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Bitcoin price reaches US$69000; Will it soon surpass $76,000?

Bitcoin price added another 10% upward move to the rally this week, jumping from $65,860 to $71,979, but has consolidated in the $68,500 to $70,000 range since hitting the local high. The cryptocurrency market, especially altcoins, witnessed huge volatility as investors awaited the US SEC’s decision on the Ethereum spot ETF.

The week ended strong for Bitcoin and altcoins when the SEC approved the Ether spot ETF, but will this trigger a BTC price rally to a new all-time high?

BTC Price Action Sparks New ATH Speculation
Important week for cryptocurrencies

Bitcoin’s price action this week has sparked fresh speculation about all-time highs among investors. This week was marked by several critical moments: the House approved FIT21 for cryptocurrency regulation and the anti-CBDC bill that prohibits the Federal Reserve from issuing CBDC, approving Ether spot ETFs, and purchasing Bitcoin ETFs counted after outflows from capital in previous weeks.

Headwinds for Bitcoin’s new all-time high

Cryptocurrency market sentiment increased from 70 (greed) to 76 (extreme greed). However, headwinds still remain for the Bitcoin price to reach a new all-time high. In the short term, macroeconomic events such as US PCE inflation data and the May 31 cryptocurrency market expiration are the main obstacles to the current recovery in Bitcoin prices.

Bitcoin is holding firm above the key $66,000 support level after cooling US CPI inflation caused a breakout in the BTC price in mid-May. BTC also experienced a breakout of the 2-month trendline this week, prompting long trades.

Meanwhile, more than 65,687 BTC options with a face value of $4.54 billion are about to expire, with a put/call ratio of 0.57. The maximum critical point is $65,000, indicating high probabilities of Bitcoin liquidation after days of low trading volumes. Implied volatility (IV) shows significant dips in all key terms, meaning volatile price movements could likely cause a pullback in the price of BTC.

Analyst BTC Predictions

Crypto analysts are optimistic about the price of BTC reaching at least $100K this year, with rate cuts from the US Federal Reserve and other central banks being the main reasons behind this. Federal Reserve Chairman Jerome Powell has reaffirmed confidence in three rate cuts and dismissed concerns about stagflation in recent speeches.

Analyst Caleb Franzen said: “Bitcoin has certainly formed a new base.” After recording lower lows for weeks, it reached higher lows for 3 weeks. He also added that this bullish structure coincides with the 30-day Williams %R signal as overbought signals are bullish.

Whales are buying the dip as a new buying trend appears for BTC price. On-chain data from IntoTheBlock indicates that whale addresses have been the top accumulators, generating $1.4 billion worth of BTC in their balances. As prices fell below $67,000, whales accumulated more BTC.

Will BTC Price Reach $76,000 Soon?

BTC price is up 1% in the last 24 hours and the price is currently trading near $69,000. The 24-hour low and high are $68,343 and $69,579, respectively. Furthermore, trading volume has decreased by 50% in the last 24 hours, indicating a drop in interest among traders. Therefore, buying pressure is low amid a long holiday as the US market is closed on Monday for Memorial Day.

Bitcoin futures and options data indicates that buying and selling are almost balanced over the past 24 hours, as total BTC futures and options open interest has fallen over the past few hours. Traders expect low trading volumes in the coming days due to holidays and other factors.

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Bitcoin is good as long as it stays above $49,000: analyst

Despite Bitcoin’s 13% drop last week, which saw it break below the psychological $60,000 level and fall 20% from its all-time highs, one X analyst remains resolute.

According to the weekly chart, the trader maintains a bullish outlook and says that the coin will shake off weakness in the next session. This lines up with the bulls for most of Q4 2023 and Q1 2024.

Bitcoin falls and loses $60,000

Bitcoin is under intense sell-off pressure, fighting the onslaught of sellers. Earlier today, BTC broke below $60,000, melting below its April 2024 lows.

This dump confirmed the bears from April 13, indicating a possible start of a bearish formation that could see BTC lose ground, paring February and March 2024 gains.

However, the analyst claims that the bullish trend will continue as long as Bitcoin stays above the $49,000-$52,000 support zone, absorbing all the selling pressure. This evaluation, based on the candle arrangement, can serve as collateral for BTC holders. The trader claims that, despite the sell-off, panic at this time is not justified.

Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst highlights that the currency is simply on pause. For those with a more aggressive trading strategy, the decline, ideally towards the upper support zone, could represent an opportunity to buy dips in anticipation of Wave 5.

