Bitcoin Targets $60,000: Will Falling Treasury Yields Support Bulls?

Posted on June 20, 2024 by Dalmas Ngetich

Bitcoin is inside a tight range when writing, stable at press time, looking at the formation in the daily chart. Although the coin is under immense pressure, supporters are optimistic about what lies ahead. Of note, traders are looking at how prices react at $60,000, a psychological level, should bears press on. On the upper end, the immediate resistance level is at $66,000.

Considering the general inaction yesterday, Bitcoin remains stable, although it is bearish. In the past day alone, the coin added roughly 1% but is down by roughly 3% in the previous week. At the same time, the average trading volume stands at over $19 billion, meaning there is general engagement from the community.

The following Bitcoin news events are worth watching:

Hashdex plans to make history by being the first asset manager based in Brazil to issue the first hybrid spot ETF combining Bitcoin and Ethereum. If the United States SEC approves, it would be a push in the right direction, catering to investors seeking exposure to both assets. So far, the agency will have to give comments after three months.
Bitcoin is trading at around a five-week low amid increasing liquidation pressure. Analysts note that Treasury yields have been falling in sync as the coin drops.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure, looking at the candlestick arrangement in the daily chart.

Bitcoin is trading below $66,000 and is, therefore, bearish from an effort-versus-result perspective.

Moreover, this preview holds since prices are still moving in the direction set in motion by the June 7 and 11 bars.

As it is, bear bars are also aligning with the lower BB, pointing to high selling momentum.

Accordingly, despite the general inactivity on June 19, aggressive traders can short on every attempt higher, targeting $60,000.

This outlook will change if there is a sharp break above $70,000.

Ethereum Mega Regulatory Relief: ETH Heading To $3,700, Time to Load on Dips?

Posted on June 20, 2024 by Dalmas Ngetich

Ethereum is trending higher at press time, looking at the formation in the daily chart. Even though there were movements yesterday, all that is needed is the confirmation of those gains today. Should Ethereum close higher, preferably near $3,700, traders will have a reason to closely turn their attention to price action once more. Currently, the path of least resistance is southwards and will only change if there is a decisive close above the June 11 high.

Considering the expansion on June 19, Ethereum is higher at press time, adding 2% on the last day. At the same time, the coin is up 3% in the previous trading week. Even though yesterday’s gains were mostly fundamentally driven, there was not much change in participation. As it is, the average trading volume on the last day rose to around $13 billion.

The following Ethereum news events are worth monitoring today:

In a major win for crypto and Ethereum, ConsenSys, the development firm, said they received communication from the United States SEC notifying them that the agency won’t proceed with their investigation of Ethereum 2.0. This means that the Commission is changing its tune on ETH, possibly considering it as a commodity similar to Bitcoin.
Following this news, on-chain data shows that a whale withdrew 16,604 ETH from Binance in the last three weeks or so. Yesterday, the same whale bought 5,603 ETH.

Ethereum Price Analysis

[[ETH/USD]] is bearish despite yesterday’s gains.

As Ethereum moves back in range, as the daily chart shows, aggressive traders might look to fade the trend by shorting on every attempt higher. Their immediate targets would be $3,300, aligning with the bear bar of June 11.

However, a safe approach would be to wait for a breakout in either direction, lifting ETH above $3,700 or forcing it below $3,300.

Since the community expects the United States SEC to approve a spot Ethereum ETF, sentiment is high and bulls are confident. Therefore, there is a high chance of the coin flying above $3,900 in the sessions ahead.

XRP Mega Consolidation Continues: Will The SEC Decision On Ethereum Boost Prices?

Posted on June 20, 2024 by Dalmas Ngetich

XRP is flat at press time, following a period of inactivity after yesterday’s close. Even though Ripple traders closely follow fundamental events, price action is also crucial. Thus far, prices are still moving horizontally, inside an extended range from April. Although the confidence is high, bears dominate, and it could get worse for the coin should there be a firm bear push below $0.45 in the days ahead.

