In a significant move against western banks, a St Petersburg court has seized over 3 million of assets from Unicredit, Deutsche Bank, and Commerzbank, following a dispute with a subsidiary of Gazprom. This seizure, one of the largest since Moscow’s invasion of Ukraine, includes 4 million of Unicredit’s assets, equivalent to about 4.5% of its […]
Bitcoin News
Bitcoin Price Consolidates Gains: Stability in the Crypto Market Amid Recent Surge
Bitcoin price rallied and tested the ,500 zone. BTC is now consolidating gains and might attempt another increase toward ,500.
- Bitcoin started a consolidation phase from the ,500 resistance zone.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at ,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless the bears push it below ,800.
Bitcoin Price Remains Supported
Bitcoin price formed a base and started a fresh increase above the ,500 level. BTC even cleared the ,500 resistance and tested the ,500 region. A new weekly high was formed at ,565 and the price is now consolidating gains.
There was a minor decline below the ,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the ,073 swing low to the ,565 high.
Bitcoin price is now trading above ,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at ,150 on the hourly chart of the BTC/USD pair. Immediate resistance is near the ,600 level.
The first major resistance could be ,000. The next key resistance could be ,500. A clear move above the ,500 resistance might send the price higher. In the stated case, the price could rise and test the ,200 resistance.
If the bulls remain in action, the price could rise toward the ,000 resistance zone. Any more gains might send BTC toward the ,000 barrier.
Another Decline In BTC?
If Bitcoin fails to climb above the ,000 resistance zone, it could continue to move down. Immediate support on the downside is near the ,150 level and the trend line.
The first major support is ,200. The main support is now forming near ,800 or the 50% Fib retracement level of the upward move from the ,073 swing low to the ,565 high. Any more losses might send the price toward the ,150 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,150, followed by ,800.
Major Resistance Levels – ,000, ,500, and ,200.
PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In?
Pepe (PEPE) has recently grabbed the headlines, having hit a new all-time high (ATH) this week. The meme coin has also drawn the attention of crypto whales who have accumulated the crypto token lately. Whales accumulating the meme coin will suggest that now might be a good time to buy PEPE, but that might not be the case.
Crypto Whales Buy 720 Billion PEPE Tokens
On-chain analytics platform Lookonchain recently drew the crypto community’s attention to a whale who purchased 520 billion PEPE from the crypto exchange Binance. This move might, however, have been motivated by the fear of missing out (FOMO), as Lookonchain noted that this trader hasn’t always made the smartest investment moves, having lost .1 million so far.
Meanwhile, on-chain data shows another whale who bought over 200 billion PEPE tokens through the trading firm Cumberland. Irrespective of their intention, crypto whales accumulating a crypto token usually paints a bullish outlook for the coin in question. Based on this, crypto investors will usually assume that this is an excellent time to buy the meme coin in expectation of further price surges.
However, this might not be a good time to buy, as data from IntoTheBlock suggests that a price dump may be imminent for PEPE before it makes another move to the upside. The market intelligence platform revealed that 100% of PEPE holders were in profit thanks to the meme coin hitting a new ATH.
Given such development, many of these holders are expected to book profits from their PEPE investment, leading to a wave of sell-offs that could negatively impact the meme coin’s price. Therefore, those looking to invest in PEPE right now may be better off waiting for PEPE to bottom out from this selling pressure before purchasing the meme coin.
Still Has Enough Bullish Momentum To Go
Crypto analyst and trader Rachid Crypto recently highlighted several factors that suggest that PEPE has yet to reach its peak. The analyst noted that the “mega meme cycle” and altcoin season are yet to begin. These are events that could still spark a further rally in the meme coin’s price.
Furthermore, PEPE is yet to be listed on major crypto trading platforms like Coinbase and Robinhood. That means there is still a lot of liquidity that could flow into the meme coin’s ecosystem. PEPE’s price will likely enjoy an upward trend whenever these trading platforms decide to list the meme coin.
Meanwhile, Rachid Crypto also stated that Ethereum will surpass its ATH, meaning that PEPE’s price will benefit from ETH’s run when this happens. PEPE’s price is known to have some correlation with Ethereum’s and will most likely enjoy a significant rally as Ethereum’s price picks up.
At the time of writing, PEPE is trading at around .00001056, down over 5% in the last 24 hours, according to data from CoinMarketCap.