Currently, the analyst notes that Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Prices then fell after a brief rally, peaking in May 2023. However, the Prices rose in Wave 3, pushing prices below $30,000. . to new all-time highs, reaching $73,800.

The decline from all-time highs in spot rates, if the Elliot wave theory is analyzed, could indicate that prices are in the fourth wave before the eventual rise, which will end in the fifth wave.

What is next? Will BTC surpass $100,000 in the fifth wave?

Even so, it is still unknown when BTC will go from bottom to top. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy dips in anticipation of the Wave 5 final.

However, the analyst did not define the next possible target even on the chart. Still, if Wave 3 is roughly the same duration as Wave 5, Bitcoin will have a strong chance of breaking above $100,000 after the current volatile price action ends.

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Bitcoin gives mixed signals: here are the key events to watch this week

Bitcoin (BTC) is back below $70,000 after momentarily surpassing that psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug-of-war continues, here are some key events to keep an eye on.

Is the pre-halving pullback over?

Crypto analyst Rekt Capital previously highlighted the phases of the Bitcoin halving, including the pre-halving pullback. He noted that the price of Bitcoin usually drops between 28 and 14 days before the Halving event. With around 12 days left until the halving event, the pre-halving pullback is believed to be over.

However, considering that the cycle has already proven to be unique, especially with BTC hitting a new all-time high (ATH) ahead of the Halving, investors will no doubt be wary of the leading cryptocurrency making one last price correction this fall week. . In one of his recent posts on X (formerly Twitter), Rekt Capital also admitted that it is still unclear whether the bottom has been reached or not.

Whale activity this week will also give an idea of the current sentiment in the market as the Halving event approaches. Significant purchases of the leading cryptocurrency suggest that Bitcoin investors believe the worst is over and are already positioning themselves for a potential parabolic rise in prices once the halving occurs.

If the whales indicate bullish sentiment, it also means that the market has likely moved into the next halving phase, which, according to Rekt Capital, is the “reaccumulation” phase. On the other hand, a wave of BTC selling this week will strengthen the bearish narrative currently affecting BTC and suggest that the pre-halving recovery bottom has not yet arrived.

Bitcoin Spot ETF and the Derivatives Market

The net flows recorded by Bitcoin Spot ETFs this week will also be instrumental in determining the current market sentiment. They have experienced mixed inflows over the past two weeks, something that gave a more pessimistic than optimistic outlook considering the amount of net inflows they were recording so far.

However, things could improve again this week, as BlackRock expanded the list of authorized participants for its iShares Bitcoin Trust (IBIT) last week. These participants include notable names such as Goldman Sachs, Citadel and Citigroup. Therefore, a significant amount of new money could flow into the IBIT ETF this week.

Meanwhile, the crypto community will be keeping an eye on the derivatives market as, depending on market volatility, many positions could be eliminated this week. Crypto analyst Ali Martinez recently revealed that nearly $72 million could be liquidated if Bitcoin recovers to $70,875. If that happens, it could be the first step in helping the bulls regain control of the market.

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Bitcoin Sees Another Big Outflow From Coinbase: This Time $1.2 Billion

Data shows that Bitcoin just saw its second major exit from Coinbase in a week as nearly $1.2 billion worth of BTC left the platform.

A large amount of Bitcoin was just withdrawn from Coinbase

As one analyst explained in a CryptoQuant Quicktake post, cryptocurrency exchange Coinbase just saw 17,000 BTC outflow. The relevant on-chain indicator here is “exchange outflow”, which measures the total amount of Bitcoin being transferred from the wallets of a given centralized exchange.

When the value of this metric is high, it means that investors are withdrawing large amounts from the platform at this time. Holders often place coins in self-custody when they plan to hold them for long periods, so this trend could be a sign that long-term accumulation is occurring in the market.

On the other hand, the low level of the indicator suggests that not many holders are transferring coins from these central entities at the moment. Depending on the trend in the opposite metric, the inflow of coins, such a trend, can be neutral or bearish for the price of the cryptocurrency.

Now, here is a chart showing the trend in Bitcoin exchange production specifically for Coinbase Advanced over the past week:

As the chart above shows, Bitcoin exchange production for Coinbase has skyrocketed over the last day. In total, 17,000 BTC left the platform with this massive withdrawal. At the asset’s current exchange rate, that pile would be worth a whopping $1.17 billion.

It is also evident from the chart that the indicator witnessed a very similar scale increase just a few days ago. Specifically, 16,800 BTC left Coinbase in that withdrawal event.

