Bitcoin (BTC) has risen over 4% during the past 24 hours as it recovers after finding support between $63,000 and $63,500. On Thursday, BTC faced significant selling pressure, dropping to a low of $63,479 before rebounding from the 50-day SMA and reclaiming the crucial $65,000 level.
Bitcoin had dropped below $65,000 after witnessing considerable bearish sentiment during the week, sending markets into the red and causing a nearly 4% drop in the global market capitalization of crypto.
VanEck Makes Bold BTC Prediction
Asset manager VanEck has made a bold prediction for BTC, stating that the world’s foremost cryptocurrency could hit a staggering $2.9 million by 2050. However, the firm stated that BTC would have to cross some very high hurdles before such a scenario could play out. The comments were made in a report by VanEck’s head of digital asset research, Matthew Sigel. According to Sigel, Bitcoin benefits from growing distrust in financial institutions, significant economic imbalances and inequality, increasing debt burden, and fiscal recklessness.
According to VanEck’s report, Bitcoin will become a crucial component of the international monetary system over the next few decades, with rising geopolitical tensions and growing debt servicing costs undermining the current system. Sigel stated,
“As we look at the world right now, we see enormous economic imbalances, rising distrust in existing institutions, and continued deglobalization. We think many of these distortions stem from a massive misallocation of capital since the global financial crisis, as G7 governments have abused the printing press, spending borrowed money on impossible goals. Bitcoin is the ultimate hedge against this rising fiscal recklessness.”
The report states that BTC will establish itself as a key medium of exchange in local and global trades, cornering 10% of international trade settlements and 5% of GDP. VanEck also predicted BTC would benefit as a global reserve asset, reaching a 2.5% weight in international currency reserves. If VanEck’s predictions are on the mark, BTC’s value can potentially increase 44 times, rising 16% annually from its current value.
Spot Ethereum ETF Volume Registers Fall
Ethereum registered a sharp slump in price as spot Ethereum ETFs registered a drop in volume on the third day of trading. According to data from The Block, spot Ethereum ETFs generated $850 million on Thursday, a drop compared to the $937 million recorded on their second day of trading. Ethereum ETFs saw net inflows of $106.6 million on Tuesday. However, they registered $133.3 million in outflows on Wednesday and a further $288 million in net outflows on Thursday.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) found support around $63,000 and made a strong recovery, which has seen the price jump over 4% during the past 24 hours. The rebound allowed it to reclaim and form a base above the crucial $65,000 mark. BTC had dropped below $65,000 as bears took control of the week after the price reached a high of $68,295 on Sunday. BTC opened in the red on Monday, registering a marginal drop before dropping by over 2.50% on Tuesday and settling at $65,894.
Buyers attempted a recovery on Wednesday, pushing BTC up to a day high of $67,116.
However, they were unable to sustain momentum, and sellers were able to wrest control of the session. As a result, BTC dropped by 0.75% and settled at $65,397. BTC faced significant selling pressure on Thursday, with the price tanking due to a number of factors, allowing sellers to establish control. BTC dropped to a day low of $63,479 and lost the crucial $65,000 level but was able to rebound from the 50-day SMA, indicating strong demand at lower levels. Buyers were able to help BTC make a strong recovery, as it rose by 0.69% and settled at $65,845. The current session sees BTC up by almost 2% as buyers look to test the first key level of resistance at $67,500.
Source: TradingView
A clear break above $67,500 could see BTC push to the next key resistance levels, set at $68,000 and $68,500. If the price is able to push past these levels, it could open the doors for a push above $70,000. However, this will be invalidated if BTC fails to clear $67,500. If sellers regain market control, we could see a drop to $65,000. Further losses could send BTC back down to the 50-day SMA.
Ethereum (ETH) Price Analysis
Ethereum (ETH) saw a dramatic fall over the past couple of sessions, as the lukewarm interest in spot Ethereum ETFs, coupled with other market factors, tanked the price of ETH. While many analysts expected ETH to register a correction, they did not expect the drop to be such a substantial one, pulling ETH all the way down to $3,100 and the 200-day SMA. Prior to today’s recovery, ETH had dropped over 9% in 48 hours. ETH’s situation is similar to what played out during the launch of spot Bitcoin ETFs, which declined over 20% before recovering.
