Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level. Bitcoin started a fresh downside correction and traded below $63,500. The price is trading below $63,350 and the 100 hourly Simple moving average. There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses and revisit the $60,000 support zone in the near term. Bitcoin Price Rejects $65,500 Bitcoin price extended its increase above the $64,500 level. However, BTC struggled to clear the $65,500 resistance zone. A high was formed at $65,550 and the price is now correcting gains. There was a move below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. Besides, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,350 level. The first major resistance could be $64,000. The next key resistance could be $65,000. Source: BTCUSD on TradingView.com The main hurdle is now at $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,650. If there is a close above the $66,650 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000. More Losses In BTC? If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level. The first major support is $61,000 or the 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. If there is a close below $61,000, the price could start to drop toward $60,000. Any more losses might send the price toward the $58,000 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 – $62,000, followed by $60,000. Major Resistance Levels – $63,500, $64,000, and $65,500.
In the wake of the November 2022 crypto market crash, which saw the bankruptcy and collapse of FTX and other firms, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date price increase of over 560%. With a market capitalization of $67 billion, Solana has secured its place as the fifth largest cryptocurrency, trailing only Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin. Despite its substantial growth, asset management giant and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates further expansion for Solana as the emerging bull market takes shape. Solana Poised For Continued Growth A recent report released by the firm highlights Solana’s strong position to capture the next wave of crypto adoption, solidifying itself as a major crypto asset alongside Bitcoin and Ethereum. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade The report emphasizes that Solana’s growth will continue due to several key factors. Notably, the crypto industry witnessed accelerated activity during Q4 2023, with Solana as a focal point for major airdrops within its ecosystem, such as Jito and Pyth. According to the report, these airdrops generated a wealth effect of over a billion dollars, driving up the value of SOL and other Solana ecosystem tokens, particularly meme coins. This surge occurred concurrently with Bitcoin’s upward trend, providing additional momentum to the Solana ecosystem. Since then, meme coins have gained significant attention, with a substantial portion of activity occurring on Solana. The network has witnessed the creation and trading of numerous meme coins, with some attaining multi-billion-dollar market caps, including Bonk (BONK) and Dogwifhat (WIF). The Crypto Industry’s Next Big Breakthrough? According to the asset manager, Solana has demonstrated significant growth over the past year, which is evident in the network’s increased total fees and decentralized exchange (DEX) volumes. The network’s low fees, transaction latency, and high data throughput relative to other networks have contributed to its success. Solana’s network effects are expected to strengthen further as its performance improves, positioning it to capture upcoming trends in the crypto space. Related Reading: Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off The future remains uncertain as crypto enthusiasts ponder the next big thing in the industry. However, Franklin Templeton suggests that there is a strong possibility that Solana could play a pivotal role. According to the report, the Solana ecosystem anticipates additional airdrops in the coming months, which will continue to enhance the ecosystem’s wealth effect. Moreover, meme coin activity shows no signs of slowing down on the Solana network, further adding to the bullish sentiment surrounding the cryptocurrency and its ecosystem. SOL is now attempting to consolidate above the $150 level and has seen a significant 21% increase in the last seven days alone. Featured image from Shutterstock, chart from TradingView.com
Meme coins like Dogecoin initiated a cultural reflection in crypto. Shiba Inu faces challenges, with concerns about its secretive creator. Continue Reading: Current Trends in Meme Coin Markets
The post Ripple vs SEC Final Judgement Soon : SEC Files Redacted Remedies Reply Brief appeared first on Coinpedia Fintech News The Securities and Exchange Commission (SEC) has submitted its redacted remedies reply brief along with supporting exhibits, setting the stage for a potentially landmark ruling. As the legal battle heats up, all eyes are on the impending final judgment that could reshape things for Ripple and similar entities in the cryptocurrency sector. Ripple’s Legal Woes: …
Reports unveiled that part of the stolen funds from crypto exchange Poloniex have been moved for the first time. After six months, one of the identified accounts where the exploit proceedings were sent in November 2023 transferred $3.5 million to a crypto mixer. Related Reading: Dark Bling: Heir To Jewelry Giant Cartier Indicted In Cocaine
India’s central bank, the Reserve Bank of India (RBI), is in the process of making its central bank digital currency (CBDC) available without relying on internet access. RBI Governor Shaktikanta Das has emphasized the importance of ensuring the digital rupee’s ease of use. RBI Governor Updates Digital Rupee Progress During an event hosted by the
Cardano struggles in tough market conditions, with fluctuating prices. AI predictions show a slightly optimistic short-term outlook for ADA. Continue Reading: Cardano Continues to Navigate Challenging Market Conditions
In a recent interview with CNBC, Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his concerns regarding the crypto industry, emphasizing its alleged association with scams, fraud, and compliance issues within the broader market. Compliance With Securities Laws In Crypto Gensler began by acknowledging that while cryptocurrencies constitute a relatively small segment of the
The crypto market is currently buzzing with anticipation as Bitcoin options traders position themselves for what they foresee as a “substantial price rally” in September. Particularly, the derivatives market is expressing confidence, with a significant number of traders betting on Bitcoin surpassing the $100,000 mark. Related Reading: Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty Bitcoin Market Optimism Amidst Whale Movements Recent analysis from industry experts highlights a significant trend in Bitcoin options that points to growing optimism among traders. According to insights from QCP Capital, a noticeable shift has occurred in the risk reversals landscape, with calls (options to buy) now priced higher than puts (options to sell). QCP Capital noted that this change underscores a “stronger demand” for potential price increases rather than hedges against declines. The preference for call options, particularly those pegged at ambitious strike prices of $75,000 and $100,000 for September, underscores the bullish sentiment permeating through the market. Data from the Deribit derivatives exchange corroborates this trend, revealing that call options with a strike price of $110,000 for the end of September are currently seeing the highest volume. This enthusiasm in the options market is a strong indicator of the traders’ bullish outlook for Bitcoin, suggesting that many are betting on a significant price uptick by the end of the third quarter. However, the skies are not clear. Bitfinex analysts have pointed out actions by Bitcoin whales that might signal potential short-term volatility. The whale ratio on exchanges—a metric indicating the amount of Bitcoin large holders are moving to exchanges—has seen an uptick. This could typically suggest that these major players are considering selling, which could introduce increased sell pressure in the market. Bitfinex’s recent Alpha report revealed that while the short-term holders of Bitcoin seem to be at a pivot point with a realized price of $58,700 acting as an “important support level,” the increased activity by whales on exchanges might lead to heightened price fluctuations. Long-Term Perspectives And Market Recoveries Despite these potential short-term pressures, the broader Bitcoin market has shown signs of recovery. After a drop from its peak above $73,000 in March, Bitcoin has demonstrated resilience with a 5.8% increase over the past week and a 2.8% rise in the last 24 hours alone. This recovery has brought its trading price to around $63,791 at the time of writing. Adding to the long-term confidence in Bitcoin, Michael Saylor of MicroStrategy shared his views on the future catalysts for Bitcoin’s price. In his perspective, regulatory decisions, particularly those rejecting spot exchange-traded funds (ETF) applications for other cryptocurrencies, will further solidify Bitcoin’s standing as an unmatched digital asset. Saylor disclosed that this regulatory moat could potentially steer more institutional investments towards Bitcoin, as it remains the ‘steel’ of the cryptocurrency world—unparalleled and indispensable. Featured image from Unsplash, Chart from TradingView
Bitcoin trades between $60,000 and $70,000, showing new optimism. Whales with 100 to 1,000 BTC increased their purchases over the last two months. Continue Reading: Bitcoin Continues to Attract Significant Whale Investments