This would mean that there may have been two major buying moves in the stock market last week. Coinbase is known for being the preferred platform for US-based institutional entities, so it is possible that this potential purchase came from these large traders.

Since the approval of the Bitcoin exchange-traded fund (ETF) at the start of the year, BTC’s price action appears to have been affected by institutional investor moves, as another metric suggested.

Taking this fact into account, these outflows can naturally be optimistic for asset prices if they reflect the presence of buying pressure in the market.

BTC Price

Although this huge outflow happened for the cryptocurrency, its price has fallen, now falling to just $68,500. The following chart shows Bitcoin’s performance over the past few days.

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Bitcoin Soars to Recover $70,000, AI Predicts Ethereum and Rebel Satoshi Price Rising in Late 2024

Buckle up, cryptocurrency enthusiasts, because the market is taking off! After a brief dip, Bitcoin, the undisputed king of cryptocurrencies, recovered and reclaimed the $71,000 mark. This bullish rise is a welcome sign for investors who were starting to sweat after a period of profit-taking.

But Bitcoin isn’t the only major cryptocurrency it celebrates. Leading altcoin Ethereum and new memecoin Rebel Satoshi are also showing strong signs of life, with experts using artificial intelligence predicting a prosperous end to the year for both.

Bitcoin’s Resilient Recovery

Bitcoin’s recent volatility can be attributed to a classic case of profit-taking after hitting record highs last week.

However, the Federal Reserve’s decision to maintain interest rates and signal possible cuts for the end of 2024 injected a dose of optimism into the market. This and the weakening dollar fueled Bitcoin’s impressive return.

Analysts are cautiously optimistic, but one thing is certain: Bitcoin’s resilience is in sight.

Ethereum Boost After Dencun Update

While Bitcoin is in the spotlight, Ethereum, the innovative altcoin that powers decentralized applications (dApps), is quietly charting its own course. For good reason, Ethereum has consistently been ranked among the best cryptocurrency investments. Its unique blockchain technology allows developers to create secure and transparent applications, fostering a thriving ecosystem.

With the Ethereum Dencun upgrade just completed, experts are predicting even better things for Ethereum in the coming months.

The Dencun update on Ethereum introduces new data storage capabilities aimed at reducing the fee costs of its Layer 2 scaling solutions. The update also implements a fixed limit for validator input to manage the growth of the validator pool and maintain a efficient communication between nodes.

AI predicts a bullish end for Ethereum and Rebel Satoshi

The future of cryptocurrencies may be a murky picture, but artificial intelligence (AI) offers some intriguing insights. AI can predict potential price movements by analyzing large amounts of historical data and market trends. According to recent AI predictions, Ethereum and memecoin sensation Rebel Satoshi could see significant price increases by the end of 2024.

Rebel Satoshi: the renegade memecoin causing a sensation

The memecoin space, once dominated by Dogecoin, has welcomed a passionate new challenger: Rebel Satoshi ($RBLZ).

Inspired by the rebellious spirit of historical figures like Guy Fawkes and Satoshi Nakamoto (the pseudonymous creator of Bitcoin), Rebel Satoshi offers a unique combination of community, utility and investment potential.

Described by some investors as the best memecoin of the moment, Rebel Satoshi has a collection of 9,999 unique NFTs (non-fungible tokens) with exclusive digital art and collectibles. Owning $RBLZ grants users access to a vibrant marketplace, the opportunity to participate in missions and claim rewards, and the ability to stake their tokens for additional benefits.

Enter $RECQ: Feeding the Rebel Spirit

The Rebel Satoshi ecosystem is further driven by a second token, $RECQ, the native transactional token. Think of $RBLZ as the gold standard, the long-term investment that unlocks exclusive membership benefits. $RECQ, on the other hand, is the everyday currency used for purchases in the Rebel Satoshi universe, from arcade games and NFTs to in-game items and merchandise.

The future of cryptocurrencies: a multi-currency universe

The cryptocurrency market is evolving rapidly and it is increasingly clear that there is no “best cryptocurrency”. Instead, a diverse portfolio that includes established players like Bitcoin and Ethereum, along with promising altcoins and innovative memecoins like Rebel Satoshi, could be the key to long-term success.

With the rise of $RECQ fueling the Rebel Satoshi ecosystem and AI predictions predicting a bright future for Ethereum, the cryptocurrency landscape is full of exciting possibilities. As always, do your own research before investing, but one thing is for sure: the future of cryptocurrencies looks optimistic!