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BTC going to $70K soon? The price of Bitcoin dropped 3 percent to $64,258 over the past 24 hours, Trading View’s Bitcoin chart shows. The cryptocurrency trend was negative over the past 24 hours after the Federal Reserve hinted at a potential a rate cut in September. The US central bank kept its benchmark rate unchanged at a 23-year high. This means that less risky assets such as bonds generate relatively high returns. “Commentary has been leaning positive toward Bitcoin this week. In fact, this is the highest level of bullish commentary from the crypto crowd since the week of May 15th. The level of optimism from the crowd indicates that many believe $70K BTC is imminent,” the crypto research firm Santiment said. “As crypto investors, we spend a lot of time focused on downside risk. We’re all acutely aware that, at any moment, an event might occur that will drive prices sharply lower. It’s fairly common for people to say that bitcoin ‘could go to zero.’ I think we have to accept that there is now an equal risk to the upside,” Bitwise’s CIO, Matt Hougan, writes in his weekly note following the world’s largest Bitcoin conference held in Nashville last weekend. “If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for Bitcoin,” he concludes. A strong sun will shine over Bitcoin in the next 24 hours, indicating a bullish trend with buy signals. 🌞  Follow us for more crypto news and weather reports!
BITSTAMP:BTCUSDLong
by ATTMO
BTC Breakdown After Failed 5th Attempt at New ATHWe've been watching the upper trendline for weeks and saying that since breakouts usually happen on the 3rd or 5th attempts... That a failure (which we just had) to break above the upper trendline shown here or to ATH on this attempt, would likely lead to a deeper correction which we're starting to see. Plus our custom indicators have all rolled over to Red. Currently it's looking like $62k is next support block of buyers. Some are speculating that was the top, and whale sellers are front-running a recession. But comparing this year's chart looks a lot like prior Bitcoin bull-runs, just before the parabolic rise happens. Specifically like 2016, when there was months of stagnation near the old high.. Just before the big explosion in price. What do you think??
COINBASE:BTCUSDShort
by BrettFogle
1
Bitcoin adjusted to market cycleI think something like this make sense? We are at a 1st leg or wave of impulse, that is led by early adapters. 2nd leg up would be BTC outperforming SPX. 3rd wave would be a market chop w/ still some opportunities. 1st wave -> buy when it's cheap (bellow 70k crowd). Then comes rally to 120-150k. Before it becomes too expensive. 2nd and 3rd wave are led by ppl missing on a bandwagon, good returns. No crystal ball, see what happens:) > Driver is the rate cuts and money at money market funds. You can also see how divergence in BTC/SPX graph was the market top for btc.
BITMEX:XBTLong
by citsvar
Record Bitcoin Open Interest Suggest BreakoutBitcoin's open interest, a metric that measures the total number of outstanding derivative contracts, has recently hit a new all-time high. This significant surge has ignited speculation among market analysts and investors about a potential price breakout for the world's largest cryptocurrency. Open Interest: A Market Sentiment Indicator Open interest is often used as a proxy for market interest and liquidity in an asset. A rising open interest typically indicates growing investor participation and a potential increase in price volatility. Conversely, a declining open interest can signal waning interest and a potential price correction. In Bitcoin's case, the current record-breaking open interest suggests a heightened level of investor engagement. This heightened interest could be driven by a variety of factors, including anticipation of regulatory clarity, institutional adoption, and the halving event scheduled for 2024. Potential for a Price Breakout While a high open interest does not guarantee a price breakout, it certainly increases the likelihood of significant price movements. If the market sentiment remains bullish, the accumulated buying pressure could propel Bitcoin's price to new highs. However, it's essential to remember that open interest is just one factor to consider when analyzing market trends. Other indicators, such as technical analysis patterns, on-chain metrics, and macroeconomic conditions, should also be taken into account. Cautious Optimism While the recent surge in Bitcoin's open interest is undoubtedly bullish, investors should approach the market with caution. The cryptocurrency market is known for its volatility, and price fluctuations can be rapid and unpredictable. Additionally, it's crucial to diversify your investment portfolio and avoid putting all your eggs in one basket. Cryptocurrencies are still a relatively new asset class, and the regulatory landscape is constantly evolving. As the cryptocurrency market continues to mature, we will likely see more sophisticated investment strategies and risk management tools emerge. Until then, investors should stay informed and conduct thorough research before making any investment decisions. Ultimately, the future price of Bitcoin will depend on a combination of factors, including investor sentiment, market liquidity, regulatory developments, and technological advancements. While the current open interest data is certainly encouraging, it's essential to maintain a long-term perspective and avoid getting caught up in short-term price fluctuations. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Conducting thorough research or consulting with a financial advisor is strongly recommended before making investment decisions.
