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. đș 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 2024âs 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 companyâs 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 âisnât the end of the world,â 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 â The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) â The RSI for BTC/USD is now below the 50 level. Major Support Levels â $57,000, followed by $56,500. Major Resistance Levels â $58,500, $60,500, and $61,500.
BlackRockâs IBIT saw around $37 million in outflows for the first time while the remaining spot Bitcoin ETFs collectively notched over $526.8 million in outflows.
Bitcoin is facing a critical juncture as it has entered a âdanger zone,â according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a âdo or dieâ phase, potentially marking the end of its bullish run if current trends continue. Breaking Points And Bearish Signals Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial $60,000 mark. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoinâs momentum. At the time of writing, Bitcoin is trading at approximately $57,054, teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally. Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure. Over the last 24 hours, Bitcoinâs trading volume has dropped from $45 billion to $48 billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiffâs prediction of a downturn. Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of $162 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda. These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of $93.23 million. According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset⊠pic.twitter.com/jSCtfVrW8l â Wu Blockchain (@WuBlockchain) May 1, 2024 The Bitcoin ETF Conundrum And Market Forecasts It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to $182 million across all active spot Bitcoin ETFs in the US. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape. As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoinâs price down to $55,000 before any sign of recovery. Monthly close approaching for #Bitcoin and FOMC day tomorrow. I think weâll see that sweep beneath $60K and potentially cascade towards $55-58K from which weâre finding the low and rotate back upwards. From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF â MichaĂ«l van de Poppe (@CryptoMichNL) April 30, 2024 Featured image from Unsplash, Chart from TradingView
Euphoric sentiments remain in the Bitcoin market despite the extended price consolidation.