BTC.X Bitcoin
580,261
$71,005.56
$4,339.87
(6.51%)
| Watchers | 580,261 |
| 52-Wk Low | $0.00 |
| 52-Wk High | $0.00 |
Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestonenewsbtc • about 1 hour ago
Bitcoin price gained over 8% and surged above $70,000. BTC is now consolidating gains and showing signs of more upsides in the near term. Bitcoin started a fresh increase above the $70,000 resistance zone. The price is trading above $79,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $70,500 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 $68,800. Bitcoin Price Pumps 8% Bitcoin price formed a base above the $66,500 level. BTC started a fresh increase above the $68,000 resistance zone after Ethereum rallied above $3,200. There was a strong move above the $70,000 resistance zone. The price gained over 8% and even tested the $72,000 resistance zone. A new weekly high was formed at $71,896 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Bitcoin is also trading above $79,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC/USD pair. The price is now facing resistance near the $71,850 level. The first major resistance could be $72,000. The next key resistance could be $72,500. A clear move above the $72,500 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. If the bulls remain in action, the price could rise toward the $74,400 resistance zone. Any more gains might send BTC toward the $75,000 barrier. Are Dips Limited In BTC? If Bitcoin fails to climb above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $70,500 level and the trend line. The first major support is $70,000. The main support is now forming near $68,850 or the 50% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,450 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 70 level. Major Support Levels – $70,500, followed by $70,000. Major Resistance Levels – $71,850, $72,000, and $72,500.
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Here’s what futures market data could suggest about whether this latest Bitcoin recovery will be a dead-cat bounce or not. Bitcoin Futures Market Shows No Signs Of Overheating So Far As explained by an analyst in a CryptoQuant Quicktake post, the BTC funding rate has stabilized around a relatively low value recently. The “funding rate”
On-chain data shows the Litecoin whales have gone on a $230 million buying spree recently, which could bring bullish winds for the coin. Litecoin Whales Have Been Making Net Inflows To Their Wallets Recently According to data from the market intelligence platform IntoTheBlock, the Litecoin whales have received large net inflows in their addresses over the past month or so. The on-chain indicator relevant here is the “Large Holders Netflow,” which tracks the net amount of Bitcoin entering into or moving out of the combined wallets of investors owning at least 1% of the cryptocurrency’s circulating supply. Related Reading: Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals IntoTheBlock defines such “large holders” as the whale entities of the asset. Whales are generally considered to be influential beings on the network, owing to their ability to move large amounts on the network in a short span of time. When the Large Holders Netflow has a positive value, it means that these humongous investors are receiving a net amount of coins into their balance right now. Naturally, such buying can be bullish for the coin’s price. On the other hand, the negative indicator implies the whales are potentially participating in selling currently, which could have bearish consequences for the asset. Now, here is a chart that shows the trend in the Litecoin Large Holders Netflow over the past month: The value of the metric seems to have been positive in recent days | Source: IntoTheBlock on X As displayed in the above graph, the Litecoin Large Holders Netflow has mostly observed positive values inside this window, suggesting that the whales’ wallets have been receiving net deposits. According to the analytics firm, these large holders have accumulated 2,751,633 LTC in the last 30 days. At the current exchange rate of the asset, this stack is worth a whopping $230 million. As the chart also shows, the indicator spiked particularly strongly on the 10th of this month. During these net inflows alone, the whales bought 900,000 LTC, the highest daily amount since February, representing around one-third of the total accumulation in the past month. Related Reading: Chainlink Becomes Crypto Winner With 21% Rally: What’s Driving This? This buying spree from the large holders has come as the asset’s price has been consolidating around its lows following the mid-April crash. Thus, it would imply the whales believe the recent prices of Litecoin to have been worthy entry points into the coin. This could certainly be a bullish sign for the cryptocurrency, so it remains to be seen how the asset’s price will develop in the near future. The indicator may be worth monitoring, though, as its value turning negative could instead spell a bearish outcome for the coin. LTC Price Litecoin has continued to consolidate inside its range recently as its price is currently trading around $84. Looks like the price of the asset has been trading sideways over the last few weeks | Source: LTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
Hong Kong police have arrested three men at a currency exchange shop in Tsim Sha Tsui, a major tourist area, for allegedly presenting “hell money” to a customer, leading the customer to transfer approximately HK$1 million ($128,206) worth of cryptocurrency in exchange for cash. The suspects, aged between 31 and 34, were detained on suspicion
Amid anticipating the major post-Havling rally, Bitcoin (BTC) exchange reserves have hit an unprecedented low, falling below $2 million. This trend is particularly noteworthy as it signals an impending price for BTC. Thomas Fahrer, co-founder of Apollo, echoed this in his recent post on the social media platform X, noting that the dwindling BTC exchange
In the 2024 cryptocurrency market, investors are constantly on the lookout for dynamic and promising assets. Ethereum and Avalanche are among the contenders, exhibiting significant potential through their recent market performances and technical advancements. Yet, BlockDAG stands out as a revolutionary player with its fast-tracked roadmap and cutting-edge developments in cryptocurrency mining. With the upcoming The post BlockDAG: The Leading Crypto Investment for 2024, Outshining Ethereum (ETH) and Avalanche (AVAX) appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .
