Bitcoin price broke multiple support levels to fall back to $92K levels amid risk-off sentiment, Greenland tariff-related fears, whale liquidations, and broader market pressures. Experts such as veteran trader Peter Brandt anticipate a Bitcoin price crash to $62K as long-term holders, whales, and on-chain data turn bearish. Peter Brandt Predicts Bitcoin Price Crash to $58K
The post Bitcoin Price Crash to $62K Incoming, Analysts & On-Chain Data Signals appeared first on CoinGape.
]]>Bitcoin hits 62k as FTX token, Beam, Shiba Inu soar after US adds 254k jobs in September crypto.news
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Bitcoin Bounce Above $62K Quickly Fades; Ether, XRP, ADA, LINK Lose as Torrid October Continues CoinDesk
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Bitcoin ETFs saw over $400 million in inflows this week as bulls picked up the pace igniting price upticks. This comes after outflows the previous week as the price moved below $55,000. Bitcoin ETF remains a major determinant of market sentiment since its approval on Jan 10 by the United States Securities and Exchange Commission (SEC).
Bitcoin ETFs Notch Weekly Inflows
This week, spot Bitcoin ETFs recorded over $400 million in inflows ending the previous streak of outflows. This took the total number of Bitcoin bought to 6,892 BTC while producing 2,250 coins in the same period. This shows a sharp increase in demand for the crypto market leader as stakeholders set sights on bullish macro events.
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Spot #Bitcoin ETFs bought 6,892 #BTC this week, while miners only produced 2,250 BTC
pic.twitter.com/p6AtqJ2US8
— Bitcoin Magazine (@BitcoinMagazine) September 14, 2024
At the start of the week, BTC ETFs netted $28.6 million in inflows increasing the tempo the following day to $117 million with further positive results. On Sept 13, these products recorded $263.2 million inflows, the highest number since July 22. The change in fortunes for the asset leader has rippled through the industry leading to an uptick in the market cap.
Fidelity’s FBTC saw $102 million in inflows on Sept leading the pack among Bitcoin ETFs while ArkInvest also recorded positive inflows. However, BlackRock’s IBIT showed no total inflows after starting the week in the red zone. After these products turned green following two weeks of net outflows, Matt Hougan, Bitwise CIO backed these funds pointing to massive institutional adoption amid recent talks of reduced optimism.
Institutional Adoption Behind Price Recovery
This year, Bitcoin ETFs pushed the crypto industry to new highs as traditional investors poured in funds. As expected, the wider market saw gains leading several assets to hit new all-time highs off Bitcoin’s momentum. Bitcoin’s price soared above $73,000 in Q1 2024 but has faced significant corrections below the $60,000 mark.
Outflows from the previous week saw the price of the asset slump below $55,000 leaving a negative impact on the wider market. However, renewed institutional demand saw the price regain $60k before sliding below the resistance. At press time, Bitcoin price stands at $59,819 making a slight decline in the last 24 hours. Popular analyst Van de Poppe wrote on X that Bitcoin price could break out and continue above the $60k mark.
A major factor for the uphill movement in the asset is falling inflation in the United States and a projected cut in policy rates. This is expected to push inflows to risky assets with crypto as a huge beneficiary. Furthermore, MicroStrategy’s recent 18,300 BTC purchase worth approximately $1.1 billion points to heightened institutional demand for the asset.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: 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.
- Aave reached a five month high above $143 with a 14% spike.
- Bitcoin broke to above $61,800, with price gaining 4% amid fresh crypto resilience.
Aave continued to outperform peers on August 21 with a sharp ascend to its highest level in five months. Meanwhile, Bitcoin price broke above $61,800 with a 4% surge in 24 hours.
AAVE spikes 14% to hit 5-month high
Decentralised finance (DeFi) protocol Aave (AAVE) was among the top gainers on Wednesday after surging more than 14% to hit highs of $143. Aave’s native utility and governance token reached the level amid huge whale activity in the past few days.
There was also positive news for Aave after the DeFi project’s Aave V3 deployed on ZKsync Era Mainnet.
