June 13: Minima, describing itself as the only blockchain lightweight enough to run entirely on mobile and device chips, says it’s working with Influx Technology to integrate a data tracker into a McLaren GT4 – a capability that could improve racing performance as well as prevent cheating. According to a press release: “Data points on over 20 parameters including vehicle ignition timing, braking, oil pressure, engine temperature, steering angle and rotation, as well as gear switching, are collected by the ‘DePIN Data Logger’ in real time…. Minima’s innovative blockchain design secures the hash of the data, proving its history and integrity, while the actual data is stored on the device or in cloud storage, independent of validators’ permissions. Due to the low requirements to validate the data on the blockchain, any IoT device can operate a full node and collect its data. This allows data to be verified by other nodes on the network while being stored on the device itself.”

Source: CoinDesk

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After a period of consolidation, Chainlink (LINK), the oracle network powering decentralized applications (dApps), is exhibiting signs of a potential breakout. This bullish sentiment comes amidst a broader recovery in the cryptocurrency market, with Bitcoin regaining its footing above the crucial $65,000 support level.

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Technical Indicators Look Verdant

Renowned crypto analyst Jonathan Carter is among those betting big on LINK’s future. Chainlink’s price structure is forming a bullish pattern, Carter remarked, pointing to the token’s recent rebound from the middle line of a descending channel.

#LINK

ChainLink is showing a bullish structure by bouncing off the middle line of a descending channel

A breakout above the MA 200 (around $16) could push price towards the resistance zone near $25 pic.twitter.com/SmlGnbHkku

— Jonathan Carter (@JohncyCrypto) June 14, 2024

A decisive break above the 200-day moving average, currently hovering around $16, could propel LINK towards a resistance zone near $25, according to Carter’s analysis. This potential price surge is further bolstered by various technical indicators.

Mixed Market Sentiment With Underlying Bullishness

While the overall market sentiment leans slightly bearish, there are pockets of optimism surrounding Chainlink. The latest price forecast for LINK predicts a 4% increase to approximately $16.53 in the next coming days.

Interestingly, some analysts highlight a dichotomy in investor sentiment. Despite the recent price dip, a significant 30% of market participants still hold bullish views on LINK.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Market Smells Greed

Further fueling this optimism is the current reading of 74 on the Fear & Greed Index, which suggests a dominant sentiment of “greed” among investors. This indicates that despite short-term price fluctuations, investor confidence in Chainlink’s long-term potential remains strong.

While the current outlook for Chainlink is undeniably optimistic, experts urge investors to approach the market with caution. Price predictions, particularly in the highly volatile cryptocurrency space, are inherently subjective and susceptible to unforeseen circumstances. The broader market sentiment, currently reflecting “greed,” could also lead to a correction if investor expectations are not met.

LINK price action in the last 24 hours. Source: Coingecko

Investors should always conduct their own research before making any investment decisions, advised a spokesperson for Chainlink. Understanding the underlying technology, the project roadmap, and the risks involved is crucial for navigating the dynamic world of cryptocurrencies.

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Chainlink’s Core Strength

Despite the inherent volatility, Chainlink’s core value proposition as a secure and reliable oracle network for dApps remains a key driver of its long-term potential. By bridging the gap between decentralized networks and the real world, Chainlink plays a critical role in enabling the growth and adoption of decentralized finance (DeFi).

With a potential breakout on the horizon and renewed optimism in the crypto market, the coming weeks will be crucial in determining the token’s future trajectory. As the DeFi space flourishes, Chainlink’s ability to connect blockchains to external data feeds will undoubtedly be a factor to watch.

Featured image from Pexels, chart from TradingView

Source: NewsBTC.com

The post Breakout Alert! Chainlink (LINK) On Verge Of Major Surge, Analyst Says appeared first on Crypto Breaking News.

The following is an excerpt from “I Am Not Your Bruh: 21 Keys to Sound Parenting” by George Mekhail. Visit the Bitcoin Magazine Store to order your copy of the book, on sale today.

I started using this phrase as my final words to the kids when dropping them off at elementary school and I continue to use it to this day as they are getting ready to go hang out with friends or leave the house. Danielle and I frequently talk about one of our primary intentions with parenting is raising kids who are becoming leaders. The concept of leadership in our world has become somewhat elusive if not straight up confusing. Leadership is not the same as authority and it’s not the same as popularity. Just because you are President of the United States, it doesn’t make you a leader, or at the very least, it doesn’t automatically make you an imitable leader. Being a celebrity also doesn’t equate to being a leader worthy of following, even though many celebrities boast countless “fans” following them on social media, watching their every move in the tabloids, or even admiring them as role models. Effective leadership has become the only thing in this world scarcer than Bitcoin.

Click the image above to order! 

The unfortunate state of affairs in our modern era can be directly linked to a lack of effective leadership. The people in power are largely consumed by greed, control, and corruption. This is partly due to a woefully misaligned incentive structure exacerbated by a broken monetary system, which allows the rich to easily become richer and the corrupt to accelerate unchecked in their corruption. We’ll explore this topic in more depth later, but it’s almost as if things have gotten so bad that those who occupy positions of power are no longer even concerned about optics. They are flaunting and taunting their oppression as if to say, “What are you going to do about it?” I believe part of the answer to that question requires playing the long game through Sound Parenting. If the next generation of parents commits to a vision of raising up the next generation of strong leaders, we will begin to make meaning- ful progress in humanity’s shared struggle for the ideals of freedom, peace, and prosperity. If you consider every historic breakthrough during periods where humans have fought back and emerged victorious when faced with tyranny, you will find examples of strong leadership. At the end of the day, someone’s gotta raise the next George Washington, and there’s no reason that can’t be me or you.

