Bitcoin

BTC Sees $350 Million Bids as Price Drops, What’s Next?

Published

9 months ago

9 May, 2024

BTC Sees $350 Million Bids as Price Drops, What’s Next?

Bitcoin (BTC) has been under the microscope with several analysts providing insights into its current status and possible future moves. Furthermore, crypto analysts predicted a further correction. Although market traders have made bids worth more than 350 million dollars for a BTC Price less than $61,000.

Bitcoin sees substantial bids on the downside

In a post on X, Daan Crypto Trader, a notable figure in the crypto space, noted significant bids in the $59,000 to $60,000 range. These offers totaled US$350 million. He commented: “Some big bids appeared between $59 and 60 thousand. This makes sense in terms of price level as it is also the lowest range.”

Furthermore, he expressed curiosity about how the liquidity factor will behave if the Bitcoin price drops to that level. These offers indicate buying interest in this range, therefore, they can potentially lead to greater stability or even upward momentum in its price. If there is sustained buying interest at these levels, it could bolster confidence among investors.

However, the analyst noted that these offers can be canceled at any time, making it difficult to leverage Bitcoin’s liquidity. Meanwhile, Michaël van de Poppe, another crypto analyst, emphasized the importance of BTC maintaining its current position. He stated: “#Bitcoin is at an all-time low. This is technically the area where you would prefer it to hold, so the upward momentum continues and the range holds.”

Furthermore, he highlighted that if the price of Bitcoin declines, a potential correction could be seen in the $52,000 to $55,000 range. Echoing a similar sentiment, analyst Caleb Franzen noted a potential retest of support levels. He mentioned: “Bitcoin has been rejected at the H4 200 moving average cloud. It looks like another retest is coming.”

He added: “Yesterday I said that a decline in the May 1st AVWAP range was likely and that is exactly where the price fell last night. The range is $60,140 to $60,800.” Furthermore, in another post, he issued a warning against the Bitcoin price falling below $59,000 again, which could lead to an even greater drop.

Additionally, Bitcoin has seen massive long liquidations, potentially accelerating the recent decline. According to Currency Currency data, BTC long liquidations accounted for $24.80 million, increasing selling pressure. On the other hand, short sellers led to a liquidation of $9.14 million.

Read too: Bitwise Bitcoin ETF (BITB) Outperforms Others with $11 Million Inflows, What’s Next?

Forbes report highlights bullish projection

Despite the observations mentioned above, an optimistic outlook on Bitcoin has emerged from a Forbes report. The report highlighted BTC’s price increase of nearly 50% year-to-date and the potential for further growth. The report cited comments from Geoff Kendrick, head of foreign exchange and crypto research at Standard Chartered. He suggested a significant increase in the price of Bitcoin, possibly reaching $200,000 by 2025.

Furthermore, Kendrick attributed this potential increase to the increasing risk of US fiscal dominance and the monetization of public debt by the Federal Reserve. He stated: “We believe such a scenario would broadly support digital assets as investors seek alternative assets.”

Additionally, Kendrick speculated about the impact of a second Donald Trump administration. He noted that he could support BTC through looser regulation and the approval of US spot Bitcoin ETFs. If these factors play in Bitcoin’s favor, it could reach a massive market valuation of $4 trillion.

Kendrick noted: “In addition to the passive boost to bitcoin due to dedollarization, we would expect a second Trump administration to actively support Bitcoin (and digital assets more broadly) through looser regulation and the approval of U.S. spot ETFs. ”. At the time of this publication, the Bitcoin Price fell 1.98% to $61,001.08 on Thursday, May 9th.

Read too: Reasons Why Bitcoin Price Could Surpass 70K Soon

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Bitcoin

What to watch for in the markets

Published

6 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

6 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

6 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

6 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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