Bitcoin (BTC) has surged above $70,000, climbing more than 5% in the past 24 hours. This significant Bitcoin price increase has sparked interest and curiosity within the market, seeking to understand the underlying factors driving this upward momentum. New Whales Drive Bitcoin Accumulation Trend Since January, the realized capitalization for new whales has been on The post Bitcoin (BTC) Price Breaks $70K Barrier: New Whales and Market Trends to Watch appeared first on CoinGape .
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Ric Edelman, founder of Edelman Financial Engines, forecasts bitcoin will reach $420,000 by the decade’s end. He explained that if 1% of the world’s $738 trillion in financial assets were allocated to bitcoin, it would result in $7.4 trillion in inflows, raising bitcoin’s price to $420,000. Ric Edelman’s $420K Bitcoin Prediction Ric Edelman, a financial
After enduring a significant 20% price correction earlier this month that saw Bitcoin fall below $56,400 and increased outflows from the Bitcoin ETF market, the world’s largest cryptocurrency has managed to stage a strong comeback. It has broken above the key $66,000 resistance level and turned it into a new support zone. BTC Bounces Back As Bitcoin ETF Inflows Soar The resurgence in Bitcoin’s price has been closely tied to a rekindling of inflows into the US spot Bitcoin ETF market. Data from Farside shows that spot Bitcoin ETFs saw their best inflow week in two months, with the US fund category collectively notching $948 million in positive net flows from May 13 to May 17. Interestingly, the majority of these inflows, approximately 89%, occurred in the last three trading days of the week, which industry analysts and researchers such as James Butterfill of CoinShares attribute to a shift in investor sentiment following the release of a lower-than-expected Consumer Price Index (CPI) report on Wednesday. Butterfill stated: The inflows were an immediate response to the lower-than-expected CPI report, highlighting our view that Bitcoin prices have recoupled to interest rate expectations. Related Reading: Cardano Founder Predicts Crypto As Election Game-Changer: Impact On Price Regionally, in terms of the overall Bitcoin market, the US-dominated inflows with $1,002 million, while Switzerland and Germany also saw small inflows of $27 million and $4.2 million, respectively. Notably, the Grayscale Bitcoin Trust, which has seen outflows of $16.6 billion since the launch of the first Bitcoin ETF in January, saw small inflows totaling $18 million. Beyond just spot Bitcoin ETFs, the digital asset investment product space experienced inflows for the second consecutive week, totaling $932 million, according to CoinShares. However, trading volumes remained relatively low at $10.5 billion, compared to the $40 billion seen in March. Bitcoin Poised For Further Gains? The renewed institutional interest in Bitcoin ETFs and the broader digital asset space has coincided with a strong price recovery for the leading cryptocurrency. Bitcoin’s ability to firmly hold the $66,250 support level, with over 530,000 BTC traded at this price, has given analysts confidence in the asset’s potential for further gains. According to crypto analyst Ali Martinez, if the $66,000 support holds, Bitcoin could see strong potential for further gains in the coming days, demonstrating the bullish sentiment surrounding the largest cryptocurrency on the market. However, while Bitcoin has managed to bounce back above the crucial $66,000 level after the recent pullback, the leading cryptocurrency still faces a critical test as it attempts to break out of its established trading range. Related Reading: Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why Crypto analyst Rekt Capital has pointed out that despite Bitcoin recording a bull flag breakout confirmation, the asset still needs to secure a daily close above $67,000 to continue its trend of higher highs and confirm the potential for further upside. The analyst further explains that Bitcoin has been oscillating between its low and high range between $60,000 and $70,000 for over two months, a natural consolidation process. As part of this, Rekt Capital believes that Bitcoin should be able to revisit the range high of $71,500 over time. At the time of writing, BTC is trading at $68,130, up a substantial 9% in the last week alone and over 8% in the last fourteen days. Featured image from Shutterstock, chart from TradingView.com