Crypto analyst Justin Bennett has predicted that the Bitcoin price could retrace to $63,000 following the recent market rally. This prediction comes as the flagship crypto targets a new all-time high (ATH) following a weekly high of around $69,000, its highest level since late July.
Why Bitcoin Price Could Retrace $63,000
Bennett stated in an X post that he wouldn’t be surprised to see BTC wipe out this week’s leveraged buyers with the restest of the month open at around $63,000. He made this statement while highlighting a potential rising wedge developing alongside a bearish divergence. His accompanying chart showed that BTC could drop to around $63,276.
The analyst also noted that this week’s Bitcoin price rally was primarily driven by the perpetual market, which he claimed is not “conducive” for a sustainable breakout, especially with the open interest (OI) near its late July highs.
Crypto analyst CrediBULL Crypto also warned about the spike in open interest and suggested that a price correction was imminent. He noted that the OI has officially surpassed the level it was at before the last BTC price drop from $70,ooo to $49,000.
Like Bennett, CredibBULL Crypto had earlier in the week warned that a price correction was imminent based on his claims that the derivatives market is what is driving the recent market rally. The analyst suggested there could still be a Bitcoin price crash to $50,000 before it surpasses its current ATH of $73,000.
However, amid these bearish predictions, market experts have provided a bullish outlook for BTC. As to short-term targets, Bitwise CIO Matt Hougan predicted that BTC could reach a new ATH before the US election. Standard Chartered also predicted that the flagship crypto will surpass $73,000 before the November 5 US presidential elections.
The Bull Run Is About To Kick Into Full Gear
Crypto analyst CryptoCon indicated in a recent X post that the Bitcoin bull is about to kick into full gear. The analyst also suggested that the Bitcoin price will unlikely retrace to as low as $40,000 again, as some might expect. He also explained that the bull run means new ATHs and a “year of great price action for all crypto.”
CryptoCon is confident that the Bitcoin bull run is almost here because of the Price Oscillator, which he said confirms that BTC has completed all of the local highs of the mid-cycle. In line with this, he reaffirmed that up next is the bull market and the “first and final cycle tops.” His accompanying chart showed that the BTC price could reach a market top of $120,000 sometime next year.
Real Vision’s Chief crypto analyst Jamie Coutts predicted that the Bitcoin price could reach $110,000 between April 2025 and July 2025. He claimed this will happen as the global money supply rises to $500 trillion.
Matt Hougan is also confident that the BTC price will reach six figures. He cited factors like the US election, Spot Bitcoin ETFs, rate cuts, and increased demand for the flagship crypto among whales as what will drive this price surge.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
Bitcoin, Ethereum, Dogecoin Drop Again, Continue Defying ‘Uptober’ Sentiments: Watch This Key Level For A Rebound To $63K, Says Analyst Benzinga
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A recent dump by a Bitcoin whale has caught the eyes of investors, especially as the BTC price soared more than 6% today. A report showed that the large holder dumped 1.03K BTC, worth around $64.3 million, to Binance, fueling speculations over the potential reason behind the selloff. In addition, the whale has also previously made similar large BTC transactions, which have also sparked discussions over further selloff in the market.
Bitcoin Whale Sells Over $64M In BTC
The latest dump by the Bitcoin whale caught attention as it came during a BTC rally to $63,000. Notably, according to a leading on-chain transaction tracker, Lookonchain, the large holder dumped 1,030 BTC, worth around $64.27 million, to break even. In other words, the whale has capitalized on the recent price surge of the crypto, a strategy often used by investors.
However, the report also showed that the whale is not new to these types of large transfers. The large holder has withdrawn 5,404 BTC, valued at around $352.97 million, from the top crypto exchange Binance between March and May. Notably, the value of the crypto during the withdrawals was $65,318.
Meanwhile, since May, the whale has offloaded 4,856 BTC at an average price of $65,459, worth about $317.87 million. Having said that, the recent Bitcoin selloff has reignited speculations over the potential strategy of the whale behind the move and its impact on the broader market movements.
