Goldman Sachs analyst Scott Feiler warns of a bleak outlook for consumers as stagflation looms, with a bearish stance on consumer cyclicals and defensive stocks. Amidst the administration’s troubled Bidenomics, heavily indebted consumers face mounting pressures as pandemic savings dry up and economic growth falters. “Our desk is getting bearish on consumer and our soft […]
Bitcoin News
BNB Price Faces Crucial Test: Will $600 Withstand the Pressure?
BNB price is attempting a fresh increase from the 0 zone. The price must settle above the 0 resistance to gain bullish momentum.
- BNB price started a fresh increase after it cleared the 5 resistance zone.
- The price is now trading above 0 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at 2 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it clears the 2-0 resistance zone.
BNB Price Holds Support
After forming a base above the 5 level, BNB price started a fresh increase. There was a steady increase above the 5 and 5 resistance levels, like Ethereum and Bitcoin.
The bulls pushed the price above the 0 pivot level and the 61.8% Fib retracement level of the downward move from the 8 swing high to the 82 low. It is now trading above 0 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at 2 on the 4-hour chart of the BNB/USD pair. The pair seems to be consolidating near the 76.4% Fib retracement level of the downward move from the 8 swing high to the 82 low.
Immediate resistance is near the 2 level. The next resistance sits near the 8 level. A clear move above the 8 zone could send the price further higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could test 5. A close above the 5 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.
Are Dips Supported?
If BNB fails to clear the 2 resistance, it could start a downside correction. Initial support on the downside is near the 2 level and the trend line.
The next major support is near the 8 level. The main support sits at 5. If there is a downside break below the 5 support, the price could drop toward the 0 support. Any more losses could initiate a larger decline toward the 0 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – 2, 8, and 5.
Major Resistance Levels – 2, 8, and 0.
Bitcoin Technical Analysis: BTC Bulls Challenge Upper Resistance Amid Bearish Pressure
As of May 3, 2024, bitcoin’s price stands at ,142, with a 24-hour intraday range of ,789 to ,000. The leading cryptocurrency maintains a market capitalization of .15 trillion and has recorded a trading volume of .43 billion over the same period. Bitcoin Bitcoin’s daily chart analysis reveals a consistent bearish trend with BTC’s price […]
Bitcoin News
Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?
While Bitcoin prices struggle for momentum and are caged inside a narrow range, on-chain data tells a different story. Taking to X, one analyst notes that whales, which are large crypto holders, are actively accumulating the world’s largest coin by market cap.
Bitcoin Whales Accumulating Despite Weakness
By the time this data was shared, Bitcoin whales held over 5.1 million BTC worth a staggering 1 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps.
Currently, Bitcoin is inside a range, with caps at ,800 and ,000. Despite overall market confidence, the coin has failed to pull higher, breaking above ,000 even after Halving on April 20. Even though prices are firm, the absence of follow-through after April 21 and 22 hints at weakness.
From the BTCUSDT price chart, the coin could explode should it break above the middle BB. If the leg up is accompanied by positive fundamental events, momentum could push the coin to all-time highs.
On the flip side, BTC is likely to slip even lower should sellers flow back. The sharp rejection of bulls on April 24 is bearish. As such, this might set a wave of lower lows in motion, taking the coin below April 2023 lows.
Traders Panicked Sold, Register Huge Losses
Parallel market data shows panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 BTC at a loss over the past two weeks. As data shows, prices have been weaving lower during this time, with bulls failing to counter the dump, especially after two consecutive losses on April 12 and 13.
Meanwhile, there have been sharp outflows from ARKB, the spot Bitcoin exchange-traded fund (ETF). Data shows that ARKB sold 490 BTC, worth million, on April 25. This is the third-largest single-day outflow in history.
Recent price pressures on BTC coincide with a marked drop in spot ETF inflows in the second half of April. On April 25, Lookonchain data revealed that GBTC and all the nine spot ETF issuers decreased over 2,100 BTC worth roughly 5 million.
Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?
Ethereum price is attempting a recovery wave above the ,125 zone. ETH must clear the ,200 resistance to continue higher in the near term.
- Ethereum extended losses and tested the ,075 support zone.
- The price is trading below ,180 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at ,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it trades below the ,125 support.
Ethereum Price Faces Resistance
Ethereum price struggled to recover and extended losses below the ,100 level. ETH traded as low as ,074 and is currently attempting another recovery wave, like Bitcoin.
There was a minor increase above the ,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the ,292 swing high to the ,074 low. However, the bears are active near the ,200 resistance zone.
Ethereum is now trading below ,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at ,140 on the hourly chart of ETH/USD. Immediate resistance is near the ,180 level and the 100-hourly Simple Moving Average.
