Category: Cryptocurrency News

NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSC’s guidelines published in 2023.

In an analysis released to his 280,000 followers on X, the renowned crypto analyst known as Cold Blooded Shiller (@ColdBloodShill) provided an in-depth look at the current state of Bitcoin amidst a volatile market environment. His commentary, titled “Ultimate BTC Simple Bias Guide,” unpacks the recent emotional reactions triggered by Bitcoin’s price movements and offers a strategic framework for interpreting these changes. Buy Or Sell Bitcoin Now? On Friday, the Bitcoin price plummeted from $71,900 to $68,500. This decline coincided with the release of the US Employment Situation Summary Report, a piece of economic data that typically influences market sentiments across various asset classes, including cryptocurrencies. “It’s very easy to forget that it was simply one red candle on Friday that caused a huge reaction in the emotion of the discussion on Twitter,” Shiller writes, emphasizing the often exaggerated emotional response to single events in the crypto markets. Cold Blooded Shiller’s technical examination of Bitcoin reveals a strong underlying uptrend, despite recent price volatility. However, he identifies critical resistance and support levels that are pivotal to understanding the future movements of Bitcoin’s price. Related Reading: Bitcoin & Ethereum On “Path To Acceleration,” CryptoQuant Explains Why The $72,000 price level stands as a major resistance, having thwarted Bitcoin’s upward movement five times, including the most recent rejection last Friday. Shiller elaborates, “We have resistance of the range at $72k,” indicating that a breakout above this level could potentially lead to significant bullish momentum. Conversely, the support levels at $67,000 and subsequently at $61,000 are described as crucial for maintaining the bullish scenario. Shiller warns, “BTC needs to hold the uptrend, if we lose $67k, we’re once again going to be in a downtrend with this being confirmed as a LH [Lower High] and therefore negative market conditions continuing.” The further loss of $61,000 could, according to him, signal the end of the current bullish cycle, with implications that could extend to a broader weekly downtrend. Analyzing the broader market dynamics, Shiller points out the absence of high time frame (HTF) bearish divergences on the Relative Strength Index (RSI), a common indicator used to predict potential market reversals. “As a positive, there are no HTF bear divs, which have typically been a strong signal for cycle tops. We’re clean on RSI,” he notes. This observation suggests that despite the testing of critical resistance levels, the market might not yet be at a cyclical peak, providing some reassurance to investors concerned about potential downturns. Related Reading: Bitcoin ETFs Witness 18 Straight Days Of Inflows, Options Traders Eye $100,000 Shiller’s guidance for traders is to maintain a watchful eye on the key price levels that will dictate Bitcoin’s short-term market direction. “The Daily needs to make a fresh high and break $72k; otherwise, it’s at risk of losing the Daily trend below $67k,” he advises, highlighting the importance of these thresholds in shaping market sentiment and trading strategies. This advice suggests that while the broader trend may still support a bullish stance, readiness to pivot based on key technical indicators is crucial. In light of these observations, Shiller advises his followers to use these insights to strategically manage their investment portfolios. The current market conditions, characterized by attempts to break resistance at $72,000 and support holding at key lower levels, imply a tactical approach to investment decisions. Traders and investors are advised to set clear markers for adjusting their positions, preparing for potential shifts in market dynamics that could influence their investment outcomes. At press time, BTC traded at $69,484. Featured image created with DALL·E, chart from TradingView.com