For context, a flurry of traders use similar selloffs as opportunities for booking profits when the prices rise. Considering that, the latest move has sparked concerns if more whales or large holders will follow a similar strategy amid the recent rally. The concerns are soaring that if others follow suit, the flagship crypt could face increased selling pressure going forward.
What’s Next For BTC Price?
Historically, the BTC price tends to witness gloomy trading, but this year appears to be different. For context, BTC has added nearly 8% through September at its current price, indicating a growing confidence of the traders towards the crypto.
The recent selloff by the Bitcoin whale also appears to have failed to impact the broader market sentiment, as evidenced by the recent performance. During writing, BTC price was up 6% and traded at $63,604.31, with its trading volume soaring more than 73% to $53.01 billion.
Simultaneously, BTC Futures Open Interest jumped 10% to $34.83 billion, indicating a surge in the risk-bet appetite of the traders. Meanwhile, the rally comes after the US Fed announced a 50 bps rate cut at the latest FOMC meeting, bolstering traders’ sentiment.
Meanwhile, a Bitcoin price prediction hints that the flagship crypto could end the ongoing month hitting a high of $72,604, amid the positive market trends. In addition, the prediction also suggests that the flagship crypto could rally to a new ATH of nearly $86K in an “Uptober” rally.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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.
- Bitcoin has broken past $62K post-Fed rate cut; next resistance at $63K.
- Ethereum and Solana have also surged, reflecting a broader crypto market rally.
- Caution remains due to economic uncertainties and potential regulatory issues.
Bitcoin (BTC) price has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.
The move by the Fed, aimed at bolstering economic growth and mitigating recession risks, has ignited a rally across digital assets. The monetary policy adjustment has not only energized Bitcoin but also lifted a broad range of altcoins and risk assets.
Next Bitcoin (BTC) price resistance level at $63k
Currently trading around $62,096, Bitcoin’s price has demonstrated a solid 24-hour gain of 2.29% and a more impressive 7-day increase of 6.20%.
Most notably, the price breach above the $62,000 mark represents a crucial psychological milestone for Bitcoin, following a period of consolidation near $60,000.
Technical analysis highlights that Bitcoin’s next significant resistance level is positioned at $63,000, with the potential for further gains if this barrier is surpassed. The upper boundary of Bitcoin’s Bollinger Bands indicates heightened volatility, suggesting that while a short-term profit-taking phase may occur, the overall trend remains strongly bullish.
Support is firmly established at around $60,100, acting as a critical floor that has been repeatedly tested and held firm.
Investor sentiment towards Bitcoin is largely positive, with increased trading volumes reflecting growing institutional interest.
As Bitcoin’s (BTC) price continues to climb, it benefits from a broader narrative of cryptocurrencies serving as a hedge against traditional market volatility and inflation fears, which have been exacerbated by the Fed’s dovish stance.
Ethereum and Solana lead as altcoins mirror Bitcoin’s surge
The rate cut by the US Federal Reserve has not only impacted Bitcoin price but has also spurred a broader rally in the cryptocurrency market, lifting major altcoins alongside Bitcoin (BTC).
Ethereum (ETH), for instance, has surged past $2,400, marking a 24-hour increase of 4.94% and a 7-day rise of 2.97%. Ethereum’s price reached $2,430 before settling slightly, mirroring Bitcoin’s bullish trend. Technical indicators show Ethereum facing immediate resistance at $2,430, with potential for further gains if it breaks above this level.
Solana (SOL) has also seen significant price movements, surging by 6.03% to reach $138.65. This gain underscores renewed confidence in Solana’s ecosystem and its applications in decentralized finance (DeFi) and NFTs.
Other altcoins, such as Ripple (XRP) and Shiba Inu (SHIB), have also experienced notable increases, with XRP rising by 1.20% to $0.59 and SHIB climbing 7.85% to $0.00001427.
