRP Chop Continues: When Will Ripple Bulls Breakout From The 2-Month Range?

Posted on June 21, 2024 by Dalmas Ngetich

XRP is in red but choppy, per the formation in the daily chart. Even though there are hints of strength, traders should stay on the sidelines until there is a trend definition. Before then, conservative traders can wait for a decisive breakout above either support or resistance. As it is, aggressive traders can short provided $0.55 remains as a critical resistance level capping any attempt higher.

With the coin moving sideways, there are no substantial gains for bulls or bears. The coin is flat on the last day but up 3% in the previous trading week. However, even with this flat-lining price movement, the average trading volume is at $1 billion.

Presently, traders are looking at the following XRP and Ripple news:

Eventually, Ripple, the blockchain company, plans to keep 25% of the total supply and profit from them. Once they do, these funds will be used to further the firm’s operations. Ripple continues to sell XRP to fund operations as they battle the United States SEC.
David Schwartz is comparing how the United States SEC is handling ETH to China’s previous approach to Bitcoin trading and mining. With this, the CTO thinks the agency has been inconsistent and even manipulative.

XRP Price Analysis

[[XRP/USD]] is moving sideways, pushing the consolidation to over several weeks after the flash crash in March.

As things stand, sellers have the upper hand.

Therefore, even with recent gains, aggressive traders might consider shorting the coin, aligning with the price action of June 11.

A key resistance level to watch is $0.55 and June 11. Once this line breaks, buyers stand a chance, expanding to following the May 20 bull bar.

Before then, sellers have the upper hand and the immediate target is $0.46 and later $0.40.

Bitcoin bulls break $66K line once again

Posted on June 20, 2024June 20, 2024 by Olumide Adesina

Bitcoin Bulls within seconds broke the $66K resistance line at Thursday’s mid-trading session. Price action shows a locked-in bullish divergence, and the price attempts to stay above $66.3K line. Bulls’ appetite has been elevated and is now within striking distance of breaking the $70K resistance line.

Bitcoin’s price is still in a narrow range since it dropped from $70,00 to $60,000. Nevertheless, investors accumulate the largest digital asset in the world despite the protracted market downturn.
During the previous two weeks, the cryptocurrency traded sideways with little volatility outside the US CPI and FOMC-induced swings. However, some wallet holders have reduced their holdings since bitcoin hit over $70K.

The degree to which $66,000 is now crucial for order book liquidity can be seen in data from the monitoring tool CoinGlass, with $67,300 acting as resistance.
The oscillators of Bitcoin show conflicting opinions. With a relative strength index (RSI) of 41, neutrality is suggested. Similarly, the commodities channel index (CCI), which has a value of -124, shows a bullish phase, while the stochastic oscillator is neutral at 17.

Trading enthusiasts looked for a glimmer of hope within the generally dull BTC price activity that has been going on for a few weeks. According to market indicators, Bitcoin’s 10-week simple moving average (SMA) held steady despite recent market correction
Consequently, Lookonchain identified a shrewd whale on June 20th who purchased 6,070 Bitcoin for an astounding $395 million amid the market collapse.

At an average price of roughly $19,000 per Bitcoin, this same corporation had previously acquired over 41,000 BTC, worth $794 million, during the 2022 bear market. In the bull markets of 2023 and 2024, they sold 37,000 Bitcoin for $1.74 billion, or an average price of $46,000 per Bitcoin. The whale made almost $1 billion in profit during this process. According to Lookonchain, this entity has shown exceptional picks in BTC trading. The whale’s most recent buy is its first Bitcoin acquisition in the last half-year

Forex Signals Brief June 20: Awaiting the SNB and BOE

Posted on June 20, 2024June 20, 2024 by Skerdian Meta

In USD/JPY trading, there was a noticeable uptick in buying activity when the pair surpassed the 158.00 level, potentially spurred by reports of issues at a Japanese bank. Despite this, overall movements indicated slight strength in the US dollar during North American trading, albeit with minimal fluctuations that could be attributed to regular market fluctuations.

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