Bitcoin Under Pressure From GBTC, Bernstein Projects Expansion To $90,000 in 2024

Posted on March 22, 2024 by Dalmas Ngetich

Bitcoin is flat when writing, shrinking 2% in 24 hours and 3% in the last week. For now, prices are tight in a range, though hints of weakness dilute optimism. In the coming days, traders can watch how prices react at the immediate resistance and support zones at around $68,000, or March 20 highs, and $61,500, or this week’s lows.

The stagnation of prices also means the total market cap is steady at around $2.5 trillion, according to trackers. Amid the flat-lining price action, trading volume, a gauge of activity, has dropped by 31% in the last trading day.

The following Bitcoin news events are trending on March 22:

As spot Bitcoin ETF outflows from GBTC heap more pressure on the coin, analysts are confident, saying the correction is over. So far, the coin is down roughly 20%, which is expected before halving. Ahead of halving, however, more volatility is expected.
Bernstein is more confident of what lies ahead amid the discouraging price action. The financial institution has revised its outlook on Bitcoin, expecting prices to hit $90,000 by the end of the year, up from around $80,000. They also predict a dip in hash rate after halving, pointing to possible miner capitulation.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure at spot rates but trending horizontally, as the daily chart shows.

Even though the uptrend remains, buyers must be convincing, pushing prices higher.

In that case, a sharp close above $68,000, extending gains of March 20, might trigger mode demand, lifting prices above $70,000.

On the flip side, if the correction continues, losses below this week’s lows might force prices even lower, towards $59,000—or lower.

Forex Signals Brief March 22: Powell to Close A Loaded Week

Posted on March 22, 2024March 21, 2024 by Skerdian Meta

Yesterday started with the employment report from Australia, which was quite strong, showing 117K new job gains, while the unemployment rate fell 4 points to 3.7% from 4.1%. However, that didn’t save AUD/USD from reversing lower and giving back most of the gains from the previous days, however, it held better than other major currencies.

Will Powell push the USD down again today?

Continue reading “Forex Signals Brief March 22: Powell to Close A Loaded Week” →

Forex Signals Brief March 21: FED Done, the SNB and BOE Coming Up

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

Yesterday we had the UK CPI Inflation report released in the morning, which was expected to show some decent decline. The numbers were even softer, however, the GBP was not too deterred by the CPI report, as we were heading into the FED meeting later in the evening, while today we have the Bank of England meeting, which comes after the SNB. Continue reading “Forex Signals Brief March 21: FED Done, the SNB and BOE Coming Up” →

XRP Stagnant But Technical Hitch at Exchange Propels Coin to $74

Posted on March 21, 2024 by Dalmas Ngetich

XRP is slightly higher than yesterday’s support zone. At the time of publishing, the coin was up 3% in 24 hours but still down 11% in the past week of trading. Technically, buyers still have a chance with the possibility of XRP expanding as crypto sentiment shifts.

With prices rising, the market cap is also up in tandem, reaching $33 billion at spot rates. However, trader engagement in the early hours of the London session remains low. Trading volume is down 16% to $2.4 billion. Nonetheless, it remains to be seen whether the uptrend will be maintained and if buyers will come on top, reversing recent losses.

In the short term, the following XRP and Ripple news might shape price action:

The United States Securities and Exchange Commission (SEC) will file its remedies-related opening brief on March 22. All proceedings will remain private. It has emerged that as prices have consolidated, most traders are at a loss. Estimations place the total drawdown at over $31 million.
Following a technical glitch at the Atlantis Exchange, XRP prices soared to $74.50. Last year, another similar hitch at Crypto.com saw the coin reach $250. The average token price is below $1, with sellers not yielding.

XRP Price Analysis

[[XRP/USD]] prices are overly choppy, looking at price action in the daily chart.

Prices are above the $0.56 to $0.59 support zone. However, XRP is still below the 20-day moving average.

Since the leg down forms part of the M-formation after the formation of the double top in early March, sellers have a chance.

A breakout above $0.66, reversing March 19 losses and powering above the middle BB might rejuvenate buyers. In that case, the coin might float to $0.74.

Conversely, losses below the March 20 lows at $0.57 could see bears target $0.50 in a bear continuation formation.

Ethereum Bulls Target $4,000: Will The SEC Spoil The Party?

Posted on March 21, 2024March 25, 2024 by Dalmas Ngetich

Ethereum is firm when writing following the welcomed expansion on March 20. Thus far, the coin is up 10% in the previous 24 hours. Buyers look confident and might add to their gains in the sessions ahead.