Take Yourself Seriously

I find it funny when people say, “Don’t take yourself so seriously.” It’s like, how am I supposed to take myself then? I’m a fairly lighthearted individual; I like to make people laugh: I can also be over the top with my positive attitude. Life’s too short, begging to be taken by the horns and shaped into my every hope and dream. In that sense, I would say I do take myself seriously. If you don’t take yourself seriously, you certainly shouldn’t expect anyone else to take you seriously. And what a bummer way to live this one precious life. I say: take your- self seriously. Have lofty goals. Dream big. Fail often. Show up. Keep moving forward. Laugh loudly. Take risks. Be extra. Don’t hedge. And most importantly: teach your children to do likewise. Don’t listen to the insecurities of others who need you to shrink down so they can feel better about themselves. Don’t stifle dreams before they even have a chance to see the light of day. The world needs more boldness, more fear- lessness, and more outliers who are not afraid to stand up to bullshit. I guarantee you that every legendary historical figure took themselves seriously, took their dreams seriously, and went about their business very seriously. Make no mistake, this is an active, ongoing, continual decision that requires constant self-reflection and self-awareness. It requires not worrying about what people think of you. Every time you decide to take yourself seriously, you are taking steps to not only achieving your goals, but also fulfilling your God-given potential.

Take Responsibility

Each of our lives can be boiled down to a series of deci- sions. Every day we are becoming someone, and the person we are becoming is made up of the choices we make. With every circumstance we face, we can decide: how will I navi- gate this? It is our response to every question that emerges, whether it’s expected, fair, or difficult. The truth is we are each equipped with the ability to evaluate these situations and decide the best course of action. The combination of utilizing our abilities to respond appropriately demonstrates one of the most beautiful words in the English language: responsibility. Seriously, can we just take a moment to appreciate how rich this word is and how consequential it is in this game of life? Making good choices and being good leaders requires taking responsibility. Teaching our children how to take responsibility for their life is a foundational goal of quality parenting. The baby steps to achieving this outcome start with helping them recognize the real-world impact of every decision. To zoom out even further, it’s helping them see how much of their present situation boils down to the numerous decisions they’ve already made. Yes, everyone has different abilities. Yes, everyone has different response tools at their disposal. But by the same token, everyone has the opportunity to embrace their own set of responsibilities based on their given circumstances. The mark of effective leadership is found in one’s willingness to carry greater responsibility than what would otherwise be reasonably expected of them. Strong leaders crave responsibility and tend to seek it out proactively. In turn, they also have a propensity to make wise, thoughtful, and intentional decisions in every situation they face.

On the flip side, poor decision-making can be described as an inability to effectively respond to a given situation. Let’s call it response-inability for fun. This is often a hallmark of not only poor leaders but also those who we might describe as sheeple, NPCs, or blind followers. Consider how many poor decisions are made as a result of “peer pressure” or “following orders.” These are not the type of kids we are trying to raise. We want lions, not sheep. The world is sadly inundated with uncritical thinkers who are raising uncritical thinking kids who lack the tools to embrace responsibility— and who would rather have someone else make decisions for them. Poor decisions tend to compound, sadly much faster than wise decisions. Once this momentum gets going, you have a recipe for outcomes like addiction, pain, and ultimately regret.

No Regrets When You’re 80

As far as we know, we only live once. There will only ever be one George Samir Naguib Mekhail Saad Nasir Massoud. As much as it would be helpful to have, there is no undo button in life. You can’t command Z your way through existence. “No regrets when you’re 80” is more of a personal refrain I’ve adopted, but I’ve used it with my kids to help illustrate the implications and importance of mindful decision-making and numbering your days. We all have regrets; things we wish we would have done differently or things we wish we could change. I approach the idea of regret as strictly describ- ing something that is literally unchangeable. Oftentimes we ascribe the word regret to situations that can actually be changed but would be very difficult or require a lot of discom- fort to actualize said change. Some people will say, “I regret the way things went with Justine,” when in reality, they can pick up the phone and give ol’ Justine a call to mend a relation- ship. You might not need to give her a call today, but perhaps sometime before you’re 80 you can eliminate at least one regret from your list. I call this mantra to mind when I’m faced with a particularly large decision in order to help me put the options into perspective. The question behind the phrase is: if I decide to do X, what is the likelihood that I will regret this decision when I’m near the end of my life?

It’s helpful to note that the idea of avoiding regret can devolve into an unhealthy obsession, which may cause one to limit risk-taking and expressing creativity. This is not what I’m proposing. Rather, we must find a healthy balance when it comes to limiting situations where irreversible regret is created. Most critically, we must coach our children on the importance of their decision-making early in life and help them understand how these decisions will compound, like interest, over time. The sooner our kids learn to take respon- sibility for every action in life, the more mature, wise, and self-reliant they will become. Good decisions lead to outstand- ing character. Outstanding character produces excellent leaders. Excellent leaders, raise children who exceed them in every category because that was the goal all along.

Click the image above to order! 

Source: Bitcoin Magazine

The post Make Good Choices, Be Good Leaders appeared first on Crypto Breaking News.

Investors are bullish on Ethereum as the industry awaits the launch of Spot Ethereum ETFs. This sentiment is relayed through the recent expiration of Ethereum options contracts and the put-call ratio. According to data, over 200,000 ETH options recently expired, and the crypto community eagerly awaits the direction of the Ethereum price.

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Notably, the majority of the expiring ETH options are call options, meaning buyers are betting the price will rise. At the same time, the put-call ratio is at 0.36. This low value means market participants are currently buying more call options than put options. 

Options Show Surging Ethereum Demand

Options are contracts that give buyers the right, but not the obligation, to buy or sell an asset at a specific price on or before a certain date. If the Ethereum price is above the strike price of these options at expiry, buyers will likely exercise their right to buy ETH at a discount, which would drive the price up further.

According to data, participants in the options market are betting on Ethereum’s price increase despite the recent stagnation around $3,500. Particularly, the data shows that 200,000 ETH options worth $710 million recently expired due to Ethereum’s failure to break above the $3,600 price mark.

