Bitcoin Rockets to New All-Time Highs: $100,000 Incoming?

Posted on March 11, 2024 by Dalmas Ngetich

Bitcoin is now at new all-time highs, looking at the performance in the daily chart. As buyers fuel demand, the coin is inching closer to $100,000. Notably, a fresh influx in capital suggests a willingness to keep prices at current levels.

The surge is not an isolated event. It’s part of a broader trend in the cryptocurrency market. Trackers show that Bitcoin is up roughly 2% on the last day and 10% in the past week of trading. However, the total crypto market cap is down 1.45% to $2.59 trillion. This suggests that while Bitcoin is performing well, other cryptocurrencies are not experiencing the same level of growth. Despite this, Bitcoin’s dominance remains at approximately 52%, indicating its continued influence on the market.

While prices rally, there has been a deluge in trading volume. In the past day alone, the average trading volume shot by 40%. The figure will likely rise if prices expand from spot rates.

Possible catalysts for the leg up toward $100,000 include:

Wall Street accumulation: The approval of spot Bitcoin exchange-traded funds (ETFs) has been a game-changer to Bitcoin and the broader industry. According to the latest news, BlackRock has more coins than MicroStrategy, the publicly traded business intelligence firm. This development points to the spike in demand among institutional investors acting through BlackRock and other issuers.
Bill Ackman, the CEO and founder of Pershing Square Capital Management, thinks the widespread adoption of Bitcoin might lead to more energy use and contribute to the decline of the USD.

Bitcoin Price Analysis

[[BTC/USD]] remains bullish, looking at price action in the daily chart.

The uptrend is clear. Prices are still aligned along the upper BB, suggesting strong upside momentum.

With prices strongly trending above the psychological $70,000, there is more interest in the coin. As such, the odds of BTC floating to $100,000 cannot be discounted.

Bitcoin Flying, Bulls Preparing For $100,000?

Posted on March 9, 2024March 9, 2024 by Dalmas Ngetich

Bitcoin broke above $70,000 on March 8. With buyers in the driving seat and traders expecting even more in the sessions ahead, prices will likely only continue floating even higher. At spot rates, BTC is up 2% in the last 24 hours and 10% in the previous week of trading.

Looking at the market cap, Bitcoin is now valued at over $1.3 trillion. However, what’s evident is that though the total market cap is up 1.3% on the last day, Bitcoin’s share is down to 51.6%. This suggests that altcoins are growing in strength and receiving capital from aggressive investors.

Bitcoin trading volume is up to $57.5 billion in the last trading day, an increase from March 8. As prices break higher, it is highly likely that more volume will be traded, increasing liquidity and priming the coin to new 2024 highs.

This weekend, the following are worth watching:

BlackRock, arguably the world’s largest asset manager, filed with the United States Securities and Exchange Commission (SEC) to buy Bitcoin for its funds. As of 2024, BlackRock is estimated to manage over $10 trillion worth of assets. Beyond this, reports show that $20 trillion of funds use their Alladin platform to make portfolio allocations.
As Bitcoin soars above all-time highs–and ahead of halving, a record number of coins are being pulled from exchanges. Outflows often mean confidence in the coin’s prospects, which is a bullish development. Bitcoin halving will further reduce the coin’s inflation, making it scarcer.

Bitcoin Price Analysis

In the daily chart, [[BTC/USD]] is trading at new all-time highs, retracing slightly from $70,000.

Buyers are in control. Any breakout above $70,000 will only accelerate demand, lifting the coin to fresh highs.

In the one-hour chart, traders should watch how prices react at around $69,300 and $70,000 on the upper end.

Support lies at around $67,800.

Losses below this zone may offer better entries for buyers. A primary support and short-term bear target are at $65,600.

Ethereum Approaching $4,000: Will Bulls Shatter 2021 Highs?

Posted on March 9, 2024 by Dalmas Ngetich

Ethereum continues to expand. At spot rates, ETH is approaching $4,000, but buyers are aiming for higher. Trackers show that the coin was up 14% in the previous week but relatively steady in the past day. Its dominance is also down to 18.1%.