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Bitcoin (BTC) finds itself in a curious position, caught in a tug-of-war between the bullish conviction of whales (large investors) and the jittery hands of short-term holders. The world’s top cryptocurrency recently surged to within a hair’s breadth of its all-time high, fueled by a buying spree from whales. However, lurking beneath the surface are potential threats that could derail this rally. Related Reading: Scalpers Rejoice! Top Analyst Predicts Chainlink (LINK) Short-Term Surge Whale Appetite Increasing  Big investors have been accumulating Bitcoin at an alarming rate, close to $1 billion worth per day according to some estimates. This insatiable appetite suggests a strong belief in Bitcoin’s long-term potential. Analysts point to this whale activity as a bullish indicator, fueling optimism that Bitcoin can break past its previous highs of around $71,000. While you are scared, whales are buying #Bitcoin like never before. pic.twitter.com/QAVXpdWER4 — Vivek⚡️ (@Vivek4real_) June 8, 2024 The sentiment isn’t isolated to the big leagues. Retail investors, the average person on the street, are also joining the party. The number of addresses holding between 0.01 and 1 BTC has increased, indicating a broadening of interest in the cryptocurrency. This confluence of whale and retail investor enthusiasm, representing millions of users, could propel Bitcoin to new heights. Profit Taking And Short-Term Jitters As the price climbs, a double-edged sword emerges – the MVRV ratio. This metric indicates how much profit holders are sitting on. With Bitcoin nearing its peak, the MVRV ratio has climbed significantly, suggesting many investors are now in profit territory. This profitability can be a blessing and a curse. The allure of locking in gains could entice some holders, potentially millions based on address growth, to sell, creating downward pressure on the price. Related Reading: Cardano Bloodbath? Sell-Off Raises Fears Of Imminent ADA Price Drop Bitcoin Miners Feeling The Squeeze Adding another layer of uncertainty is the plight of Bitcoin miners. These digital miners dedicate significant computational power to verifying Bitcoin transactions and are rewarded with newly minted coins. However, recent times have seen a decline in miner revenue, with some reports suggesting a drop from $53.48 million to $48 million in just a few days. If this trend continues, miners may be forced to sell their Bitcoin holdings to stay afloat. This influx of additional coins on the market could further exacerbate selling pressure and hinder the current rally. Bitcoin Price Prediction Meanwhile, according to the latest Bitcoin price prediction, Bitcoin is expected to rise by 28%, reaching $89,300 by July 10, 2024. The market sentiment is bullish, supported by a Fear & Greed Index reading of 72, indicating strong greed. Additionally, Bitcoin has recorded 16 green days out of the last 30, showing a consistent upward trend with a 4.16% price volatility over the same period. The high number of green days and manageable volatility levels suggest a stable market, reinforcing the bullish outlook. This environment appears conducive to further price increases, aligning with the prediction of a significant rise. The sentiment indicators and recent price performance both point to continued optimism among investors. Featured image from Treehugger, chart from TradingView

In the first full trading week of June, U.S. Bitcoin ETFs acquired almost as much Bitcoin as they did in the entire month of May.

Tron price is gaining pace above the $0.1150 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1180. Tron is moving higher above the $0.1150 resistance level against the US dollar. The price is trading above $0.1155 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair (data source from Kraken). The pair could continue to climb higher toward $0.1200 or even $0.1220. Tron Price Regains Strength Recently, Bitcoin and Ethereum saw a fresh decline below $68,500 and $3,750 respectively. However, Tron price remained stable above the $0.1120 support and even climbed higher. There was a decent move above the $0.1150 resistance zone. TRX price cleared many hurdles and gained over 3%. There was a move above the $0.1165 level. A high is formed at $0.1170 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1102 swing low to the $0.1170 high. Tron price is now trading above $0.1160 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.1170 level. The first major resistance is near $0.1180, above which the price could accelerate higher. The next resistance is near $0.1200. A close above the $0.1200 resistance might send TRX further higher toward $0.1225. The next major resistance is near the $0.1320 level, above which the bulls are likely to aim for a larger increase toward $0.150. Are Dips Supported in TRX? If TRX price fails to clear the $0.1200 resistance, it could start a downside correction. Initial support on the downside is near the $0.1160 zone. The first major support is near the $0.1150 level or the 100 simple moving average (4 hours), below which it could test $0.1140. Any more losses might send Tron toward the $0.1136 support in the coming sessions. Technical Indicators Hourly MACD – The MACD for TRX/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level. Major Support Levels – $0.1160, $0.1150, and $0.1136. Major Resistance Levels – $0.1180, $0.1200, and $0.1220.

XRP price declined heavily from the $0.5250 resistance zone. It tested the $0.4540 support zone and is now attempting to recover above $0.4880. XRP is correcting losses above the $0.4820 and $0.4840 levels. The price is now trading below $0.5050 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could dip again if it stays below the $0.5050 resistance zone. XRP Price Takes Hit XRP price started a major decline like Ethereum and declined below the $0.50 support. The price even spiked below the $0.4650 support zone. A low was formed at $0.4533 and the price is now correcting losses. There was a move above the $0.470 and $0.4750 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.5271 swing high to the $0.4533 low. There is also a connecting bullish trend line forming with support at $0.4950 on the hourly chart of the XRP/USD pair. The pair is slowly moving above the 61.8% Fib retracement level of the downward move from the $0.5271 swing high to the $0.4533 low. However, it is still trading below $0.5050 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.500 level. The first key resistance is near $0.5050. The next major resistance is near the $0.5120 level. A close above the $0.5120 resistance zone could send the price higher. The next key resistance is near $0.5250. If there is a close above the $0.5250 resistance level, there could be a steady increase toward the $0.5320 resistance. Any more gains might send the price toward the $0.550 resistance. Another Drop? If XRP fails to clear the $0.5050 resistance zone, it could start another decline. Initial support on the downside is near the $0.4950 level and the trend line. The next major support is at $0.4900. If there is a downside break and a close below the $0.490 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4740 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.4950 and $0.4900. Major Resistance Levels – $0.500 and $0.5050.