ETH is now trading at $3,559. Chart: TradingView

This means most options traders were betting Ether would be trading higher by now. Despite this, the sheer number of call options suggests the amount of demand pressure Ethereum is currently facing, which is set to continue into the next month. Hence, this is a good time for investors to lay out plans for next month’s call options. 

14 June options delivery data
20,000 BTC options expired with a Put Call Ratio of 0.49, a maximum pain point of $68,500 and a notional value of $1.35 billion.
200,000 ETH options expired with a Put Call Ratio of 0.36, a max pain of $3,600 and a notional value of $710 million.… pic.twitter.com/42ruZLLtqc

— Greeks.live (@GreeksLive) June 14, 2024

How High Can Ethereum Price Go?

Demand for Ethereum is spiking. This signals that traders expect the price to continue rising in the near term. Accumulation was at its highest in the middle of the week, with holders gobbling up more than 298,000 ETH in 24 hours. Also, on-chain data from Santiment shows that the top 10 exchange wallets have seen their ETH holdings drop by 8.6% in the past few days as traders accumulate into private wallets. Notably, the uptick in withdrawals also saw 336,000 ETH worth $1.2 billion withdrawn from Coinbase on Wednesday and Thursday.

Related Reading

On the other hand, Ethereum, which started last week trading around $3,700, struggled to break above a resistance of $3,600 during the weekend. The increase in call options, along with the increasing demand, suggests Ethereum will easily break above $3,600 in the new week. Breaking through $3,600 and $3,700 would be extremely bullish and could trigger a rally to new all-time highs.  

Featured image from Flow, chart from TradingView

Source: NewsBTC.com

The post Ethereum: 200,000 ETH Options Expiry Spurs Demand – How Far Can Price Go? appeared first on Crypto Breaking News.

According to data from CoinMarketCap, Solana (SOL) has been slightly positive in the last day, notching a market gain of 1.37%. This price increase, while little, is highly encouraging for investors considering Solana’s bearish form in the past week where it lost 8.11% of its market value. Interestingly, crypto analyst Ali Martinez postulates that SOL could sustain its current positive performance following the discovery of a buy signal.

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Solana Hits Critical $141 Support, TD Sequential Hints At Price Surge

Via his X handle on Saturday, Ali Martinez noted that Solana had recently fallen to a key support level at the $141 price mark. According to the analyst, this decline resulted in the generation of a buy signal by the TD Sequential indicator.

#Solana has hit a key support level at $141, with the TD Sequential showing a buy signal on the $SOL daily chart! If this support holds, #SOL could rebound for one to four daily candlesticks. pic.twitter.com/AjQX8CGf1d

— Ali (@ali_charts) June 15, 2024

For context, the Tom DeMark Sequential indicator is a technical analysis tool used to identify potential turning points in the price of an asset. The primary goal of the TD Sequential is to anticipate market reversals and trends by counting a series of price bars.

Following Solana’s bearish form in the past week, Martinez states that the token’s price drop to $141 has signaled a potential trend reversal according to signals from TD Sequential. Martinez postulated that if the buy signal proves true and the $141 price mark holds as a solid support level, SOL could maintain a price rally for the next 1-4 days. 

Interestingly, since hitting the specified support level, Solana climbed by over 3% to trade above the $145 price mark. 

If SOL maintains the same level of price growth over the next four days, the altcoin is expected to attain a price mark of at least $158. However, a critical resistance lies at the $149 price zone. Sufficient selling pressure at this price may force SOL to resume its bearish trend.

Related Reading

SOL Price Overview

At press time, Solana trades at $145.16 after a 10.25% decline over the last month. However, the altcoin still remains one of the best-performing major cryptocurrencies in 2024 with a combined market gain of 43.5% all year.

Generally, Solana is tipped as one asset to look out for in the expected crypto bull run following its performance in the last bull cycle where it rose from around $3.5 to a peak price of $249.98. In addition, Solana boasts of a robust meme coin ecosystem valued at $7.46 billion which could also contribute to spurring the token’s price to new heights in the coming months.

SOL trading at $145.04 on the 4-hour chart | Source: SOL chart on Tradingview.com

Featured image from Forbes, chart from Tradingview

Source: NewsBTC.com

The post Analyst Calls Buy Signal As Solana Hits Key Support At $141 appeared first on Crypto Breaking News.

Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge. 

Bitcoin To Hit $200,000 And Then $1 Million

Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights.

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The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management. 

In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million. 

MicroStrategy To Benefit From BTC’s Growth

These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500. 

The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC). 

MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC. 

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Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.”

“We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added. 

BTC price falls to $66,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus appeared first on Crypto Breaking News.

U.S. Congressman Ro Khanna, representing California’s 17th congressional district, is set to host a Bitcoin and blockchain roundtable in Washington D.C. in early July, according to a private email sent by Khanna’s Office, seen by Bitcoin Magazine. 

Khanna’s Office described the upcoming meeting as “the most significant meeting between policymakers and innovation leaders in blockchain to date.”

The roundtable is expected to feature officials from the Biden Administration, House, and Senate, alongside American businessman Mark Cuban, according to the email. The primary objective of this meeting is to strategize on how to keep “Bitcoin and blockchain innovation in the United States.”

This initiative is seen as a response to former President Donald Trump’s recent endorsements of the Bitcoin industry. Trump has recently become the first President to accept Bitcoin Lightning payments for campaign donations. 

Last night, Trump pledged to “end Joe Biden’s war on crypto” and ensure that the future of Bitcoin and crypto will be made in America. Earlier this week, Trump also hosted a roundtable in Mar-a-Lago with some of the nation’s largest Bitcoin miners, and committed to support Bitcoin mining both in Washington D.C. and on the global stage.