At press time, the coin faces strong rejection at $4,000. However, should buyers break above this level, ideally with rising volume; the next feasible target will be $5,000, and even $10,000. So far, trading volume is decent, registering $24.3 billion in the last 24 hours, adding 14%.

Ethereum traders are overly optimistic, citing the following fundamental events:

Decentralized finance (DeFi) and non-fungible token (NFT) minting catalyzed demand in the last bull cycle. After the depression throughout 2022, DeFi and NFT total value locked (TVL) is gaining momentum. Despite scaling challenges, Ethereum dominates these activities. As DeFi TVL rises, the demand for ETH—used for paying gas—will increase in tandem, lifting ETH even higher.
Recent news shows that despite the United States Securities and Exchange Commission (SEC) postponing its ruling on spot Ethereum exchange-traded funds (ETFs), it met with Coinbase. Discussions revolved around the product, with the exchange’s representatives asserting their confidence that Ethereum is not prone to manipulation.

Ethereum Price Analysis

In the daily chart, resistance is at around $4,000. The upside momentum is clear, as the diverging Bollinger Bands (BB) show. At the same time, since bull bars are along the upper BB, it suggests that buyers are clearly in control and the momentum is strong. There could be entries above the $3,500 to $3,700 support area.

In the one-hour chart, [[ETH/USD]] prices have been moving horizontally for the better part of the Asian session. From this range, resistance is at $3,990, while support lies at $3,870. A decisive breakout in either direction can shape price action in the short term.

XRP Capped Below $0.66 Amid Heavy Whale Accumulation

Posted on March 9, 2024 by Dalmas Ngetich

XRP remains at sixth, but prices are mostly stable when writing. Technically, buyers are in control since prices are trading above key support levels. However, the failure of XRP to follow Bitcoin or Ethereum is a concern.

Trackers show that XRP is up roughly 2% on the last day but lower in the weekly chart. At sixth, its gap versus USDC has been shaved as demand for stablecoins expands. The coin now has a market cap of around $34.5 billion.

Even so, trading volume in the last 24 hours is up 3.3% to around $2 billion. How [[XRP/USD]] prices are set up remains to be seen, as the coin will evolve in the coming days. Previous resistance and support remain in place. For uptrend continuation, there must be a decisive close above the $0.66 and $0.72 zones.

In the short to medium term, XRP prices will likely be shaped by these fundamental events:

Early next week, Binance, the world’s largest exchange, will introduce XRP/USDT Options on Binance Options RFQ. Here, clients can directly request quotes for options traded from the exchange’s over-the-counter desk. Through this offer, the exchange is expanding its offering as it seeks to further enhance the user trading experience.
As XRP prices stall at spot rates, whales recently moved 411 million XRP from Binance. On-chain trackers reveal that one whale shifted 300 million from the exchange. As accumulation continues at spot rates, the odds of a breakout remain elevated.

XRP Price Analysis

In the daily chart, XRP prices are choppy and moving sideways inside the bear bar of March 5. As long as bulls reject lower prices, the coin has a chance to break above the $0.66 resistance. Support lies at around the $0.53 and $0.60 zones.

In the 1 hour chart, sideways consolidation remains. However, the $0.63 resistance is still valid. A break above this zone opens the coin to $0.66 and $0.72 in the short term. Conversely, with rising volume, losses below $0.60 may see XRP dump to $0.53.

Forex Signals Brief March 8: The NFP Closing A Loaded Week

Posted on March 8, 2024March 8, 2024 by Skerdian Meta

The day began with significant movements in the currency markets, particularly the JPY crosses, driven by strong pay growth forecasts from Japan’s largest union and speculation that the Bank of Japan (BOJ) might consider raising interest rates. The market is pricing in a 40% chance now of an increase during this month’s meeting, although some analysts believe the likelihood could be higher due to recent signals. However, there is caution among some traders due to previous false signals from the BOJ. Continue reading “Forex Signals Brief March 8: The NFP Closing A Loaded Week” →

Bitcoin Bulls Losing Steam, Will Prices Crack $69,000?

