As Bitcoin navigates through significant price changes, varying analyses from crypto analysts have painted a diverse picture of its short-term trajectory. A prominent crypto analyst, Ali, identified a sell signal on Bitcoin’s short-term charts using the TD Sequential indicator. Related Reading: Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares According to Ali’s analysis, the TD Sequential indicator suggested that Bitcoin’s current uptrend might be losing momentum. This could potentially lead to a correction over the next one to four candlesticks, particularly noticeable on the four-hour chart. The TD Sequential presents a sell signal on the #Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for $BTC. pic.twitter.com/OC9Clv0Tat — Ali (@ali_charts) May 16, 2024 Diverging Bitcoin Views From Top Crypto Analysts Contrasting this perspective, another prominent analyst, Rekt Capital, recently provided a more optimistic view. According to Rekt Capital, Bitcoin ended its downtrend in mid-April, breaking into an uptrend with its price surpassing previous resistance levels. This change has been marked by Bitcoin forming its first higher high since its drop to $56,000, as highlighted by Rekt Capital. This indicates a possible continuation of the bull market despite periodic market attempts to unsettle investors. The TD Sequential indicator’s sell signal comes as Bitcoin has shown a 7.6% increase over the past seven days, reaching a 24-hour high of $66,567 before retracing slightly to $65,592. Rekt Capital noted the significance of the $60,000 support level, suggesting that maintaining this level is crucial for further positive momentum. He remarked that the recent breakout to $66,000 is a testament to how quickly market sentiment can shift toward a bullish trend. The analyst disclosed: The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them. Insights From Galaxy CEO On BTC’s Future Trends Meanwhile, Mike Novogratz of Galaxy Digital commented on the broader market trends, noting that the crypto sector is at a critical juncture where narratives are evolving, and the market landscape could change rapidly, especially with impending regulatory developments in the US. Related Reading: Bitcoin Could Crash Below $55,000, Top Analyst Sounds The Alarm Mike Novogratz further expanded on the macro view, suggesting that the next few months could be pivotal for the crypto market as it responds to new narratives and regulatory developments. It’s been a fascinating week in crypto. Narratives are forming and odds are shifting. It’ll be interesting to watch the next few months play out, and even more interesting to watch the jump shift that’ll occur as soon as there’s regulatory clarity around crypto in the U.S.… pic.twitter.com/t0g5rTIKjP — Mike Novogratz (@novogratz) May 16, 2024 He also recently predicted that Bitcoin’s price will oscillate between $55,000 and $75,000 for some time, indicating a phase of consolidation before any major moves. Featured image from Unsplash, Chart from TradingView
Ethereum price tested the $3,040 zone and corrected gains. ETH is now testing the $2,925 support and might aim for a fresh increase. Ethereum started a downside correction after the bears defended $3,040. The price is trading below $2,960 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase unless there is a close below the $2,925 support. Ethereum Price Dips Again Ethereum price started a fresh increase above the $2,950 and $2,960 levels, like Bitcoin. ETH even cleared the $3,000 level before the bears appeared near $3,040. A new weekly high was formed at $3,039 and the price recently started a downside correction. There was a move below the $3,000 level. Ether dipped below the 50% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high. Ethereum is now trading below $2,960 and the 100-hourly Simple Moving Average. However, the bulls are active near the $2,925 support and the 61.8% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high. Immediate resistance is near the $2,960 level. There is also a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD. The first major resistance is near the $3,000 level. An upside break above the $3,000 resistance might send the price higher. The next key resistance sits at $3,050, above which the price might gain traction and rise toward the $3,150 level. If there is a clear move above the $3,150 level, the price might rise and test the $3,220 resistance. Any more gains could send Ether toward the $3,350 resistance zone. More Losses In ETH? If Ethereum fails to clear the $2,965 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $2,925 level. The next major support is near the $2,900 zone. A clear move below the $2,900 support might push the price toward $2,850. Any more losses might send the price toward the $2,740 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,925 Major Resistance Level – $2,965
An analyst predicts a major altcoin breakthrough by July. Bitcoin's cycle peak may occur in September or October 2025. Continue Reading: Analyst Predicts Major Breakthrough for Altcoins by July
