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Bitcoin Price Analysis: BTC Bulls Back in Town but Will $60K Fall?

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Bitcoin has recently seen an uptick in demand near a crucial support level, leading to a slight rebound above the 200-day moving average at $59.2K.

This price action highlights the potential for a bullish reversal if the price stabilizes above the 200-day moving average.

Technical Analysis

By Shayan

The Daily Chart

A detailed analysis of Bitcoin’s daily chart reveals that after a prolonged bearish trend, Bitcoin broke below the 200-day moving average at $59.2K, introducing significant fear and uncertainty into the market.

This MA is a vital support level for Bitcoin, and its breach typically signals a potential bearish trend. However, Bitcoin found strong demand at the substantial support region of the 0.5 Fibonacci level ($56K), resulting in a slight bullish rebound. The price has now climbed back above the 200-day MA, indicating a potential bear trap.

Additionally, a bullish divergence between the price and the RSI indicator further suggests the possibility of a bullish reversal in the short term. If Bitcoin stabilizes above the 200-day MA, this could confirm a bullish revival in the mid-term, with the next target being the 100-day moving average at $64.6K.

btc_price_chart_1407241
Source: TradingView

The 4-Hour Chart

On the 4-hour chart, Bitcoin faced rejection near the multi-month upper boundary at $71K, entering a sustained bearish trend marked by lower lows and highs.

Upon reaching the decisive support region at $56K, the bearish momentum faded, resulting in a sideways consolidation. Following this consolidation, an increase in buying activity led to a slight bullish rebound.

Bitcoin is now at a crucial resistance region, encompassing the significant $60K psychological resistance mark and the multi-week downtrend line, where selling pressure may increase.

If the cryptocurrency reclaims this resistance area, the bullish trend could continue toward the $65K mark. Conversely, a rejection at this level would likely result in the continuation of the bearish trend, targeting the critical $56K support.

btc_price_chart_1407242
Source: TradingView

On-chain Analysis

By Shayan

On-chain data highlighting miners’ profitability has proven to be a valuable tool for anticipating market bottoms during bear markets and the end of correction periods within bull markets. Analyzing this data can provide insights into potential market trends, particularly in relation to Bitcoin’s price movements.

Historically, significant drops in miners’ profitability during bull cycles have often been precursors to substantial price increases for Bitcoin. Notable instances of this occurred in:

  • 2016: During this bull cycle, miners’ profitability decreased sharply, as highlighted by the red-circled area. Following this decline, Bitcoin experienced a strong upward trend.
  • 2020: A similar pattern was observed, where a rapid decline in miners’ profitability was followed by the beginning of a robust bull market for Bitcoin.

As of 2024, a comparable pattern in miners’ profitability has been detected. The indicator has fallen significantly, mirroring the movements observed in the 2016 and 2020 bull cycles. This suggests that although the exact end of the current correction period is uncertain, the transition to a bull market may not be far off.

bitcoin_puell_multiple_chart_1407241
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Analyst: Skip Bitcoin FOMO, Altcoins Offer Better Gains Now

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Bitcoin (BTC) has sent the crypto community into delirium, hitting a new all-time high (ATH) of almost $119,000 after brief stops around $113,000 and $116,000.

However, despite the excitement, prominent analyst CrediBULL Crypto has cautioned traders not to chase the rally blindly, suggesting that the real opportunity lies in altcoins, not Bitcoin.

Why BTC FOMO Could Be Costly

With BTC currently over 650% above its ideal accumulation zone, CrediBULL posted a stark warning on X:

“The big opportunity for gains is on ALTS even if Bitcoin is the one that is ‘leading’ this move.”

He added that anyone buying the asset at this particular point should only do so for an active trade with a clear setup.

“If you can’t identify a trade setup then there is no reason to buy Bitcoin at these levels as there are much better opportunities in alts from a R/R perspective at current levels.”

His comments echoed a broader sentiment emerging from key market voices, including former BitMEX CEO Arthur Hayes and YouTuber Crypto Rover, who likened the current market cycle to November 2024, when a major altcoin rally followed Bitcoin’s price surge.

In a recent tweet, Hayes said he had reversed his previously bearish stance, citing Bitcoin’s strong breakout and the rising dominance of Ethereum (ETH).

“Get ready for a monster alt szn,” he wrote, signaling increased institutional confidence. The crypto entrepreneur also reported that his Maelstrom Fund is ramping up altcoin exposure amid expectations of favorable political and macroeconomic shifts.