Posted on March 8, 2024 by Dalmas Ngetich

Bitcoin is struggling to maintain the uptrend. After surging to as high as $69,000 on March 5, bulls have failed to follow through. At spot rates, BTC is down roughly 3% from all-time highs, but buyers are optimistic about more gains in the future.

Presently, BTC has failed to comprehensively close above the $68,000 level, and is changing hands at around $66,800 when writing. There were attempts for higher highs, but trading volumes are relatively light.

At the current valuation, BTC remains dominant. Trading volume dropped slightly to $43 billion on the last trading day. On March 7, trading volume stood at around $60 billion. What’s clear is that the total market cap is up $2.55 trillion, adding 2.4% when writing. This uptick points to general interest not only in Bitcoin but also in other altcoins.

As traders look to exploit price volatility, they should be aware of the following news events:

If prices fall below $64,200, CoinGlass data shows that over $2 billion of long Bitcoin positions will be liquidated. Further losses below $60,000 will push those liquidations to over $2.3 billion. Conversely, any upswing above $69,210 would liquidate $1.31 billion in short positions. That tally will rise to over $1.57 billion if BTC soars above $70,000.
The United States Securities and Exchange Commission (SEC) is postponing its decision on options trading of spot Bitcoin exchange-traded funds (ETFs). The Cboe Exchange, NASDAQ, and the Miami International Securities Exchange made the filing to the agency. By opening up options trading on spot Bitcoin ETFs, more institutional capital is expected to flow into the industry. The SEC has another 45 days to consider the filing.

Bitcoin Price Analysis

[[BTC/USD]] bulls remain in control. However, prices remain in a tight range, looking at the daily chart.

The immediate resistance is at $69,000, marking March 5 highs. Support is at $64,000—or February 28 highs on the lower end.

Traders can look to buy on dips, targeting $70,000. Losses below $64,000 might trigger a sell-off towards $53,000.

Ethereum Bulls Target $4,000: Trading Volume Dropping

Posted on March 8, 2024 by Dalmas Ngetich

Ethereum is roaring when writing. Bulls are relentless, pressing the “buy” pedal. The coin is up 4% on the last trading day, extending those gains to 16% in the previous week. As it is, ETH is outperforming Bitcoin and is one of the top performers in the last week of trading in the top 10.

ETH has performed almost similarly to BNB, which is up 16% in the last week after adding 11% in the previous 24 hours. However, ETH is outperforming Solana and XRP despite these two having lower market caps. Overall, the path of least resistance is upward, favoring determined bulls.

When writing, ETH has a market cap of over $472 billion, expanding as prices roar. Even so, as prices rise to fresh 2024 highs, there are concerns since the total traded volume has shrunk in the past 24 hours to around $21 billion. Typically, the higher the volume, the stronger the upside momentum is.

Looking at the news, the crypto community remains primarily positive. Here are some trending Ethereum news events to keep track of:

A Bitwise researcher thinks that, though the industry has been looking at Bitcoin, considering the influx of capital through spot Bitcoin exchange-traded funds (ETFs), Ethereum will likely break above $5,000, recording new all-time highs. Per his assessment, ETH will likely float to $10,000 in 2024. The upcoming Dencun upgrade will be a bullish catalyst for price.
While ETH is rallying, more validators were exiting than joining this week, the first since January. An estimated 670,000 ETH, or over $2.5 billion, of staked ETH were withdrawn. This is despite the Ethereum staking yield rising from 3.5% to 3.69% in March.

Ethereum Price Analysis

[[ETH/USD]] is changing hands above $3,900 when writing.

The expansion has been near perpendicular since late January 2024. Since then, the coin has added over 80%.

Presently, bulls are targeting $4,000. Support is at around $3,500—a psychological round number.

In the 1 HR chart, traders are watching the $3,950 level. A comprehensive close, with high volume, may anchor the next leg up to $4,000.

Conversely, losses below $3,850 may see ETH drop to March 7 lows of $3,740.

XRP Stars Dimming, Strong Resistance At $0.66

Posted on March 8, 2024 by Dalmas Ngetich

XRP is stable but bullish. On the last trading day, gains were marginal. However, from a top-down preview, especially assessing performance in the previous week, XRP is up 6%. The rally is overly muted, and the coin continues to underperform relative to Bitcoin, Ethereum, and even Solana in the top 10.