On-chain data suggests the Bitcoin “Miner Price” metric has fallen under the BTC Electrical Cost. Here’s what happened next the last few times. Bitcoin Miner Price Has Declined Below Electrical Cost For Fifth Time Ever In a new post on X, Capriole Investments founder Charles Edwards has pointed out a development that has recently occurred
Bitcoin price rallied and tested the $66,500 zone. BTC is now consolidating gains and might attempt another increase toward $67,500. Bitcoin started a consolidation phase from the $66,500 resistance zone. The price is trading above $65,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless the bears push it below $63,800. Bitcoin Price Remains Supported Bitcoin price formed a base and started a fresh increase above the $63,500 level. BTC even cleared the $65,500 resistance and tested the $66,500 region. A new weekly high was formed at $66,565 and the price is now consolidating gains. There was a minor decline below the $66,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high. Bitcoin price is now trading above $65,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $65,600 level. The first major resistance could be $66,000. The next key resistance could be $66,500. A clear move above the $66,500 resistance might send the price higher. In the stated case, the price could rise and test the $67,200 resistance. If the bulls remain in action, the price could rise toward the $68,000 resistance zone. Any more gains might send BTC toward the $70,000 barrier. Another Decline In BTC? If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,150 level and the trend line. The first major support is $64,200. The main support is now forming near $63,800 or the 50% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high. Any more losses might send the price toward the $63,150 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $65,150, followed by $63,800. Major Resistance Levels – $66,000, $66,500, and $67,200.
AVAX, the native currency of Avalanche, a high throughput blockchain, is rising, adding an impressive 9% from May 15 lows. Buyers are taking over after weeks of lower lows. While the expansion of Bitcoin prices could explain these gains, there could be more. Fine Wine Investment Fund Tokenized On Avalanche Avalanche has announced tokenizing a fine wine investment fund, a move that would see the platform ride on the wave of tokenization. In a statement, Avalanche said the Wine Capital Fund has been tokenized by Oasis Pro and listed on ATS via the Avalanche C-Chain, where smart contracts are deployed. Related Reading: Why Did The Bitcoin Price Rise Above $66,000 Today? The ATS is Oasis Pro’s trading platform registered by the United States Securities and Exchange Commission (SEC). Meanwhile, the capital fund is a “closed-end investment vehicle.” Specifically, it specializes in fine wines and is overseen by WIVX Asset Management. The decision to tokenize on Avalanche is a step forward in creating a tokenized asset ecosystem, mirroring progress made in Ethereum, among other chains. By making inroads into the fine wines market, estimated to be worth over $400 billion, the platform aims to democratize access, making it available to more investors. Analysts claim tokenization removes barriers common in traditional finance. Notably, Avalanche will play a huge role since the network is scalable, boosting a high throughput with sub-second finality. The number of real-world assets (RWA) being onboarded is rising. When writing, data from RWA.xyz reveals that over $7.6 billion worth of private credit has been tokenized. At the same time, months after announcing the deployment of the BUIDL fund on Ethereum, it manages over $381 million of tokenized United States treasuries. Efforts On Meme Coins, DeFi: Will AVAX Break $40? Avalanche is not only making progress in tokenization; earlier, they announced efforts to encourage meme coin activity on-chain. To do this, the Avalanche Foundation launched Memecoin Rush, a $1 million liquidity mining incentive program. Related Reading: Red Alert For Bitcoin: Network Hashrate Takes A 20% Dive The model follows the Avalanche Rush program. The number of decentralized finance (DeFi) solutions deploying on the high throughput chain rapidly grew through this program. As of mid-May 2024, DeFiLlama data shows that Avalanche DeFi protocols manage over $945 million. The number has shrunk by over 90% since November 2021, at over $10.9 billion. AVAX prices are stable at spot rates. However, with the coin finding support at $30 and printing a triple bottom, the path of least resistance appears northward toward $40 or higher. Feature image from UnSplash, chart from TradingView
Draper Associates, the VC firm led by the legendary investor Tim Draper, has led the $3.5 million seed round of Zest Protocol, a Stacks-based Bitcoin lending market. The round, which also had the participation of Binance Labs, Flow Traders, Trust Machines, and others, seeks to allow bitcoin holders to put their capital to use using
FTX has a new plan, and Bitcoin might just benefit from it all.