Report: CME Group to Launch Bitcoin Trading Amid Rising Demand From Wall Street
CME Group, the world’s largest futures exchange, is planning to launch bitcoin trading to capitalize on the surging demand among Wall Street money managers for exposure to the cryptocurrency sector, according to a report from the Financial Times. The Chicago-based group has reportedly been in discussions with traders interested in buying and selling the cryptocurrency […]
Bitcoin News
Microstrategy Joins MSCI World Index Amid Bitcoin Rally
MSCI Inc. has announced the May 2024 Index Review, which includes adding the bitcoin-focused Microstrategy to the MSCI World Index. This decision follows the Nasdaq-listed software intelligence firm’s stock outperforming bitcoin and other major investments. Microstrategy currently holds over 214K bitcoins. MSCI World Index Adds Microstrategy MSCI Inc. (NYSE: MSCI), a premier operator of global […]
Bitcoin News
SOL Price Breaks Crucial $150 Level Amid Robinhood’s Solana Staking Debut In Europe
Robinhood Crypto has announced the introduction of a Solana-staking product in Europe, accompanied by a bonus program for new customers.
This development comes as the company faces increased tensions with US regulators, which could potentially lead to legal repercussions. However, the move has propelled Solana’s (SOL) price to surpass the crucial 0 level, indicating a return of bullish momentum in the market.
Solana Staking And Crypto Rewards
According to the announcement, Robinhood unveiled new features for its European customers. These offerings include staking, localized applications, and crypto rewards.
As part of its expansion, Robinhood has launched its first crypto-staking product exclusively for European customers. Through the platform, users can stake their Solana holdings and earn rewards with the ability to unstake their assets at any time.
Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investing experience.
While Robinhood Crypto expands its offerings in Europe, the company faces regulatory challenges in the United States. The US Securities and Exchange Commission (SEC) has issued a Wells Notice to the exchange, indicating the staff’s recommendation for an enforcement action against the platform.
Robinhood expressed disappointment in the SEC’s decision, emphasizing their efforts to seek regulatory clarity and asserting their belief that the listed assets on their platform are not securities.
Vlad Tenev, the CEO of Robinhood, revealed that the company has held over 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage with the SEC in good faith but noted the regulatory body’s lack of reciprocal efforts.
SOL Bulls Eye 0 As Trading Volume Rises
Solana’s native token, SOL, experienced a significant rebound in the past hour, surging from the 0 zone to its current trading price of 3. This price movement holds key significance for bullish investors as they aim to retest the 0 mark previously surpassed in March.
CoinGecko data further reveals a notable increase in SOL’s trading volume, reaching .7 billion in the last 24 hours, representing a 6.6% rise compared to the previous Monday’s trading session.
According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and exhibited bullish divergence, followed by hitting three upside targets.
The price appears to form a higher low, increasing the probability of reaching “target four,” projected at the 5 mark.
Despite the bullish momentum, SOL faces crucial resistance walls at 7 and 2, which are expected to be significant obstacles toward higher price levels.
On the other hand, the 0 line has served as a key support level for Solana’s price over the past week. SOL’s bullish momentum remains uncertain as it strives to overcome these resistance levels and retest its yearly high of 9.
Featured image from Shutterstock, chart from TradingView.com
Over 50,000 Traders Liquidated as Bitcoin Price Surges Past $66,000 Amid Bullish Run-Up
On Wednesday, the price of bitcoin demonstrated strong growth, escalating by more than ,200 from its daily low. This 7.1% increase against the U.S. dollar propelled bitcoin past the ,000 threshold, reaching a peak of ,461 per coin on Bitstamp. Consequently, the entire cryptocurrency market rose by 6.2%, resulting in the liquidation of 51,567 traders […]
Bitcoin News
BNB Price Recovery in Limbo: Potential Cap Looms Amid Market Uncertainties
BNB price is showing bearish signs below the 0 level. The price must settle above the 5 and 5 resistance levels to gain bullish momentum.
- BNB price started a fresh decline after it failed to clear the 0 resistance zone.
- The price is now trading below 5 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near 5 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it clears the 5 resistance zone.
BNB Price Dips Again
After a decent increase, BNB price struggled near the 0 resistance. As a result, there was a bearish reaction below the 5 support, like Ethereum and Bitcoin.
The price dipped below the 5 support and the 100 simple moving average (4 hours). It traded as low as 1 and is currently consolidating losses. There was a minor upward move above the 5 level. The price tested the 23.6% Fib retracement level of the downward move from the 0 swing high to the 1 low.
It is now trading below 5 and the 100 simple moving average (4 hours). Immediate resistance is near the 5 level. There is also a key bearish trend line forming with resistance near 5 on the hourly chart of the BNB/USD pair.
The next resistance sits near the 5 level or the 61.8% Fib retracement level of the downward move from the 0 swing high to the 1 low. A clear move above the 5 zone could send the price higher.
In the stated case, BNB price could test 0. A close above the 0 resistance might set the pace for a larger increase toward the 0 resistance. Any more gains might call for a test of the 0 level in the coming days.
