Bitcoin

Why is the crypto market bearish today?

Published

8 months ago

12 June, 2024

Bitcoin and other cryptocurrencies fell on Tuesday morning. Despite significant flows into Bitcoin-linked exchange-traded funds, the leading cryptocurrency is not seeing a significant increase. Bitcoin declined 3.6% in the last 24 hours to $66,867. It hit a record near $74,000 in mid-March due to a surge in interest in new spot exchange-traded funds.

On the other hand, the price ETH is declining sharply despite the recent approval of the Ethereum spot ETF by the SEC. Ethereum Price is down more than 4.2% in the last 24 hours, currently testing buyers’ patience at $3,500. The main altcoins also suffered declines: SOL fell 4.8%, BNB fell 5.8%, and Toncoin and Cardano lost almost 4% each.

The meme coin sector, which had been performing well, also felt the market slowdown. Pepe prices fell by more than 3%, while Shiba Inu and Dogecoin prices fell by 5.3% and 4.4%, respectively.

According to data from Coinglass, total liquidation exceeded $213 million in the last 24 hours, and buyers closed around $190 million worth of long positions.

Bitcoin ETF faces exit

On June 10, data from Farside showed that Bitcoin (BTC) exchange-traded funds (ETFs) saw an outflow of $64.9 million. This marked the first exit since May 10, ending a 19-day streak of entries. Four ETF issuers contributed to these outflows.

Grayscale’s GBTC led the way with outflows of $39.5 million, totaling $18 billion in overall outflows. The BTCO Invesco Galaxy ETF has seen outflows of $20.5 million, although its total net inflow remains positive at $300 million. Valkyrie’s BRRR ETF saw an outflow of $15.8 million, but still has a total net inflow of $497 million. Fidelity’s FBTC had a smaller outflow of $3 million, but maintains a strong total inflow of $9.6 billion.

Read too: Top 3 Reasons Bitcoin Price Dropped Today: Should You Sell?

This downward movement in the Netflow metric triggered a decline in buying pressure for the BTC price, resulting in the loss of the $70K milestone.

US inflation increases selling pressure

A report from the Bureau of Labor Statistics on the Consumer Price Index, a key measure of the cost of living, is expected Wednesday. According to a survey conducted by Dow Jones Newswires and the Wall Street Journal, economists forecast that prices rose 0.1% in May, down from a 0.3% increase in April, marking the smallest increase since October. This would result in an annual increase of 3.4%, equal to the rate recorded in April.

See more information: US CPI stimulates Bitcoin volatility: new price rise or fall?

The US Federal Reserve will release its FOMC statement, economic projections and interest rate decisions tomorrow, setting up a tough battle between the bears and the bulls.

Continued selling pressure has caused a decline in the market’s fear and greed index. In just a few days, the index has fallen from a high of almost 66 to a recent low of 60. This indicates a shift towards a “Fear” sentiment in the market.

ECB rate cut created negative sentiment

Last week, crypto markets started falling following the US unemployment claims report. Furthermore, bearish sentiment increased due to the ECB’s rate cut. Despite a neutral stance and no clear commitment to further easing, the rate cut reduced the euro’s yield advantage.

The ECB’s more dovish approach compared to the Fed and the possibility of further cuts have intensified the selling momentum in the crypto market.

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Related Topics:altcoins Bitcoin bitcoin etf Cryptocurrency ethereum

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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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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