However, ETH was able to rein in losses on Thursday and regained its footing to open in the green during the current session. As we can see from the price chart, ETH faced considerable selling pressure over the weekend as it tested the overhead resistance on Sunday. With sellers actively defending resistance levels, ETH fell on Monday, dropping by 2.67% to $3,443. However, ETH was able to rebound from this level as buyers made another push toward $3,600. While ETH was unsuccessful, it registered a 1.21% increase and settled at $3,484.
Source: TradingView
Market sentiment turned bearish on Wednesday as a broader decline in financial and crypto markets weighed ETH and other cryptocurrencies down significantly. As a result, ETH registered a sharp drop of 4.25%, dipping below the 50-day SMA and settling at $3,336. Bearish pressure continued on Thursday as sellers remained in control, pushing ETH to a day low of $3,089, as the price lost crucial support levels. Despite the selling pressure, ETH was able to stem the drop around $3,100 as buyers fought back, eventually pushing ETH up to $3,175, close to the 200-day SMA. However, this was still a substantial decline of almost 5%.
The current session has seen ETH make a strong recovery, with the price currently up by almost 3%. To continue the recovery, buyers must reclaim the $3,300 level before possible push to $3,500.
Solana (SOL) Price Analysis
The Solana (SOL) price chart shows the emergence of a descending wedge pattern, generally seen before an asset experiences a jump in volatility. SOL has been unable to push above the resistance at $185 and fell on Monday after reaching $184.51 over the weekend. Monday saw SOL turn bearish as sellers defended the $185 level. As a result, SOL dropped by almost 3%, slipping below $180 and settling at $179.04. SOL continued to drop on Tuesday and settled at $173.11 after a 3.31% decline. Buyers attempted a recovery on Wednesday, pushing SOL to a day high of $182. However, selling pressure above $180 pushed the price back down. Despite selling pressure at higher levels, SOL registered an increase of almost 3% and settled at $178.10.
Source: TradingView
SOL faced significant selling pressure on Thursday as the broader markets turned bearish. The long tail indicates the level of selling pressure, as SOL dropped to a low of $165, slipping below its support level of $170. However, buyers entered the market at lower levels, pushing SOL back above $170. SOL eventually ended Thursday at $171.87 after registering a drop of 3.50%. The current session sees buyers in control, with SOL trading at $177, up by just over 3%. While it has been unable to push above $185, SOL’s overall outlook remains positive. If buyers can push SOL back above $180, we may see SOL retest the resistance at $185. A break above this level could potentially see SOL surge to $200.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has seen a pause in its bearish momentum, with buyers in control of the ongoing session. DOT had been incredibly bearish over the past week after it hit $6.44 on Sunday in the face of growing bearish pressure. As a result of growing bearish sentiment, DOT dropped by over 5% on Monday, slipping below the 50 and 20-day SMAs and settling at $6.10. DOT continued to fall on Tuesday and lost the crucial $6 level for the second time in a month after a drop of 2.95% yanked the price down to $5.92. With buyers unable to mount a defense, bearish sentiment persisted on Wednesday as well, with DOT dropping to $5.75.
Source: TradingView
With a broader downturn in the markets on Thursday, DOT faced significant selling pressure as bears drove the price down to $5.50. Incredibly, DOT was able to rebound from this level and finished in the green on Thursday after registering a marginal increase of 0.17%. The current session sees DOT up by 1,56% as it attempts to reclaim $6. For DOT to recover, it must reclaim $6. Analysts have pointed out that despite its recent downturn, DOT retains significant bullish potential and could rise to $6.50 if it is able to break above $6.
Tron (TRX) Price Analysis
Tron (TRX) has seen a lot happen in its ecosystem over the past few days, but will these be reflected in its price? It recently announced a partnership with Mobilum for crypto payment cards. TRON’s daily transactions also hit a new all-time high, surpassing Ethereum with 8.1 billion transactions. TRX’s bullish momentum has given the asset a huge advantage over other cryptocurrencies, almost all of which had seen a significant drop this week. TRX has defied that trend and stayed positive almost all week, with the exception of Monday.
