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📉 Bitcoin Down 20% From March But Glassnode Analysts Are Very Bullish: Here’s Why Bitcoin might have posted the deepest correction since the FTX crash in November 2022, dipping over 20% from its all-time high of around $74,000. However, Glassnode analysts, while sharing their preview on X, remain cautiously optimistic. 🔸 Bitcoin Drops 20% From March High, But Glassnode Is Bullish Glassnode notes that the Bitcoin “macro uptrend still appears to be one of the more resilient in history” and that though corrections have been made, they are relatively shallow. With this position, the blockchain analytics platform confirms that the coin has improved with liquidity rising, reducing volatility.However, for bulls to find support and prices to rally, triggers would be from fundamental factors. Though price action structure might offer support, price catalysts are, as history shows, related to market events. As Glassnode observes, the robust macro trend, bullish for Bitcoin, has tapered volatility, helping maintain the uptrend. The increasingly shallow corrections, as the blockchain analytics platform notes, point to a more mature market backed by more institutions. 🔸 Whales Accumulating As Institutions Eye BTC Confidence remains high. On-chain data reveals that one whale has taken advantage of the relatively low prices and the correction to stack coins. In the last week, the whale bought over 100 BTC, pushing the amount of coins bought this month to over 7,257 BTC. This aggressive accumulation suggests that the whale, even at the current multi-year high, Bitcoin could be undervalued. There could be more Bitcoin tailwinds incoming. For instance, this week, former United States president Donald Trump started accepting crypto donations in the ongoing campaign. This shift of stance has been bullish since Trump dismissed Bitcoin earlier. While this happens, European regulators appear open to approving Bitcoin as an investable asset within Undertakings for Collective Investment in Transferable Securities (UCITS) funds. #BTC $BTC

📉 Bitcoin Down 20% From March But Glassnode Analysts Are Very Bullish: Here’s Why

Bitcoin might have posted the deepest correction since the FTX crash in November 2022, dipping over 20% from its all-time high of around $74,000. However, Glassnode analysts, while sharing their preview on X, remain cautiously optimistic.

🔸 Bitcoin Drops 20% From March High, But Glassnode Is Bullish

Glassnode notes that the Bitcoin “macro uptrend still appears to be one of the more resilient in history” and that though corrections have been made, they are relatively shallow. With this position, the blockchain analytics platform confirms that the coin has improved with liquidity rising, reducing volatility.However, for bulls to find support and prices to rally, triggers would be from fundamental factors. Though price action structure might offer support, price catalysts are, as history shows, related to market events.

As Glassnode observes, the robust macro trend, bullish for Bitcoin, has tapered volatility, helping maintain the uptrend. The increasingly shallow corrections, as the blockchain analytics platform notes, point to a more mature market backed by more institutions.

🔸 Whales Accumulating As Institutions Eye BTC

Confidence remains high. On-chain data reveals that one whale has taken advantage of the relatively low prices and the correction to stack coins.

In the last week, the whale bought over 100 BTC, pushing the amount of coins bought this month to over 7,257 BTC. This aggressive accumulation suggests that the whale, even at the current multi-year high, Bitcoin could be undervalued.

There could be more Bitcoin tailwinds incoming. For instance, this week, former United States president Donald Trump started accepting crypto donations in the ongoing campaign. This shift of stance has been bullish since Trump dismissed Bitcoin earlier.

While this happens, European regulators appear open to approving Bitcoin as an investable asset within Undertakings for Collective Investment in Transferable Securities (UCITS) funds.