Analysts remain cautious
Despite the overall positive sentiment, market participants remain cautious. Mixed reactions and concerns about the sustainability of the rally are prevalent. Analysts suggest that while the rate cut has provided a significant short-term boost, the broader economic uncertainties and potential regulatory challenges could impact future performance.
In particular, Presto Research notes that the market remains divided, highlighting the need for relief from growth concerns to maintain upward momentum.
Amid the mixed market outlook, the coming months will be critical in determining whether the current Bitcoin (BTC) price rally can sustain momentum and push digital assets to new highs.
Early today, a significant market move caught the attention of the crypto community. A Bitcoin whale or institution offloaded $114 million worth of BTC to Binance. Moreover, this transaction rattled the entire market, pushing Bitcoin price lower than $63,000. In addition, fears of another selloff mounted.
Bitcoin Entity Offloads Massive BTC Stash
According to Arkham Intelligence data, at 1:40 UTC+8, a whale or institution transferred 1,800 BTC, valued at $114 million, to Binance. Furthermore, this transfer caused the Bitcoin price to drop from $63,800 to $62,900. In addition, this entity has been active in the market recently.
Previously, it had withdrawn 6,725 BTC, equivalent to $437 million, from Binance and OKX. However, over the past five days, it transferred 3,481 BTC worth a whopping $217 million back to Binance at an average price of $62,300. Currently, the whale or institution still holds 7,867 BTC, worth approximately $494 million.
If the price of BTC rebounds again, the entity might capitalize on the recovered price just like it did today. This could lead to heightened volatility in the market. Moreover, other market participants are also divesting their Bitcoin holdings, raising concerns of a further price drop.
In the last 72 hours, Bitcoin miners have also been selling. They offloaded over 2,300 BTC, valued at approximately $145 million. Furthermore, this increased selling pressure has also contributed to the recent price decline. This selloff is noted as a strategy to limit losses after the fourth Halving event that curtailed block rewards from 6.25 BTC to 3.125 BTC.
Additionally, the German government has been liquidating its Bitcoin holdings. On Monday, July 1, it moved over 1,500 BTC. Out of this, 400 BTC worth over $25 million was sent to exchanges like Coinbase, Kraken, and Bitstamp. Since June, the total BTC selloff by the German government has reached over 2,700 BTC.
These events have led to heightened market activity and volatility. The cumulative effect of whale movements, miner sell-offs, and government liquidations has intensified the downward pressure on Bitcoin price. Moreover, last month, the U.S. government also sold a whopping 4,000 BTC with speculations of another selloff impending.
Also Read: Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues
What’s Next For BTC Price?
CryptoQuant CEO Ki Young Ju commented on the current market situation. He termed the current Bitcoin trend as “boring” but also branded it as an “opportunity” to enter the market. In a post on X, he wrote, “Bitcoin market is boring with less volatility. Less interest from both buyers and sellers. Retail exit liquidity not ready. Ideal time for whales to accumulate $BTC. We’re still in a bull cycle. Boring is an opportunity.”
Ki Young Ju’s observations suggest that the market’s current lack of volatility could be a strategic accumulation period for whales. However, despite the recent sell-offs, he believes the bull cycle is still intact. Furthermore, crypto analyst Ali Martinez provided additional insights.
He noted, “Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month.” Hence, Martinez’s historical analysis implies that despite June’s downturn, BTC could see significant gains in July.
The recent actions by large holders, miners, and governments have created a complex market environment. The whale’s transfer of 1,800 BTC to Binance, along with the significant miner and government sell-offs, has increased selling pressure and volatility.
At press time, the Bitcoin price was down by 0.73% to $62,837.79 on Tuesday, July 2. Whilst, the crypto boasted a humongous market valuation of $1.23 trillion. However, the 24-hour trade volume for Bitcoin clocked a whopping $21.75 billion, potentially due to the huge selloffs.
Also Read: Breaking: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes
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.