Looking at coin trackers, ETH is up 10% on the last trading day but down 11% in the previous week. This is despite the recovery on March 20, suggesting that the dump in the last few trading days was sharp. To quantity, ETH fell roughly 25% from 2024 highs. While the market cap is up, trading volume remains low, dropping 7% in the last day despite firm prices.

Going forward, traders are looking at the following Ethereum news as possible drivers of price:

According to reports, the Ethereum Foundation, the non-profit behind the development of the smart contracts platform, is being investigated by a state authority. Further news postulates that the United States Securities and Exchange Commission (SEC) plans to classify ETH as a security. If it comes to pass, this classification means the odds of the agency approving a spot Ethereum ETF is low.
Despite reports of regulatory scrutiny, some experts believe Ethereum is not yet at its “institutional hype” level. At this level, they add that people will understand the complexity of the network. This realization will push prices to record highs.

Ethereum Price Analysis

[[ETH/USD]] remains bullish, looking at the candlestick arrangement in the daily chart.

Even though sellers forced the coin lower, shaving 25% from 2024 highs, there are hints of strength.

The leg up on March 20 had higher trading volume, a show of conviction. Nonetheless, prices are below the 20-day moving average, signaling weakness.

For now, traders can search for entries at around spot levels.

Support lies between the $3,100 and $3,200 zone.

Optimistic buyers can target 2024 highs at $4,090.

Bitcoin Rallies On FOMC Decision, Next Target $73,800?

Posted on March 21, 2024March 25, 2024 by Dalmas Ngetich

Bitcoin is in green again, adding 8% in the past trading day. Although BTC remains in red in the last week, the complete reversal of March 19 losses is refreshing for optimistic traders. At the time of writing, the coin is trading above the middle BB, and traders expect even more in the days ahead.

So far, the coin is leading the crypto charge, adding 8% in 24 hours and driving the total market cap by the same margin to over $2.5 trillion. The failure of bears to counter the move signals that buyers might be back and likely to push prices higher in the days ahead.

The developments around the following Bitcoin news events could fuel the leg up:

On March 20, the United States Federal Reserve held rates unchanged. It kept plans for multiple rate cuts in the year and provided data cooperated. Rates remain within the 5.25% and 5% range, the same level since July 2023. At current levels, borrowing rates are the highest in 23 years.
As Bitcoin pulls higher, the United States Securities and Exchange Commission (SEC) wants more funds to regulate crypto. Its chair, Gary Gensler, said the sector is “rife with non-compliance.” Accordingly, they need more funds to “meet the match of bad actors.”

Bitcoin Price Analysis

[[BTC/USD]] is still in an uptrend. It is up roughly 70% from January lows, with signals pointing to even more strength.

After shrinking by about 20% from all-time highs, the recovery on March 20 could catalyze demand. As it is, traders can look for long opportunities, building on recent gains.

Still, there should be caution.

The leg up was with relatively low volume, meaning the expansion was reaction-driven. Even so, a close above $68,000 by the end of the day will be seen as net bullish.

Support lies at $64,600. On the other hand, immediate resistance and target is at all-time highs of $73,800.

Forex Signals Brief March 18: Will the FED Announce A June Rate Cut?

Posted on March 20, 2024March 19, 2024 by Skerdian Meta

The day started with the Bank of Japan’s decision to cut interest rates, leading to a strong “sell the fact” reaction for the yen. While some market participants may have expected a more committed stance towards a hiking cycle, corporate Japan is likely displeased with both higher interest rates and a weaker currency. [[USD/JPY]] initially stalled but eventually found support as risk sentiment improved, rallying before encountering resistance at the 150.96 level.

Continue reading “Forex Signals Brief March 18: Will the FED Announce A June Rate Cut?” →

XRP Bulls Rejected: Will Prices Tank To $0.50 And 2025 Lows?

Posted on March 20, 2024 by Dalmas Ngetich

XRP is dropping, losing upside momentum, looking at the development in the daily chart. The initial excitement is quickly fading as prices trickle lower, reversing the gains of March 11. Overall, bears have successfully reversed as gains, forming a double top. Notably, the reversal is happening at the same point as in early November 2023.

The coin is now stable in the past day but down 15% in the previous week. Sellers are firmly in control, though the downtrend has been relatively choppy. Since prices are steady, the market cap is also flat-lining at around $32.5 billion. However, unlike in the previous day, trading volume is down 20%. This suggests that traders might be keeping off the markets in light of upcoming fundamental events.