Currently, XRP is stable but bearish. Because of the tight price action, participation is down, falling below $1 billion in the previous trading day. Technically, sellers will remain in charge even if prices rise above $0.50. What’s needed for a shift in trend is a determined push above $0.55, ideally backed by sharp rising volume.

Ripple and XRP traders should closely monitor the following news:

Legal analysts now claim the decision by the United States SEC to stop their investigation of Ethereum 2.0 is a huge boost for XRP. Even so, the trading community is closely tracking how the court will rule. Most importantly, eyes will be on the penalty the blockchain company must pay.
Brad Garlinghouse, in a swipe against the United States SEC, said Ripple only works with regulators. Therefore, in his view, it was absurd for the agency to target what he said is the “most legit company in the entire market.”

XRP Price Analysis

[[XRP/USD]] continues to move horizontally but inside the bear bar of June 18.

Technically, bears are in control despite the attempts for higher highs.

Considering the extent of this consolidation, traders may choose to wait for a clean break before committing.

As reiterated, the immediate resistance is at $0.55 and marks the upper limit of this range.

Conversely, the lower end is the support from $0.46 to $0.48.

Any drop or expansion above these levels might define the medium-term trend.

However, as things stand, bears have the upper hand, meaning XRP could, after all, drop to $0.40, mirroring losses of mid-April.

Forex Signals Brief June 19: Thin Liquidity With US Markets Closed

Posted on June 19, 2024June 18, 2024 by Skerdian Meta

Yesterday started with the meeting from the Reserve Bank of Australia, which held its monetary policy steady. They left the Cash Rate at 4.35% as expected, while not giving any signals regarding the start of policy easing. They looked more worried about higher inflation, which won’t really materialize.

Continue reading “Forex Signals Brief June 19: Thin Liquidity With US Markets Closed” →

Will Increased Spot Bitcoin ETF Outflows Force BTC To $56,500?

Posted on June 19, 2024 by Dalmas Ngetich

Bitcoin fell like a rock yesterday. By bears stepping up, the path of least resistance is clear. Traders should consider taking shorts on dips, especially now that the coin is firmly below the all-important psychological resistance line at $66,000. Provided this level is unconquered, BTC is likely to disintegrate even more in the sessions to come, perhaps plunging below $60,000. Ideally, at this pace, there is no discounting the possibility of Bitcoin retesting May 2024 lows.

At press time, Bitcoin is down roughly 1% on the last day and 3% on the previous week. As the coin slides, there is a marked increase in participation as the average trading volume is now over $34 billion. Looking at the price chart, sellers are squarely in control. This will likely be the state of affairs, especially if there is confirmation by today’s close.

Today, the following Bitcoin news events should be watched:

The sell-off across the Bitcoin market scene is mostly due to heightened outflows from spot ETFs. According to trackers, outflows have been increasing, reaching over $580 million last week. The more redemption there is, the more pressure there is on prices.
Bitmain, one of the world’s leading manufacturers of mining rigs, has released a new miner that can offer up to 473 TH/s of hash rate. It is hydro-cooled.

Bitcoin Price Analysis

[[BTC/USD]] is stable at spot rates.

Looking at the performance in the daily chart, every high may offer entries for aggressive sellers targeting $60,000.

Opportunities are present, especially if prices are held inside the June 18 bar.

If BTC disintegrates even further, breaking $60,000, it may drop to as low as Q2 2024 lows of around $56,500.

This preview is valid, considering the high selling momentum. Currently, bear bars are aligning along the lower BB, pointing to high volatility and the presence of sellers.

Ethereum Fragile: Millions Worth Of ETH Liquidated, Is $2,800 Incoming?

