Historian Yuval Noah Harari criticized bitcoin, calling it a “currency of distrust.” The Nigerian naira has become the world’s worst-performing currency after erasing its early April gains due to ongoing foreign exchange shortages. Robert Kiyosaki warned of a potential collapse of the U.S. dollar if the BRICS nations launch a gold-backed cryptocurrency, predicting hyperinflation. Gold […]
Bitcoin News
US Bitcoin ETFs See $166.5M Inflows in Early Week Trading Sessions
U.S. spot bitcoin exchange-traded funds (ETFs) experienced two consecutive days of net inflows on Monday and Tuesday, totaling 6.5 million across both sessions. U.S. Bitcoin ETFs Record 2 Days of Net Inflows The week began positively for U.S. spot bitcoin ETFs, with notable inflows seen during the initial two trading days. On Monday, the collective […]
Bitcoin News
Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week
Crypto analyst CryptoCon has revealed a key level to watch out for as Bitcoin attempts to break critical resistance levels. The analyst suggested that a drop to this price level may not be bad for Bitcoin and could instead be necessary for it to finally make that price rally.
,938 Is The Price Level To Keep An Eye On
CryptoCon mentioned in an X (formerly Twitter) post that ,938 is the “new price to watch for the 20-week EMA (Exponential Moving Average).” He noted that such a price drop might be necessary, stating that “boredom and sideways price action allow room for growth.” Based on his analysis, any potential price decline that Bitcoin experiences is a healthy correction and shouldn’t be considered a bearish reversal.
Meanwhile, Bitcoin is showing impressive strength on the charts, with CryptoCon stating that the flagship crypto “continues to hold the 20-week EMA as support while visiting the almost absolute bottom of the cycle 4 DMI support zone.” CryptoCon’s positive outlook for Bitcoin provides assurance that a parabolic move is still on the horizon.
Crypto analyst Rekt Capital also recently shared a positive outlook for Bitcoin. He revealed that Bitcoin was out of the “Danger Zone,” suggesting that the flagship crypto was primed for a move to the upside. The analyst also remarked that Bitcoin was running out of unremarkable months before it began its parabolic phase.
Crypto analyst Mikybull Crypto hinted that Bitcoin was already showing signs of this imminent parabolic phase. In an X post, he mentioned that Bitcoin was displaying a cup and handle reversal pattern on the weekly chart and that the “breakout will be explosive and will send it to a cycle top.”
While agreeing with Mikybull Crypto’s analysis, Crypto analyst BitQuant mentioned that ,000 will be “achieved in one move, and that is quite obvious.” He, however, noted that it remains uncertain when this move will happen and called for patience as everyone waits for Bitcoin “to perform as expected.”
BitQuant further advised that it might be better to leave the market for those who can’t “avoid the torture,” claiming that there “will be a lot of pain for those with weak nerves” in the coming months. Based on Arthur Hayes’s prediction, investors might have to wait until August for that big move from the flagship crypto.
Bitcoin Is Still Far From Its Market Top
In a recent X post, Rekt Capital suggested that Bitcoin was still far from its market top. He highlighted past cycles, which show that the bull market peak usually occurs between 518 and 546 days after the halving. Based on this, the analyst predicts that the flagship crypto will likely peak in September or October 2025.
The crypto analyst also acknowledged that Bitcoin has been accelerating in this cycle by over 200 days. However, he remarked that Bitcoin could resynchronize with past halving cycles if it continues to consolidate for longer.
Newbie Bitcoin Whales Buying 200,000 BTC Per Week, Data Shows
On-chain data suggests demand for Bitcoin remains significant as newcomer whales in the sector have been scooping up 200,000 BTC every week.
Short-Term Holder Bitcoin Whales Have Continued To Accumulate Recently
As explained by CryptoQuant author Axel Adler Jr in a post on X, the demand among the short-term holder whales has decreased since the all-time high, although it still continues to remain strong.
The “short-term holders” (STHs) refer to the Bitcoin investors who have been holding onto their coins since less than 155 days ago. This cohort includes the new investors in the market, as well as the fickle-minded traders who make moves often and don’t tend to HODL.
The investors who make it past the 155-day threshold are put inside the “long-term holders” (LTHs), which is a group that’s generally considered to reflect the resolute side of the sector.
In the context of the current discussion, the investors of interest aren’t the ordinary STHs, but rather the humongous entities called whales. Formally, these investors are defined as those holding more than 1,000 BTC in their wallets.
At the current exchange rate, this lower limit is worth .5 million, which is massive indeed. Whales can be influential beings on the network because of these large holdings, so their behavior can be something worth keeping an eye on.
The STH whales would naturally correspond to the large holders who only bought within the past five months. Here is a chart that shows the trend in the exchange outflows being made by these new whales in the Bitcoin market over the last few years:
As displayed in the above graph, the 7-day simple moving average (SMA) of the Bitcoin STH whale exchange outflows had spiked to pretty high levels earlier in the year, when the rally towards the new all-time high (ATH) price had taken place.
Naturally, this spike would suggest demand for buying the cryptocurrency was high from new whale investors entering the space. At the peak, the indicator implied accumulation was occurring at the rate of a whopping 452,000 BTC per week.
