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
Ethereum Price Plunges Over 5%, Can Bears Push ETH Under $2,800?
Ethereum price started another decline and traded below ,000. ETH must stay above the ,800 and ,850 support levels to avoid a major drop.
- Ethereum started another decline and tested the ,900 zone.
- The price is trading below ,120 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at ,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the ,850 support.
Ethereum Price Dives Again
Ethereum price struggled to gain pace for a move above the ,250 level and started another decline, like Bitcoin. ETH traded below the ,120 level. The bears even pushed the price below the ,000 level.
A low was formed at ,916 and the price is now consolidating. There was a minor increase above the ,000 level. The price tested the 23.6% Fib retracement level of the downward move from the ,356 swing high to the ,916 low. However, the bears were active near the ,000 and ,020 levels.
Ethereum is now trading below ,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the ,020 level. The first major resistance is near the ,120 level and the 100-hourly Simple Moving Average.
There is also a connecting bearish trend line forming with resistance at ,120 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the ,356 swing high to the ,916 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at ,185, above which the price might gain traction and rise toward the ,250 level. A close above the ,250 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 ,620 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the ,120 resistance, it could continue to move down. Initial support on the downside is near the ,940 level and the channel zone. The first major support is near the ,850 zone.
The main support is near the ,800 level. A clear move below the ,800 support might push the price toward ,650. Any more losses might send the price toward the ,540 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 – ,940
Major Resistance Level – ,120
XRP Price Prediction – Will Bearish Trend Push Prices Under $0.50?
XRP price is struggling to recover above the .520 resistance. The price could gain bearish momentum if it breaks the .50 support.
- XRP is attempting a fresh increase and facing hurdles near .520.
- The price is now trading near .5150 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance at .520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if there is a close above the .520 resistance.
XRP Price Aims Upside Break
Recently, XRP price climbed above the .550 resistance and tested .570. A high was formed at .5705 before there was a pullback like Bitcoin and Ethereum. The price dipped below the .5250 support zone.
It even spiked below .500 and tested .4980. A low was formed at .4990 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the .5705 swing high to the .4990 low. It also trades near .5150 and the 100 simple moving average (4 hours).
Immediate resistance is near the .520 level. There is also a major bearish trend line forming with resistance at .520 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The next key resistance is near .5350 or the 50% Fib retracement level of the downward move from the .5705 swing high to the .4990 low. A close above the .5350 resistance zone could spark a strong increase. The next key resistance is near .570. If the bulls remain in action above the .570 resistance level, there could be a rally toward the .620 resistance. Any more gains might send the price toward the .680 resistance.
More Losses?
If XRP fails to clear the .520 resistance zone, it could start another decline. Initial support on the downside is near the .500 level.
The next major support is at .490. If there is a downside break and a close below the .490 level, the price might accelerate lower. In the stated case, the price could retest the .460 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.
Major Support Levels – .500, .4990, and .460.
Major Resistance Levels – .520, .5350, and .570.
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.
Market Expert Predicts New Paradigm For Bitcoin: ‘Days Under $100,000 Numbered’
As the Bitcoin (BTC) Halving event concluded for the fourth time, the cryptocurrency market witnessed notable changes in key metrics.
These developments have led Charles Edwards, a market expert and founder of Capriole Invest, to issue bold predictions that hint at a paradigm shift in the BTC market.
Bitcoin Trading At ‘Deep Discount’
One of the key metrics highlighted by Edwards is the staggering electrical cost associated with mining a single Bitcoin. Edwards reveals that this cost has now reached an astonishing ,4000. This figure represents the raw electricity expenses required to power the Bitcoin network for every newly mined BTC.
Another significant metric that Edwards draws attention to is the Bitcoin Miner Price, which soared to 4,000 on Saturday. This metric encompasses the block reward and fees miners receive for every Bitcoin they successfully mine.
Notably, this surge in miner price coincided with transaction fees skyrocketing to 0, marking a four-fold increase compared to the previous all-time high of set in 2021.
Considering the metrics above, Edwards suggests that BTC currently trades at a “deep discount.” This is because BTC’s price is lower than the electrical costs of mining it.
