Bitcoin Drops, Trailing BTC Mining Stocks: Will Prices Dump To $60,000?

Posted on June 18, 2024 by Dalmas Ngetich

Bitcoin is under immense selling pressure, looking at events in the daily chart. Even though buyers are optimistic, expecting a miracle, the path of least resistance is clear. As it is, BTC has not only broken below $66,000, but sellers are also stepping up and extending losses. With the coin retesting last week’s lows of around $65,000, the coin could drop some more in the sessions to come if buyers fail to flow back.

Bitcoin is in the red when writing, shrinking by 3% week-to-date. At the same time, the average trading volume is rising at over $36 billion. Today, price action could change if sustained losses below $66,000 allow sellers to increase their positions.

Today, traders should watch the following Bitcoin news:

By the end of last week, all listed Bitcoin miners in the United States had a market cap of over $22.8 billion. According to a JP Morgan report, these mining stocks outperformed BTC during that period, with Core Scientific adding 117% alone.
In another major move, the Australian Securities Exchange (ASX) approved a spot Bitcoin ETF by VanEck. The product will begin trading on its platform as of June 20. Australia joins the United States, Thailand, Brazil, and the United Kingdom, among countries permitting the trading of this derivative.

Bitcoin Price Analysis

[[BTC/USD]] is dumping at spot rates, looking at the performance in the daily chart.

After the slip on June 17, the coin is now retesting last week’s lows.

Since Bitcoin is trading below $66,000, traders might look to short on every print higher, targeting $60,000.

So far, the selling momentum is strong. There are bars aligning with the lower BB. This line is also diverging from the middle BB, pointing to high volatility–an opportunity for traders.

For the trend to shift, there must be sharp gains reversing losses of June 11.

Ethereum Targets $3,300: Will ETH Rise 50% Versus Bitcoin?

Posted on June 18, 2024 by Dalmas Ngetich

Ethereum is down when writing following yesterday’s contraction. Even though the community is optimistic, citing favorable fundamentals, sellers still control price action. For the Q1 2024 uptrend to be valid, Ethereum needs to close above $3,700 and reverse recent losses. If not, the odds of even more losses remain amplified going forward. Presently, the immediate support level is at $3,300.

Ethereum is down 3% in the last day and week. At the same time, the average trading volume is decent, at just over $20 billion. Traders expect prices to recover, shaking off the current weakness, in the days to come. When this prints out and there is a decisive high-volume breakout above the local resistance levels, participation will likely expand.

Traders should monitor the following Ethereum news:

Even though Ethereum is tracking lower versus the greenback, analysts are confident of its performance versus Bitcoin. By the end of the year, optimistic traders say ETH could post a 50% spike versus BTC. If this prints out, it would follow the same path as the 2019 to 2021 Bull Run.
While the mainnet transaction processing speed remains low, scaling successes in layer-2 and 3 solutions have seen the combined TPS rise to all-time highs. This is primarily because of the explosion in processing speeds in Xai, a layer-3 platform.

Ethereum Price Analysis

At press time, [[ETH/USD]] is fragile.

The coin is trading below $3,700, slipping yesterday.

Though the June 17 bar had a long lower wick, pointing to strong demand at the tail end of the day, earlier losses today validated bears.

Accordingly, aggressive traders can short on every high, targeting $3,300. This preview aligns with the bear formation set in motion by the June 11 bar.

This outlook will only change when Ethereum soars above $3,700, ideally with expanding trading volume.

XRP Volatile: Will Ripple Break From This 8-Week Range?

Posted on June 18, 2024 by Dalmas Ngetich

XRP was one of the top performers following yesterday’s impressive gains. However, when writing, bears are back, reversing all gains. As it is, the path of least resistance, from a top-down preview, remains southwards. However, this could quickly change should XRP break $0.55.

At spot rates, XRP is stable on the last day and week. Notably, the spike in the average trading volume rose to over $2.5 billion in the past 24 hours. Although bears still dominate, traders are taking note of a shift in momentum.

