The world’s largest cryptocurrency Bitcoin (BTC) has continued to show sideways movement as the price consolidates around $51,000. BTC registered its first negative weekly closing in around four weeks as the Bitcoin price started a rally towards $52,000 in late January. At press time, BTC is trading 0.14% down at a price of $51,500 with a market cap of $1,011 billion.
Key Bitcoin (BTC) Price Range to Watch
While everyone is eagerly awaiting a rally in March ahead of the Bitcoin halving event, JPMorgan believes that the rally is already priced in.
Popular crypto analyst Ali Martinez reports that the Bitcoin price is trading between two significant supply zones that could determine its short-term trajectory. The first supply zone, serving as a critical support level, ranges from $50,000 to $51,570, where approximately 1.3 million addresses hold a total of 670,220 BTC.
Conversely, the second zone, acting as a formidable resistance barrier, spans from $51,640 to $53,200, with 752,600 addresses collectively holding 351,600 BTC. However, citing data from Coinglass, Martinez also noted that “$76.38 million will be liquidated across the board if Bitcoin price jumps to $52,250!”
Analysts suggest that a decisive break above the resistance zone could pave the way for a bullish upswing toward $57,130. Conversely, failure to hold above the support zone may signal a corrective movement towards $47,700.
BTC Price Drop to $40,000 Not Ruled Out
Some market analysts have also asked investors to be cautious at this stage noting that Bitcoin price upside looks limited from here onwards. Crypto analyst Michael van de Poppe expressed uncertainty regarding the possibility of an imminent correction in Bitcoin’s price.
He anticipates that the current rally could reach its peak within the $54,000 to $58,000 range. Following this peak, he predicts a significant correction to the $40,000 to $42,000 range, likely occurring after the halving event.
Furthermore, many market analysts are expecting a major correction on Wall Street this year. Last week, Bitcoin maximalist Max Keiser stated that a 1987-like correction is likely on Wall Street. Historically, Bitcoin price and the crypto market have crashed every time there’s been a major correction on Wall Street. However, Max Keiser believes that Bitcoin will prove to be a risk-off asset this time.
This is a common misperception; #Bitcoin is a risk-off asset and the greatest safe haven asset available. https://t.co/dqltY7eGzq
— Max Keiser (@maxkeiser) February 25, 2024
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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- A US federal judge ruled last week that Ripple is a security when sold to institutional investors
- Ripple’s price jumped by more than 30%
- Only a close above parity would invalidate the bearish bias
Ripple squeezed higher last week following a landmark decision from a federal judge ruling that it is a security when sold to institutional investors. If crypto is a security or not has been the subject of many debates lately.
The ruling is a major victory for Ripple, even though the same judge ruled that Ripple is not a security when sold to retail investors. Nevertheless, Ripple’s price bounced from its long-term consolidation area, up over 30% in one single day.
For technical traders, the question is whether the higher spike is enough to break the bearish trend. As it turns out, bulls will have to push some more for Ripple’s bearish trend to end.
Ripple should trade above parity with the US dollar for the bearish bias to end
Despite the spike higher, Ripple’s price remains under pressure unless it manages to climb above parity with the US dollar.
In other words, it remains sensitive to US dollar news, and any dollar strength should result in Ripple giving up more of its recent games.
However, it would all change if the market climbs above parity. This area has provided resistance since the start of 2022 and still does – after all, it contained the price action following last week’s news.
The good part for bulls is that breakout came at the end of a bullish triangle. The said triangle acted as a reversal pattern, and triangles like these usually appear at the end of bearish trends.
All in all, the bias remains bearish unless more strength leads to Ripple trading above parity. Until then, look for US dollar news to drive the price action.
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Bitcoin staged a powerful rally to start off 2021, punctuated by tweets from the billionaire Tesla founder Elon Musk that sent prices soaring for the joke token dogecoin. Soon, though, China’s crackdown on cryptocurrency mining and increasingly nagging concerns over the Bitcoin blockchain’s environmental footprint cast a pall over the market. Instead, crypto traders aped into all sorts of bets on NFTs, video game-linked tokens like Axie Infinity’s AXS and up-and-coming blockchains like Solana and Terra. (Were they fads or a technological revolution?) El Salvador adopted bitcoin as legal tender, and the largest cryptocurrency eventually hit a new all-time high around $69,000. But by the end of the year it was clear bullish traders wouldn’t realize the (widely predicted) dream of a $100,000 print.
- Stripe co-founder John Collison says it’s possible the payments firm could add cryptocurrency as a payment option
- It’s been three years since the company halted bitcoin payments
- Collison points out developments in the digital space like Layer 2 protocols as a key to solving one of the main bottlenecks of crypto payments
Stripe, an online payments giant that has seen massive growth in the past few years, stopped accepting crypto payments in 2018 when it ended support for the world’s largest crypto by market cap Bitcoin.
The firm has since not revealed any plans to accept cryptocurrency payments.
However, there’s no ruling out that a u-turn on crypto won’t happen, according to co-founder John Collison.
Not yet, but it can happen
On Tuesday, Collison told CNBC at the Fintech Abu Dhabi event in the UAE that the company may not be ready to support digital asset payments. However, that did not mean that it could look at accepting them in the future.
He opined that it wouldn’t be “implausible” for the San Francisco, US, and Dublin, Ireland-based financial services provider to embrace crypto.
He also said that they (at Stripe) don’t look at crypto in terms of its use as a speculative investment instrument, adding that the idea is “not that relevant to what [they] do at Stripe.”
Improved scaling and reduced transaction costs
When it ended its support for BTC payments, Stripe pointed out the issues of wild volatility and the inefficiency that characterised the coin’s use as a currency. Crypto prices fluctuate sharply throughout the day, with declines or upsides triggered by a myriad of factors.
While the burgeoning industry still faces a few teething problems, especially on the regulatory front, Collison says on-chain developments across several platforms continue to make it better. And chief among these “solutions” have been improvements made towards network scalability and reduction of transaction costs, he added.
According to the Stripe exec, innovations such as Lightning Network and the emergence of highly scalable networks such as Solana (SOL), are just part of what could make use of crypto for payments grow across industries. The benefits of these developments, he explained, are faster, cheaper transactions.
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