BITSTAMP:BTCUSDLong
by bryandowningqln
Current BTC Analysis: July 2024As of July 2024, BTC has been showing signs of recovery after a period of decline. The price recently experienced a strong upward movement, breaking through a downward trend line without encountering significant resistance. This indicates potential bottoming out and a possible start of a new upward trend​​. Wyckoff's Accumulation Phases: Wyckoff's accumulation consists of several phases: Phase A: Stopping the Downtrend This phase is marked by preliminary support (PS) and a selling climax (SC), followed by an automatic rally (AR) and secondary test (ST). Phase B: Building a Cause This is the phase where the market moves sideways, creating a cause for the next move. It includes upthrusts (UT) and springs to shake out weak hands. Phase C: Testing Supply This phase typically features a final shakeout or spring, testing the remaining supply before the price moves higher. Phase D: Markup Begins The phase where the price begins to trend upward with higher highs and higher lows, breaking out of the trading range. Phase E: Trend Establishment The price moves consistently higher, confirming the beginning of a new uptrend. Current Phase of BTC. Based on the recent price actions: Preliminary Support and Selling Climax: These might have occurred in the recent past when BTC experienced significant sell-offs and subsequent recoveries. Automatic Rally and Secondary Test: BTC has shown a strong upward movement, which could be an automatic rally. The lack of significant resistance suggests that it might be transitioning out of Phase B. Testing Supply: The price behavior indicates a possible phase where the final tests are occurring. The strong upward momentum could be a sign that BTC is moving into Phase D, where the markup phase begins. Given these observations, BTC appears to be in late Phase B or early Phase C of Wyckoff's accumulation. This suggests that BTC is likely building a cause for the next major move and is preparing for a potential breakout into an upward trend.
BITSTAMP:BTCUSDLong
by The3eyedFrog
1
Will #Bitcoin continue to rise? Or is this a deception?#Bitcoin 1D chart; Let's first interpret the Bitcoin chart and then evaluate the scenarios related to the agenda for the week; In the simplest form. As of June, it had broken the uptrend it had been maintaining since January and started to decline. While moving towards the Ath level again, the point I want to draw your attention to here is the part I indicated with the yellow line; If the RSI side remains weak while testing the Ath level, we infer that there is a fake rise from here. The fact that it has retested the downtrend at this very moment may bring us the question of , so this is in the pocket. Let's talk about the Fed Rate Decision Meeting this week; As we know, in previous pre-meeting events, the market has shown a retreat without a bounce. This time this is not happening, why? My personal opinion is that the market now knows that the rate hike situation is at a very low rate, so it does not price it with pullbacks. Therefore, it may be possible to infer from this that the atmosphere in the market is upward. Nevertheless, let's not rule out the possibilities I just mentioned above. Also, as you may remember, the gaps formed on 2 different dates on the CME side are still not filled. Have a good week for all of you #btc CRYPTOCAP:BTC
by ugurtash
Bitcoin will Fill the CME Gap!!!Bitcoin reached the Resistance zone($68,000-$66,170) again. Will Bitcoin succeed in breaking this zone or not❗️❓ According to the theory of Elliott waves , Bitcoin seems to be completing the main wave 5 ; the structure of the main wave 5 can be Expanding Ending Diagonal . Also, we can see Regular Divergence(RD-) between Consecutive Peaks . I expect Bitcoin to go down at least up to the Support line and the CME Gap($66,350-$65,835) . Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
37
BTCUSDT.1DReviewing the BTC/USDT daily chart, I've identified key technical elements that provide insights into Bitcoin's current market dynamics and potential future movements. Current Situation: BTC/USDT is currently trading at approximately $68,775.98, reflecting a rise of about 1.28% for the day. The price action over recent months shows a somewhat volatile trend with a pattern of higher lows, suggesting an underlying bullish sentiment. Technical Analysis: Support and Resistance Levels: S1 (Support 1): Positioned at $62,733.44, this level has served as both support and resistance throughout 2024, indicating its significance. Holding above this level is crucial for maintaining the current bullish momentum. S2 (Support 2): At $57,013.57, this level represents a stronger psychological and technical support, marking a previous consolidation zone. R1 (Resistance 1): The immediate resistance is at $77,193.65. This level needs to be breached to confirm continuation of the upward trend towards historical highs. R3 (Resistance 3): At $83,778.60, approaching this level would likely require a significant bullish catalyst, such as positive regulatory news or macroeconomic factors favoring cryptocurrencies. Moving Average Convergence Divergence (MACD): The MACD line is above the signal line and appears to be maintaining a bullish trajectory, although the histogram shows some decrease in momentum. This could suggest a potential consolidation or slight pullback before further upward movement. Relative Strength Index (RSI): The RSI at 61.12 suggests that Bitcoin is neither overbought nor oversold, operating within a healthy range. There's room for upward movement without immediate concerns of being overbought. Conclusion: As of now, the bullish signals dominate the chart with both MACD and RSI indicating positive momentum, albeit with a caution of potential consolidation due to the histogram's behavior. My strategy would involve closely watching the $62,733.44 support level. A hold above this level can be seen as a confirmation of continued bullish sentiment, potentially aiming for the $77,193.65 resistance. Conversely, a break below could signal a shift in market dynamics, necessitating a reassessment of the bullish outlook. For traders and investors, it's advisable to place stop losses just below key support levels to protect against unexpected downturns. Additionally, keeping an eye on global economic indicators and crypto-specific news will be crucial in navigating the volatility inherent in Bitcoin's market.