The first major resistance is near the ,200 level or the 61.8% Fib retracement level of the recent drop from the ,292 swing high to the ,074 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at ,240, above which the price might gain traction and rise toward the ,280 level. A close above the ,280 resistance could send the price toward the ,350 resistance. If there is a move above the ,350 resistance, Ethereum could even test the ,500 resistance. Any more gains could send Ether toward the ,550 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the ,180 resistance, it could continue to move down. Initial support on the downside is near the ,125 level. The first major support is near the ,075 zone.
The main support is near the ,030 level. A clear move below the ,030 support might set the pace for more losses and send the price toward ,880. Any more losses might send the price toward the ,750 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,125
Major Resistance Level – ,200
Bitcoin Trader Selling Pressure Declining, CryptoQuant Head Explains Why
The head of research at the on-chain analytics firm CryptoQuant has explained why selling pressure from Bitcoin traders may be declining.
Bitcoin Short-Term Holder Realized Price Has Risen To ,000
In a new post on X, CryptoQuant head of research Julio Moreno has discussed why the short-term holder selling pressure may be declining for BTC. The “short-term holders” (STHs) refer to the Bitcoin investors who have been holding onto their coins since less than 155 days ago.
The STHs include the “traders” of the market who make many moves within short periods and don’t tend to HODL their coins. This group can be quite reactive to market movements, easily panic selling whenever a crash or rally takes place.
Generally, investors in profits are more likely to sell their coins, so one way to gauge whether the STHs would be likely to take part in a selloff is through their profit/loss margin.
Here, Moreno has cited the profit/loss margin of this cohort based on its realized price.
The STH realized price (highlighted in pink) here refers to the average cost basis or acquisition price of the investors part of this cohort calculated using blockchain transaction history.
When the spot value of the cryptocurrency is above this level, it means that these holders as a whole are sitting on some net profits right now. On the other hand, the price being below the metric implies the dominance of losses.
From the above chart, it’s visible that Bitcoin has been above the STH realized price for the last few months, meaning that these traders have been enjoying profits.
This is typical during bull markets as the price keeps pushing up, letting these investors make profits. While STHs tend to stay in the green in these periods, tops do become probable to take place if these profits get extreme.
As is apparent in the graph, the profit/loss margin spiked to significant levels just as BTC set its latest all-time high, which continues to be the top thus far.
Recently, as Bitcoin has consolidated between the ,000 to ,000 range, the STH realized price has rapidly risen, now attaining a value of around ,000. This occurs because as STHs have traded in this range, their acquisition prices have been repriced at these higher levels, thus pushing up the average.
BTC has been quite close to this level recently so that the STHs wouldn’t be holding that much profit now. “Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now,” notes the CryptoQuant head.
BTC Price
Bitcoin has continued to show action contained within its recent range as its price is still trading around ,200.
Ethereum Price Faces Crucial Test: Will $2,850 Withstand the Pressure?
Ethereum price is still consolidating near the ,000 zone. ETH could start a steady increase if the bulls push the price above the ,100 resistance.
- Ethereum is still struggling to recover above the ,100 resistance zone.
- The price is trading below ,100 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at ,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a close below the ,850 support zone.
Ethereum Price Consolidates
Ethereum price attempted another recovery wave and remained stable above the ,000 level. However, the bears defended the ,100 resistance zone, like Bitcoin.
There was another decline below ,000. The price even spiked below the ,900 support. A low was formed at ,867 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the downward move from the ,278 swing high to the ,867 low.
Ethereum is still trading below ,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the ,020 level. The first major resistance is near the ,070 level and the 100-hourly Simple Moving Average.
There is also a key bearish trend line forming with resistance at ,070 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the ,278 swing high to the ,867 low. The next key resistance sits at ,120, above which the price might rise toward the ,200 level.
Source: ETHUSD on TradingView.com
The main downtrend resistance sits at ,280. A close above the ,280 resistance could send the price toward the ,350 pivot level. If there is a move above the ,350 resistance, Ethereum could even climb toward the ,550 resistance.
More Losses In ETH?
If Ethereum fails to clear the ,100 resistance, it could start another decline. Initial support on the downside is near the ,920 level. The first major support is near the ,850 zone.
A clear move below the ,850 support might send the price toward ,620. Any more losses might send the price toward the ,550 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,850
Major Resistance Level – ,100
SOL Price Dump and Pump, Can Solana Overcome Selling Pressure?
Solana tumbled and declined toward 0. SOL price is now correcting losses above 0 and facing hurdles near the 0 resistance zone.
- SOL price gained bearish momentum and declined below 0 against the US Dollar.
- The price is now trading below 0 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at 0 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to recover if it clears the 0 and 0 resistance levels.
Solana Price Starts Recovery
Solana price started a major decline below the 0 and 0 support levels. SOL declined over 20% and even tumbled below the 0 level. Finally, the bulls appeared near 0.
A low was formed at 5.04 and the price is now attempting a recovery wave like Bitcoin and Ethereum. There was a decent increase above the 5 and 2 levels. The price cleared the 23.6% Fib retracement level of the downward move from the 4 swing high to the 5 low.
