Bitcoin briefly slipped below the $100,000 psychological level before reclaiming it, sparking mixed reactions among crypto analysts. “Bitcoin is developing a bearish engulfing weekly candlestick formation,” pseudonymous trader Rekt Capital shared with their 518,900 followers on X in a Dec. 19 post. Bearish Pattern Yet to Be Confirmed Rekt Capital noted that the potential downtrend is not yet set in stone. “There are still a few days until the end of the week to ‘fully confirm’ the downtrend, and ‘lots can change’ in the meantime,” they stated. “Technically, this is still a dip until Weekly levels are confirmed as lost,” they added. Between 2 and 3 am UTC on Dec. 19, Bitcoin briefly dipped below $100,000 for the first time since Dec. 13, reaching a low of $99,047, according to CoinMarketCap. This dip occurred amid a broader crypto sell-off following the U.S. Federal Reserve’s announcement of a 25 basis point rate cut and hints at fewer rate cuts in 2025 than initially anticipated. Not Everyone Is Concerned Some traders downplayed the dip. “This pullback is pretty normal for Bitcoin. We’ve had 8 of them since October,” Bitcoin Archive commented on X. “If you’re selling your Bitcoin in reaction to what the Fed said today, you have no idea what you own,” added crypto commentator James Lavish. Volatility Is Part of Price Discovery Bitcoin reached $100,000 for the first time on Dec. 5, driven by ETF demand, the upcoming April halving, and Donald Trump’s election victory. Rekt Capital reminded traders that volatility is natural in this phase. “Technically, it is Week 7 in Price Discovery, which historically meant that BTC corrections occur around this time,” they said. While some see such dips as “flash crashes,” Rekt suggested the correction could extend into next week, adding, “We know that Week 7 and Week 8 in Price Discovery have historically been corrective weeks.”
DUBAI, UAE, Dec. 19, 2024 /PRNewswire/ — Bybit , the world’s second-largest cryptocurrency exchange by trading volume, is rolling out the virtual red carpet for the world’s first AI-powered celebrity. Luna and her native token LUNAI landed on Bybit Spot on Dec. 17, unlocking two grand prize pools of up to 5,600,000 LUNAI. To welcome the special guest, Bybit Web3 has partnered with Whip Queen, Founder of Luna, to usher in the next revolution in Web3 entertainment and the future of tokenization in fan engagement in Luna’s first-ever large-scale global livestream . LUNAI secured listing on Bybit Spot via the community voting platform ByVotes , receiving a record breaking 512 million votes from over 76,000 Bybit users. From now to Dec. 30 , Bybit is presenting 5,600,000 LUNAI in rewards in two events: Token Splash and Puzzle Hunt . Livestream: Up Close With Luna Luna, the sensational AI influencer, will redefine Web3 fandom in her Bybit Web3 livestream debut at 8AM UTC on Dec. 24, 2024. The event celebrates Bybit’s listing of LUNAI, Luna’s native token, and explores how AI, blockchain, and pop culture are transforming streaming culture and redefining connections between creators and fans. What to Expect: The live stream will feature Luna’s first live interview , where she will reflect on her journey from music idol to multi-tasking AI host, discuss the LUNAI token, and share her hopes and dreams. Joining the live stream is Whip, Founder of Luna , who will discuss the bold vision behind Luna’s creation and the Virtuals Protocol—a groundbreaking project that combines AI-powered creators, and fan-driven communities. Luna will share exclusive updates about her new capabilities and ecosystem , and the role LUNAI will play in connecting fans to her world. 