Still, XRP has cemented its position at sixth. USDC will likely flip the coin if the Bull Run continues, considering its role in trading and DeFi. USDC is popular in Solana, a resurgent network with soaring meme activities.

XRP has a market cap of $34 billion. The average trading volume is around $2 billion, lower than in the previous 24 hours. Even so, with investors optimistic, there will be a spike once the coin breaches immediate resistance levels in a buy trend continuation.

In the past trading day, the following XRP news made headlines:

In the ongoing case between Ripple and the United States Securities and Exchange Commission (SEC), the presiding judge questioned the agency’s vague rules and regulations. The SEC has been under fire recently after filing a motion to dismiss charges against Debt Box.
On March 7, Jerome Powell, the United States Federal Reserve chairperson, testified. Powell said they were data-driven and will likely cut rates later this year. These comments lifted assets, including XRP.

XRP Price Analysis

[[XRP/USD]] prices remain choppy, looking at the formation in the daily chart.

So far, the coin has been held within a wide range of between $0.53 and $0.66. Since the bear bar of March 5 defines the current formation, the trend is bearish in the short term unless there is a sharp expansion above March 2024 highs.

In the 1 HR chart, XRP is between $0.639 and $0.619.

Prices are moving higher but have been consolidating in the better part of the Asian and early London sessions.

A break in either direction will take the coin to $0.66 or $.53.

Forex Signals Brief March 7: Will the ECB Announce the Rate Cut Date?

Posted on March 7, 2024March 7, 2024 by Skerdian Meta

Yesterday began with the release of Australia’s Q4 2023 GDP, indicating a 0.2% increase, which was lower than the 0.2% expected. Notably, the preliminary reading for the third quarter had also shown a 0.2% increase, but the revision elevated Q3 GDP to 0.3%, effectively offsetting the Q4 GDP miss. Continue reading “Forex Signals Brief March 7: Will the ECB Announce the Rate Cut Date?” →

Bitcoin Price Struggling, What’s Happening At $69,900?

Posted on March 7, 2024 by Dalmas Ngetich

Bitcoin is still king, at least in market cap. However, looking at its general performance in the last 48 hours, the upside momentum has stalled. The coin is stable in the last trading day and only up 5% in the past week. At this rate, BTC is trailing BNB, Solana, and other altcoins in the top 10. Still, analysts are confident.

Looking at the coin’s liquidity, the trading volume remains decent. In the past 24 hours, over $61 billion was traded, which is multiples those of other altcoins, including. This suggests that despite the market lull, attention is on the world’s most valuable coin. Overall, this is a net positive for the cryptocurrency.

The total crypto market cap is slightly lower to around $2.49 trillion, adding 0.86% in the last trading day. At this level, Bitcoin maintains the lion’s share, commanding 52.2% of the total valuation.

Traders will be looking at several developments today. Among the top trending Bitcoin news include:

Bitcoin miner action: In roughly four or five weeks, Bitcoin will halve its miner rewards. That means a drop in revenue for all miners. While it remains to the seen whether the current demand will increase, this impact will be negative. There are speculations that some miners are cashing out at around spot rates, heaping pressure on the coin.
MicroStrategy plans to buy more coins: The business intelligence firm just revealed that it will double down on Bitcoin. Already, the public company whose shares trade on NASDAQ owns billions worth of Bitcoin. According to Bitcoin Treasuries, MicroStrategy owns 193,000 BTC. In a recent update, it said it will up its convertible note sale to $700 million. Proceeds will go towards buying more Bitcoin.

Bitcoin Price Analysis

Bitcoin prices are choppy, looking at the developments in the daily chart.

Losses of March 5 were partly reversed on March 6. However, [[BTC/USD]] prices are still trending inside the bear bar when writing.

Technically, the uptrend remains though there must be more effort to push the coin above $69,900 for bears of March 5 to be invalidated.

In the lower time frames, traders can watch how prices react at around $64,800 and $67,800. A breakout in either direction can either see BTC register new all-time highs or dump to $59,200.