As XRP prints higher, the following Ripple news could push the coin even higher:

Over the past week, XRP-related investments received over $1 million in inflows, bucking the trend. Of note, this is the second consecutive week where Ripple financial instruments are receiving capital, boosting confidence.
The United States SEC is arguing that the proposed lowered penalty it wants from Ripple won’t be enough. The blockchain company’s lawyers, citing the Terraform Labs settlement, are asking the presiding judge to pay nothing more than $10 million.

XRP Price Analysis

[[XRP/USD]] is stable and volatile when writing.

Even though the primary trend is bearish, aligning with the April 13 bear bar, momentum seems to be shifting.

The June 17 bar is wide-ranging and backed by rising volume.

Nonetheless, traders can only wait until there is a sharp close above $0.55, especially considering losses earlier today.

When this prints out, XRP will break out from the range, confirming gains of late April.

In that event, traders can load the dips, targeting $0.66 and $0.74.

Any unexpected turn pushing XRP below $0.46 will invalidate this preview, paving the way for a retest of $0.40.

Is Bitcoin Preparing to Rally After ASX Approves Spot BTC ETF?

Posted on June 17, 2024 by Skerdian Meta

Australian Securities Exchange gave its first approval of a spot Bitcoin ETF listing but BTC remains down at the lows for the week. Bitcoin has formed a resistance zone above $70,000, which has been a tough level for buyers since the all time high back in March, and the price keeps retreating every time buyers have a go at it. However, the 100 SMA (green) has been acting as support since January, holding the price during pullbacks lower and now we’re back at this moving average.

Continue reading “Is Bitcoin Preparing to Rally After ASX Approves Spot BTC ETF?” →

Forex Signals Brief June 17: RBA, SNB and BOE Meetings This Week

Posted on June 17, 2024June 17, 2024 by Skerdian Meta

Last week started with the Euro opening with a bearish gap lower, after the European Parliamentary elections, which saw a considerable rise of the right spectrum parties. The reasons are known, such as surging prices, high immigration, and stagnating wages. Macron announced new elections in France and the polls are showing him in third place. As a result, the Euro remained bearish throughout the week, however with the right parties having a bigger say, the economic policies are expected to be positive, possibly leading to an appreciation in the Euro in the mid term.

Continue reading “Forex Signals Brief June 17: RBA, SNB and BOE Meetings This Week” →

Altcoins melt like ice cream under sun

Posted on June 17, 2024June 17, 2024 by Olumide Adesina

The altcoins are collapsing and wiping out most of the gains achieved during the March cryptocurrency market rise Bitcoin is still consolidating and about 10% below its all-time high. There are several causes for the current downturn in altcoin prices, which has seen many of them hit bear market lows.

This week’s more than 4.5% decline in Bitcoin indicates that bears are still active at around $70K resistance. Due to the recent decline in Bitcoin, there has been further selling pressure on several altcoins, causing them to fall to levels close to or below their immediate support.

An altcoin, or alternative coin, is any crypto asset that isn’t the bitcoin. Some of these digital tokens are built on different blockchain networks, even though they perform functions comparable to Bitcoin.
The crypto market valuation dropped to $2.41 trillion due to altcoin withdrawals, and the weekly position is now negative. The altcoin market most often correlates positively with bitcoin. The altcoin market usually increases in value when bitcoin does, when Bitcoin declines, other cryptocurrencies will often follow suit, declining more quickly and deeply. Price action affirms until Bitcoin has a respectable bounce, altcoins will not climb on their own, even though it is currently hovering around its solid support at $66K.

Bitcoin’s relative strength index (RSI) is in negative territory and the 20-day exponential moving average ($67,863) has begun to decline, indicating that the bears are in control. The BTC/USDT pair will signal the beginning of a more significant correction toward $60,000 if it declines from its current level or the 20-day EMA and breaks below the 50-day SMA.
There are fewer calls for an alt-season and social sentiment and the crypto market are down. A few things cause this bearishness toward altcoins.