Aave V3 is debuting on Era Mainnet, powered by @zksync, unlocking unprecedented scalability, privacy, and security while expanding the DeFi user base and new institutional use cases. pic.twitter.com/blNlUjsalX
— Aave Labs (@aave) August 21, 2024
AAVE price forecast
Rising to above $143, Aave’s price moved to its highest level since March 2024. This is the period when Bitcoin rode the halving mania and spot BTC exchange-traded funds to reach its all-time high.
AAVE’s push to current levels means the altcoin could eye fresh gains to the $177-$200 price area. However, the spike in AAVE price has also seen a sell signal flash on the daily chart.
Crypto analyst Ali Martinez shared this price outlook for AAVE earlier in the day.
The last four times the TD Sequential flashed a sell signal on the #AAVE daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential drop for $AAVE. pic.twitter.com/12yZwLT5tp
— Ali (@ali_charts) August 21, 2024
Bitcoin bulls target breakout above $60k
While Bitcoin has struggled for momentum since the brutal sell-off in early August, bulls have remained largely undeterred. Buyers have shown great resolve in their quest to rally above the $60k.
In the past 24 hours, the benchmark crypto has climbed to above this crucial level and currently looks set to extend the slight advantage.
BTC has reached an intraday high above $61,838 on top crypto exchange Bitstamp.
BTC chart
The gains have the BTC/USD pair touch the 50-day simple moving average, accentuating the formation of an ascending triangle pattern. In technical analysts, the ascending triangle is seen as a bullish chart pattern where the resistance level follows a horizontal line.
Meanwhile, swing lows follow a rising trendline that forms a narrowing triangle as price looks to resolve on the upside.
Bitcoin’s daily chart suggests this is the case for BTC since the dip to lows of $49,577 on August 5. Notably, the 50-day SMA currently acts as a robust hurdle. If bulls decisively break higher, price could target the key supply wall around $68,255.
However, should weakness resurface, the primary support area could be around $58,266 and then $55,800.
Bitcoin price crashed more than 6% to trade to near $62k on Thursday as August began on a painful footing for cryptocurrencies and stocks.
On August 1, the global cryptocurrency market cap fell to $2.3 trillion amid an overall 5.7% dump. BTC fell to lows of $62,300 across major crypto exchanges. The declines also hit Ethereum, which traded to lows of $3k and Solana that retreated sharply to touch $160.
XRP, Dogecoin and Pepe also experienced sharp declines.
Why did Bitcoin, crypto prices fall today?
Losses across the crypto market came as the stock market nosedived, with the Dow Jones Industrial Average shedding more than 600 points and the S&P 500 falling 1.5%. According to CNBC, the bloodbath across stocks follows fresh investor jitters around possible economic contraction on weak data released on Thursday.
Markets’ reaction also follows Wednesday’s Federal Reserve FOMC meeting, although analysts say the market has fully priced in a September cut.
Commenting on the overall outlook ahead of the sharp sell-off, analysts at Singapore-based firm QCP Capital noted:
“Crypto experienced a broad sell-off overnight and into this morning. The market remains on edge as traders pay close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and US government.”
According to QCP, the long term picture remains bullish for Bitcoin. Key catalysts could be the upcoming US election and direction of the quest for a sovereign Bitcoin reserve for the US.
“The establishment of a U.S. or sovereign “put” on BTC prices may have significant implications, potentially making accumulation on dips a strategic investment approach,” QCP Capital added in the note posted on Telegram.
BTC traded around $63,007 at 2:40 pm ET on Thursday, up from intraday lows.
Bitcoin, Ethereum, Dogecoin Retrace On Fears Of $240M Sale By US Government: King Crypto Should Reclaim $62K … Benzinga
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The top crypto prices today witnessed a rebound as the Bitcoin (BTC) price extended above the $62,000 mark. Moreover, the Ethereum (ETH) gained notably and sustained the $2,900 level. In addition, other top altcoins, such as Solana (SOL), XRP, Cardano (ADA) also noted a significant uptick.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price dropped 0.24% reaching $60,913.20 at the time of writing on Monday, May 13. On the other hand, it’s trading volume soared 27.61% to $16.75 billion in the last 24 hours. Whilst, the crypto’s market capitalization stood at $1.20 trillion.
2. Ethereum Price
The Ethereum price slipped 1.29% to $2,887.12 at press time with a market valuation of $346.80 billion. Whilst, ETH saw its trading volume surged 27.08%, reaching $7.93 billion.