For the past four years, the Biden Administration has taken a hostile stance toward the Bitcoin and crypto industry. Recently, on May 31, President Biden vetoed legislation that would have allowed highly regulated financial institutions to custody Bitcoin and cryptocurrencies. 

The Department of Justice (DOJ) has also arrested the founders and CEO of the Samourai wallet, a popular Bitcoin mixing service, on charges of money laundering, in April of this year. 

In May 2023, Biden compared crypto traders to “wealthy tax evaders” and, in March, his administration published an economic report highly critical of Bitcoin and Proof of Work mining while promoting a Central Bank Digital Currency (CBDC). The Biden Administration has also proposed a 30% tax on electricity used for Bitcoin mining, arguing that it hinders the transition to a low-emission energy future. 

This upcoming roundtable signals a shift in Washington’s approach to the crypto industry, and could represent a warming of sentiment among democrats, given Khanna’s party affiliation.

Earlier this week, it was reported that the Biden Administration is in talks to accept crypto donations through Coinbase Commerce, following Trump who also started accepted donations through Coinbase as well. 

Source: Bitcoin Magazine

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Solana (SOL) whales are at it again, as they are seen to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amidst the bearish sentiment in the crypto market, which has also caused Solana’s price to decline. 

Solana Whales Move Over $500 Million Worth Of SOL In Several Transactions

On-chain data shows that Solana whales have conducted six large transactions in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) a majority of the transferred funds (1 million SOL tokens).

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The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).

This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may be looking to offload their tokens, which would negatively impact Solana’s price. However, the earlier transactions indicate that the other Solana whales may just be rotating their capital between wallets rather than offloading them on the market. 

This is also feasible considering that there has been a lot of activity on the Solana network, with traders actively trading due to the ongoing meme coin frenzy. Data from DappRader shows that the transaction volume on the network has continued to soar despite SOL’s declining price. 

SOL price crashes | Source: SOLUSDT on Tradingview.com

What Next For SOL’s Price

Crypto analyst Ali Martinez recently mentioned that Solana is set for a “major 53% price move.” He added that the market should keep an eye on the $143 support and $178 resistance levels to gauge sentiment on the crypto token. 

Crypto analyst Jelle seems to have a bearish sentiment toward SOL. He recently revealed that Solana has failed to repeat a similar pattern from earlier in the year and has now lost the $150 support level. He stated that he wouldn’t be surprised if Solana dropped to as low as $140. 

Crypto analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celeb meta isn’t “healthy” for the crypto token’s ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will probably continue outperforming it for this next stretch. 

Source: X

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Altcoin Sherpa also discussed the possibility of Solana dropping to as low as $120 while analyzing its USDT pair. He stated that he wouldn’t invest in Solana until it dropped to $140 and that he might just continue to wait until it fell to around $120. In the long term, the crypto analyst is still bullish on Solana and expects it to rise above $500 this year. 

Source: X

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed? appeared first on Crypto Breaking News.

According to data from CoinMarketCap, Bitcoin has had an unimpressive week with its market price falling by 4.65% over the last seven days. However, prominent crypto analyst Ali Martinez has released a price alert indicating that the market leader could be set for more losses if it fails to secure a certain support zone.

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Bitcoin URPD Chart Shows Potential Correction – Analyst

In an X post on June 15, Martinez stated that Bitcoin needs to quickly rise above $66,254 else it risks a potential decline to around the $61,100 price mark. Martinez based his theory on the UTXO Realized Price Distribution (URPD) chart generated by the data analytics platform Glassnode.

#Bitcoin needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! pic.twitter.com/WMr7jcAVJU

— Ali (@ali_charts) June 14, 2024

For context,  an unspent transaction output (UTXO) refers to units of Bitcoin that are unspent after a transaction. Each UTXO has a realized price i.e. the price the market price at the time of UTXO was transacted. In a UTXO Realized Price Distribution chart, Bitcoin’s supply is broken down based on the realized prices of UXTOs showing how much BTC was acquired at different levels. 

This data can be used to study market sentiment, distribution analysis as well as support and resistance levels. More importantly, investor behavior can also be studied as a high concentration of UTXOs indicates levels at which most investors bought Bitcoin which can translate into a potential resistance or support level. 

Source: Ali Martinez

According to the URPD chart shared by Martinez, 504,619 BTC was purchased at $66,254 thus indicating a strong potential to serve as a support for Bitcoin amidst its current downtrend. Furthermore, the next realized price with the highest number of Bitcoin (191,366) bought is $61,101 representing the next support level should the premier cryptocurrency fail to reclaim the $66,254 price mark.

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Bitcoin Price Overview

At the time of writing, Bitcoin trades at $66,151 reflecting a price decline of 1.15% in the last day. In tandem, the BTC’s daily trading volume is also down by 5.54% and valued at $25.4 billion. However, Bitcoin remains in the green on the monthly chart with a 5.80% gain which is a notable positive, especially for long-term traders. 

According to Coincodex, the general sentiment is bearish nevertheless, the fear and greed index stands at 74 which indicates current optimism as well as risk-taking behavior among investors which highlights a potential for high market volatility.

BTC trading at $66.269 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com

Featured image from BBC, chart from Tradingview

Source: NewsBTC.com

The post Analyst Pinpoints Critical Support Zone For Bitcoin appeared first on Crypto Breaking News.

Discussions around when the Spot Ethereum ETFs will likely begin trading have continued to heat up. This time, Bloomberg analyst Eric Balchunas and fellow Bloomberg analyst James Seyffart have shared an update on when they expect these funds to begin trading. 

Spot Ethereum ETFs To Begin Trading By July 2

Balchunas stated in an X (formerly Twitter) post that they are moving their “over/under date” for the launch of the Spot Ethereum ETFs to July 2. He revealed they had heard that the Securities and Exchange Commission (SEC) sent fund issuers comments on their respective S-1 filings. These comments are said to be “pretty light” and nothing major, with fund issuers set to file their amended registration statements within a week. 