Typically, this situation only lasts for a few days every four years, suggesting that the price will only take a short time to catch up and surpass this price level, which is slightly below BTC’s all-time high (ATH) of ,7000, reached on March 14th.
Edwards outlines three possible outcomes in the wake of these developments. First, he anticipates a scenario in which the price of Bitcoin experiences a significant surge.
Secondly, there is a likelihood that approximately 15% of miners may be forced to shut down due to unfavorable economics. Finally, Edwards suggests that average transaction fees are expected to remain substantially higher.
Based on the analysis of these metrics and the potential scenarios, Edwards boldly predicts that Bitcoin’s days under the 0,000 mark are “numbered.” While it remains to be seen which of the three outcomes will prevail, Edwards expects a combination of all three factors to contribute to Bitcoin’s price appreciation.
Optimal Buying Opportunity?
Bitcoin has demonstrated significant price consolidation above the ,000 mark since Friday, following temporary drops below this threshold amid mounting anticipation for the Halving event.
Crypto analyst Ali Martinez recently analyzed Bitcoin’s current price state, suggesting that a potential bottom may have formed above these levels, increasing the likelihood of surpassing upper resistance levels shortly.
According to Ali Martinez’s analysis, Bitcoin strives to establish the ,000 price level as a crucial support zone. Data reveals that approximately 1.54 million addresses collectively purchased 747,000 BTC at this level. If Bitcoin successfully secures this support, it may pave the way for further upward movement.
Martinez identifies Bitcoin’s next critical resistance levels, between ,900 and ,200. These levels represent significant price barriers for BTC bulls, and Bitcoin may encounter selling pressure at these levels.
In addition, the analyst points out that the Bitcoin MVRV ratio, a metric that compares the market value of Bitcoin to its realized value, has shown a promising pattern, as seen in the chart below.
Martinez highlights that whenever the MVRV ratio falls below its 90-day average since November 2022, it historically indicates an optimal buying opportunity for Bitcoin. Interestingly, such buying opportunities have resulted in average gains of approximately 67%.
According to Martinez, based on current market conditions and an analysis of the MVRV ratio, now may be an opportune time to consider buying Bitcoin. The historical data and the potential for significant price appreciation support this view.
BTC is trading at ,100, up 1.6% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Edward Snowden Sounds Alarm on NSA’s Plans to Expand Surveillance Under New FISA Amendment
NSA whistleblower Edward Snowden has warned that the National Security Agency (NSA) is on the verge of significantly expanding its surveillance capabilities through a new bill amending Section 702 of the Foreign Intelligence Surveillance Act (FISA), potentially allowing the government to compel a wide array of businesses and individuals to assist in NSA surveillance operations. […]
Bitcoin News
Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates
The outlook for Binance Coin (BNB) has turned cloudy, with both futures market data and technical indicators flashing bearish signals. Based on our analysis of Coinglass data, negative funding rates and declining open interest in BNB futures contracts paint a picture of growing pessimism among traders.
A negative funding rate suggests that more traders are holding short positions, anticipating a decline in the price of the asset. This sentiment was confirmed on April 1st, when BNB’s funding rate dipped into negative territory at -0.012%.
Binance Coin Funding Rate And Open Interest Down
Further fueling the bearish narrative, BNB’s futures open interest has also witnessed a slight decline of 0.15%. Open interest reflects the total amount of outstanding futures contracts that haven’t been settled yet.
A decrease in open interest suggests traders are exiting their positions without opening new ones, potentially signaling waning confidence in the market.
Funding rates are a crucial mechanism in perpetual futures contracts that keep the contract price aligned with the spot price. When the contract price trades higher than the spot price, long position holders pay a fee to shorts, resulting in positive funding rates.
Conversely, negative funding rates materialize when the contract price dips below the spot price, indicating that short sellers are currently paying fees to longs.
More Traders Close Their Positions
As negative sentiments mount, this open interest is expected to plummet further. This would imply that more traders are closing their positions and not opening new ones, suggesting a potential price drop for BNB.
The bearish sentiment isn’t confined to the futures market. The Moving Average Convergence Divergence (MACD), another technical indicator, is suggesting a possible resurgence in selling pressure.
