The ongoing cryptocurrency market bloodbath might have cemented XRP’s bearish move, with the asset potentially staring at an almost 60% drop. The asset’s technical formations suggest that the recent attempt to move towards $3 might have been invalidated, with the next target at $1, considering XRP is forming a bearish head and shoulders pattern , according to crypto analyst Ali Martinez. In an X post on March 4, Martinez observed that the pattern has been forming since December 20, 2024, and the last 24 hours of market movement might have confirmed the shoulder formation. XRP price analysis chart. Source: TradingView/Ali_charts Notably, the pattern consists of three peaks: a higher peak (head) flanked by two lower peaks (left shoulder and right shoulder). In this line, the ‘neckline,’ identified at the $2 support level, serves as a critical threshold. If XRP sustains a break below this level, it could precipitate a significant downturn. For XRP, a sustained drop below $2 could trigger a 57% correction, bringing its price down to the $1 level, a scenario that would erase significant gains made in recent months. Before the recent crash, XRP was riding high after President Donald Trump announced its inclusion in the strategic cryptocurrency reserve alongside Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ), and Cardano ( ADA ). While XRP enjoyed a short-term bullish wave, Martinez noted on March 3 that the asset had shown signs of invalidating the head and shoulders pattern. If this breakout had occurred, Martinez suggested XRP could have aimed for $3, possibly even hitting a new all-time high of $5. XRP whales on a buying spree Amid the volatility, XRP whales have maintained their optimism, accelerating their accumulation of the asset. According to March 4 data from onchain cryptocurrency analysis platform Santiment , these investors scooped up 1 billion XRP in just 24 hours—a move that often signals an upcoming price rally. XRP whale transaction chart. Source: Santiment/Ali_charts Meanwhile, pseudonymous analyst Captain Faibik shared an optimistic outlook, pointing to XRP’s daily chart. He highlighted a bullish pennant formation in a March 4 X post , suggesting a potential 100% rally. XRP price analysis chart. Source: TradingView/ CryptoCave The analyst explained that the tightening price range between descending resistance and ascending support often precedes a strong upward move. A break above the upper trendline could drive XRP up 80% to 100% in the midterm, targeting fresh highs. Beyond technicals, the ongoing Securities Exchange Commission ( SEC ) vs. Ripple case could shape XRP’s future. With the SEC recently dismissing cases against other crypto players such as Coinbase, many speculate the agency might opt for a dismissal or amicable resolution with Ripple—a development seen as a key driver for the token’s next big move. XRP price analysis By press time, XRP was trading at $2.36, a price it settled at after a massive 10% drop in the last 24 hours. Meanwhile, over the last seven days, the token has rallied more than 10%. XRP seven-day price chart. Source: Finbold The current XRP price suggests the asset is facing potential short-term losses, considering it is trading below its 50-day simple moving average ( SMA ) of $2.68. However, it remains above the 200-day SMA of $1.53, maintaining a bullish long-term trend. Featured image via Shutterstock The post Sell alert: XRP price facing sharp correction to $1 appeared first on Finbold .
The launch of the SEC’s Crypto Task Force signals a pivotal moment in U.S. cryptocurrency regulation, aiming for greater clarity in the often murky landscape. With a notable pivot towards
According to a recent report from Bloomberg, Mexican billionaire Ricardo Salinas has disclosed that approximately 70% of his investment portfolio is allocated to Bitcoin and related assets, with the remaining
Bitcoin's recovery mirrors trends in tech stocks. Bitcoin faces critical support levels that need monitoring. Continue Reading: Bitcoin Faces Critical Support Levels as Nasdaq Signals Potential Market Shift The post Bitcoin Faces Critical Support Levels as Nasdaq Signals Potential Market Shift appeared first on COINTURK NEWS .