Posted on June 19, 2024 by Dalmas Ngetich

Ethereum, more like Bitcoin, is under intense selling pressure. Even though losses were contained, finding support at last week’s lows, there is a clear weakness. So far, bears might look to sell on every attempt higher but below $3,700. Still, conservative traders, waiting for clear trend definition can wait for prices to breakout from the current range. As things stand, Ethereum has resistance at $3,700 while support is at $3,300. Should bears press on; the reaction at $3,300 will mark a possible shift in momentum, possibly supporting sellers.

The selloff yesterday means Ethereum is back in bearish but stable in the past day and week. As prices consolidate, the average trading volume is high, standing at over $19 billion. Still, traders expect more engagement, especially once there is a conclusive close above the current range.

Traders are monitoring the following Ethereum news events:

The anticipation of a spot Ethereum ETF approval has traders expecting gains. However, bears have been dominant, leading to massive liquidations across perpetual trading platforms like Binance and OKX. By the close of June 18, over $42 million of leverage ETH positions had been wiped.
Golem Network has announced plans to stake some of its ETH reserves to increase its revenue base. Even so, the platform said it would solo stake and won’t leverage any of the existing liquidity staking solutions.

Ethereum Price Analysis

At press time, [[ETH/USD]] is recovering but bearish following yesterday’s dip.

Although ETH holders are optimistic about what lies ahead, it is clear that bears are unyielding.

Aggressive traders may increase their shorts on every pullback towards the $3,700 resistance, targeting $3,300.

Meanwhile, conservative traders can wait for further losses below $3,300 to enter. In that case, the first target would be $2,800 or May 2024 lows.

XRP Bulls Weak: Prices Back In Consolidation below $0.50, what’s next for Ripple?

Posted on June 19, 2024 by Dalmas Ngetich

XRP is under immense selling pressure even after encouraging events over the weekend. As things stand, bears have been neutralizing all attempts by bulls to bounce from spot rates. Of note, the June 18 bar effectively canceled out gains posted over the weekend, pushing back the coin below $0.50. Looking at price action, XRP is still in a multi-week consolidation with clear caps at $0.55 on the upper end and $0.46 on the lower end.

Considering the state of affairs, XRP is stable over the past trading day and week. Bears clearly have the upper hand, with this preview changing once there is a conclusive, preferably high-volume close above the sideways consolidation. The dump below $0.50 yesterday also saw the average trading volume shoot to over $1.5 billion in the last trading day.

Traders should closely watch the following XRP and Ripple news:

Though XRP is sliding, reflecting the general state of altcoins today, the ongoing case versus the United States SEC still has a big bearing on price action. Many experts say the case will conclude in the coming weeks or months. Once it ends, the coin will likely fly, depending on the penalty directed to pay.
Ahead of the official launch of the Ripple stablecoin, scammers are pouncing. According to reports, fake RLUSD are now in circulation, targeting unsuspecting users on the XRPL.

XRP Price Analysis

With [[XRP/USD]] back below $0.50, prices are squarely in a consolidation.

Traders can now wait for a clean breakout in either direction–$0.46 or $0.55—before acting.

Even so, bears have the upper hand, primarily because bulls cannot sustain the uptrend.

The current trend is shaped by April 13 and June 7 bear bars. Bulls have failed to conclusively reverse these losses, swinging price action in favor of sellers.

Any breach of $0.46 could see XRP tumble to $0.40, or worse.

Ethereum bulls smash $3,500 barrier line

Posted on June 19, 2024June 19, 2024 by Olumide Adesina

The super altcoin is back above $3,5K following a brief price increase in the aftermath of Consensys’ announcement stating that the US Securities and Exchange Commission concluded its examination into whether ETH is a security

The crypto-based- business announced on June 19 that the SEC would be ending its investigation on Ethereum, which is huge for the altcoin market. Consensys commented, “The SEC’s Enforcement Division has informed us that it is ending its inquiry into Ethereum.” Ether’s price action revealed that it broke its critical and closely monitored $3,500 milestone, rising about 2% to $3,583 in less than an hour. When this article was published, its market value was $3,556.