More Losses?
If BNB fails to clear the 5 resistance, it could continue to move down. Initial support on the downside is near the 0 level.
The next major support is near the 0 level. The main support sits at 2. If there is a downside break below the 2 support, the price could drop toward the 0 support. Any more losses could initiate a larger decline toward the 0 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – 5, 0, and 2.
Major Resistance Levels – 5, 5, and 0.
Bitcoin Price Holds Firm: Key Support Maintained Amid Market Uncertainty
Bitcoin price is holding the key support at ,000. BTC could start another increase and rise toward the range resistance at ,500.
- Bitcoin is still trading in a range between ,000 and ,500.
- The price is trading above ,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at ,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears ,200 and ,500.
Bitcoin Price Remains Steady
Bitcoin price started another decline from the ,500 resistance zone. BTC traded below the ,500 and ,200 support levels. A low was formed at ,000 and the price started a recovery wave.
There was a move above the ,250 and ,500 levels. Besides, there was a break above a connecting bearish trend line with resistance at ,550 on the hourly chart of the BTC/USD pair. There was a move above the 23.6% Fib retracement level of the recent decline from the ,400 swing high to the ,000 low.
Bitcoin is still trading above ,500 and the 100 hourly Simple moving average. Immediate resistance is near the ,200 level or the 50% Fib retracement level of the recent decline from the ,400 swing high to the ,000 low.
The first major resistance could be ,500. The next key resistance could be ,000. A clear move above the ,000 resistance might send the price higher. The main resistance now sits at ,500. If there is a close above the ,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward ,000.
Another Drop In BTC?
If Bitcoin fails to climb above the ,500 resistance zone, it could start another decline. Immediate support on the downside is near the ,550 level and the 100 hourly Simple moving average.
The first major support is ,000. If there is a close below ,000, the price could start to drop toward ,400. Any more losses might send the price toward the ,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,550, followed by ,000.
Major Resistance Levels – ,200, ,500, and ,500.
Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000
Bitcoin has been sliding down since it reached its all-time high in March. This has largely led to a buy-the-dip sentiment among crypto traders, with many believing the correction would end as soon as it ended and Bitcoin would surge again to new all-time highs.
According to crypto analytics platform Santiment, the thrill of scooping up ‘cheap’ Bitcoin appears to be fading as the consolidation drags on around the ,000 price mark. As Santiment noted, this fading buy-the-dip mentality could actually be a signal that Bitcoin is nearing a bottom, according to price history.
Is The Bitcoin Bottom In?
Bitcoin tumbled from ,000 to ,000 on Friday, extending its run of range trading in the past few weeks. As noted by Santiment, traders are becoming less enthusiastic about buying the dip according to social media interactions.
While this might be worrying for some investors, Bitcoin’s unique price movement over the years has prompted Santiment to note this is generally a good sign that the bottom is nearing.
To explain this further, the sentiment usually turns quite negative when Bitcoin crashes from all-time highs. But historically, the point at which “buy the dip” talk on social media starts to fade is often a sign the bottom is near than most people will think.
The fading “buy the dip” talk suggests the weak and scared bears have sold and the bulls are starting to position themselves.
Traders are showing weak #buythedip interest in #Bitcoin‘s latest retrace down to as low as .2K today. Generally, the crowd’s lack of faith is a strong sign of prices being close to a #bottom. Track social interest levels to see if #FUD stays high. https://t.co/cZjTWcCnL2 pic.twitter.com/Nj19XkIdgq
— Santiment (@santimentfeed) May 10, 2024
Unfortunately, there’s no way to know for sure if prices have bottomed out until after the fact. However, key support levels on the Bitcoin chart haven’t broken down and fundamentals haven’t changed. If Bitcoin continues to hold above ,000, this could signal the bottom is in.
BTC Risk Signal Hits Lower High – Woo
At the same time, the bullish Spot Bitcoin ETF narrative driving increasing mainstream adoption is still in place, meaning the crypto could reverse into a full bullish action very soon.
Other key factors also point to Bitcoin nearing its bottom. As noted by crypto analyst Willy Woo, Bitcoin’s risk signal recently printed a lower high, which is a formation that frequently paves the way for a bullish trend.
At the time of writing, Bitcoin is trading at ,000 and is down by 4.2% in the past seven days. Although Bitcoin might have formed its bottom, this lull action could continue into the next few months until the crunching supply of the halving gets factored into its price.
Remarkably, some new whale addresses are silently accumulating Bitcoins. On-chain data from Whale Alerts shows the recent movement of 1,999 BTC into new private addresses.
Featured image from Pexels, chart from TradingView