Forget Shiba Inu: This Best Crypto Presale Could Turn $1.2K Into $120K Before SHIB Recovers openPR.com
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Ethereum News Today: Super Grok AI Forecasts Ethereum $12K Dogecoin $1.20 Remittix $4 Bull Cycle Gains AInvest
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Bitcoin has extended its correction below the $100,000 psychological level into the past 24 hours. At the time of writing, Bitcoin is struggling to hold above the $94,000 mark after recovering briefly from its recent crash to $91,000.
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As it stands, Bitcoin’s price outlook has taken a cautious turn, with crypto analyst Ali Martinez highlighting a $12,000 void between $87,000 and $75,000. The analysis, which is based on the Bitcoin UTXO Realized Price Distribution (URPD) ATH-Partitioned, reveals a lack of significant support in this range and raises concerns over a quick crash towards $75,000.
$12,000 Void Shows Lack Of Support Between $87,000 And $75,000
Data from Bitcoin’s UTXO Realized Price Distribution (URPD) ATH-Partitioned metric shows that the range between $87,000 and $75,000 lacks substantial realized price activity. The UTXO is a relatively quiet but important technical indicator that provides insights into the distribution of Bitcoin across different price levels and focuses on UTXOs (Unspent Transaction Outputs).
Therefore, analyzing UTXOs helps identify the price levels at which Bitcoin holders are currently sitting on realized gains or losses.
As noted by Ali Martinez, the range between $87,000 and $75,000 opens up a $12,000 gap that could easily become negative for Bitcoin. This is because this range represents “little to no support,” meaning there is insufficient historical buying activity to stabilize Bitcoin’s price if it enters this zone. As such, this void increases the risk of a sharp correction should Bitcoin fall below the upper boundary.
Market Implications Of The $12,000 Void
As it stands, the $12,000 void threat can be only valid if Bitcoin were to break below $87,000. Although Bitcoin has largely held up above $90,000 even during corrections since November, the recent drop to $91,000 opens up the possibility of an eventual drop below $90,000. This concern is amplified by the Crypto Fear and Greed Index shifting to a neutral zone, accompanied by a surge in bearish sentiment across social media.
If Bitcoin were to break below $90,000, this could open up the possibility of a continued decline towards $87,000. This, in turn, would most likely lead to a swift drop to $75,000. This scenario would undoubtedly test the bullish sentiment from investors and Bitcoin’s ability to sustain predictions of a long-term bullish trajectory.
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On the other hand, you could easily argue that the ongoing consolidation opens up the opportunity to accumulate more BTC. According to an analyst on CryptoQuant, the short-term SOPR indicator is currently below 1, meaning many short-term investors are selling Bitcoin at a loss. However, history shows this phenomenon often precedes a major upward trend, making it a good time for accumulation.
At the time of writing, Bitcoin is trading at $94,350.
Featured image from Getty Images, chart from TradingView
Genesis Trading has been observed making substantial Bitcoin transfers. Over the past month, the company has moved a whopping 12,000 Bitcoin (BTC) to Coinbase, one of the leading cryptocurrency exchanges. This large-scale movement of digital assets, valued at approximately $760 million, comes in the wake of Genesis Global’s bankruptcy proceedings and appears to be part of a broader liquidation strategy.
Genesis Trading’s Ongoing Liquidation and Market Impact
According to Arkham Intelligence data, Genesis Trading has reportedly transferred approximately 12,000 Bitcoin (BTC) to Coinbase over the past month. According to data from blockchain intelligence firm Arkham, the transfers amount to roughly $760 million at current market rates. The address identified as belonging to Genesis Trading still holds a substantial Bitcoin reserve of around 33,000 BTC, valued at approximately $1.9 billion. These transactions are believed to be part of the company’s ongoing bankruptcy liquidation process.
This development follows the May 2023 approval of Genesis Global’s bankruptcy reorganization plan, which authorized the company to liquidate and distribute its assets. The recent large-scale transfers to Coinbase, a major cryptocurrency exchange, suggest that Genesis is actively working to convert its digital assets into more liquid forms, likely to satisfy creditor claims and follow court-mandated procedures.
The crypto community is closely monitoring these movements, as such large-scale liquidations can potentially impact Bitcoin’s market price. As Genesis continues to manage its substantial Bitcoin holdings, market participants remain alert to any further significant transfers that could influence cryptocurrency valuations.
Also Read: Reasons Why Bitcoin Price Is Dropping Despite Fed Rate Cut Odds?
Additional Market Pressures
While Genesis Trading’s actions are significant, they’re not the only factor putting pressure on the Bitcoin market. The German government’s recent Bitcoin liquidations have already contributed to a market downturn. Adding to these concerns is the impending repayment of Bitcoin by Mt. Gox, a defunct cryptocurrency exchange that still holds over 138,000 BTC as of July 12.
The manner in which Mt. Gox chooses to liquidate its assets could significantly impact market dynamics in the coming months. According to analysis by Cycle Capital, a rapid liquidation similar to the German government’s recent $2.5 billion sale could trigger a further downturn.
