A detailed examination of Bitcoin's current situation and potential future movements. Will the decline in Bitcoin continue?
The outflows from the U.S. spot Bitcoin ETFs have exacerbated further surging past $500 million on Wednesday, May 1. This massive selling pressure comes following the FOMC meeting when Fed Chair Jerome Powell announced to keep interest rates unchanged pushing the Bitcoin price another 5% down to $57,500. Fidelity Bitcoin ETF Outflows Beat Grayscale’s As The post U.S. Bitcoin ETF Outflows Surge Past $560 Million, More Pain Ahead? appeared first on CoinGape .
Ethereum price started another decline and traded below $2,920. ETH could gain bearish momentum if there is a close below the $2,800 support zone. Ethereum remained in a bearish zone and traded below the $2,900 zone. The price is trading below $2,950 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $3,050 resistance. Ethereum Price Extends Losses Ethereum price remained in a bearish zone below the $3,120 level, like Bitcoin. ETH traded below the $3,000 level. The bears even pushed the price below the $2,920 level. A low was formed at $2,813 and the price is now consolidating. There was a minor increase above the $2,900 level. The price tested the 23.6% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low. However, the bears were active near the $2,950 and $2,965 levels. Ethereum is now trading below $3,000 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low. Source: ETHUSD on TradingView.com The next key resistance sits at $3,085, above which the price might gain traction and rise toward the $3,150 level. A close above the $3,150 resistance could send the price toward the $3,250 resistance. If there is a move above the $3,250 resistance, Ethereum could even test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,050 resistance, it could continue to move down. Initial support on the downside is near the $2,850 level. The first major support is near the $2,820 zone. The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,820 Major Resistance Level – $3,050
Bitcoin experienced a significant 6.0% drop in the past 24 hours, sparking fear and uncertainty among traders. However, this dip has also led to discussions about a potential relief rally on the horizon. 📺 After #Bitcoin's -6.0% drop in the past 24 hours, we're starting to see an appealing level
BlockDAG is taking the lead among 2024’s top cryptocurrencies by not only raising an impressive $21.4 million during its presale but also by pioneering the integration of blockchain technology with Directed Acyclic Graphs (DAG). This integration significantly enhances transaction speeds and sets a new benchmark in the industry. Positioned prominently among other major cryptocurrencies like The post 11 Top Crypto Investment Options 2024: BlockDAG Announces Vesting Period; More On BTC, ETH, BNB, SOL, XRP, DOGE appeared first on Live Bitcoin News .
Bitcoin's price falls below the short-term holder's average cost, stirring concerns and potential panic selling among recent investors.
Litecoin started a fresh decline from the $88 resistance zone against the US Dollar. LTC price is now trading below $85 and the 55 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $81.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase). The pair The post Litecoin (LTC) Price Analysis: Recovery Could Be Capped Near $82 appeared first on Live Bitcoin News .
Alliance Resource Partners (ARLP), a coal mining company in the U.S., recently disclosed its use of underutilized electricity loads for bitcoin mining. Cary Marshall, the company’s CFO, revealed that ARLP concluded the first quarter of 2024 with an approximate total of 425 bitcoins. Marshall also stated that during the first quarter, ARLP mined 61 bitcoins
Bitcoin short-term holders are currently holding a 3% unrealized loss but it “isn’t the end of the world,” according to a crypto analyst.
Bitcoin price extended losses and settled below $60,000. BTC is now consolidating losses near $58,000 and remains at risk of more downsides in the near term. Bitcoin extended losses and traded below the $60,000 zone. The price is trading below $59,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down since there is a daily close below the $60,000 zone. Bitcoin Price Takes Hit Bitcoin price remained in a bearish zone and traded below the $60,500 support level. BTC even settled below the $60,000 level to enter a short-term bearish zone. There was a drop below the $58,000 level. A low was formed at $56,378 and the price is now consolidating losses. There was a minor increase toward the $58,000 level and the 23.6% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low. Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average. Immediate resistance is near the $58,000 level. There is also a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair. The first major resistance could be $59,200. The next key resistance could be $60,500 or the 50% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low. Source: BTCUSD on TradingView.com A clear move above the $60,500 resistance might send the price higher. The next resistance now sits at $61,500. If there is a clear move above the $61,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $63,500. More Losses In BTC? If Bitcoin fails to rise above the $58,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,000 level. The first major support is $56,500. If there is a close below $56,500, the price could start to drop toward $55,000. Any more losses might send the price toward the $53,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $57,000, followed by $56,500. Major Resistance Levels – $58,500, $60,500, and $61,500.