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The Bloomberg analyst claimed that there is a decent chance that the SEC will declare these S-1 filings effective the next week and that the Commission will work towards approving them before the holiday weekend. He added that anything is possible but that is the timeline they are working with for now. 

These Bloomberg analysts had previously put July 4th as their over/under date for the launch of the Spot Ethereum ETFs. Balchunas acknowledged that the recent shift from July 4th to 2nd wasn’t a major one but was still significant, considering it was beginning to feel like it could take longer before the Spot Ethereum ETFs launch. 

He also clarified that they decided on July 2nd as the over/under date because this is when they remain undecided about whether to go lower or higher. Their latest projection is also good news, considering that SEC Chair Gary Gensler had thrown the crypto community into a bit of limbo with his latest comment. 

While addressing the Senate Banking Committee on June 13, Gensler told Senator Bill Hagerty that the S-1 filings for the Spot Ethereum ETFs will likely be approved “over the course of this summer.” This statement raised the possibility of these funds not being approved until the end of the summer, which will be sometime in September. 

Spot ETFs To Propel ETH To $10,000

The Spot Ethereum ETFs are expected to have a huge impact on Ethereum’s price once they begin trading. Crypto expert Ash Crypto recently mentioned that Ethereum reaching $10,000 is just a “matter of time,” with these funds set to start trading soon. Crypto analyst Eljaboom also alluded to the Spot Ethereum ETFs when he stated that $10,000 is “programmed” for Ethereum in this cycle. 

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Crypto analyst CrediBULL Crypto stated that $10,000 is his minimum target for Ethereum in this bull run and added that the second-largest crypto token could even rise to $20,000 because it matches Bitcoin’s top in the 2017 bull run. 

ETH price struggles to hold $3,500 support | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Spot Ethereum ETFs Expected To Begin Trading On July 2, Can This Propel ETH To $10,000? appeared first on Crypto Breaking News.

A recent buying spree by a deep-pocketed XRP investor has sent ripples (pun intended) through the cryptocurrency community. This whale, with a seemingly bottomless appetite for XRP, has scooped up nearly 27 million coins, sparking speculation of a potential price surge. However, the broader market sentiment remains murky, leaving investors to navigate a sea of conflicting signals.

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XRP Whales Bet Big On Coin’s Future

The on-chain transaction tracker, Whale Alert, reported a significant purchase by a known XRP whale. This investor, identified by a cryptic wallet address, gobbled up 27.74 million XRP from cryptocurrency exchange Binance. This hefty purchase, valued at roughly $13 million, adds to a growing collection by the same whale, who has been accumulating XRP throughout recent price dips.

Source: Whale Alert

This aggressive buying behavior is often interpreted as a bullish sign. Whales, with their vast resources, are seen as having a keen understanding of the market and a long-term view. Their willingness to invest heavily in XRP, even during a bearish period, suggests confidence in the asset’s potential for future growth.

XRP price action in the last week. Source: CoinMarketCap

Technical Indicators Paint A Sunny Picture

Adding fuel to the optimistic fire is a recent technical analysis predicting a 20% price increase for XRP by July 15th. This forecast, while not a guarantee, provides a glimmer of hope for investors seeking a return on their XRP holdings. Additionally, XRP has displayed relative stability compared to other cryptocurrencies, experiencing a low price volatility and a high percentage of positive days over the past month.

XRP market cap currently at $26.6 billion. Chart: TradingView.com

However, a closer look reveals some storm clouds on the horizon. The Fear & Greed Index, a measure of investor sentiment, currently sits at a concerning “extreme greed.” This suggests the market might be overbought, potentially leading to a correction as investors cash out their profits.

XRP: On Legal Battles And Conflicting Market Signals

Furthermore, the ongoing lawsuit between Ripple and the SEC continues to cast a long shadow over XRP. The outcome of this legal battle could have a significant impact on the price, making any predictions inherently uncertain.

XRP’s recent price action presents a confusing picture for technical analysts. On the bullish side, we see a significant increase in Futures Open Interest (OI) and derivatives volume, suggesting growing investor engagement. This could be interpreted as a sign of accumulating positions in anticipation of a price rise.

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However, the bullish narrative is challenged by the oversold RSI reading currently hovering near 35. In traditional technical analysis, this suggests the asset might be due for a correction, potentially contradicting the predicted price increase.

The current situation surrounding XRP is a classic case of conflicting signals. The whale’s buying spree and the technical analysis offer a bullish narrative, while the Fear & Greed Index and the SEC lawsuit paint a more cautious picture.

Featured image from Human Services-UC Davis, chart from TradingView

Source: NewsBTC.com

The post XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips appeared first on Crypto Breaking News.

Polkadot (DOT), a prominent player in the blockchain ecosystem, is currently experiencing a dramatic decline, prompting a bearish alert. The cryptocurrency is in freefall, with its price plummeting towards new lows. A combination of market-wide volatility, negative investor sentiment, and regulatory pressures fuels this sharp downturn. As DOT’s value continues to erode, investors are advised to brace for further losses and reassess their strategies in light of these bearish signals.

In this analysis, we will dive into Polkadot’s price prospects with the help of some technical indicators focusing on the 1-hour and the 4-hour timeframe.

DOT Price Still Actively Bearish

DOT’s price on the 4-hour chart did a retracement after a break from the previous bearish triangle wedge and began to drop again. Although the price currently is attempting to move up, the reality is that it will continue to drop afterward.

Source: DOTUSDT on Tradingview.com

The formation of the 4-hour Composite Trend Oscillator also suggests that the price of DOT may still drop as the signal line and Simple Moving Average (SMA) of the indicator are currently trending close to the oversold zone.