The current market inflows may not be sufficient to balance out these large-scale sell-offs, potentially leading to a more significant Bitcoin crash. This situation highlights the ongoing volatility and sensitivity of the cryptocurrency market to large-scale movements by major holders.
Also Read: XRP Healthcare Hits Major Milestone With UAE Trademark Registration
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu: Over 12K Addresses Now Hold At Least 1B SHIB Despite Market Turbulence The Crypto Basic
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In what could potentially be a setup for bear trap amid hopes of an early approval of the spot Bitcoin ETF, BTC whales have transferred large holdings to crypto exchange Coinbase. This comes after Grayscale, which is expected to be among the first ETF seekers to get the nod from the U.S. Securities and Exchange Commission (SEC), amended its ETF filing.
Know More: Grayscale Makes Amended Bitcoin ETF Filing After Silbert’s Exit
BTC Dumping Ahead?
On Tuesday, December 26, 2023, Whale Alert noted on X platform that the Bitcoin whales transferred a total of nearly 12,000 coins over a few transactions in a span of few hours. Whale Alert notified that 3,110 BTC, 3,112 BTC, 4,470 BTC and 500 BTC were transferred from unknown wallet to Coinbase.
Although this kind of activity is generally associated with bearish sentiment and investors willing to be risk averse in volatile times, it could also be a bear trap to facilitate aggressive buying at low price. This could be supported by the potential approval of Bitcoin ETF as early as Friday, 29 December 2023, crypto enthusiast Chad Steingraber said.
What Next For BTC Price & Bitcoin ETF
Although Grayscale’s amendment to go with cash creates redemption model is a move in the direction of potential early approval, the US SEC may likely take time until the January 10, 2024 deadline to announce all the approvals at once, to avoid giving a single company or a batch of few the first mover advantage. On the other side, approvals in batches could be associated with a single date from which the ETF issuers could launch the product.
Earlier, CoinGape reported that the SEC gave a notice on making Friday, December 29, 2023, as the final deadline for making amendments to the spot ETF filings. Hence, it remains to be seen how the Bitcoin (BTC) Price reacts following the filings submitted until the Friday deadline.
Also Read: Mt. Gox’s Alleged Double PayPal Payments Spark Speculation on Reddit
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum has plunged below $1.3k today, but the decline may not be over quite just yet as on-chain data shows selling pressure continues to rise in the market.
Ethereum Exchange Inflows Have Continued To Go Up During The Past Day
As pointed out by an analyst in a CryptoQuant post, the ETH derivative and spot exchange inflows are both still on the rise.
The “exchange inflow” is an indicator that measures the total amount of Ethereum entering into the wallets of centralized exchanges.
There are two versions of this metric, the first notes the inflows specifically going to derivative exchanges, and the other registers only those transfers that are moving to spot exchanges.
Generally, a rise in the derivative inflows leads to higher volatility in the market, as it implies that new futures positions are opening up, and leverage is increasing.
Spikes in the spot inflows can have direct bearish effects on the price of the crypto as investors usually deposit to these exchanges for selling purposes.
Now, here is a chart that shows the trend in both the Ethereum exchange inflow indicators (7-day moving averages) over the past year:
The 7-day MA values of the two metrics seem to have been pretty high in recent days | Source: CryptoQuant
As you can see in the above graph, the Ethereum exchange inflows (both types) spiked up just before the crash shook the market.
In this latest drawdown in the price, the crypto has gone from $1.6k all the way down to just $1.2k over the last couple of days.
The main spark behind this crash seems to have been the battle between FTX and Binance, which has come to an end with Binance moving to acquire FTX.
However, it looks like the inflows still haven’t cooled off yet. Rather, the indicators seem to be actually climbing up even more.
This suggests that Ethereum is continuing to experience selling pressure, a sign that the current level may not be the bottom, and the crypto’s value might observe further decline in the coming hours.
ETH Price
At the time of writing, Ethereum’s price floats around $1.2k, down 21% in the last week. Over the past month, the crypto has dropped 8% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.
Looks like the value of the crypto has been plunging down over the past day | Source: ETHUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
A sequence of macro warnings coming out of the Goldman Sachs camp puts Bitcoin (BTC) at a risk of crashing to $12,000.
Bitcoin in “bottom phase?”
A team of Goldman Sachs economists led by Jan Hatzius raised their prediction for the speed of Federal Reserve benchmark rate hikes. They noted that the U.S. central bank would increase rates by 0.75% in September and 0.5% in November, up from their previous forecast of 0.5% and 0.25%, respectively.
Fed’s rate-hike path has played a key role in determining Bitcoin’s price trends in 2022. The period of higher lending rates — from near zero to the 2.25-2.5% range now — has prompted investors to rotate out of riskier assets and seek shelter in safer alternatives like cash.
Bitcoin has dropped by almost 60% year-to-date and is now wobbling around its psychological support of $20,000. Some analysts, including a pseudonymous trader Doctor Profit, believe BTC’s price has entered the bottom phase at current levels. However, the trader warned:
“Please consider FEDs next decisions. 0.75% [rate hike] already priced in, 1% and we see blood.”