The market leader in altcoins, Ethereum, has dropped 10% since the end of May. Because the Ethereum exchange-traded funds have been approved but are not yet listed for trading, there is much confusion around them. Ethereum will now be viewed as a commodity rather than a security, spot ETH ETFs might significantly increase altcoins if introduced soon.
Bitcoin dominance has been rising since December and is currently at 54%. Since the Ethereum ETF is scheduled to list in the coming weeks, it appears highly probable that the rotation will take place and that the current degree of Bitcoin dominance will not last.

The US economy’s data and the country’s ongoing high inflation are other factors impacting cryptocurrency markets and keeping the Federal Reserve from cutting rates. This has been observed in past cycles since altcoins do well when borrowing costs and interest rates are low. The market research firm Santiment stated that during Bitcoin’s decline to $66K, buying interest spiked while selling activity remained sluggish.

Bitcoin Lifeline at $66,000, BlackRock Says BTC Adoption Inevitable

Posted on June 17, 2024 by Dalmas Ngetich

Bitcoin is flat, unmoved at the time of writing, looking at the performance in the daily chart. Technically, price action favors sellers, at least in the short term. There will be confirmation of weakness if $66,000 is decisively broken in the sessions ahead. However, if there is a stellar recovery from spot rates, the possibility of BTC flying even higher to above $70,000 would be high. All eyes are on the $70,000 to $72,000 resistance band, assuming prices recover.

In light of the price action over the weekend, Bitcoin is flat in the past 24 hours, while up 5% in the previous trading week. Although there is confidence since prices stabilized, traders are waiting for a breakout in either direction before committing. Before then, the average trading volume is relatively low, standing at over $16 billion at press time.

The following Bitcoin news events are worth tracking today:

While commenting on why some investment firms are wary of getting exposure, one BlackRock executive said they will eventually join the bandwagon. In her view, these conservative organizations are on a “slow adoption” path. Billions have been invested in BTC via spot ETFs offered by Fidelity, Bitwise, and other issuers.
Deutsche Telekom, one of Europe’s largest telecommunication providers, would soon begin mining BTC. Since 2023, the firm has been running BTC nodes. Nonetheless, specifically when they will fire up their rigs is tentative.

Bitcoin Price Analysis

Traders are upbeat.

Even so, [[BTC/USD]] remains within a bearish path, stable on the last day but retesting a critical support level.

Technically, if there is a sharp break below $66,000 and May 20 low, BTC would crash to as low as $60,00. This pattern would confirm sellers of June 7 and 11, potentially setting the coin for even deeper retracements after the surge in Q1 2024.

Conservative traders should watch how prices react at $66,000 and the resistance rim at $70,000 and $72,000.

Ethereum On Recovery Path: Will Bulls Breach The All-Important Ceiling At $3,700?

Posted on June 17, 2024 by Dalmas Ngetich

Ethereum is floating higher when writing, looking at price action in the daily chart. There is a classic three-bar bullish reversal pattern. It follows the printing of the pin bar on June 14. Bulls have the upper hand, and a confirmation of the weekend’s gains would be a massive development for buyers. Nonetheless, this outlook would be cemented if prices breach $3,700 and stay above this line in the sessions ahead.

The rejection of lower prices means Ethereum is firm. Over the last 24 hours, the coin is stable though losses over the past week have been reduced to just 3%. Despite the positive fundamentals, engagement is also underwhelming. The average trading volume over the past day is above $12 billion. Still, since engagement is price-driven, any expansion could swiftly change this metric.

Traders should closely monitor the following Ethereum news today:

Software evolution is inevitable in public ledgers. As Ethereum prepares for Pectra in late Q1 2025, security experts have identified key threats over client, operator, and cloud diversity. Of note, if a bug affects one of the network’s leading clients, then massive slashing penalties could destabilize the chain.
Amid this, ETH balances in exchanges continue to plunge as users choose to stake and engage in DeFi activities. Over $64 million worth of ETH was recently moved from the Ethereum Foundation to an unknown third-party address.

Ethereum Price Analysis

[[ETH/USD]] is up roughly 6% from last week’s lows.

The reversal over the weekend was impressive.

Even so, all June 11 losses must be reversed. If this happens, Ethereum could rise above $3,700, possibly reviving demand.

