Bitcoin recently hit a roadblock at $62,498, indicating that the bears are in control. This failure to break through a key resistance level suggests that selling pressure is strong and could lead to further declines. Technical Indicators Point to Bearishness Technical indicators on both the 4-hour and 1-day charts show that Bitcoin is in a…
Consecutive Outflows Spot Bitcoin ETFs have experienced a concerning trend, with outflows for seven consecutive days. These outflows have totaled around $1.2 billion. Previous Outflows In April-May 2024, Spot Bitcoin ETFs also faced a seven-day outflow period, even more significant than the current one. The largest single-day outflow occurred on May 1, with a loss…
Bitcoin’s Steep Decline Bitcoin recently plunged to $60,000, and crypto research firm 10x Research predicts it could fall even lower. Analyst Markus Thielen points to a “topping formation” that suggests a drop to $50,000. Factors Supporting the Bearish Outlook Lack of New Investment: The crypto market is seeing net outflows, with US Spot Bitcoin ETFs…
Technical Analysis Tony “The Bull” Severino sees oversold RSI levels, similar to those during the FTX collapse, indicating a potential bottom. Volume and Market Behavior The Byzantine General notes high spot volume during the price drop, which has historically signaled local bottoms. Social Media Sentiment Santiment reports a spike in social media discussions about the…
Exodus from Bitcoin Bitcoin, the crypto king, has been taking a beating. Investors are fleeing in droves, spooked by the prolonged price slump. Last week alone, a whopping $630 million exited Bitcoin, according to CoinShares. This follows a similar outflow of $631 million the week before. The sell-off extends to Bitcoin exchange-traded funds (ETFs), which…
Bitcoin’s Potential Skyrocket SkyBridge Capital founder Anthony Scaramucci believes Bitcoin could reach record highs if his preferred presidential candidate, Joe Biden, wins re-election. He predicts a surge to between $170,000 and $250,000. Biden’s Crypto-Friendly Stance Scaramucci supports Biden, citing his administration’s approval of Spot Ethereum ETFs and potential for future crypto-related legislation. He believes Biden…
Sudden Price Drop On Monday morning, Bitcoin plummeted 5% to $61,000, triggering a wave of liquidations. Massive Liquidations Data shows that over 91,000 crypto traders lost their leveraged positions, resulting in $282 million in liquidations within 24 hours. Long Traders Hit Hard Most liquidations (91.59%) were from long traders, who bet on Bitcoin rising. Top…
Mt. Gox Saga Bitcoin’s recent crash coincides with news from Mt. Gox, the defunct exchange where a massive Bitcoin theft occurred in 2014. The trustees have announced that they will begin repaying victims in July 2024 using stolen assets. This news has shaken market confidence as investors fear that the influx of these assets could…
Bitcoin has been on a downward spiral, with its price approaching the critical $60,000 mark. Investors are getting anxious as the market turns bearish due to economic factors and increased selling. Current Market Overview Bitcoin’s price is currently at $62,334, down 3.11%. Market capitalization is over $1.2 trillion. Trading volume has surged by 96.46% in…
A crypto expert predicts that Bitcoin’s price could fall to $52,000. Key Support Levels Broken The expert says Bitcoin has broken through crucial support levels, indicating a shift towards a bearish trend. Reasons for the Bearish Outlook Trend Line Break: Bitcoin has fallen below a key trend line from October 2023. Market Imbalances: Market data…
