Bitcoin Bitcoin Wallet cryptocurrency exchange Cryptocurrency news Investment News

Pepe Price Analysis Reveals Bullish Strength as Bitcoin Plummets

Pepe Price Analysis: PEPE price fell 10.4% in the last 24 hours to trade at $0.000008358 during European trading hours on Monday. This follows the fall in the price of Bitcoin, which may have led to the entire crypto market value decreasing by 4.7% at the time of publication.

However, Pepe’s price chart shows some signs of optimism that could still propel this meme coin to new heights or at least protect it from excessive bleeding during these volatile market conditions.

PEPE price showed falsification on the daily chart shortly after Bitcoin price fell below a critical support level. The meme coin was one of the best performing meme coins on the Ethereum blockchain, which of course led to BTC’s drastic turnaround. Pepe price had just broken out of a falling wedge and was retesting the falling wedge’s upper trendline before heading towards $0.00001720, the highest price ever.

Since Bitcoin crashed on July 1, 2024, PEPE has fallen 30% from its current price. Interestingly, PEPE price continues to rise above the 200-day SMA, a feat that inspires bullish sentiment among market participants.

PEPE price is now at a relatively weak support level, around $0.00000773. If the bulls prevail, PEPE could rise 26% to reach $0.0001108, which is also in line with the 50-day SMA. On the other hand, the meme coin could fall further in a 20% decline to find support at $0.00000650.

PEPE’s 14-day relative strength index (RSI) is at 34, just four points above the oversold area (OS). If it slides into this zone, the PEPE price could come under more selling pressure, which could catapult it towards the $0.00000650 support level. On the contrary, the RSI at 34 indicates a strong upside potential for the meme coin if general market conditions change.

The price of Bitcoin continues to fall and given its 51% market dominance, meme coins like Pepe may have little chance of breaking free from this dominance.

Final result

Despite Bitcoin’s sharp decline, Pepe coin demonstrates unexpected resilience and maintains bullish sentiment in a volatile market. This strength shows the meme coin’s unique market dynamics and suggests growing interest from traders looking for alternative investments amid broader cryptocurrency volatility.

Bitcoin Bitcoin Wallet

Oklahoma Enacts Landmark Bill to Regulate Digital Assets, Protect Bitcoin Rights, Foster Crypto Innovation

The governor of the U.S. state of Oklahoma has approved House Bill 3594, a landmark bill that protects bitcoin rights and fosters cryptocurrency innovation. The legislation addresses the regulation and promotion of blockchain technology and cryptocurrency in the state. The bill defines key terms such as blockchain, blockchain protocol, and digital assets, which include virtual currencies, cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).

The legislation prohibits the Oklahoma government from imposing additional taxes, withholdings, assessments, or charges on payments made with digital assets, including cryptocurrencies. It authorizes home digital asset mining and permits certain digital asset businesses while restricting political subdivisions from taking discriminatory actions against these activities. Additionally, the bill allows appeals for zoning changes related to digital asset operations and directs the Oklahoma Corporation Commission to avoid creating discriminatory rates. It clarifies that specific persons engaged in digital asset activities are not required to obtain a money transmitter license.

Bitcoin Bitcoin Investment Bitcoin Wallet cryptocurrency exchange Cryptocurrency news

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.

Bitcoin Bitcoin Wallet Cryptocurrency news

Bitcoin Supply on Cryptocurrency Exchanges May Only Last 9 Months

Cryptocurrency trading and exchange platform Bybit has released a new report highlighting the impacts of the upcoming Bitcoin halving event on Bitcoin supply dynamics across exchanges in the crypto space. The crypto firm provided valuable insights into how the halving event would improve scarcity and hugely influence the price of BTC.

Exchanges will face Bitcoin supply crisis

On Tuesday, April 16, Bybit published a new report providing a detailed analysis of the Bitcoin halving event taking place this month. The crypto firm revealed that Bitcoin reserves on the world’s crypto exchanges are rapidly depleting, leaving just nine months of BTC supply on exchanges.

For a clearer perspective, Bybit explains that with just two million Bitcoin remaining in its total supply, a daily inflow of $500 million into spot Bitcoin ETFs would result in approximately 7,142 BTC leaving exchanges daily. This suggests that it would only take nine months to completely consume all remaining BTC reserves on exchanges.

Bybit stated that one of the main contributors to this reduction in supply would be the upcoming Bitcoin halving event, which would reduce the cryptocurrency’s total supply by 50%, cutting Bitcoin miners’ rewards in half.

The cryptocurrency exchange also revealed that after the halving, the sell-side supply of BTC flowing to centralized exchanges (CEX) will be greatly reduced. Furthermore, the “Bitcoin supply constraint will apparently be worse.”

BTC will become “twice as rare as gold”

In its report, Bybit compared the supply of Bitcoin after the halving with that of gold. The crypto exchange revealed that Bitcoin was steadily rising to become one of the safest investment options for even the most experienced and sophisticated investors in the crypto space.

According to the exchange, Bitcoin’s halving would significantly impact the cryptocurrency’s scarcity factor, making it an even rarer asset than gold.

Basing this analysis on the stock-to-flow (S2F) ratio, Bybit revealed that Bitcoin’s S2F ratio is currently around 56, while gold’s ratio is 60. After the halving event in April, it projects that the Bitcoin’s S2F ratio will increase to 112.

“Each Bitcoin halving enhances the narrative of Bitcoin not just as a currency, but as a scarce digital asset, similar to digital gold. The next halving in 2024 will push BTC into an era of unprecedented scarcity, making it twice as rare as gold,” said Bybit co-founder and CEO Ben Zhou.

While highlighting the importance of Bitcoin’s rarity after the halving, another report also revealed that Bitcoin’s price would see significant upward pressure after the halving. This suggests that the reduction in BTC supply could push its price to new highs during this period.

Furthermore, the report revealed that several crypto analysts predict that the post-halving rise in Bitcoin’s price would be less notable than the initial pre-halving surge that saw Bitcoin’s price reach new highs of over $73,000.

Bitcoin Bitcoin Wallet Cryptocurrency news

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.