Assessing Cardano’s future as Bitcoin’s $63k support holds firm AMBCrypto News
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The top crypto prices today rebounded significantly as the Bitcoin (BTC) price neared the $63,000 level. Furthermore, the Ethereum (ETH) extended above the $3,100 mark amid the market recovery. In addition, other top altcoins, such as Solana (SOL) and Cardano (ADA) registered gains while XRP defied the market trend.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price surged 2.31% reaching $62,920.80 at the time of writing on Friday, May 10. On the other hand, it’s trading volume gained 0.40% to $25.22 billion in the last 24 hours. Whilst, the crypto’s market capitalization stood at $1.23 trillion.
2. Ethereum Price
The Ethereum price was up 1.08% to $3,027.29 at press time with a market valuation of $363.45 billion. Whilst, ETH saw its trading volume fall 2.15%, reaching $11.01 billion.
3. Solana Price
The Solana price extended higher than the $150 level today. The Solana price rallied 6.29%, settling at $152.96. In contrast, SOL witnessed a 1.20% drop in trade volume to $2.32 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price recorded a slight decline and fell below the $0.52 mark. The XRP price recorded a dip of 0.48%, reaching $0.5184. On the other hand, XRP’s trading volume slumped by 5% to $972.09 million.
5. Cardano Price
Meanwhile, the Cardano crypto price gained 0.99% to $0.4647 today. Whilst, ADA recorded a plunge of 42.49% in its 24-hour trading volume, settling at $299.02 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price soared 2.87% to $0.1514 while its rival, Shiba Inu price rallied 2.17% and traded at $0.00002337.
Also Read: Top 3 Crypto Presales Likely To Outperform Bitcoin In 2024
Top Crypto Gainers Today
- Aakash Network (AKT): The AKT price rose 16.35% to $5.68.
- The Graph (GRT): The GRT crypto surged 12.97% and traded at $0.304.
- Toncoin (TON): The TON crypto surged 11.58% and traded at $6.58.
- Dogwifhat (WIF): The WIF crypto price rose 11.17% to $3.21.
Top Crypto Losers Today
- Cosmos (ATOM): The Cosmos price lost 1.75%% to $9.09.
- Monero (XMR): The Monero price was down 1.34% to $132.03.
- Bitget Token (BGB): The Bitget Token price dipped 0.71% to $1.11.
- Binance Coin (BNB): The BNB price slipped 0.25% to $594.04.
Fantom (FTM), Worldcoin (WLD), and Helium (HNT) also made it to the top crypto gainers list today.
Also Read: 5 Signs to Look for When the Bull Run is Over
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 Maintains $63K, Dogecoin’s Rise Continues With Another 6% Surge (Weekend Watch) CryptoPotato
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The top crypto prices today extended the rebound frenzy as the Bitcoin (BTC) price surged past the $63,000 level. In addition, the Ethereum (ETH) price mirrored the sentiment and sustained above the $3,100 mark. Moreover, other top altcoins, such as Solana (SOL), XRP, Cardano (ADA) also gained notably.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price surged by 4% reaching $59,539.94 at the time of writing on Friday, May 3. On the other hand, it’s trading volume plummeted 39.14% to $30.11 billion in the last 24 hours. Whilst, the crypto’s market capitalization soared to $1.17 trillion.
2. Ethereum Price
The Ethereum price gained 3.07% to $3,001.36 at press time with a market valuation of $360.38 billion. Whilst, ETH saw its trading volume plunge 38.14%, reaching $12.47 billion.
3. Solana Price
The Solana price recovered significantly and approached the the $140 mark today. The Solana price rallied 8.33%, settling at $139.84. In contrast, SOL witnessed a 20.36% drop in trade volume to $3.31 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price traded above the $0.52 level. The XRP price recorded a gain of 1.7m81%, reaching $0.5209. On the other hand, XRP’s trading volume slumped 43.68% to $1 billion.
5. Cardano Price
Meanwhile, the Cardano crypto price was up 2.82% to $0.4566 today. Whilst, ADA recorded a decline of 37.77% in its 24-hour trading volume, settling at $331.69 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price surged 7.35% to $0.1336 while its rival, Shiba Inu price was rallied 6.37% and traded at $0.00002315.