Ethereum found strong support at the $3,360 level and recovered from today’s early trade to challenge the important resistance at $3641.8. This resistance level must be broken before the overall unfavorable circumstance can be resolved. The $3,500 barrier has proven pivotal as ether has often fluctuated above and below it. It has been a crucial level of assistance for the last 30 days. The modest improvement in investor confidence indicated by Consensys’ tweet may soothe worries about possible violations of securities laws, such as ETH transfers on the network, should the SEC pursue legal action.

Fundamentals are also providing Ethereum bulls enough gas to the line. Hashdex filed a 19b-4 form for a combined spot BTC and ETH ETF. The filing states that Ethereum will weigh 29.46% and Bitcoin 70.54% of the Index’s weight.

The asset manager withdrew its first application for a spot Ethereum ETF on May 24, one day after the SEC approved 19b-4 filings of comparable products from eight other issuers: VanEck, Franklin Templeton, Invesco & Galaxy, BlackRock, 21Shares, Fidelity, Grayscale, and Bitwise. This is the background to Hashdex’s crypto index filings.
Ethereum has witnessed an increase in active users despite the growth in alternative narratives like meme coins and celebrity tokens that made Solana chain, Ether’s rival, popular among traders.
Token Terminal, a crypto data aggregator, highlighted over 25 million active Ethereum Layer 1 and Layer 2 users per month.

Altcoins interest dampens despite Bitcoin’ s resolve

Posted on June 18, 2024June 19, 2024 by Olumide Adesina

There are no clear catalysts in explaining the recent crash in the crypto market amid Bitcoin’s resolve to stay above $65K, sending digital assets into a sea of red. The cryptocurrency market valuation dipped by 3.5% to $2.36 trillion. Meme coins like Shiba lost more than a tenth of its value making it the most negatively impacted cryptocurrency among the top 20 by market capitalization.

Market indicators show a recent uptick in liquidity indicating that Bitcoin may find strong support at $64.5K. According to Coinglass statistics, a decline below this level resulted in liquidating leveraged long bets valued at roughly $464 million. This suggests that there had been a sell-side liquidity sweep, which eliminated the majority of the highly leveraged long holdings and initiated several pending buy orders, enabling them to enter a sizable position with little slippage. This narrative may aid Bitcoin in forming a bottom.

Data from Farside Investors shows that outflows from the spot Bitcoin ETFs have occurred on five of the last six trading days. The quantity of mentions of altseason on cryptocurrency social media is displayed by Santiment’s Social Volume data for the social topic “altseason.” As traders grow avaricious and their interest in cryptocurrencies increases, a spike in this indicator during rallies frequently indicates local tops.

The social volume highlighted some decline following its most recent peak in March. This drop suggests that the fear of missing out (FOMO) has subsided significantly, and the fear of crowds is what has caused the price of Bitcoin to drop to its lowest point locally.

If Bitcoin breaks through the $71.1K resistance level and turns it into a support floor, this negative prognosis might be completely invalidated. In response, Bitcoin might challenge the record high of $73.8K and establish a new one at $80K

The ETFs are anticipated to start trading on or before July 2 after the SEC authorized spot ETH ETF issuers’ 19b-4s on May 23 and provided feedback on their S-1s last week.
Even while the SEC’s decision to provide issuers comments on their spot ETH ETF S-1 registration statements had a favorable effect, Ethereum failed to see any significant price gain on Tuesday and is now trading at $3,449 as of this writing. After plunging to about $3,361, ETH’s price saw a breakout and returned to the $3,500 region. As of writing, prices have, however, reversed.

Forex Signals Brief June 18: No Rate Cut from the RBA

Posted on June 18, 2024June 18, 2024 by Skerdian Meta

Yesterday started with a round of data from China which came out mixed. Retail sales jumped by 3.7% YoY, beating expectations of 3.0%, but Industrial Production slowed to 5.2% YoY last month, down from 6.7% previously. However, the sentiment remained positive throughout the day, with markets throwing behind last week’s worries after the European elections.

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