The following XRP and Ripple news events are worth noting:

On-chain data shows that XRP whales have been moving coins; but at a loss. Sentiment data shows that the mood is generally bearish with potential hints of price capitulation, which is overly bearish.
The current sentiment is overly bearish and made worse by slumping Bitcoin prices. Considering the correlation between the two coins, prices might continue dumping if the broader crypto market sell-off persists in the short term.

XRP Price Analysis

[[XRP/USD]] is falling, wiping out gains, as the daily chart shows.

Even though buyers are hopeful, the double-top formation in the daily chart dents optimism, favoring sellers.

With prices below March 11 lows, traders can search for short entries below $0.66.

If losses are extended, the immediate bear target will be at $0.52 and $0.50, marking February 2022 lows.

Nonetheless, traders should note that the zone between $0.56 and $0.59 is a strong support level.

A reversal above $0.66 cancels this bearish bias. In that case, XRP might find the momentum to race towards $0.74.

Ethereum Slips, More Misery for Bulls as ETH Might Retest $2,600

Posted on March 20, 2024 by Dalmas Ngetich

Ethereum, more like Bitcoin, is also slipping. In the past 24 hours, the coin is down 5%, but losses in the previous trading week are more pronounced. The coin is down 22% and continues to be under pressure when writing.

Despite the recent downturn, the Ethereum community remains bullish. Following Dencun, ETH supporters are still optimistic about potential price gains.

However, the coin is currently down 5% from the previous day and trading below crucial support levels. The selling pressure is expected to persist in the immediate term if bulls fail to reverse recent losses.

So far, ETH’s market cap is down 5% to $382 billion. At the same time, and as expected, trading volume is up 32%, reflecting shifting sentiment favoring sellers.

In the short term, the following Ethereum news events will likely shape prices:

The Ethereum perpetual contract funding rate is falling as prices trend lower. According to CoinGlass, this rate is approaching zero. This shift shows that buying momentum is decreasing as leverage traders take profit or are liquidated.
In a filing with the United States Securities and Exchange Commission (SEC), BlackRock said it is launching a tokenized digital asset fund on Ethereum. This endorsement is a major boost for the legacy blockchain, which is facing stiff competition from Solana and other alternatives.

Ethereum Price Analysis

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

Even though buyers are in control, bulls risk losing control considering the upswing of late February and early March.

The retracement is deep and is at the 50% Fibonacci retracement from the late January to mid-March range. Ideal support is at the 78.6% level at around $2,600.

Since ETH is in a bear breakout formation, any pull higher below $3,400 might offer entries for sellers targeting $3,000 and $2,600.

A sharp breakout above $3,700 cancels out this bearish forecast.

Bitcoin Flash Crashes, Will The U.S. Fed Save The Day?

Posted on March 20, 2024 by Dalmas Ngetich

Bitcoin is under immense selling pressure at press time. The coin is down 5% in the past 24 hours and 15% in the previous week. At this pace, its market cap is also shrinking. On the last day, it fell to $1.2 trillion, down approximately 5%, mirroring the contraction in the past 24 hours.

The drop has seen the coin heap even more pressure on other altcoins. Their respective magnification of losses can be a concern. Presently, Bitcoin is dropping at the back of expanding trading volume. Currently, it is up 26% to $72 billion, signaling possible profit-taking or sellers doubling down.

As price action evolves, traders are watching the following fundamental events:

On March 19, the Ban k of Japan (BoJ) increased interest rates. The unexpected turn of events signals that the central bank is keen on taming inflation in a country that has been tackling deflationary pressures for decades. Their decision had a ripple effect across the board, causing cracks to emerge in risky store of value assets as cash flew to Bitcoin.
Later today, the United States FOMC will announce its interest rate decision and possibly announce measures to strengthen the country’s banking system. This event is expected to shape the short-to-medium-term trajectory for Bitcoin and the entire financial markets.

Bitcoin Price Analysis

At spot rates, [[BTC/USD]] is under pressure, looking at the formation in the daily chart.

The drop below the 20-day moving average was decisive.

From the candlestick arrangement, traders might look for entries on every attempt higher.

The immediate resistance lies at around $64,500.

If sellers press on, aligning with the formation of March 19, BTC will likely dip to $59,000 and even $53,000 in a bear trend continuation.

Conversely, any sharp break above $68,000, rewinding losses of March 19, invalidates this bearish outlook.