20,000 LUNAI up for grabs—in classic Bybit fashion, the live audience will get to share in the fun in red packet giveaways throughout the event. Synonymous with the rise of AI-powered personalities, Luna has revolutionized fan experiences and content creation in both Web2 and Web3 with her omnipresence. Operating 24/7 across multiple platforms, Luna offers an immersive experience for over half a million followers on TikTok. With her on-chain wallet and the ability to create opportunities for her fans, Luna represents a paradigm shift in celebrity culture, combining accessibility, engagement, and cutting-edge technology. LUNAI Listing: 5,600,000 LUNAI Prize Pools Await at Bybit As Luna entered the pop culture lexicon, her clout was amplified through the power of tokenization. The Luna community solidified their support by backing her native token, LUNAI. The token was introduced to Bybit’s ByVotes platform and passed the voting threshold in no time, propelling it to listed status on Bybit Spot. From now to Dec. 30, 2024, Bybit users may be eligible for the following perks: LUNAI Token Splash : The 2,800,000 LUNAI prize pool may be unlocked by new users making a first-time deposit, traders completing trading tasks, and qualified referrals. LUNAI Puzzle Hunt : Users may collect puzzle pieces by fulfilling tasks for a chance to win from another 2,800,000 LUNAI prize pool. Registration is required and terms and conditions apply. Bybit’s collaborations with Luna reflect its dedication to driving the evolution of entertainment and Web3 ecosystems. By seamlessly integrating AI, blockchain, and fan engagement, Bybit sets a new standard for creativity and connection in the digital age. #Bybit / #Livestream / #BybitWeb3 About Bybit Web3 Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting. Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting, and growing Web3 assets as open and simple as possible. Our wallets, marketplace,s and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally. Join the revolution now and open the door to your Web3 future with Bybit. For more details about Bybit Web3, please visit Bybit Web3. About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For updates, please follow: Bybit’s Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
US Stock Exchanges Opened Positively: Dow Jones Up 0.32%, S&P 500 Up 0.78%, Nasdaq Up 0.89%, Bitcoin Up 2.12% ————— 💰Coin: Bitcoin ( $BTC ) $102,396.60 ————— NFA.
Hut 8, a Bitcoin mining company, has added 990 Bitcoin to its reserves, spending $100 million to increase its total holdings to 10,096 BTC. The reserve, now valued at over $1 billion, places Hut 8 among the largest corporate Bitcoin ( BTC ) holders globally. The company purchased the coins at an average price of $101,710, significantly higher than its cumulative acquisition cost of $24,484 per Bitcoin. Hut 8 credits its historically lower average cost to efficient mining operations and strategic acquisitions, as outlined in its press release. This move follows examples set by crypto-focused businesses like Microstrategy and Travala , which have implemented Bitcoin reserves as part of their growth strategies. You might also like: HODL Day in crypto: How a typo became a celebration Bitcoin funds will support mining equipment The newly acquired Bitcoin will support an innovative financing model for upgrading its mining fleet. Hut 8 plans to enhance its mining operations by upgrading 111 MW of self-mining capacity. The upgrade is expected to boost its hashrate by 66% to 9.3 EH/s by early 2025 while improving efficiency by reducing energy consumption. Hut 8 today announced the purchase of approximately 990 Bitcoin for approximately $100 million, or an average of approximately $101,710 per Bitcoin. Combined with the Bitcoin held prior to this purchase, Hut 8’s strategic Bitcoin reserve now totals more than 10,000 Bitcoin with a… pic.twitter.com/BhgCNMMEJu — Hut 8 (@Hut8Corp) December 19, 2024 CEO Asher Genoot stated that the reserve fortifies Hut 8’s financial position as it expands into power and digital infrastructure. “The strategic Bitcoin reserve supports a flywheel effect that aligns our capital and operating strategies to accelerate value creation across the business,” said Genoot. Hut 8 launched an at-the-market offering and stock repurchase program earlier this month to fund its Bitcoin treasury and corporate strategy. The company aimed to raise $500 million for its BTC reserves and $250 million for stock buybacks to strengthen its position during market volatility.