Solana is now trading below 0 and the 100 simple moving average (4 hours). Immediate resistance is near the 0 level. The next major resistance is near the 0 level.
Source: SOLUSD on TradingView.com
There is also a key bearish trend line forming with resistance at 0 on the 4-hour chart of the SOL/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the 4 swing high to the 5 low. A successful close above the 0 resistance could set the pace for another major increase. The next key resistance is near 2. Any more gains might send the price toward the 0 level.
Are Dips Supported in SOL?
If SOL fails to rally above the 0 resistance, it could start another decline. Initial support on the downside is near the 0 level.
The first major support is near the 2 level, below which the price could test 5. If there is a close below the 5 support, the price could decline toward the 5 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – 0, and 2.
Major Resistance Levels – 0, 0, and 2.
Shiba Inu Sell Pressure Is Dropping – Here’s What It Means For Price
The majority of Shiba Inu investors have been left confused about the crypto’s price trajectory in the past few weeks. While the crypto has experienced a period of stagnation in the past two weeks, recent on-chain data shows that the outlook might be looking bullish again, particularly as selling has slowed dramatically this week. At the same time, Shiba Inu has now crossed a major milestone in the number of addresses, which could mean an increase in the number of holders.
Shiba Inu Sell Pressure Drops
The price of Shiba Inu can easily be moved by selling and buying pressure from investors. Recent on-chain data, however, indicates that the selling pressure is currently decreasing, which could manifest in the price of the SHIB in the coming week. Particularly, IntoTheBlock’s historical active address by profitability shows the yearly average now shifting towards wallet addresses at the money.
Interestingly, this cohort of traders is now at almost 74.6%, meaning they contribute to the majority of the buying and selling action. However, their “at the money status” doesn’t give a clear path to their actions, as they could either be selling or increasing their holdings at the current price.
On the other hand, this metric indicates better action among the active portion of addresses that are “in the money.” Interestingly, these “in the money” addresses have now seen their year-to-date activity average falling below 18%. This cohort of traders, who would normally be selling after reaching profits on their holdings, have failed to conduct a tangible number of transactions. Interestingly, this indicates they might be opting to hold right now in order to increase their unrealized profits.
Similarly, on-chain data shows a substantial amount of SHIB moving out of the hands of short-term holders, contributing to a drop in selling pressure. About 4% of the entire circulating supply of SHIB has moved from short-term holders to mid-term holders in the past week. Mid-term holders hold their assets for more than a month to a year, in contrast to short-term holders, who are known for holding for less than a month before selling.
What’s Next For SHIB?
With decreasing sell pressure and a shift to longer holding times, SHIB is poised for a reversal and continued upward momentum. At the time of writing, SHIB is trading at .00002766, down by 1.1% in the past 24 hours and up by 4.65% in a larger 7-day timeframe.
Shiba Inu recently attained a milestone of 4 million addresses, which could mean an increase in activity is on the horizon. A surge in activity could see SHIB repeating a bullish pattern from the 2021 bull run. According to crypto analyst Bunchhieng, if history were to repeat itself, a repeat of this pattern would see SHIB rising to .0001.
Ethereum Price Faces Crucial Test: Will $3,250 Withstand the Pressure?
Ethereum price is struggling to recover above the ,440 resistance zone. ETH is moving lower and might decline further if it clears the ,250 support.
- Ethereum is struggling to climb above the ,370 and ,440 levels.
- The price is trading below ,380 and the 100-hourly Simple Moving Average.
- There was a break below a major bullish trend line with support at ,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the ,250 support zone.
Ethereum Price Recovery Fades Again
Ethereum price attempted a fresh recovery wave above the ,300 and ,320 levels, like Bitcoin. ETH even climbed above the ,400 level, but the bears were active near the ,440 zone.
A high was formed near ,443 before there was a fresh decline. There was a break below a major bullish trend line with support at ,300 on the hourly chart of ETH/USD. The price trimmed gains and retested the ,250 support. The price traded as low as ,253 and is currently consolidating losses.
It is trading just above the 23.6% Fib retracement level of the downward wave from the ,443 swing high to the ,253 low. However, Ethereum is trading below ,380 and the 100-hourly Simple Moving Average.
Immediate resistance is near the ,320 level. The first major resistance is near the ,350 level or the 50% Fib retracement level of the downward wave from the ,443 swing high to the ,253 low. The next key resistance sits at ,440, above which the price might test the ,500 level.
Source: ETHUSD on TradingView.com
The next key resistance is seen near the ,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the ,650 zone. If there is a move above the ,650 resistance, Ethereum could even rise toward the ,750 resistance.
More Losses In ETH?
If Ethereum fails to clear the ,350 resistance, it could continue to move down. Initial support on the downside is near the ,250 level.
The first major support is near the ,220 zone. The next key support could be the ,200 zone. A clear move below the ,200 support might send the price toward ,120. Any more losses might send the price toward the ,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,250
Major Resistance Level – ,350