Also Read: Jack Dorsey’s Block Boosts Its Bitcoin Bet With 10% Gain Reinvestment
Top Crypto Gainers Today
- Nervos Network (CKB): The CKB crypto surged 18.70% and traded at $0.01872.
- Dogwifhat (WIF): The Dogwifhat meme crypto price rallied 17.62% to $3.31.
- Floki (FLOKI): The Floki crypto price was soared 17.11% and was valued at $0.0001957.
- Stacks (STX): The STZ crypto price rose 13.98% to $2.39.
Top Crypto Losers Today
- Helium (HNT): The Helium price lost 2.50%% to $5.37.
- Sui (SUI): The Sui price dipped 2.10% to $1.10.
- Ondo (ONDO): The Ondo crypto dropped 0.78% to $0.8199.
- Polkadot (DOT): The DOT price was down 0.39% to $7.18.
The recent rebound in the Bitcoin price could be largely attributed to the resurgence of ETF inflows. On Friday, May 3, the Spot Bitcoin ETFs recorded a massive influx of $378 million. Moreover, the Grayscale Bitcoin Trust (GBTC) witnessed the first day of positive flow with $63 million net inflow.
Also Read: Tether Implements Chainalysis Surveillance to Tackle Illicit Crypto Activities
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.
The top crypto prices today experienced volatility as the Bitcoin (BTC) price reminded above the $63,000 level. In contrast, the Ethereum (ETH) price distanced from the $3,200 mark. Moreover, other top altcoins, such as Solana (SOL) dipped, XRP gained while Cardano (ADA) registered a sideways action.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price was up by 1.48% reaching $63,419.72 at the time of writing on Tuesday, April 30. On the other hand, it’s trading volume spiked 42.11% to $26.78 billion in the last 24 hours. Whilst, the crypto boasted a market capitalization of $1.24 trillion.
2. Ethereum Price
The Ethereum price dipped 0.83% to $3,173.09 at press time with a market valuation of $387.26 billion. Whilst, ETH saw its trading volume surge 10.90%, reaching $13.89 billion.
3. Solana Price
The Solana price continued trading below the $140 mark today. The Solana price lost 0.28%, settling at $135.72. In contrast, SOL witnessed a 20.11% gain in trade volume to $2.45 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price surpassed the $0.51 level amid the rebound spree. The XRP price recorded a gain of 1.62%, reaching $0.5161. On the other hand, XRP’s trading volume surged 55.79% to $1.10 billion.
5. Cardano Price
Meanwhile, the Cardano crypto price was up by 0.07% to $0.4554 today. Whilst, ADA recorded a hike of 10.59% in its 24-hour trading volume, settling at $297.09 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price was down by 1.24% to $0.1428 while its rival, Shiba Inu price gained 0.14% and traded at $0.00002397.
Also Read: Bitcoin Price Forecast: Is The BTC Post-Halving Bottom Beckoning, Teasing $100K?
Top Crypto Gainers Today
- Helium (HNT): The Helium crypto surged 11.82% and traded at $5.79.
- Wormhole (W): Wormhole rallied 9.40% to $0.6577.
- Ethena (ENA): The Ethena crypto price was up 8.05% and was valued at $0.8881.
- Cronos (CRO): The CRO crypto price rose 4.58% to $0.1345.
Top Crypto Losers Today
- Pendle (PENDLE: The Pendle price plummeted 16.30% to $4.51.
- Maker (MKR): The MKR crypto price plunged 7.69% to $2,787.79.
- Theta Network (THETA): The WLD crypto witnessed a dip of 7.45% to $2.15.
- Bittensor (TAO): The Bonk crypto slumped 6.87% to $391.96.
Worldcoin, Avalanche, and Monero also made it to the top crypto gainers list today.
Also Read: Top 3 Solana Memecoins To Sell This Week
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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