There’s an indication that the MACD line might cross below the signal line, typically interpreted as a bearish sign signaling the return of sellers to the market. It’s noteworthy that since March 18th, the MACD lines for BNB have been positioned for a downtrend.
BNB Price Retreat In The Offing?
Considering both the futures market and technical analysis, there’s a potential for a short-term decline in BNB’s price. However, it’s important to acknowledge that market sentiment can shift rapidly, and technical indicators aren’t infallible predictors of future price movements.
At the time of writing, BNB was trading at 7, up 6% in the last 24 hours, data from CoinMarketCap shows.
Meanwhile, a closer look at BNB’s technical indicators on the 24-hour chart reveals another trend.
The Directional Movement Index (DMI), used to gauge trend strength, displayed a bearish crossover where the negative directional index sits above the positive directional index. This positioning suggests that bearish momentum is currently dominating the market.
Analysts commonly interpret this particular crossover as an imperative signal prompting traders to consider exiting long positions and initiating short positions.
This strategic move aligns with the prevailing trend indicated by the DMI, reinforcing the notion of a prevailing bearish sentiment within the market ecosystem.
Featured image from Pexels, chart from TradingView
Do Kwon Out of Jail, Under House Arrest Pending Extradition Decision
Multiple sources have reported that Do Kwon, the ex-chief executive officer of Terraform Labs, was set free from jail on Saturday while the high court in Montenegro decides on two separate extradition requests submitted by South Korea and the United States. Terraform Labs’ Former CEO Do Kwon Freed According to various sources, Do Kwon has […]
Bitcoin News
GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 Days
According to the latest statistics, Grayscale’s Bitcoin Trust (GBTC) experienced its most significant outflow on March 18, 2024, totaling 3 million. Onchain experts have closely observed GBTC’s activities as a considerable number of bitcoin have been moved out of the trust’s reserves. Record-Breaking Outflow Hits Grayscale Bitcoin Trust Grayscale has continued to face outflows, marking […]
Bitcoin News
Bitcoin Plunges Under $63,000, Here’s Where Next On-Chain Support Is
Bitcoin has deepened its decline in the past day with its price now slipping below ,000. Here’s where the next potential support is, according to on-chain data.
Bitcoin Could Find Support At These Price Levels
In a new post on X, analyst Ali has discussed how the Bitcoin support and resistance levels are looking like right now based on on-chain data from Glassnode.
The indicator of relevance here is the “UTXO Realized Price Distribution” (URPD), which, in short, tells us about the amount of coins (or more precisely, UTXOs) that were last purchased at any given price level that the asset has visited in its history so far.
Below is the chart shared by the analyst that shows the data for this distribution for the price levels around the recent spot value of the cryptocurrency:
From the graph, it’s visible that there are a few price levels not far from the current one that particularly stands out in terms of the amount of buying that took place at them.
In on-chain analysis, the potential for any level to act as support or resistance is based on the total number of coins that have their cost basis at the level in question.
Levels thick with coins that are situated under the current price would be probable to act as points of support, while those above the spot value could prove to be resistance walls.
As is apparent from the graph, the ,100, ,685, and ,530 levels are the ones below the current price that hold the cost basis of a notable amount of the supply right now. Naturally, this means that should the decline continue further, these would be the levels to watch for a possible rebound.
Two levels above, however, are even larger than all three of these support levels: the cost basis centers around ,990 and ,880. Interestingly, the latter of these is the single largest acquisition level out of all the price levels listed in the chart, implying that a large amount of FOMO buying has occurred at the asset’s all-time high levels.
In the scenario that Bitcoin regains its upward momentum, these levels of high cost basis population would be where the asset could be most probable to find some trouble.
Now, as for why acquisition centers are considered relevant for support and resistance in on-chain analysis is the fact that investors are likely to show some kind of reaction when a retest of their cost basis takes place.
When such a retest is from above, the holders may decide to accumulate more, believing that the price will go up again in the future. On the other hand, they may sell instead if the retest is from below, as they may think exiting at break-even is better than risking another drop.
A large number of coins having their cost basis at the same level means a potentially large degree of one of these reactions happening and, hence, a strong support or resistance effect on the price.
BTC Price
Bitcoin is inching closer to the first major on-chain support level as it has now dropped to ,700.