Experts are issuing dire warnings over a potential Bitcoin crash, citing escalating geopolitical tensions and oil prices amid the US-Iran war. Data shows the odds of the ongoing US-Iran conflict extending through May surged to 70%. Leading expert claims the US has already lost the Iran war and there is no exit strategy. US-Iran Conflict
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Major coins traded higher Wednesday evening as the global cryptocurrency market cap rose 0.9% to $941.55 billion at 8:11 p.m. EDT.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2% | 5.1% | $19,482.94 |
| Ethereum ETH/USD | 0.9% | 7.4% | $1,341.98 |
| Dogecoin DOGE/USD | 0.1% | 6% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Helium (HNT) | +8.9% | $5.23 |
| Synthetix (SNX) | +8.65% | $2.46 |
| Kava (KAVA) | +6.3% | $1.6 |
See Also: How To Get Free NFTs
Why It Matters: Bitcoin and Ethereum were seen trading higher after stocks rose on Wednesday. The S&P 500 and Nasdaq closed 2% and 2.05% higher, respectively. U.S. stock futures inched lower and were largely flat at the time of writing.
On Wednesday, The Bank of England said it will begin purchasing long-dated bonds to stabilize U.K. gilt yields.
GlobalBlock analyst Marcus Sotiriou said in a note, seen by Benzinga, that the U.K. central bank is “not helping themselves” by restarting quantitative easing while raising interest rates at the same time.
“There is clearly a lack of confidence in the Bank of England and UK Treasury currently, as the market has demonstrated with volatile currency moves,” said the analyst for the digital asset broker.
“This raises the notion that cryptocurrencies can provide a solution to this mess, a way out of depending on a small selection of individuals to provide economic stability.”
OANDA senior market analyst Edward Moya said, “Bitcoin is higher but still below the $20,000 level as investors quickly pile back into risky assets.”
“If the stock market rally is able to overcome hard landing fears, that should provide a nice backdrop for cryptos. This broad risk-on rally doesn’t seem like it has legs to stand on, but this bounce could last a little longer,” said the analyst.
Meanwhile, the U.S. dollar index rose to 114.68 on Wednesday — a two-decade high. The index is the measure of the greenback’s strength against a basket of currencies.
Cryptocurrency trader Justin Bennett said that the dollar index confirmed a “bearish deviation” on a 10-month level on Wednesday. He said this is bullish for both stocks and cryptocurrencies.
Not only did the $DXY confirm a bearish deviation from a 10-month level today, but it also closed back inside this channel from August.
Bullish for #stocks and #crypto.$BTC $ETH https://t.co/RhWp3CCqoL pic.twitter.com/R9NionXfBb
— Justin Bennett (@JustinBennettFX) September 28, 2022
Michaël van de Poppe said he would like to see Bitcoin see $19,300 hold as support. The cryptocurrency trader said if that was the case the apex coin can test the $20,700 and $22,500 marks.
#Bitcoin price breaks and flips $18.9K.
Continuation, in which the weak $DXY and drop on the yields due to BoE starting QE again, resulting into strength on #Bitcoin.
I’d prefer to see $19.3K hold as support, if that is the case, then we finally can test $20.7K and $22.5K. pic.twitter.com/zLhCz0MKGV
— Michaël van de Poppe (@CryptoMichNL) September 28, 2022
On the Ethereum side, whales have gotten fatter over time. The top 10-non-exchange and top 10-exchange addresses now collectively hold nearly 32 million ETH — double of what was held four years ago.
“The top 10 non-exchange addresses now hold 23.3M $ETH, compared to top 10 exchange addresses holding 8.6M,” said market intelligence platform Santiment on Twitter.
#Ethereum‘s top 10 non-exchange and top 10 exchange addresses collectively hold ~32M $ETH, double what they held 4 years ago. The top 10 non-exchange addresses now hold 23.3M $ETH, compared to top 10 exchange addresses holding 8.6M $ETH. https://t.co/g07qE0iDf5 pic.twitter.com/g9muCwBcNc
— Santiment (@santimentfeed) September 28, 2022
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Apecoin’s APE has gained 18% in a day as cryptos turn up
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Apecoin token rose to almost $28 in April after token airdrop
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Key breakout positions APE to further gains
Apecoin APE/USD debuted with a lot of hype in March this year. Despite the rest of the market subdued, APE rose strongly to test a high of almost $28. The gains happened as investors rushed to secure windfall gains. Apecoin now remains in the trenches as token trades at single digit prices. This thesis finds APE a strong cryptocurrency as bullish indicators emerge.
APE rose by 18% in 24 hours at press time, with gains in the week now at 25%. The gains happen across the sector, but very few coins have staged strong gains as APE. We believe APE’s bullish momentum is starting out after key breakouts happen.
Apecoin blasts past a key resistance as the price turns bullish
Source – TradingView
Technically, APE is bullish. The cryptocurrency blasted a key resistance of $5.1 on Monday, which previously held it back. The MACD indicators also support a bullish view. With the breakout, it confirms a potential lasting bullish momentum. But here are the two potential buy zones.
The first buy zone is the $5.1 resistance-turned-support. As APE surged, it met another resistance at $6.0. That makes the token susceptible to another drop. If that happens, APE will retreat back to $5.1, which is now our reference support. The second buy zone is $6.0. The buy entry will become active if APE manages another breakout. We need to watch the price action for a potential entry. The next resistance levels for APE are $7.2 and $9.0.
Summary
APE coin has breached a key resistance at $5.1. It has hit another resistance at $6.0. Investors should buy on a retracement to $5.1 or another breakout past $6.0.
The post Apecoin returns 18% in a day – How lasting can the gains be? appeared first on CoinJournal.
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