Category: Cryptocurrency News

A US strategic Bitcoin reserve “dramatically increases the likelihood that other nations will establish strategic Bitcoin reserves,” says Bitwise’s Matt Hougan.

A US strategic Bitcoin reserve “dramatically increases the likelihood that other nations will establish strategic Bitcoin reserves,” says Bitwise’s Matt Hougan.

XRP price started a fresh recovery wave from the $2.20 zone. The price is now consolidating and might struggle to clear the $2.50 resistance zone. XRP price started a decent upward move from the $2.20 support zone. The price is now trading below $2.50 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might continue to move up if it clears the $2.5350 resistance zone. XRP Price Faces Hurdles XRP price started a recovery wave from the $2.20 zone, like Bitcoin and Ethereum. The price was able to climb above the $2.40 and $2.50 resistance levels. However, the bears were active near $2.640. The price corrected some gains and dipped below $2.550. There was a break below a connecting bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair. The pair dipped below the 50% Fib retracement level of the upward move from the $2.211 swing low to the $2.6390 high. The price is now trading below $2.550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.50 level. The first major resistance is near the $2.5350 level. The next resistance is $2.640. A clear move above the $2.640 resistance might send the price toward the $2.720 resistance. Any more gains might send the price toward the $2.80 resistance or even $2.850 in the near term. The next major hurdle for the bulls might be $3.00. Another Decline? If XRP fails to clear the $2.5350 resistance zone, it could start another decline. Initial support on the downside is near the $2.4250 level. The next major support is near the $2.3750 level and the 61.8% Fib retracement level of the upward move from the $2.211 swing low to the $2.6390 high. If there is a downside break and a close below the $2.3750 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.20 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.4250 and $2.3750. Major Resistance Levels – $2.5350 and $2.640.

Solana started a fresh decline below the $165 zone. SOL price is now consolidating losses and might struggle to recover above the $145 resistance. SOL price started a fresh decline below the $165 and $150 levels against the US Dollar. The price is now trading below $150 and the 100-hourly simple moving average. There was a break below a short-term rising channel with support at $144 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $155 zone. Solana Price Faces Hurdles Solana price struggled to clear the $180 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $162 and $150 support levels. It even dived below the $140 level. The recent low was formed at $132 before the price recovered some losses. It climbed above the $140 and $142 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $180 swing high to the $132 swing low. However, the bears were active near $152 and pushed the price lower. There was a break below a short-term rising channel with support at $144 on the hourly chart of the SOL/USD pair. Solana is now trading below $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $145 level. The next major resistance is near the $148 level. The main resistance could be $155 and the 50% Fib retracement level of the downward move from the $180 swing high to the $132 swing low. A successful close above the $155 resistance zone could set the pace for another steady increase. The next key resistance is $162. Any more gains might send the price toward the $175 level. More Losses in SOL? If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $136 zone. The first major support is near the $132 level. A break below the $132 level might send the price toward the $125 zone. If there is a close below the $125 support, the price could decline toward the $120 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $136 and $132. Major Resistance Levels – $148 and $155.

Key Takeaways: Dantewada, India has digitized more than 700,000 land records, some dating back to the 1950s, and these records have been stored on the Avalanche blockchain. This system not only brings transparency to the process but also reduces the chances of fraud, as citizens will have easier access to land ownership information. The move…
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U.S. authorities have begun releasing seized bitcoin mining equipment after months of scrutiny over Chinese-made chips. Thousands of units are freed, but many remain held. US Starts Releasing Seized Bitcoin Mining Equipment U.S. authorities have started releasing some of the cryptocurrency mining equipment that had been seized in recent months, Reuters reported on March 5. […]

Bitcoin has been showing signs of recovery after a sharp decline that pushed its price below $80,000 last week. The cryptocurrency briefly surged to $92,756 in the early hours of today before retracing to $90,279, marking a 0.7% increase in the past 24 hours. While price action remains volatile, market sentiment indicators are signaling a crucial phase for Bitcoin’s trajectory, according to CryptoQuant analyst Woominkyu. Related Reading: Bitcoin’s Next Stop: $75,500? Analyst Reveals Historical ‘Magnet’ Level Bitcoin’s Market Cycle: Entering the Optimism Stage In a recent analysis titled “FOMO is Not Here Yet”, Woominkyu highlights Bitcoin’s Fear & Greed Index, which tracks overall investor sentiment. The index, based on a 30-day moving average (SMA 30), maps Bitcoin’s market cycles to different psychological stages observed in past rallies. This indicator has historically helped identify when Bitcoin is in the early stages of a bull run—or when excessive optimism may lead to corrections. According to Woominkyu, Bitcoin has now entered the “Optimism Stage”, a phase historically associated with the early stages of a strong rally. In past cycles, when Bitcoin reached this level, the market often gained upward momentum, leading to further price increases. However, the analyst warns that if the index continues rising toward the Euphoria Stage, it could indicate excessive market optimism, which has often preceded steep corrections. The key observation from Woominkyu’s analysis is that, despite Bitcoin’s recovery, FOMO (fear of missing out) has not yet fully set in among investors. This suggests that while sentiment is improving, Bitcoin is not yet in a speculative bubble. The coming weeks will be critical in determining whether the market follows past patterns—moving higher from the Optimism Stage—or if external factors push Bitcoin into a correction. Whale Activity In The Market While sentiment indicators provide insights into market psychology, whale activity is another key factor influencing Bitcoin’s price movement. A separate analysis by maartunn, another CryptoQuant contributor, has revealed that whale deposits to Binance have reached a three-month high, with over $7.3 billion worth of Bitcoin sent to the exchange in the past 30 days. These movements suggest that large-scale investors are actively positioning themselves, which could lead to increased volatility in the market. Historically, significant whale activity has coincided with major price swings, making it an important metric to monitor. Whale to Binance Flow Hits 3-Month High at $7.3B Over Last 30 Days “This often happens alongside heavy changes in price and shows that large holders choose Binance as their exchange. Watching whale deposits is important, as their moves can drive the market.” – By @JA_Maartun pic.twitter.com/psD3zuDXf3 — CryptoQuant.com (@cryptoquant_com) March 6, 2025 Featured image created with DALL-E, Chart from TradingView

Ethereum price failed to clear the $2,320 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $2,220 resistance. Ethereum started a fresh upward move above the $2,120 support zone. The price is trading below $2,220 and the 100-hourly Simple Moving Average. There was a break below a key rising channel with support at $2,220 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,220 and $2,320 resistance levels to start a decent increase. Ethereum Price Dips Again Ethereum price started a decent increase from the $2,000 zone, like Bitcoin. ETH climbed above the $2,120 and $2,200 resistance levels. However, the bears were active near $2,320 and pushed the price back below $2,220. There was a break below a key rising channel with support at $2,220 on the hourly chart of ETH/USD. A low was formed at $2,103 and the price is now attempting a recovery wave. There was a move above the $2,120 and $2,150 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. Ethereum price is now trading below $2,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,220 level. It is close to the 50% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. The next key resistance is near the $2,275 level. The first major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,420 resistance. An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,220 resistance, it could start another decline. Initial support on the downside is near the $2,100 level. The first major support sits near the $2,050 zone. A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,740. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,100 Major Resistance Level – $2,220

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