The recent report from Wintermute, a prominent cryptocurrency market maker, outlines critical insights into the current crypto landscape. It details how recent liquidity challenges, particularly due to ETF outflows, concerns
DOGE’s goal of eliminating $1 trillion from the government budget is not limited to federal employees. Consultants must also prove their value. What would be their response? “Our only job is to help clients save money in the long run.” Good enough? Well, Musk will have to decide. Reports say that the General Services Administration (GSA) asked all federal agencies to list and justify consulting contracts from 10 companies by the end of this week. There is a long history of consulting companies making a lot of money off of the government’s inefficiency. In the US, they are hired to help the government with a wide range of tasks, such as making the Department of Homeland Security’s websites safer and more user-friendly for people who are borrowing money to pay for school. This looks very vague. Some sort of USAID for the US? However, not every government deal is at risk in the same way. It is said that the GSA wants to get rid of so-called “Oasis” contracts that cover professional services like accounting, engineering, logistics, and banking services. This means that businesses that offer services based on technology, like cyber security or AI, should be less affected. I mean even Musk is a tech person and believes in technology. Palantir Technologies, the AI-powered data analytics company co-founded and run by Peter Thiel, who has worked with Musk for a long time, could be an example. Defense is what Palantir does best, and the US government gave it 42% of its income last year. Even though the price dropped recently, the stock has doubled since November. There is still a downside. Musk’s knowledge of tech will give him the space to ask the right questions to the consultants involved. Maybe the risk is even higher. Consultant companies that are at risk of Musk’s axe According to GSA, the10 consulting firms are set to receive over $65 billion in fees in the coming years. The companies are Deloitte Consulting LLP, Accenture Federal Services LLC, General Dynamics IT, Booz Allen Hamilton, Leidos, Guidehouse, Hill Mission Technologies Corp., Science Applications International Corp., CGI Federal, and IBM. Cutting some of these contracts, means a milestone for Musk and DOGE. Stephen Ehikian, acting GSA administrator, wrote, “Consistent with the goals and directives of the Trump administration to eliminate waste, reduce spending, and increase efficiency, the U.S. General Services Administration has taken the first steps in a Government-wide initiative to eliminate non-essential consulting contracts.” This shows support for DOGE. Lets see the companies that have been enjoying the most benefits. Booz Allen Hamilton is the biggest beneficiary and also the most open of the big consultants. The business split off from its consulting arm for the private sector in 2008. Now, almost all of its income comes from the public sector. The last fiscal year saw this amount rise to $11 billion. This is more than double what it was ten years ago. This is massive. Booz Allen CEO Horacio Rozanski says the company is well-aligned with the Trump administration’s priorities and is already talking to officials about how to deploy its technology in areas such as space defenses and fraud reduction. However, since Donald Trump was elected in November, its shares have gone down 43%. Next is Leidos Holdings. It is hired to do work in hacking, cryptographic key management, and other areas. Over the last year, Leidos received $9 billion, the most recent amount being $37 million from the Department of Defense. This translates to about 87% of the company’s total income. Meanwhile, shares in Leidos Holdings have dropped more than a third. I guess the investors are afraid of Trump’s government, and they probably saw this coming. Accenture also gets about 8% of its income from the US government. However, the company has lost about 14% of its market value in the last month. The Americans’ stance on DOGE cuts This is a major hit for Americans. Federal workers losing their jobs, companies losing government funding, and, of course, more people will lose their jobs. In fact, according to economists, the number of layoffs at Elon Musk’s DOGE could be much higher than most people think. The 1 million job cuts related to DOGE could be much higher than the often-mentioned 300,000 cuts. The 300,000 cuts don’t take into account the effects on the 5.2 million federal contractors who work for the government, as both Musk and Trump target government contracts and grants at the same time. Higher unemployment due to DOGE layoffs and possibly slower GDP growth due to less government stimulus are not good for the financial markets. However, according to Michael Wilson, chief U.S. equity strategist at Morgan Stanley, these problems may only last for a short time before assets get a long-term boost from a more stable fiscal outlook. Taken on February 28, 2025. Source: Flickr According to Americans who may not understand much, the least they expect is lower standards of living and maybe lesser taxes. If that doesn’t happen, then the government has questions to answer. Something else that is exciting to Americans is that, when all is said and done, they will get some money that DOGE would have collected. There is a Trump proposal that would give 20% of the savings from DOGE’s cost-cutting measures to American citizens. In addition, an equal amount would be used to pay down the federal debt. Should it be implemented, cheques of up to $5,000 could be sent per household after the Musk-led DOGE wraps up its work in July 2026. Not bad. However this is a year away. It is still not something that is a guarantee. Americans are still lukewarm about DOGE because they’re torn about its mission. Sure, they have a low opinion of the federal government, but they might be ready to put up with its deep flaws so long as it delivers their goodies.
