Bitcoin

Bitcoin Prices Approach $65,000 and Hit Lowest Level Since Mid-May

Published

10 months ago

15 June, 2024

SatoshiTimes Staff

Bitcoin remains above $65,000: what prospects will the cryptocurrency have?

Bitcoin prices have fallen to almost $65,000 today. (Photo illustration by Chesnot/Getty Images)

Getty Images

Bitcoin prices retreated today, falling to their lowest level in nearly a month as several factors combined to fuel its latest declines.

The world’s most prominent digital currency fell to $65,005 this afternoon, according to Coinbase data sourced from TradingView. At this point, the cryptocurrency had been trading since at least mid-May.

When asked to explain this latest price development, analysts highlighted several factors, ranging from recent decisions by the Federal Open Market Committee to developments in futures markets.

The Fed’s Potential “Policy Mistake”

The FOMC may have erred earlier this week when it opted to leave the target range for the federal funds rate unchanged and predicted it would cut the rate just once in 2024, according to one market watcher.

“There is a strong emerging narrative of ‘did the Fed make a policy mistake’ as on Wednesday they kept rates at recent highs and postponed projected cuts for the rest of the year, just as several indicators of inflation and economic growth. to light,” Seth Ginns, managing partner and head of net investments at CoinFundstated through comments sent via email.

Independent analyst Armando Aguilar also weighed in on this matter, explaining how this has affected sentiment around bitcoin and the broader digital currency markets.

“The FED leaving rates unchanged at 5.25-5.50% and anticipating fewer rate cuts this year has dampened hopes of BTC rising toward new ATH levels,” he said via email.

“Instead, rising fears of high interest rates have contributed to fewer capital flows into crypto investment products,” Aguilar added.

“Going from three rate cuts to potentially just one, traders have weighed in on expectations about expected rate cuts weighing on assets like cryptocurrencies.”

Impact of the FOMC on real yields

Ginns elaborated on how the Fed’s recent decisions could impact real yields, which are yields adjusted for inflation.

“Bitcoin
Bitcoin
it has a strong inverse correlation with real income”, he emphasized.

“So if the Fed holds rates and inflation is slowing, real yields will rise, which is bad for bitcoin,” Ginns pointed out.

“The Fed has made it very clear that it does not want real yields to rise, so we expect it to become more dovish in public appearances in the coming weeks if we see continued data on weaker inflation.”

Crypto Futures Market

Several analysts have commented on how recent changes in futures positions have affected both bitcoin and crypto markets in general.

“Open interest data on cryptocurrency exchanges shows large accumulation of long positions after ETH
Ethereum
Approval of ETF Spot”, Julio Moreno, head of research at CriptoQuantsaid via Telegram.

However, “a few days ago, prices started to fall due to profit taking, and then an influx of new short positions fueled today’s decline.”

Greg Magadini, Director of Derivatives at Digital Asset Data Provider Amberdataalso offered his opinion on the matter.

“Following the positive ETH ETF sentiment, we saw a large increase in crypto futures open interest, but since then the macro environment has become more aggressive due to strong employment and the recent FOMC rate decision and press conference” , he said in an email.

“The market is now only looking for a rate cut in 2024. This, combined with the realization that recent Bitcoin ETF inflows may be due to ‘basis trading’ rather than direct Bitcoin investments, we are seeing headwinds for higher prices,” said Magadini.

He elaborated, indicating via Telegram that “the macro environment has turned aggressive and people who bought futures on the SEC ETF decision are now stuck as sellers.”

“Furthermore, inflows into the BTC ETF are not as directly bullish as initially assumed, since it appears that many of these inflows are paired with short CME futures,” Magadini added.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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