TRX started the week with a push towards $0.140, but sellers were able to wrest control as buying momentum faded. As a result, TRX dropped by 1.85% to $0.132. Sellers attempted to push TRX below $0.130 on Tuesday, but its support level held, and buyers could push TRX up by 1.06% to $0.133. After facing considerable volatility on Wednesday, TRX registered a marginal increase of 0.61% and a further increase of 0.65% on Thursday saw the price push up to $0.135. Sellers have been attempting to push TRX below $0.130, but with demand picking up, buyers have been able to hold off the bears.
Source: TradingView
The current session sees TRX up by just over 1%, with buyers having repulsed yet another attempt by sellers to push the price below $0.130. TRX is currently trading at $0.136. If TRX continues its upward push, it could overcome the resistance at $0.140 and push higher.
Dogecoin (DOGE) Price Analysis
Dogecoin’s (DOGE) weekly chart has shown that it is 2-4 green weeks away from seeing its first weekly golden cross in four years. If this happens, analysts believe DOGE is on the verge of a parabolic breakout that could see its value surge exponentially. The last time DOGE witnessed a weekly golden cross, it registered a 6 month price rally and an incredible price increase of 18,000%.
If we look at DOGE’s daily chart, we can see it has spent most of the week in the red. DOGE started the week with a drop of 1.85% after failing to push above $0.140. As a result, the price fell to $0.137. Bearish sentiment persisted on Tuesday, as DOGE registered a drop of almost 6%, going below the 200-day SMA and settling at $0.130. Buyers attempted to push DOGE back above the 200-day SMA but were unable to do so despite reaching a high of $0.135. However, sellers were able to retake control, and DOGE ended up dropping by 1.38% to $0.128.
Source: TradingView
DOGE witnessed significant selling pressure on Thursday, dropping to a low of $0.120, a level where DOGE has strong support. As a result, the price recovered and was able to climb to $0.124, a decline of 2.57%. With buyers entering the market, DOGE is up by over 4% during the current session, as it looks to push above $0.130 and the 200-day SMA.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) was able to withstand considerable bearish pressure and stay above $2.50, a crucial support level. With most tokens and meme coins bleeding this week, WIF has done well to hold on to its support level and rebound as it attempts to consolidate above $2.50 and set itself up to retest the resistance at $3. WIF reached $2.82 on Sunday to end the previous week on a positive note. However, it fell back in the red on Monday as sellers pushed the price down by nearly 3% to $2.73. Selling pressure persisted on Tuesday, with WIF falling almost 7% to $2.55.
Source: TradingView
Buyers attempted a recovery on Wednesday, pushing WIF up to a high of $2.68. However, they were unable to sustain momentum, and sellers were able to regain control. As a result, WIF dropped by 2.03% to $2.50, a crucial support level. Sellers attempted to overwhelm buyers and breach this level and were met with initial success, as WIF dropped to a low of $2.32. Buyers pushed back from lower levels, indicating strong demand, as WIF gradually made its way back above $2.50, eventually settling at $2.51 after a 0.64% increase. The current session sees WIF up by almost 3%. If buyers can consolidate above $2.50, we can see the price retest the resistance at $3.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) has been unable to push above $6.50 and has spent most of the week in the red. After facing significant selling pressure on Sunday, ATOM opened the week with a 4.14% drop on Monday and settled at $6.27. The price continued to drop on Tuesday, slipping below the 20-day SMA and settling at $6.17. A 2.42% drop on Wednesday took ATOM to $6.02, just above a crucial support level. Sellers breached this level of support on Thursday, pushing ATOM to a low of $5.70. While buyers were able to push the price back up from this level, it was not enough to take it back above $6. Eventually, ATOM ended Thursday at $5.92 after a drop of 1.68%.
Source: TradingView
The current session sees ATOM up by 3.66%, with buyers entering the market. If buyers are able to push ATOM above the 20-day SMA, we could see a retest of the $6.50 resistance level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