As it is, sellers have the upper hand from an effort-versus-analysis since prices are still inside the bearish engulfing bar of June 11. At the same time, the recent trading volume has been, on average, low.

Aggressive traders may choose to unload on every high below $3,700, targeting $3,300 in alignment with the June 7 and 11 bear bars.

XRP Bearish: After Weekend’s Gains, Is There Something Big Cooking for Ripple?

Posted on June 17, 2024 by Dalmas Ngetich

XRP is lighting up and pushing higher after the surprising price action over the weekend. Even though prices remain primarily flat and below $0.50, there are hints that something big might be cooking. The primary support remains at around $0.46 and remains untested. On the upper end, traders are closely tracking how prices will react at $0.52. The bullish bar of June 15 could be the base for a much-welcomed lift-off in the sessions to come.

Though XRP will be influenced by the performance of Bitcoin and top altcoins, fundamentals are key drivers of price. So far, the coin is steady over the last day, down roughly 1%. At the same time, it is down 2% in the previous trading week. Though prices shot higher on June 15, engagement is surprisingly low. The average trading volume fell below the $1 billion mark yesterday.

The following XRP and Ripple news could impact price action today:

Taking to X, Ripple’s Chief Legal Officer said the United States SEC is currently raging after the blockchain company defended itself, agreeing to nothing. He added that a court had already ruled that XRP is not a security and that there were no victims to compensate.
Brad Garlinghouse, the CEO of Ripple, now claims they are working with ten governments around the world, looking to implement a CBDC.

XRP Price Analysis

[[XRP/USD]] looks solid per the formation in the daily chart.

Thus far, the three-bar bullish pattern could be the base for more gains this week.

Even so, the path of least resistance remains southwards.

Traders should watch $0.46 as support and $0.55 as resistance.

As it is, bears have the upper hand, so every high could offer tight entries for sellers to double down, aiming for $0.40.

This position will be valid until all losses of June 7 are wiped out.

Bitcoin shows signs of a bottom

Posted on June 16, 2024June 16, 2024 by Olumide Adesina

Aggressive selling pressure has caused the price of Bitcoin to drop from $72K to $66.1k the 8.3% decline was probably caused by several things, including the unpredictability of pre-CPI data, a significant withdrawal from Bitcoin ETFs, the distribution of whales, and the surrender of Bitcoin miners. The super crypto asset formed a bearish reversal pattern throughout the decline and broke important support to indicate that the slump might be temporary.

Bitcoin hasn’t closed below $66,000 since May 17, despite testing the $65k support level. Even though Bitcoin price action shows a lack of momentum to surpass the $72k barrier over these four weeks, a few developments have raised regulatory confidence, showing how little room the US central bank has left to maneuver without inciting inflation.

According to robust measures for Bitcoin derivatives and favorable market conditions, there is little downside. Bitcoin dropped 8.5% between June 6 and June 14, the price of testing the $65K support level. Its key derivatives metric did not significantly change despite this decline. The differential between the spot price on normal exchanges and the monthly contracts in derivatives markets is reflected in the Bitcoin futures premium.

Bitcoin presses on its neckline, and the double top pattern on the chart breaks the previous level, waiting for the pattern’s negative effects to reactivate before rallying to continue the decline daily. Negative targets are located at $65.8K and $60.3K respectively. Therefore, unless the price breaks $69.4K and stays above it, the negative trend is for the foreseeable future. There is increasing pressure on the US Federal Reserve to cut interest rates to avert a recession.

Current data indicates that the headline Consumer Price Index (CPI), which is 3.4%, continues to stubbornly exceed the Federal Reserve’s 2% objective for inflation. Together with a minor increase in unemployment from 3.9% to 4% in May, this ongoing inflation suggests that the labor market is starting to weaken.

The Fed’s recent decision to scale back its quantitative tightening program highlights cautious optimism that inflation is stabilizing and shows how cautiously it approaches monetary policy. But if the Fed doesn’t change its policies soon, it might worsen economic downturns as high borrowing costs will still discourage crypto investment and consumer spending.