Hut 8, a Bitcoin mining company, has added 990 Bitcoin to its reserves, spending $100 million to increase its total holdings to 10,096 BTC. The reserve, now valued at over $1 billion, places Hut 8 among the largest corporate Bitcoin…
Bitcoin faced a sharp retrace yesterday, dropping 8% from its all-time high of $108,300 after the Federal Reserve announced a 25 basis point rate cut alongside a revised policy signaling fewer cuts in 2025. Despite the drop, Bitcoin managed to hold above $98,000, a critical liquidity level that analysts are closely monitoring. Related Reading: On-Chain Metrics Reveal Cardano Whales Are ‘Buying The Dip’ – Details This recent price action raises a pivotal question: is this the start of a more significant correction or merely a shakeout to fuel the next leg of Bitcoin’s rally? CryptoQuant analyst Axel Adler provided key insights, noting that no substantial panic selling is evident in the market—a signal that investor confidence remains intact for now. Bitcoin’s resilience at current levels suggests the market is recalibrating following the Fed’s latest moves. As traders and investors digest these developments, all eyes are on whether Bitcoin can recover momentum and push back toward its previous highs or if deeper retracements are on the horizon. With market sentiment hanging in the balance, the coming days will be crucial in determining Bitcoin’s next direction. Bitcoin Remains Strong Despite the recent dip and a noticeable shift in market sentiment, Bitcoin remains resilient above key liquidity levels, maintaining its long-term bullish structure. The price drop, sparked by broader market reactions to the Federal Reserve’s policy announcement, has raised concerns, but Bitcoin’s ability to hold critical support underscores its underlying strength. Top CryptoQuant analyst Axel Adler recently shared data on X, shedding light on the market’s current dynamics. According to Adler, no significant panic selling is evident, even after Bitcoin’s sharp decline. He highlighted a chart tracking the BTC short-term holder profit-loss to exchanges, revealing that this metric is currently at a higher level than seen during early December selling events. This indicates that the recent sell-off may have been less driven by fear and more of a strategic shakeout. This shakeout could serve to generate liquidity and provide the necessary momentum for Bitcoin’s ongoing rally. However, he also cautions that this could mark the beginning of a broader correction that might take time to fully develop. Related Reading: Solana Bull Flag Signals A Breakout To $300 – Analyst Shares Key Levels The coming weeks will be pivotal for Bitcoin. As the market stabilizes, traders and investors are watching whether Bitcoin can reclaim higher levels or if further downside consolidation is on the cards. Price Action: Technical Levels To Hold Bitcoin is currently trading at $101,800, following a successful test of local demand at $98,695 earlier today. The price structure remains intact, with Bitcoin forming a clear pattern of higher highs and higher lows, signaling sustained bullish momentum. Despite the recent volatility, the market sentiment continues to lean optimistic as BTC holds above critical support levels. For Bitcoin to maintain its upward trajectory, a decisive push above $103,600 is essential. This level served as a significant pivot last week, marking a key zone for both buyers and sellers. Breaking through this resistance would likely signal renewed momentum, setting the stage for further gains as Bitcoin eyes new highs. However, failure to break above $103,600 could lead to a shift in sentiment. If BTC also loses the $100,000 psychological level, it would likely confirm the start of a broader correction. Such a scenario could drive the price toward lower support zones as the market recalibrates. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? The next few days will be crucial in determining Bitcoin’s near-term direction. Traders are closely watching the $103,600 resistance and $100,000 support levels, as these thresholds will dictate whether BTC continues its rally or enters a corrective phase. Featured image from Dall-E, chart from TradingView
Worst might be in for Cardano as it is flipping current negative trend in steady rebound