3. Solana Price
The Solana price plunged lower than the $140 level today. The Solana price lost 5.33%, settling at $138.97. In contrast, SOL witnessed a 33.58% gain in trade volume to $1.36 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price dipped below the $0.50 mark amid the bearish downturn. The XRP price recorded a dip of 2.97%, reaching $0.4926. On the other hand, XRP’s trading volume spiked by 51.14% to $608.99 million.
5. Cardano Price
Meanwhile, the Cardano crypto price tumbled 3.15% to $0.4272 today. Whilst, ADA recorded a hike of 15.34% in its 24-hour trading volume, settling at $202.22 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price lost 4.50% to $0.1357 while its rival, Shiba Inu price plunged 3.17% and traded at $0.00002178.
Also Read: Bitcoin ETF Clock $116M Weekly Inflow Despite Recent Setback; What To Expect?
Top Crypto Gainers Today
- Core (CORE): The Core price rose 1.69% to $1.65.
- UNUS SED LEO (LEO): The LEO crypto was up 0.04% and traded at $5.95.
- Due to the ongoing bearish trend, there were no other gainers today.
Top Crypto Losers Today
- Immutable (IMX): The IMX price lost 9.26%% to $2.05.
- Bittensor (TAO): The Bittensor price dipped 8.71% to $347.09.
- Wormhole (W): The Wormhole crypto price was down 8.40% to $0.5477.
- Pendle (PENDLE): The PENDLE price slipped 8.05% to $4.03.
Dogwifhat (WIF), Akash Network (AKT), Arweave (AR), and Fetch.ai (FET) also made it to the top crypto losers list today.
Also Read: Low Supply Tokens to Buy This Month
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.
Bitcoin Bounces Back Above $62K, Ethereum, Dogecoin Also Surge: What’s Driving Crypto Market Higher? Benzinga
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The top crypto prices today continued declining as the Bitcoin (BTC) price slumped below the $63,000 level. Whilst, the Ethereum (ETH) price struggled to sustain the $3,200 mark. Moreover, other top altcoins, such as Solana (SOL), XRP and Cardano (ADA) also lost notable value.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price was down by 2.11% reaching $62,493.78 at the time of writing on Monday, April 29. On the other hand, it’s trading volume rose 7.55% to $18.83 billion in the last 24 hours. Whilst, the crypto boasted a market capitalization of $1.23 trillion.
2. Ethereum Price
The Ethereum price dipped 3.18% to $3,197.19 at press time with a market valuation of $390.21 billion. Whilst, ETH saw its trading volume gain 7.08%, reaching $12.51 billion.
3. Solana Price
The Solana price extended below the $130 mark today. The Solana price crashed 4.60%, settling at $136.68. In addition, SOL witnessed a 27.51% plunge in trade volume to $2.61 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price fell lower than the $0.52 level. The XRP price recorded a plunge of 1.95%, reaching $0.5188. On the other hand, XRP’s trading volume plummeted 11.18% to $1.13 billion.
5. Cardano Price
Meanwhile, the Cardano crypto price lost 3.42% to $0.4598 today. Whilst, ADA recorded an decline of 3.07% in its 24-hour trading volume, settling at $342.03 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price was down by 0.43% to $0.1457 while its rival, Shiba Inu price dropped by 0.44% and traded at $0.00002484.
Also Read: 3 Crypto To Sell To Avoid Losses In The Bull Run
Top Crypto Gainers Today
- Helium (HNT): The Helium crypto surged 14.38% and traded at $5.19.
- Kaspa (KAS): Kaspa rallied 5.67% to $0.116.
- Arweave (AR): The AR crypto price was up 2.10% and was valued at $36.28.
- Lido Dao (LDO): The Lido Dao crypto price rose 1.79% to $2.14.
Top Crypto Losers Today
- Core (CORE): The Core price plummeted 6.74% to $2.13.
- Celestia (TIA): The Celestia price plunged 5.96% to $9.77.
- Worldcoin (WLD): The WLD crypto witnessed a dip of 5.73% to $4.63.
- Bonk (BONK): The Bonk crypto slumped 5.72% to $0.00002445.
Only seven other cryptocurrencies made it to the top crypto gainers list today due to the overall bearish trend in the market.
Also Read: BONK Price : What Is Happening With BONK?
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.
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