Also, on the 1-day chart, DOT is attempting a bullish move below the 100-day SMA after dropping a bearish candlestick on the past day. Based on the 1-day price formation, it can be suggested that this bullish move that DOT is making is just on a short-term note.

Source: DOTUSDT on Tradingview.com

Lastly, the 1-day Composite Trend Oscillator on the daily chart signals that DOT’s price is still actively bearish as both the signal line and SMA have crossed below the zero line and are heading towards the oversold zone.

More Losses Ahead?

In conclusion, Polkadot is currently in a precarious position as it experiences a sharp and sustained decline, triggering a bearish alert. Therefore, if the price of DOT continues to drop, it might move towards the $4.809 support level. And if it breaks below this level it will drop further to test the $3.542 support level and probably other key levels afterward.

However, if DOT decides to continue its move in the upward direction, it will begin to move toward the $7.701 resistance level. Should it move above this level, it will move higher to test the $9.805 level and probably go bullish to test other key levels.

As of the time of writing, DOT was trading at around $6.23 and was down by 2.58% with a market capitalization of over $8.9 billion and a 24-hour trading volume of over $204 million. Although its market capitalization is down by 2.52%, its trading volume has increased by 19.08% in the past day.

DOT trading at $6.221 on the 1D chart | Source: DOTUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Source: NewsBTC.com

The post Polkadot (DOT) In Freefall: Will It Recover Or Hit Rock Bottom? appeared first on Crypto Breaking News.

Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish pressure has had a notable impact on the price of the premier cryptocurrency.

According to data from CoinGecko, the value of Bitcoin has declined by nearly 5% in the past seven days. On Friday, June 14th, the BTC price fell to around the $65,000 level — its lowest level in nearly a month.

Bitcoin Miners Offload Over 1,200 BTC In One Day

In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been active in the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.

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Martinez mentioned in his post that the Bitcoin miners offloaded more than 1,200 BTC (worth roughly $80 million) in a single day. According to the crypto pundit, this increased selling activity by the miners might have played a significant role in the premier crypto’s recent correction to $65,000.

Source: Ali_charts

This on-chain observation is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins to exchanges and over-the-counter (OTC) desks for sale, as the Bitcoin price hovered between $69,000 and $71,000.

According to CryptoQuant, the recent decision of miners to offload their holdings Is associated with the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.

Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could be stabilizing or getting ready for upward movement.

Whales Join The Sell-Off, Dump 50,000 BTC

Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.

Based on data from Santiment, whales have sold 50,000 BTC (equivalent to about $3.3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders that own between 1,000 – 10,000 BTC.

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While the price of BTC fell as low as 65,000 in the past day, it is beginning to show some signs of recovery. As of this writing, Bitcoin is valued at $66,266, reflecting a 0.7% decline in the past 24 hours.

Bitcoin price attempts to hold above the $66,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Source: NewsBTC.com

The post Unveiling Bitcoin’s Drop To $65,000: Here’s How Much BTC Miners Sold appeared first on Crypto Breaking News.

Dogwifhat (WIF), the once-booming memecoin featuring a Shiba Inu sporting a stylish knitted beanie, finds itself in hot dog water. After a meteoric rise earlier this year, WIF has been on a downward spiral, trapped within a descending channel since late May. Analysts are carefully keeping tabs as the canine crypto approaches a critical support level, with its future hinging on a tug-of-war between bullish and bearish forces.

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Descending The Price Ladder: A Sign Of Weakness?

Technical analysis paints a worrying picture for WIF. The descending channel pattern, characterized by lower highs and lower lows, indicates sustained selling pressure. The price has plummeted a staggering 30% since the end of May, currently hovering around the crucial $2.44 mark. In the last week, WIF has lost 15% of its value, data from Coingecko shows.

WIF price down in the last 24 hours. Source: Coingecko

This level represents a make-or-break point for WIF. If the bulls – those optimistic investors hoping for a price increase – can’t defend this support line, the price could plunge further, potentially reaching a new low of $1.93.

A Technical Tailspin

Adding fuel to the bearish fire is the Aroon Down indicator, a technical tool that gauges the strength of a downtrend. WIF’s Aroon Down Line sits at a concerning 100%, signifying a robust downtrend with the most recent low occurring not too long ago. This suggests that selling pressure is overwhelming any potential buying activity among WIF holders.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Will The Bulls Rise To The Occasion?

A glimmer of hope remains for WIF devotees. If the bulls manage to hold the current support level, a price rebound towards the resistance line at $2.70 is a possibility. This would be a temporary reprieve, but it would offer a chance for the memecoin to regroup and potentially break free from the descending channel.

However, breaching the support would be a devastating blow, potentially leading to a domino effect where investors lose confidence and flee the market, sending WIF into a tailspin.

WIF Price Forecast

Source: CoincCodex

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Meanwhile, the current technical analysis for Dogwifhat shows a bearish sentiment, despite a bullish price prediction of a 225% increase to $7.87 by July 15, 2024. The Fear & Greed Index indicates high greed at 74, suggesting potential overvaluation. Over the past 30 days, Dogwifhat has had 30% green days with 11.82% price volatility, reflecting significant price fluctuations.

The high volatility and current greed sentiment indicate potential risks, despite the optimistic forecast. Therefore, it may not be the best time to buy Dogwifhat until market conditions stabilize or additional positive indicators emerge.

Featured image from Reductress, chart from TradingView

Source: NewsBTC.com

The post WIF Price Crashes 15% – Will The Freefall Continue? appeared first on Crypto Breaking News.

The cryptocurrency market has been experiencing a significant downturn, with Bitcoin leading the way by retracing to the $65,000 mark after failing to retest its all-time high of $73,700 reached in March. 

Market expert Michael van de Poppe has shed light on the reasons behind this ongoing bloodbath, highlighting several key factors that have contributed to the current state of the market.