Bitcoin has surged to a new all-time high, briefly exceeding the $108K threshold in an impulsive rally. However, another Federal Reserve rate cut and some cautious comments unexpectedly resulted in a rejection, increasing the likelihood of an extended retracement. Technical Analysis By Shayan The Daily Chart Bitcoin recently achieved a new all-time high of just over $108K following a powerful rally, breaking through the significant psychological resistance at $100K with remarkable momentum. However, the bullish momentum has since faded, and the price is exhibiting sideways movement. A recent Federal Reserve rate cut unexpectedly triggered a market shakeout, resulting in a notable pullback from the $108K level. This rejection, coupled with a bearish divergence on the RSI indicator, suggests the likelihood of a corrective retracement phase. The ascending channel’s middle boundary, around the $100K mark, is expected to serve as a critical support zone. Buyers may capitalize on this level to re-enter the market, potentially driving the asset back toward the $108K resistance region. The 4-Hour Chart On the 4-hour chart, BTC has displayed signs of weakening bullish momentum and increased volatility upon reaching the $108K resistance. The price has entered a phase of sideways consolidation, hinting at potential profit-taking and distribution by market participants. Currently, Bitcoin is trading within an ascending wedge pattern, often indicative of a short-term bearish reversal. A brief correction or distribution phase near the $108K level appears likely in the near term. While the broader uptrend remains intact, traders should exercise caution and avoid succumbing to FOMO. If a deeper correction unfolds, the asset could find support within the 0.5–0.618 Fibonacci retracement levels, providing a foundation for the next potential leg up in Bitcoin’s ongoing rally. On-chain Analysis By Shayan Long-term holders represent a critical segment of market participants, and monitoring their behavior can provide valuable insights into future market trends. The Binary Coin Days Destroyed metric is a key tool for analyzing their activity. This metric assigns a value of 1 when the Supply-Adjusted Coin Days Destroyed (CDD) exceeds its average and 0 otherwise. The accompanying chart illustrates the 30-day SMA of the Binary CDD metric alongside Bitcoin’s price. Spikes in this metric often signal potential selling pressure from long-term holders, as historically, significant price declines have followed such surges. Currently, the Binary CDD metric has seen a substantial spike, coinciding with Bitcoin’s recent achievement of a new all-time high at $108K. This surge suggests that long-term holders may view this price level as an opportune moment to distribute their assets, thereby reducing their market exposure. If this selling pressure intensifies, it could contribute to further volatility and a potential price correction. The post Bitcoin Price Analysis: BTC Risks Facing Extended Retracement If it Loses This Level appeared first on CryptoPotato .
London, UK, December 19th, 2024, Chainwire Harbour , in partnership with Velocity Labs , announces the launch of their stablecoin payment system “Magic Ramp”, connecting SEPA Instant payment rails with Polkadot. This collaboration seamlessly integrates TradFi banking systems into Web3, providing efficient, low-cost payment solutions. Magic Ramp allows Euros to be sent from any bank account and received as USDC on-chain in less than 30 seconds, with minimal fees while funds held in Web3 wallets can be received as Euros in bank accounts with the same speed. For the first six weeks following the launch, these bank-to-on-chain transactions will be available at no cost. Through this partnership, developers can now issue virtual IBANs that are linked to Polkadot wallet addresses and bridge SEPA Instant payment rails in Europe with the Polkadot Asset Hub. James Brownlee, CEO of Harbour, shared, “Polkadot’s infrastructure enables instant, low-cost stablecoin transfers, which aligns with our goal of making blockchain interoperable with traditional banking. This partnership expands the design space for developers working on stablecoin-based solutions.” Potential use cases include efficient on-and-off ramps for Web3 users, stablecoin payment gateways for merchants who prefer receiving Euros, international payroll, bill payments, and cross-border remittances. Nicolas Arevalo, CEO of Velocity Labs, stated “Among all the on-ramp providers we’ve worked with, Harbour stood out by blending the convenience of on-ramps with the speed and cost of CEX on-ramping. This will allow stablecoins in Polkadot to become seamlessly accessible with negligible fees.” Harbour’s Magic Ramp makes it simple for traditional banking entities to integrate with Web3 in a way that addresses practical challenges in payments to meet evolving market needs. For more information, users can visit Harbour.fi or try out the Magic Ramp at https://ramp.harbour.fi/polkadot For media inquiries, users may contact Jonathan Duran at Jonathan@Distractive.xyz About Harbour Harbour.fi is an innovative payments platform bridging traditional banking and blockchain rails with Stablecoins. Harbour is headquartered in the United Kingdom with a branch in Poland, EU. About Velocity Labs Velocity Labs is a core contributor to Polkadot, dedicated to transforming it into the premier platform for DeFi development in Web3. As strategic partners, we empower builders and infrastructure providers with comprehensive support across business development, go-to-market strategy, engineering support, and product strategy. Contact Comms & PR manager Jonathan Duran Distractive jonathan@distractive.xyz
Solana has reached another substantial support level