by MarsSignals
BTC.........Is it Accumulation or Distribution?????Price is with a range from 72k to 58k, with price pushing lower and trading within the 66k lvl. With the FED holding rates at 5.50% and signaling that it may hold rates at current lvls for longer, it is hitting the crypto market. There is a lot of self-fulling prophecy out there about when the FED will cut rates, with some looking at the timeframe being in September. There is a FED rate decision in July which could set the stage for the September Rate Decision. Before then, the FOMC Minutes will be coming out, along with another NFP and inflation rate reading. With traders and investors wanting to see some reprieve and a stronger FED Dot Plot pointing at 2 or more rate hikes for the year, a lower printing on the NFP and inflation and a slowing economy, will give some cheer to the market and push BTC higher. But on the other side, strong economic printing and inflation stagnating and staying where it is at or rising, will likely sweep the legs of crypto and cause price to fall. The US economy (whether you believe so or not) data is showing that there is no need to start reducing rates as of yet. GDP is around 3%, unemployment isn't to bad. Wage Growth is still up there near 5%. Inflation is still above 3% and the FED is reducing its balance sheet. The technicals are showing mixed data which could keep price from finding a trajectory until a solid catalyst comes out. The daily chart is showing price is form either a cup and handle or a double top. If the cup and handle pattern is correct then some type of strong catalyst came out (likely the NFP printed a extremely weak number, inflation dropped considerably, a string of bad US economy data) and had enough force to break out of the very strong 72k resistance. If that resistance is broken with enough force to push it up to 75k pretty quickly, there isn't much to stop it. But if the double top is correct, then price will likely push to the 62k and test the 60k a few times before breaking below it. If the 58k is broken and price is able to hold at the 57k for a few days to a week, then price will likely drop further, below the 55k. Data is going to be the driving point for what price will do. If data keeps printing good and bad, then it will likely cause confusion for traders and investors and they will likely take the course of exiting. There are some prominent players out there like Michael Saylor (MicroStrategy) and other advocates of BTC (Robert Kiyosaki) that are likely to stay in and potentially keep price from tumbling greatly; but it still depends when the masses and hedge funds want to start piling in. I am thinking that if BTC does drop and hits below the 55k, there is likely to be a huge spike in buying up BTC as the self-fulling prophecy will be strong. The catalyst is likely to be when the FED will start reducing rates as eventually the economy will need some assistance. But the real question, is if the economy does push into a recession, will there be another case of QE and Stimulus pushed out (bailouts) if inflation is still around 2.5%-3%? Either way, I am still building a position on BTC even if it pushes below the 50k lvl.
COINBASE:BTCUSDLong
by DollarSaenz
Bitcoin(BTC/USD) Daily Chart Analysis For Week of July 26, 2024Technical Analysis and Outlook: Bitcoin exhibited significant down movement by reaching our Mean Support level at 64000 and subsequently rebounded strongly to retest our Mean Resistance level at 68200, as outlined in the Weekly Chart Analysis for the Week of July 19. The overall trend indicates progression toward the Inner Coin Rally at 70400, a retest of the completed Main Inner Coin Rally at 73200, and striding on to the anticipated long-term target of the Outer Coin Rally at 92000. It's important to note the initial downward pressure on the primary support at 65400 as the coin moves upward.