Crypto Market Battles Uncertainties

A key event highlighted by van de Poppe is last Wednesday’s release of the Consumer Price Index (CPI) data, which has a major impact on the Federal Reserve’s decision on interest rates. 

The data, which came in lower than expected, favored risk assets. A lower-than-expected headline CPI of 3.3% (vs. 3.4% expected) and core CPI of 3.4% (vs. 3.5% expected) pointed to potential rate cuts or a positive outlook for future rate cuts, providing favorable market conditions.

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Another significant event was the release of the Producer Price Index (PPI) data, which provides inflation data from the producer’s perspective. The data revealed a lower-than-expected regular PPI score of 2.2% (versus an expected 2.5%) and Core PPI Y/Y score of 2.3% (versus an expected 2.4%). 

Additionally, the monthly data showed negative figures, further favoring risk-on assets. However, van de Poppe contends that despite these positive indicators, the crypto market has continued its downward trend.

According to van de Poppe, the release of consumer sentiment data on Friday also impacted the market. Consumer sentiment is considered a market leader and a gauge of market strength or weakness. The data came in lower than expected, with a score of 65.6 (versus an expected 72.1). 

This data signaled a lack of economic strength, potentially fueling bullish sentiments for risk-on assets and a shift toward crypto-native markets. 

However, Federal Reserve Chairman Jerome Powell delivered an unexpectedly hawkish speech. Despite data pointing towards the need for rate cuts and worsening economic conditions, Powell maintained a hawkish tone and revised the potential rate cuts in 2024. 

According to Michael van de Poppe, this outlook did not bode well for the markets, adding to existing uncertainties and the notorious price volatility seen in recent days.

Bitcoin Price’s Struggle Continues As Bond Yields Drop

The analyst further pointed out that Market indicators, such as Treasury Bond Yields, declined. The 2-year Treasury Bond Yield dropped to the lowest point in two months, while the 10-year Yield continued its fall to the lowest point since the beginning of April. 

These indicators typically suggest favorable conditions for Bitcoin and risk-on assets, implying a higher probability of a potential rate cut. However, the strength of the US Dollar persisted due to the rate cut by the European Central Bank (ECB). 

Van de poppe believes that this unexpected Dollar strength, driven by the ECB’s actions, further complicated the market dynamics, as rate cuts are usually necessary for economic stability.

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In sum, the cryptocurrency market, particularly Bitcoin, has substantially declined as it struggles to regain its previous highs. Despite positive economic data pointing towards potential rate cuts and market indicators favoring risk-on assets, the market has failed to respond positively. 

The ongoing uncertainties surrounding events, such as the listing of the Ethereum ETF, have contributed to the market’s weakness. With rate cuts on the horizon and the Dollar’s strength persisting, the upcoming weeks will likely be critical in determining the market’s direction.

The daily chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

When writing, Bitcoin was trading at $65,280, down by 2% in the past 24 hours and over 5% in the past seven days. 

Featured image from DALL-E, chart from TradingView.com

Source: NewsBTC.com

The post Bitcoin Crashes To $65,000, Expert Unpacks Drivers Of Crypto Market Bloodbath appeared first on Crypto Breaking News.

According to the latest report by QCP Capital, options data reveals a plunge in trading volatility, particularly for Bitcoin, meaning cryptocurrency traders could be in for a tamer summer.

The research firm, which is well known for spotting new market trends, points out that the data patterns in the charts suggest that we are likely to have a more shallow trading period for now.

This comes as the market is still recovering from recent highs and lows, consigning traders in limbo trying to make sense of the next big play.

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Ethereum Is In For An Active Summer Despite Anticipated Market Lull

The one exception is that the Ethereum options show significantly higher implied volatility than that of Bitcoin. This suggests that although the market, in general, could cool off, Ethereum could still see a relative surge in trade.

In their report, QCP Capital advised traders to consider accumulation strategies, particularly for Ethereum, in preparation for what they term “the long, quiet summer.” This approach could be beneficial if the market maintains its predicted low volatility.

Additionally, they do not foresee any significant price movements for Ethereum in July, aligning with the expectations set around the potential approval of a spot Ethereum spot Exchange-traded funds (ETFs later in the summer.

However, the speculation surrounding the approval of an Ethereum spot ETF is creating a buzz, with traders eyeing the S-1 Form approval that could bring more action to Ethereum’s market.

Ethereum’s implied volatility currently stands at a 10 vol premium to Bitcoin, which QCP analysts expect to narrow as the market begins to price in the anticipated US spot ETF approval.

This suggests that while the summer might be quieter, there could still be critical developments that could influence market dynamics in the latter part of the season.

Bitcoin & ETH Market Performance And Sentiment

Reflecting on recent market performance, Bitcoin and Ethereum have shown noticeable declines. After a bullish phase spurred by the US SEC’s approval of spot Ethereum ETFs last month, cryptocurrencies have closely mirrored each other in market downturns.

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Over the past week, Ethereum has seen a significant 8.5% decline, with a 1.4% drop in just the past 24 hours. Similarly, Bitcoin has experienced a 1.4% decrease today, continuing a week-long downtrend that brought its price below $66,000.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

In light of these fluctuations, Bitcoin maximalist Samson Mow has made intriguing predictions about potential market movements. According to Mow, the likelihood of Bitcoin experiencing a significant price surge—or what he refers to as an “Omega candle”—is increasing as market pressure builds up.

The #Bitcoin coil is super compressed now. The longer we go without a Godzilla candle, the more likely it is to get an Omega.

— Samson Mow (@Excellion) June 13, 2024

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise — QCP Capital appeared first on Crypto Breaking News.

Crypto analyst Sebastian has outlined why he believes Cardano (ADA) could rise to as high as $3 this year. The developments the analyst highlighted undoubtedly paint a bullish picture for the crypto token. However, it remains to be seen how Cardano will react, given that it is currently one of the worst-performing crypto assets this year. 