The Depository Trust and Clearing Corporation (DTCC) has partnered with blockchain oracle Chainlink and several prominent banking institutions in the United States to conduct a successful pilot aimed at accelerating the tokenization of funds. The collaboration has not only paved the way for the adoption of blockchain technology in the traditional asset management sector but has also had a significant impact on the price of Chainlink’s native cryptocurrency, LINK, which has surged past the $14 threshold. Major Asset Managers Join DTCC And Chainlink The pilot, called Smart NAV, was developed by DTCC to explore the extension of its Mutual Fund Profile Service I (MFPS I), an industry-standard platform that transmits “Price and Rate” data, also known as “NAV data.” Related Reading: Why Is This Crypto Pundit Warning XRP Investors To Be At Alert For The Next 3-12 Months By leveraging Chainlink’s cross-chain interoperability and blockchain abstraction capabilities, the pilot aimed to investigate the potential of on-chain price and rate data as a key enabler for new initiatives, particularly in the realm of mutual fund tokenization. To evaluate the industry value of a DLT-based price and rate dissemination solution, DTCC collaborated with asset managers, service providers, and distributors, including American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, and State Street. On-Chain Data Delivery For Fund Tokenization According to the announcement, the results of the pilot were positive. The collaboration between DTCC, the US banking institutions, and Chainlink reportedly showed that structured data can be delivered on-chain, enabling the embedding of foundational data into multiple on-chain use cases. This capability has far-reaching implications, including supporting brokerage portfolio applications and facilitating real-time, automated data dissemination. Moreover, Smart NAV aims to provide built-in access to historical data and simplify the relay of price and rate data through new interfaces for data consumption. Furthermore, the pilot reportedly achieved several key milestones, including validating user interfaces and applications that leverage on-chain data, establishing automation of data routing through smart contracts for dynamic data management, and preventing future fragmentation through Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Related Reading: QCP Capital Sees Bitcoin Reclaiming $74K Highs – Here’s Why BTC Could Continue Its Rally Ultimately, the DTCC stated that the partnership with Chainlink has played a key role in the success of the Smart NAV use case. By providing an abstraction layer through its cross-chain interoperability capabilities, Chainlink has facilitated “seamless” transmission of data across multiple blockchains. This approach eliminates the need for DTCC to establish individual connections to each blockchain, mitigating costs and operational complexities while ensuring data accessibility and optimization. Bullish Momentum For LINK As of the time of this press release, the LINK token has successfully surged above the $14.88 mark, experiencing a notable 6.8% increase in price since the initial announcement on Thursday. Data from CoinGecko indicates that the token’s trading volume has also seen a significant surge of 17% in the last hours, reaching a substantial figure of $400 million. However, for LINK to recover from its 72% losses from its all-time high of $52.70 reached in May 2021, it faces two key resistance levels as shown on the token’s daily LINK/USD chart above. These resistance walls are located at $15.18 and $17.8 respectively, before potentially moving towards the $20 mark. It remains to be seen whether the current bullish momentum will persist and further propel the price of LINK beyond these levels. Featured image from Shutterstock, chart from TradingView.com
Juno Finance acknowledges the disruption in banking services and is collaborating with its brokerage and banking service providers, Synapse and Evolve Bank & Trust, to restore full service as soon as possible. Juno is a financial platform that integrates checking and savings accounts with cryptocurrency trading. “Currently, Evolve Bank & Trust has frozen all card