BITSTAMP:BTCUSD
by TradeSelecter
1
Bitcoin Nears Crucial Test as Hashrate StrengthensBitcoin (BTC) is on the cusp of a critical test as it approaches a trendline resistance that proved formidable in May. Concurrently, a surge in Bitcoin mining hashrate, a bullish indicator, is adding fuel to the rally. The benchmark cryptocurrency has been on a consistent upward trajectory, fueled by a combination of factors including increased institutional interest, macroeconomic concerns, and the halving event. As BTC closes in on the May trendline, traders and analysts are closely watching for how the market will react. A decisive breakout could ignite a new leg up in the price, while a rejection could lead to a period of consolidation or even a temporary pullback. The recent strengthening of the Bitcoin mining hashrate is a positive development that underpins the bullish outlook. The hashrate, which measures the computational power dedicated to mining new Bitcoin blocks, is often seen as a leading indicator of price trends. A higher hashrate implies increased miner confidence in the future price of Bitcoin, as miners are willing to invest more resources into the network. This surge in hashrate can also be attributed to the ongoing Bitcoin halving cycle, which reduces the block reward and incentivizes miners to optimize their operations. While the technical and fundamental backdrop for Bitcoin appears constructive, it's essential to approach the market with caution. Cryptocurrencies remain highly volatile assets, and price movements can be influenced by a variety of factors, including regulatory developments, macroeconomic conditions, and investor sentiment. Moreover, the Bitcoin market has a history of false breakouts, where prices briefly pierce resistance levels before retracing. Therefore, traders must employ risk management strategies and avoid overexposure. The potential breakout from the May trendline will be a key event to watch. If Bitcoin successfully overcomes this hurdle, it could open the door for a more substantial rally towards higher price targets. However, a rejection at this level could lead to a period of consolidation or even a temporary pullback. Ultimately, the cryptocurrency market remains highly dynamic, and investors should conduct their own research and due diligence before making investment decisions. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments involve significant risks, and investors should be prepared for the possibility of losses.
BITSTAMP:BTCUSDLong
by bryandowningqln
XRP: Outperforming Bitcoin and EthereumThe cryptocurrency market is a volatile landscape, marked by sudden shifts in investor sentiment and regulatory uncertainty. Amidst this turbulence, XRP has emerged as a standout performer, outpacing both Bitcoin and Ethereum. This exceptional performance can be attributed to several key factors, including its unique value proposition, technological advancements, and the evolving regulatory landscape. Unlike Bitcoin, which primarily functions as a digital store of value, XRP is designed to facilitate fast, low-cost, and global payments. This focus on utility has made it particularly attractive to financial institutions and remittance services seeking to streamline cross-border transactions. Additionally, XRP's consensus mechanism, which is significantly faster and more energy-efficient than Bitcoin's proof-of-work, provides a compelling advantage. While offering smart contract functionality, Ethereum has faced scalability challenges that have impacted transaction speeds and costs. XRP, on the other hand, has been engineered to handle high transaction volumes efficiently. This superior scalability makes it a more viable option for real-world applications, such as payments and remittances. A crucial factor driving XRP's recent outperformance is the improving fundamental backdrop. The long-standing legal battle between Ripple and the SEC has cast a shadow over the cryptocurrency. However, with Ripple CEO Brad Garlinghouse expressing optimism about a resolution in the near future, investor confidence in XRP has been bolstered. A favorable outcome in the lawsuit could potentially unlock significant institutional investment and propel XRP to new heights. Furthermore, XRP's growing ecosystem of partnerships and integrations is solidifying its position as a leading player in the global payments landscape. By collaborating with financial institutions and payment providers, XRP is expanding its reach and demonstrating its practical utility. This expanding network effect is likely to attract more users and investors, further driving price appreciation. While XRP's performance has been impressive, it is essential to approach any investment with caution. The cryptocurrency market remains highly volatile, and regulatory risks persist. However, the confluence of XRP's unique value proposition, technological advantages, and improving fundamentals positions it favorably for continued outperformance in the long term. As the broader cryptocurrency market matures and institutional adoption accelerates, XRP's focus on utility and scalability could give it a significant competitive edge. Ultimately, the decision to invest in XRP should be based on thorough research, risk tolerance, and a long-term investment horizon. By carefully considering these factors and staying informed about market developments, investors can make informed decisions about whether XRP aligns with their investment goals.
by bryandowningqln