Why Cardano’s Price Is Posied To Reach $3 This Year

Sebastian mentioned in an X (formerly Twitter) post four reasons he believes Cardano will reach $3 this year. First, he mentioned Cardano’s partnership with Argentina. The Cardano Foundation recently announced its partnership with Entre Ríos, a central province in the country. The move is aimed at fostering blockchain adoption in Argentina. The partnership also benefits ADA as it will help the network break into the Argentine market. 

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Secondly, Sebastian mentioned the Chang Hard Fork as another reason Cardano is poised to reach $3 this year. This network upgrade is supposed to usher in Cardano’s “Voltaire” era, focusing on decentralized governance. Once this Chang Hard Fork occurs, the Cardano network will become more community-driven, which can help uplift the Cardano ecosystem and further boost investors’ confidence.  

Sebastian alluded to the new decentralized applications (dApps) launching on Cardano as another reason the crypto token can reach $3 this year. The launch of these dApps will help increase Cardano’s network activity and ultimately positively impact ADA’s price since the crypto token will gain added utility. 

Lastly, Sebastian mentioned that 1.5 billion Cardano tokens will be unlocked for marketing and other investments. He believes these funds could go a long way in promoting the Cardano ecosystem and attracting new users. However, some of his followers disagreed with him in this regard, noting that unlocking this significant amount of tokens would only put massive sell pressure on DA. 

Cardano Chang Hard Fork Is A “Big Deal”

Crypto analyst and Cardano bull Dan Gambardello recently remarked that the Chang Hard Fork is a bid deal for the Cardano ecosystem, seeing as the network will pivot into “an ear of decentralized, community governance.” The network upgrade is expected to go live later this month, with Gambardello claiming this is excellent timing for the altcoin season. 

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Gambardello has remained bullish on Cardano despite its unimpressive price action and has even reassured his followers that the crypto token’s current price action is normal. He stated that ADA was in a similar position in the last bull run but still recorded a massive price in that market cycle. He expects something similar to happen again and suggested that ADA’s big move could come once the Altcoin season kicks into full gear. 

At the time of writing, ADA is trading at around $0.4, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 appeared first on Crypto Breaking News.

Data shows that traders on social media have been calling to buy during the latest Bitcoin dip below $66,000, a sign that FOMO is active in the market.

Bitcoin Investors Are Displaying FOMO After The Recent Decline

As the analytics firm Santiment pointed out in a new post on X, the recent drawdown in the cryptocurrency has instigated the second-largest spike of buying interest in social media users in the past two months.

The indicator of interest here is the “Social Volume,” which keeps track of the amount of discussion related to a topic or term in which users on the major social media platforms are participating.

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This metric makes this measurement by counting the unique number of posts/threads/messages on these platforms that mention at least one keyword.

The reason the indicator counts the posts rather than the mentions themselves is that sometimes, a large number of mentions can appear on social media. Still, the location of these mentions could be restricted within niche circles.

The total number of posts mentioning a topic only spikes when users in the wider social media also engage with the term. As such, the Social Volume can provide a more accurate representation of the actual degree of talk related to the keyword.

In the context of the current discussion, Santiment has used this indicator to pinpoint data related to terms connected with buying and selling Bitcoin. The chart below shows how the social volume for these two topics has changed over the past month or so.

The value of the metric appears to have spiked for the terms related to buying recently | Source: Santiment on X

As is visible in the above graph, the combined Social Volume of phrases related to “buy Bitcoin” has just observed a large spike. This sharp increase in the indicator has come as the cryptocurrency price has been going down.

It would seem that users on social media believe this dip to be a worthy buy. The chart shows that the scale of this buying interest is the largest witnessed in the market since BTC’s rally above $70,000 last month.

It’s also apparent, however, that BTC topped out not soon after this Social Volume spike came. This has often been the pattern observed, as the price becomes more likely to be corrected when FOMO takes over the crowd.

Generally, any negative effects of FOMO can be canceled out if a sufficient amount of FUD also arises in the market simultaneously. As highlighted in the graph, though, the Social Volume of the terms related to “sell Bitcoin” has stayed low amid the spike in calls for buying.

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As such, this high amount of optimism around the drawdown could suggest that the bottom is perhaps not here for the cryptocurrency yet.

BTC Price

It would appear that the bearish effect of the social media FOMO may already be influencing Bitcoin as its price has seen a further drop below $66,000 following the Social Volume spike.

Looks like the price of the coin has been going down over the last few days | Source: BTCUSD on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com

Source: NewsBTC.com

The post Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip appeared first on Crypto Breaking News.

Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally.

This analysis comes as Bitcoin’s current trading behavior exhibits signs that might concern short-term investors.

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Bitcoin’s Precarious Path: Potential Drop and Subsequent Rally

Brandt’s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000.

So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the “pump” phase following the “dump.”

Chart of interest – Bitcoin $BTC
Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this:
Break through 65,000, then mkt goes to 60,000
Break through 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV

— Peter Brandt (@PeterLBrandt) June 13, 2024

According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors.

Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors.

JPMorgan Cautions On Bitcoin Touted ETF Demand

Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin’s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs.

Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent new capital but rather a rotation from traditional cryptocurrency exchange wallets to “more regulated and seemingly secure” ETFs.

This shift has been driven by “cost-effectiveness, regulatory protection, and deeper liquidity” ETFs offer over conventional crypto wallets.

JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x –>

“Not all of these inflows represent fresh money
entering the crypto space as we believe there has likely
been a significant rotation away from digital wallets on
exchanges to the new spot bitcoin ETFs. This is due to the
cost… pic.twitter.com/l23mDv4Gmd

— matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024

Moreover, following the introduction of spot ETFs, there has been a noticeable decline in BTC reserves on exchanges, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought.

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JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand.

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break appeared first on Crypto Breaking News.