On the other hand, Bitcoin’s consistently positive correlation with the U.S. stock market, particularly the tech-heavy Nasdaq Composite, poses deeper correction risks.
Sharon Bell, a strategist at Goldman Sachs, suggests the recent rallies in the stock market could be bull traps, echoing her firm’s warning that equities could crash by 26% if the Fed gets more aggressive with its rate increases to fight inflation.
Interestingly, the warnings coincide with a recent rise in Bitcoin short positions held by institutional investors, according to CME data highlighted in the Commodity Futures Trading Commission’s (CFTC) weekly report.
“Definitely a sign that some people are counting on a risk asset meltdown this fall,” noted Nick, an analyst at data resource Ecoinometrics.
Options consensus see BTC at $12K
Bitcoin options expiring at the end of 2022 show most traders betting on the BTC price dropping all the way down to the $10-000-12,000 area.
Overall, the call-put open interest ratio was 1.90 on Sep. 18, with call options for the $45,000 strike price carrying the maximum weight. But strike prices between $10,000 and $23,000 showed at least four puts for every three calls — which is perhaps a more realistic, interim evaluation of market sentiment.
Related: Tired of losing money? Here are 2 reasons why retail investors always lose
From a technical perspective, Bitcoin’s price could drop by roughly 30% to $13,500 as the price forms a convincing inverse up-and-handle pattern.
Conversely, a decisive rally above the 50-day exponential moving average (50-day EMA; the red wave) near $21,250 could invalidate this bearish setup, positioning BTC for a rally toward $25,000 as its next psychological upside target.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Ethereum declined below the $1,150 zone against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,200 pivot zone.
- Ethereum started a fresh decline below the $1,220 and $1,200 levels.
- The price is now trading below $1,200 and the 100 hourly simple moving average.
- There is a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further is a clear move below the $1,120 support zone.
Ethereum Price Remains At Risk
Ethereum remained in a bearish zone below the $1,280 and $1,250 resistance levels. ETH started a fresh decline and traded below the key $1,200 support zone.
The decline gained pace below the $1,180 level and the 100 hourly simple moving average. As a result, the bears were able to push the price below the $1,150 support. A low is formed near $1,132 and the price is now consolidating losses.
Ether is now trading well below $1,200 and the 100 hourly simple moving average. There is also a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,155 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low. The next major resistance is near the $1,175 zone. The first major hurdle is near the $1,180 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low is also near $1,180. A close above the $1,180 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,235 level, above which the price could even rise towards the $1,280 resistance level in the near term.
More Losses in ETH?
If ethereum fails to rise above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,120 zone.
The next major support is near the $1,080 zone. A close below the $1,080 level might spark a sharp decline. In the stated case, ether price may perhaps decline towards the $1,000 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,120
Major Resistance Level – $1,180
On-chain data shows that shortly after crypto exchange Binance observed Bitcoin inflow of around 12k BTC, price fell by almost 5%.
Huge Bitcoin Inflow To Binance
As pointed out by a CryptoQuant post, inflow of around 12k BTC was seen on Binance, the largest crypto exchange by market volume.
The Bitcoin inflow is an indicator that shows the total amount of BTC transferred to a crypto exchange from a personal wallet.
As investors usually send their crypto to exchange wallets for cashing out, altcoin purchasing, etc., the indicator’s value going up would imply there is some selling pressure in the market.
A strong increase in the inflow metric can have direct effects on the price, which usually shows as a drop just a few hours later.
Related Reading | Fear And Greed: Sentiment Turns Neutral As Bitcoin Stagnates, What To Do?
Now, here is a chart that shows the trend in the value of the BTC inflow for Binance:
The BTC inflow for Binance shot up earlier today | Source: CryptoQuant
As the above graph shows, there was a sharp spike in the Bitcoin inflow for the crypto exchange Binance. This inflow’s value was around 12k BTC, worth around $470.6 million at the current rate.
The chart also displays the curve for BTC’s price. It looks like just a few hours after this spike occurred, the crypto dropped in value by about 5%.
Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months Of Bullish Bitcoin
And it makes sense as movement of 12k BTC is quite significant, and a spike like this might mean there is some short-term selling pressure in the market.
While this inflow was quite significant, another indicator, the Bitcoin all exchanges netflow, shows that there was outflow of about 19k BTC from all exchanges. This more than makes up for the inflow to Binance, hence the exchange reserve overall still looks to be down.
After plummeting, the Bitcoin exchange reserve continues to be down | Source: CryptoQuant
BTC Price
At the time of writing, Bitcoin’s price floats around $k, down % in the last 7 days. Over the past month, the cryptocurrency has amassed % in gains.
Below is a chart that shows the trend in the price of the coin over the last 6 months.
BTC's price zig-zags below the $40k resistance level | Source: BTCUSD on TradingView
After enjoying a refreshing period of prolonged uptrend, Bitcoin’s price fell down after peaking at $42k. Now, it seems to be range bound below the $40k mark as the coin can’t seem to break it again.
It’s unclear where the price will head from here. It could either continue to be stuck in this range bound environment below the $40k level, or perhaps it will have a breakthrough soon, and a bull run will ensue as hinted by the Bitcoin bullish crossover.
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