Crypto markets are showing strong signs of recovery today, with major assets like Bitcoin and various altcoins gaining momentum. Specific meme coins such as Bonk and BOME have emerged as notable top performers. A notable highlight is Bitcoin’s price, which briefly touched an important milestone. Discover the latest trends and movements in the crypto market,
Solana started strong increase above the $135 resistance. SOL price is up over 10% on the ETF hopes and it might rise further toward $162. SOL price started a steady increase and cleared the $142 resistance against the US Dollar. The price is now trading above $142 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could correct lower and find bids near the $140-$142 zone. Solana Price Starts Fresh Rally On ETF Fillings Solana price formed a base above the $125 level and started a fresh increase. SOL broke many hurdles near the $135 and $140 levels to move into a positive zone. It gained over 10%, cleared the $145 resistance, and outperformed Bitcoin and Ethereum. A high was formed at $150.93 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $135 swing low to the $151 high. Solana is now trading well above the $142 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $135 swing low to the $151 high. If there is another increase, the price might face resistance near the $150 level. The next major resistance is near the $152 level. A successful close above the $152 resistance could set the pace for another steady increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level. Are Dips Supported in SOL? If SOL fails to rise above the $152 resistance, it could start another decline. Initial support on the downside is near the $145 level. The first major support is near the $142 level and the trend line, below which the price could test $140. If there is a close below the $140 support, the price could decline toward the $128 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $145, and $142. Major Resistance Levels – $152 and $162.
Recent data indicate that Bitcoin’s mining hashrate has plunged to its lowest point since early March. This trend raises important questions for both current and prospective miners about the profitability of Bitcoin. An analyst from CryptoQuant highlighted that the current state of miner distress has resulted in the liquidation of accumulated rewards. Discover the latest
The renowned author of Rich Dad Poor Dad, Robert Kiyosaki, has reignited debates within the cryptocurrency community with his recent comments on Bitcoin ETFs. In a recent post shared on a social media platform, Kiyosaki called Bitcoin ETFs “FAKE,” comparing them to what he views as similarly flawed gold and silver ETFs. Notably, his statements The post Robert Kiyosaki Labels Bitcoin ETF ‘Fake’, Here’s Why appeared first on CoinGape .
MicroStrategy’s stock has outperformed Bitcoin significantly year-to-date, demonstrating a unique investment trajectory. Despite Bitcoin’s substantial presence, its price has not experienced significant growth recently. MicroStrategy has become a focal point for investors due to its aggressive acquisition of Bitcoin. Discover how MicroStrategy’s strategic Bitcoin investments have driven its stock to outpace Bitcoin itself amid evolving
The Bitcoin options expiry today has traders anticipating a significant price breakout. Bitcoin has been in a downtrend for June, struggling to maintain levels above $62,000. Market analyst Rekt Capital predicts a potential upside breakout from this downtrend. Bitcoin’s June downtrend has market participants on edge as the option expiration looms, potentially setting the stage
In a recent filing with the US Securities and Exchange Commission (SEC), the BlackRock Global Allocation Fund disclosed its ownership of 43,000 shares of the asset manager’s Bitcoin ETF, iShares Bitcoin Trust, as of April 30. This announcement follows two previous filings by BlackRock on May 28, which disclosed the fund’s exposure to Bitcoin in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio. BlackRock Bitcoin ETF Investment Plan The investment giant’s move towards Bitcoin integration became evident in March when it submitted a filing to the SEC, expressing its intention to include Bitcoin ETFs in its Global Allocation Fund. BlackRock’s objective is to invest in Bitcoin ETFs that directly hold BTC, aiming to mirror the performance of the digital currency market. The company’s filing specified that the Global Allocation Fund may acquire shares in exchange-traded products (ETPs) that seek to reflect the price of Bitcoin by directly holding the cryptocurrency. However, it clarified that investments in Bitcoin ETPs will be limited to those listed and traded on recognized national securities exchanges. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% This initiative aligns with BlackRock’s broader investment strategy for its Global Allocation Fund, a mutual fund designed to diversify investors through a wide range of assets, including equities, bonds, and potentially Bitcoin ETPs. With $17.8 billion in assets under management (AUM) and a year-to-date return of 4.61% as of March 2024, the fund aims to capitalize on global investment opportunities while effectively managing risk and pursuing long-term capital growth and income. This marks the third internal BlackRock fund to invest in Bitcoin through the iShares Bitcoin Trust (IBIT) ETF. The Strategic Global Bond Fund, Strategic Income Opportunities Portfolio, and now the Global Allocation Fund have all recognized the potential of Bitcoin as an investment asset. Bitcoin Price Analysis In the past 24 hours, Bitcoin has shown resilience by reclaiming the $61,780 level after experiencing a dip to as low as $58,000 on Monday. This recovery suggests that the leading cryptocurrency is withstanding the selling pressure it has encountered over the past week, indicating a potential continuation of its halted uptrend. According to technical analyst Ali Martinez, Bitcoin is forming an Adam & Eve bottoming pattern, which could lead to a projected 6% increase towards $66,000 if BTC maintains a candlestick close above the $62,200 level. Furthermore, historical data indicates that July has historically been favorable for Bitcoin’s price growth, particularly in years of Halving. Analyzing the image above, 7 out of the previous 11 July months resulted in positive gains. The green months, in particular, generated an impressive upside of 16.52%, while the red months experienced a downside of 6.99%. Examining the performance of Bitcoin in the third quarter (Q3), the data presents a more balanced picture. Out of the previous 11 Q3 periods, 5 were positive. Green Q3s, on average, produced a significant upside of 33.52%, while red Q3s generated an average downside of 16.023%. Related Reading: Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target Whether historical price performance will repeat itself, leading to price gains for BTC, remains to be answered. If history were to repeat in this scenario, it could potentially result in Bitcoin retesting its all-time high, which reached $73,700 in March, potentially even surpassing it. Featured image from DALL-E, chart from TradingView.com
On-chain data shows the Bitcoin mining hashrate has declined to the lowest since early March. 7-Day Average Bitcoin Mining Hashrate Has Continued To Go Down Recently The “mining hashrate” refers to an indicator that keeps track of the total computing power the miners have currently connected to the Bitcoin blockchain. This metric’s value could be
Year to date, MSTR has outperformed BTC in price performance.
The post Robert Kiyosaki’s Choice Of Real Assets Over Its ETFs appeared first on Coinpedia Fintech News Robert Kiyosaki in a critical tweet, posted a set of questions and answers as to why he would not buy Bitcoin ETFs. He claimed that he would not buy Bitcoin ETFs for the same reason as he does not buy Gold or Silver ETFs. In an answer to the question ‘What is wrong with ETFs’, …