The post Bitcoin to Hit $73K Before the Final Surge? Top Analyst Weighs In! appeared first on Coinpedia Fintech News Just a day after cryptocurrencies surged following President Donald Trump’s announcement of the US Crypto Strategic Reserves, Bitcoin took a sharp dive, dropping nearly 10% and erasing its earlier day gains to hit $83K. Meanwhile, crypto analyst Egrag Crypto warns that Bitcoin could fall even further, potentially reaching $73K by April 1st before making its next big move. Key Levels to Watch According to Egrag Crypto, Bitcoin is forming a Bearish Engulfing Candle on the 3-day timeframe, which could lead to more downside. This pattern was confirmed when Bitcoin fell below $90K, breaking a key support level. Meanwhile, if this trend continues, Bitcoin could first fall to $80.5K before testing the critical $73K level near a crucial blue channel, which may determine its next major move. #BTC : $73K by April 1st Before the Final Leg Up! I sometimes take risks with time predictions , but I believe it's worth sharing, even if it could backfire! Currently, #BTC is forming a potential Bearish Engulfing Candle on the 3-day time frame. This could trigger further… pic.twitter.com/fAXT3Zi65c — EGRAG CRYPTO (@egragcrypto) March 4, 2025 Adding to the concerns, the Moving Average Convergence Divergence (MACD) remains in a bearish trend, suggesting that Bitcoin could still face more downward pressure before any bullish recovery. Short-Term Dip or a Buying Opportunity? However, not all indicators suggest further declines. The Relative Strength Index (RSI) shows that Bitcoin is nearing oversold levels, which could increase the chances of a rebound if buying pressure returns. Looking at historical trends, Bitcoin has often experienced temporary pullbacks before resuming its uptrend. A drop to $73K may not signal a bearish shift but could instead act as a final accumulation phase before the next surge. The blue channel, as highlighted by Egrag Crypto, remains a crucial factor in determining the strength and duration of this market trend. If Bitcoin manages to hold above this level, it could pave the way for the next phase of the bull run.
In a swift and dramatic reversal, crypto markets have shed hundreds of billions of dollars in the space of just one day, raising questions about the sustainability of recent gains spurred by the surprise announcement of a new US Crypto Reserve. At the peak of the initial rally—shortly after former President Donald Trump’s Sunday statement unveiling the Reserve—total crypto market capitalization soared from approximately $2.7 trillion to $3.1 trillion. But, as of the latest readings, those gains have not just evaporated; the market now stands at around $2.6 trillion, even lower than it was before the announcement. Why Is Crypto Down Today? “The real driver here is the GLOBAL move towards the risk-off trade,” writes The Kobeissi Letter (@KobeissiLetter) via X. According to this analysis, heightened trade war tensions and broad economic policy uncertainty have caused “ALL risky assets” to retrace sharply, including stocks, oil, and crypto. By contrast, traditional safe havens such as gold have continued to post gains, reinforcing the perception that cryptocurrencies are far from being a refuge in turbulent times. Related Reading: Flash Crashes On The Rise: Understanding The Recent $300 Billion Crypto Drop This sudden downturn has been accompanied by staggering figures. “Over the last 24 hours, crypto has erased -$500 BILLION of market cap in a massive reversal,” The Kobeissi Letter notes. Bitcoin, which initially appeared poised for a major rally, has tumbled roughly 3% below its pre-announcement levels, losing nearly $250 billion in market value in just 12 hours. Ethereum (ETH) has seen an even sharper retreat. Prior to the US Crypto Reserve news on Sunday, ETH touched a local low of $2,173 on March 2. Soon after the announcement, it climbed to $2,550 before plunging to $2,002—about 8% lower than its pre-announcement bottom. “This came with a huge swing in sentiment in what appears to have been a colossal retail trap,” The Kobeissi Letter adds, noting that the Crypto Fear & Greed Index surged from around 20 (extreme fear) to nearly 55 (close to greed) before cratering back to the low 20s. Adding to these signals, the final week of February registered a record $2.6 billion in crypto fund outflows—an alarming statistic that surpassed the previous high by $500 million. Observers suggest that, despite the “most bullish announcements ever,” capital is rotating out of cryptocurrencies primarily because of intensifying macroeconomic headwinds. Related Reading: Crypto Market Sees Record Flash Crashes, What’s Going On? Meanwhile, safe haven assets continue to outperform. “Our premium members were buying gold for months,” The Kobeissi Letter indicated, referring to a strategy that saw gold purchases during January’s dip. Since the start of the year, gold has climbed around 10%, with analysts forecasting further upside. “We bought the dip into January and called for $2,850+. On Friday, we called for another higher low at $2850 and gold is nearing $2900+ again now,” the market commentary stated. Where crypto was once considered an emerging hedge against economic uncertainty, current market behavior suggests it is now lumped in with other “risky assets,” driven at least as much by global sentiment shifts and macroeconomic pressures as by sector-specific developments. At press time, Bitcoin traded at $83,594. Featured image from Shutterstock, chart from TradingView.com
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Will the SEC’s Crypto Task Force bring real clarity—or just more confusion?