Observers have described the flagship cryptocurrency’s latest move as structurally different from past bull cycles. According to CryptoQuant, it isn’t driven by speculative angst, but rather by strategic accumulation and restrained selling activity.

Additionally, metrics like the MVRV ratio, currently 2.2 vs. over 2.7 in previous tops, SOPR, and MPI all hint at a sustainable rally with long-term potential. The drop in exchange balances, down over 21% in four months, also suggests that holders are in no rush to exit their positions.

Altcoins on the Mend

However, even with BTC in price discovery mode, Ethereum and several other altcoins are beginning to outshine it in percentage gains. ETH, for instance, is up by more than 18% in the last seven days, beating Bitcoin’s 8.9% rise in the same period. It has also reclaimed the $3,000 level and is setting its sights on $3,350–$3,500.

Meanwhile, Cardano (ADA) has pumped 23.7% across the week, reclaiming critical support at $0.64 and eyeing a return to $1. Hyperliquid (HYPE) is up nearly 19%, having set a new all-time high at $46.25, and is now targeting the $50 psychological threshold.

Even Solana (SOL) is catching a bid, with prices climbing above $164 and showing potential for a rally beyond $180.

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XRP Breaks Free With Double-Digit Gains — Flips USDT in Market Shake-Up

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TL;DR

  • The consolidation phase for many altcoins, including XRP, seems to be over, and Ripple’s native token is on the run again toward $3.
  • On its way up, it managed to surpass USDT in terms of market cap and is now back in the third spot after months of hiatus.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

The graph above clearly demonstrates the price stagnation XRP had to endure for the past month or so. Its upper boundary was at around $2.6, while it also tested the lower one at $1.9 during the darkest hours of the war between Israel and Iran.

Nevertheless, each attempt met immediate rejections, and the cryptocurrency was pushed south to a tight range between $2.2 and $2.3. However, there were multiple signs that the consolidation could be coming to an end, and one analyst even warned that most traders will miss the breakout.

Such a price surge indeed started to materialize in the past few days, and especially today. XRP has been among the top performers on a daily scale, having surged by 20% at one point and coming close to $3 on most exchanges.

Although it was stopped there and now sits just under $2.8, it’s still up by over 12% since yesterday. Its market cap has spiked above $160 billion for the first time in months, and XRP has now become the third-largest cryptocurrency, by overtaking Tether’s USDT.

The move north was quickly picked up by the XRP Army, many of whom praised the asset’s performance and provided some bullish (and outrageous) predictions.

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Bitcoin Breaks ATH, Hayes Flips Bullish: ‘Maelstrom Is Backing Up the Truck’

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BitMEX co-founder Arthur Hayes has decisively flipped bullish and even announced that Maelstrom Fund is “backing up the truck.” The exec’s comments came as Bitcoin (BTC) broke through its all-time high above $118K on strong volume.

He also revealed that Ethereum (ETH) began to follow with potential outperformance, and markets began pricing in a Trump administration’s readiness to ease trade tensions.

From Bearish to Bullish

This pivot follows Hayes’ prior cautious stance, which was rooted in concerns about a Treasury General Account (TGA) refill draining liquidity.

In his previous essay, Hayes explained that the US Treasury Secretary, whom he calls “The Big Bessent Cock (BBC),” faces an impossible task: funding ballooning deficits without causing a bond market revolt. To manage this, the government is turning to innovative liquidity engineering, including stablecoin adoption by “too big to fail” (TBTF) banks, which could unlock up to $6.8 trillion in T-bill buying power.

Hayes also noted that if the Fed stops paying interest on reserves, it could unleash another $3.3 trillion, bringing the total potential liquidity injection to $10.1 trillion.

He argued this approach was the modern replacement for QE, by maintaining equity markets and crypto afloat despite the Fed’s tightening posture. The exec warned that the TGA refill could briefly interrupt crypto’s bull momentum.

Despite this, Bitcoin’s resilience in busting through resistance while Ethereum appears to be positioning for a “monster alt season.”

“Frontloading Ahead of Trump Tariffs”

Adding to this backdrop, QCP Capital, in its latest analysis, also identified frontloading ahead of potential Trump tariffs as a key macro driver. Manufacturers are accelerating imports and production to preempt implementation, which has led to increased trade and manufacturing credit and improved liquidity conditions.

The firm views the current environment as supportive for continued crypto upside, with steady ETF inflows and strong structural demand boosting momentum.

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