A part of this buying would correspond to the demand coming in from the spot exchange-traded funds (ETFs) – new investment vehicles for Bitcoin only approved at the start of this year that provide for an indirect way to invest into the asset in a format that may be preferrable for the more traditional investors.
From the chart, it’s visible that the demand from the new whales has seen a clear decline in the period since the ATH, but accumulation nonetheless remains substantial as the STH whales are still potentially buying at a rate of around 200,000 BTC per week.
BTC Price
Bitcoin has continued to be stagnant recently as its price is trading around ,600 right now, still very much inside the range.
Billionaire Barry Sternlicht Foresees Banks Failing Every Week in US
Barry Sternlicht, CEO of Starwood Capital Group, has voiced concerns about the vulnerability of regional and community banks in the U.S. to high interest rates and inflation, particularly amid the commercial real estate downturn. He forecasted frequent failures of these banks, predicting: “You’re gonna see your regional bank fail … every week, maybe two a […]
Bitcoin News
Kiyosaki’s Crash Survival Rules, Snowden Warns Bitcoin Devs, and More — Week in Review
Robert Kiyosaki warns of an impending severe market crash and advises investing in assets like bitcoin, gold, and silver. Edward Snowden has issued a stern warning to Bitcoin developers, urging them to enhance privacy features at the protocol level. In Kenya, President William Ruto has enlisted Marathon Digital, a U.S.-based Bitcoin mining firm, to consult […]
Bitcoin News
Render Soars 50% In 1 Week: Whales Accumulating As Apple Jumps In
Render is on the move. Price statistics show that the coin is on an uptrend, rising by 50% in the last week due to surging trading volume.
The uptick is primarily due to increased whale interest, which appears to be accumulating, moving RNDR from exchanges. At the same time, bulls are finding tailwinds following Apple’s decision to leverage Render in its Octane X rendering software.
Whales Accumulating RNDR, Token Moved From Binance
Lookonchain data on May 8 shows that the RNDR leg up follows massive token withdrawals from Binance, one of the leading crypto exchanges. The analytics provider notes that one address, 0x15CF, withdrew 748,898 RNDR tokens (worth approximately .3 million) from Binance between April 30 and May.
Of note, Lookonchain analysts note, is that the address boasts of a remarkable track record with RNDR. The whale has profited on RNDR in six out of seven trades, raking over .5 million in profits.
Besides this, other withdrawals include 364,586 RNDR (worth over .68 million) by 0x1Cb7, who has previously made 0,000 on RNDR. Additionally, another transfer of 181,922 RNDR ( worth over .81 million) by 0xCA9C from Binance.
Usually, transfers from centralized exchanges to external, non-custodial protocols or wallets are seen as bullish. This is because on Binance, for instance, RNDR or any other token holder can swap the token for another or cash, essentially liquidating and increasing supply.
This is harder on non-custodial protocols because liquidity is challenging due to the absence of other crypto or fiat ramps.
Apple Integration Boosts Demand
RNDR prices also rose following news that Apple would feature Render Network in its Octane X software. Octane X is a GPU renderer for macOS users. In a keynote, Apple said this software will empower artists with high rendering capabilities.
Most importantly for RNDR holders, Apple content creators will leverage Render’s decentralized computing power whenever they need to process complex scenes and high-definition animations. By tapping into Render, artists will benefit from faster rendering times and lower costs typically incurred when producing high-quality videos or 3D modeling.
On Apple’s side, integrating Render and easing activity on its iCloud services helps reduce server workload, boosting efficiency. Additionally, analysts said developers might gain access to Render via Apple’s developer tools. Subsequently, they can create more demanding models or files without expensive hardware.
At spot rates, RNDR prices are firm, extending gains. It is up 50% from May lows as bulls target March highs of .
Gala Rises 13% in a Week as Analyst Backs Its Price to Double While DICE Presale Hits $770k
Gala (GALA), the token powering the Gala Games ecosystem, has been making some serious moves in the past week. GALA has soared 13% over the last seven days – and now one popular analyst is claiming that the token could realistically double from here. Analyst Predicts GALA Could Double as Technicals Strengthen It’s been a […]
Bitcoin News
BTC Ponzi Scheme Mastermind Suffers Heart Attack, Analyst Eyes $300K BTC Price, and More — Week in Review
Johann Steynberg, the mastermind behind a South African bitcoin Ponzi scheme, died of a heart attack while under house arrest in Brazil. A technical analyst predicts a significant surge in Bitcoin’s price, suggesting it could reach 0,000 during the upcoming aggressive phase of the bull cycle. The FBI is cautioning the public against using unregistered […]
Bitcoin News
Dimon Doubles Down on Bitcoin Dislike, SBF to Aid Legal Action Against Celebrities, and More — Week in Review
JPMorgan Chase CEO Jamie Dimon has reiterated his critical stance on bitcoin, labeling it a fraud and dismissing its potential as a legitimate currency. Former FTX CEO Sam Bankman-Fried has agreed to a settlement that involves cooperating with legal actions against celebrities linked to FTX’s collapse. U.S. analysts are evaluating the impact of the proposed […]
Bitcoin News