#BTC $BTC

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💥 Market Bears Take Over Meme Coins The temporary rise in cryptocurrencies and the ATH seen in PEPE may have led to bears taking over the market again. The negative outlook seen in meme coins in the last 24 hours has worried everyone, especially meme coin investors. So, how do the prices look at the peak of meme coins? 🔸 How Much is 1 DOGE in Dollars? DOGE, the undisputed leader in terms of volume among meme coins, seems to be losing strength. This situation has caused SHIB to get closer to it. As of the time of writing, DOGE’s price has dropped to $0.1497 after a 3.93% decline in the last 24 hours. The 7-day price movement for DOGE shows a 1.52% decline. DOGE’s market cap has fallen similarly to $21.6 billion, while its 24-hour trading volume was $1.376 billion, which means a 21% drop compared to yesterday. 🔸 SHIB Commentary and Price While the SHIB Army’s questions about the Shiba Inu development team are increasing day by day, its approach to DOGE has created excitement. As of the time of writing, SHIB is trading at $0.00002453 after a 2.86% decline in the last 24 hours. The 4.35% rise in the last 7 days has reduced the market cap difference between SHIB and DOGE to $7 billion. SHIB’s market cap is around $14 billion as of the time of writing. SHIB’s 24-hour trading volume is below $1 billion, standing at $832 million as of the time of writing, which means a 19% drop compared to yesterday. 🔸 PEPE Moves Away from ATH After a dream-like 2 days for PEPE Coin, things seem to have taken a turn. PEPE, which refreshed its ATH on May 15, seems to have started to decline again as of today. There were comments about some whales selling, which might have influenced the price drop. As of the time of writing, PEPE is finding buyers at $0.00001006 after a 4.65% decline in the last 24 hours. It is already 13% away from its ATH of $0.00001156. Despite this, the over 17% increase in the last 7 days has been positively received by investors. $SHIB $PEPE $DOGE #SHIB #PEPE #DOGE
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📈 LINK price jumps 10% as Chainlink races toward tokenization of funds Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential. 🔸 Chainlink finalizes tests with DTCC and US banking giants In its pursuit to accelerate the tokenization of funds, the Chainlink network has completed its planned tests with the DTCC and ten partnering firms. The partnering firms are American Trust Custody, Edward Jones, JPMorgan, American Century Investments, Franklin Templeton, MFS, US Bank, BNY Mellon, Invesco, and State Street. 💬 We’re excited to share the results of a new Smart NAV industry pilot between @The_DTCC, Chainlink, and 10 of the world’s largest financial institutions that delivered key mutual fund data onchain. — @Chainlink The test reiterated the ability of Chainlink’s Cross Chain Interoperability Protocol (CCIP) to serve as an abstraction layer between the DTCC and the many blockchains needed for integration now and in the future. In an interview, Chainlink co-founder Sergey Nazarov says that this test is important, showing “large market participants are coming together to use blockchains, smart contracts, and Oracle networks together to solve very tangible immediate problems.” 💬 @SergeyNazarov on the significance of the DTCC Smart NAV pilot with Chainlinkn — @Chainlink Chainlink price is up 10% in the past 24 hours, riding the wave of this news as well as the broader bullish sentiment as Bitcoin price remains above $65,500. With the Relative Strength Index (RSI) sustaining higher lows into the region above the mean level of 50 and the Moving Average Convergence Divergence (MACD) holding above the orange band of its signal line, bullish sentiment is growing in the LINK market. $LINK #LINK #Chainlink
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🔥 Solana Price Poised for Breakout: Testing Key Resistance at $146 – Solana’s proximity to the upper boundary of its price channel hints at an impending breakout. – Within a descending trend, SOL shows consolidation, finding support at the lower trendline. – CoinCodex’s prediction forecasts a 14.53% increase in Solana’s value to $181.20 by June 15, 2024. Solana (SOL) is currently positioned at a crucial juncture, teetering near the upper boundary of its present price channel, with a close proximity to the $146.63 mark. The cryptocurrency’s price behavior, restricted within the confines of two parallel trendlines, signifies a phase of consolidation, hinting at the likelihood of heightened volatility. Despite the fluctuations, SOL has found stability around the lower trendline while encountering resistance near the upper boundary. Such circumstances often precede a breakout. Further intensifying interest, volume levels have remained relatively steady, punctuated by occasional surges, indicating increased trading activity. These spikes in volume typically foreshadow substantial price fluctuations, signaling the readiness of market participants to react to potential shifts in SOL’s valuation. Additionally, technical indicators provide valuable insights into SOL’s current status, with the 50-day moving average presenting an additional obstacle above, while the 200-day moving average reflects sustained bullish sentiment. The RSI hovers near 48, indicating SOL’s position within a neutral zone, devoid of extreme overbought or oversold conditions. Nonetheless, the imminent breakout holds the promise of disrupting this equilibrium, potentially charting a new trajectory for Solana’s price movements. CoinCodex’s Solana price projection adds to the anticipation, foreseeing a 14.53% increase in SOL’s value, projecting it to reach $181.20 by June 15, 2024. This optimistic outlook is reinforced by bullish technical indicators, while the Fear & Greed Index highlights prevailing market sentiment with a reading of 70, indicating a tilt towards greed among investors. #SOL
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