Category: Cryptocurrency News

Bitcoin had surged above $30,000 earlier during the past day but has since observed a retrace as profit-taking from traders has spiked. Bitcoin Profit-Taking Volume Is Currently More Than Twice The Loss-Taking One Bitcoin showed some promising signs of breaking away from its stagnation earlier during the past 24-hour period, as the cryptocurrency’s price managed to make a sharp recovery towards the $30,000 mark. This surge, however, couldn’t last for too long, as the cryptocurrency has already slipped to the $29,700 level. BTC has seen some rise during the past day | Source: BTCUSD on TradingView So far, Bitcoin has been able to retain a lot of the recovery despite this pullback, as the asset’s price is still significantly above the $29,000 level it had been consolidating at prior to this move. From the above chart, it’s visible that the current recovery surge looks quite similar to the one seen around the start of the month. This rally also died off at the $30,000 level and the price slid off, until it eventually ended up slumping back to sideways movement around the $29,000 mark. Related Reading: Litecoin Long-Term Holders Smartly Exited Before Halving, Data Shows It would appear that the $30,000 level was acting as a major source of resistance for the cryptocurrency back then, and it seems that its role hasn’t changed this time either. There is one thing different this time, however, and that is the level of profit-taking that the investors are displaying. According to data from the on-chain analytics firm Santiment, the profit-taking in the market has observed a sharp increase as this rally has occurred. The value of the metric seems to have been quite high recently | Source: Santiment on X In the above graph, the data for the “ratio of daily on-chain transaction volume in profit to loss” metric is shown, which keeps track of how the profit-taking volume in the Bitcoin market compares with the loss-taking volume right now. Clearly, this indicator has surged to some pretty high levels, meaning that the profit realization is far outweighing the loss realization at the moment. It’s not uncommon for this behavior to be seen during rallies, as some investors would want to quickly jump on the profitable opportunity while it’s still there. This scale of the profit-taking, however, may be worrying. At the current level of the indicator, the profit-taking volume is more than double the loss-taking volume. Related Reading: Bitcoin Miners Show Accumulation Again, Bullish Sign? As can be seen from the graph, the metric had instead remained relatively muted when the aforementioned recovery rally of a similar scale had taken place earlier in the month. This difference in behavior between the two Bitcoin price surges may be a reflection of how the investors have perceived each move. Earlier, they may have been more hopeful for further price rise, so they may not have been too keen on harvesting their profits just yet. This time, however, the holders may be thinking that this rise will die out like the previous one as well, so they are using the opportunity to quickly exit from the market. Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Santiment.net

Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market.

XRP is capturing the attention of traders and investors as it approaches a critical juncture on the price charts. Crypto analyst CoinsKid has highlighted the potential for a significant price surge if XRP manages to overcome a crucial technical barrier.  The concept at play here is the so-called Fibonacci retracement level, a powerful tool used by traders to identify potential price reversals and continuations in financial markets. Related Reading: Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look In the context of cryptocurrency trading, these levels are drawn on a price chart to highlight potential support and resistance levels. They are calculated based on percentages derived from the Fibonacci sequence, with the 78.6% retracement level considered a significant threshold.  If a cryptocurrency like XRP manages to breach this level, it often signals a substantial shift in market sentiment. CoinsKid Predicts XRP’s Potential Trajectory CoinsKid recently provided a comprehensive analysis of XRP’s price action. In a detailed video on his YouTube channel, he emphasized the significance of a corrective phase for the cryptocurrency.  According to CoinsKid’s analysis, once XRP completes this correction and successfully surpasses the 78.6% Fibonacci retracement level, currently situated at $1.30, a substantial buying opportunity may arise. This development, he speculates, could pave the way for an ambitious price target of $21 by the year 2025. Related Reading: Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month? Is XRP In For A Listing Surprise? Meanwhile, Gemini, a reputable cryptocurrency exchange founded by the Winklevoss twins, has stoked the fires of speculation with a cryptic tweet hinting at a potential XRP-related announcement.  The crypto exchange posted on Twitter: Me, the intern, patiently waiting for @Gemini to list XRP. (i want some) pic.twitter.com/I7r7QBjYKR — Gemini (@Gemini) August 7, 2023 While the exact nature of this announcement remains shrouded in mystery, such teases from established exchanges often provoke market interest and excitement. As of the latest update, XRP is trading at approximately $0.639893, according to CoinGecko. The past 24 hours have witnessed a modest 3.4% rally, signaling potential short-term momentum. However, over the past week, XRP has faced a slight setback, experiencing an 8.7% decline in its value. XRP market cap reached $33.9 billion today. Chart: TradingView.com These price dynamics underscore the volatile nature of the cryptocurrency market, emphasizing the importance of robust analysis and well-informed trading decisions. The cryptocurrency community finds itself at an intriguing juncture with XRP, as technical analysis and market dynamics converge. CoinsKid’s insights regarding the Fibonacci retracement level offer a roadmap for potential price movements, while Gemini’s enigmatic tweet fuels speculation about future developments.  (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Smartereum

Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line. Bitcoin is showing positive signs above the $29,500 pivot level. The price is trading above $29,550 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt another increase above the $30,000 resistance zone. Bitcoin Price Attempts Upside Break Bitcoin price remained well-bid above the $28,800 support zone. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone. The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level. Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Immediate resistance is near the $30,000 zone. The first major resistance is near the $30,200 level. The next major resistance is near the $30,400 level. A close above the $30,400 resistance might start another steady increase. In the stated case, the price could test $31,200. Any more gains might open the doors for a move toward $32,000. Are Dips Limited In BTC? If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and the trend line. The next major support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. Any more losses might call for a move toward the $29,000 level 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 50 level. Major Support Levels – $29,800, followed by $29,400. Major Resistance Levels – $30,000, $30,200, and $30,500.

Police now have the ability to trace blockchain transactions, identify suspects and determine where funds have been deposited.

Once HeyGen’s AI-generated digital avatar is available to the public, users will be able to create a video with a real life-like digital avatar in just two minutes.

Rollbit (RLB) deviated from the prevailing norms typically observed in cryptocurrency initiatives, deliberately and noticeably distinguishing itself. Instead of following the conventional practice of allocating a substantial amount of their coin supply for internal use, Rollbit opted for a different approach. This strategy exemplifies the crypto platform’s dedication to transparency and a distinct ideology pertaining to the allocation and application of its money. In the current market recovery, the RLB stands out as the frontrunner, exhibiting an unexpected and substantial surge. The token, regarded as the fundamental element of the Rollbit project, has experienced a notable surge in its valuation, prompting speculation regarding its prospective role in facilitating financial autonomy in the foreseeable future. Rollbit (RLB) On A Roll RLB price action in green. Source: Coingecko At the time of writing, RLB was flashing in green and trading at $0.17. The token has registered a 70% gain in the last 24 hours, sustaining an equally impressive 130% rally in the last seven days, data from crypto market tracker Coingecko shows. Related Reading: Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month? Furthermore, it is noteworthy that the alternative cryptocurrency has had a remarkable increase of more than 7,000% within the past year. Additionally, its value has skyrocketed by an astonishing 12,000% since its introduction to exchanges during the first half of 2022. Total crypto market cap at $1.14 trillion today. Chart: TradingView.com Rollbit Coin is a GameFi initiative that offers users the opportunity to engage in a variety of gaming activities. The aforementioned categories encompass casino games, sports-related activities, and non-fungible tokens (NFTs). The platform provides services such as NFT loans, leveraged trading, and crypto futures, among others. Rollbit has just undertaken the migration of RLB from the Solana blockchain to the Ethereum blockchain. This strategic decision was made in response to the increasing demand from users and with the aim of facilitating the token’s expansion and development opportunities. Rollbit’s objective with the migration was to improve the prospects for RLB holders and bolster the token’s market visibility. Rollbit seven-day price performance. Source: Coingecko Rollbit Coin has a trade volume above $39 million within a 24-hour period, signifying a notable surge of 62% in its price over the same duration. Furthermore, the cryptocurrency has experienced a substantial price escalation of 122% over the course of the previous week. Rollbit Coin, with a circulating quantity of 3.3 billion RLB, possesses a market capitalization of approximately $581 million. The significant increase in trading volume of the altcoin RLB may be attributed mostly to its listing on the main cryptocurrency exchange Poloniex. This surge in activity has occurred throughout the current week. RLB: Strong Upward Momentum Related Reading: Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look While there is an argument to be made that RLB may be approaching overbought conditions, its momentum remains strong, indicating the likelihood of further upcoming rallies. The present condition suggests the possibility of excessive expansion, while the dominant pattern may contribute to additional upward shifts. The expansion of RLB is not a self-contained occurrence. This development is indicative of a larger pattern observed in the cryptocurrency sector, as several GambleFi initiatives have likewise demonstrated substantial expansion. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Adobe Stock

Nvidia, the current market leader for semiconductor chips, revealed its latest chip designed to run large-scale AI systems.

Bitcoin traders ramp up bullish prognoses as BTC price faces down key resistance — can bulls stay the course?