Bitcoin
Bitcoin stuck in ‘indecision’ trajectory as it fails to break $64k, Glassnode says
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2 days agoon
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adminAccording to Glassnode’s latest analysis, Bitcoin is stuck below the $64,000 mark, facing uncertainty in a slow-moving market.
Bitcoin‘s price has stagnated between $60,000 and $64,000, indicative of a market grappling with indecision as investors await decisive movements. In a recent research report, analysts at blockchain research firm Glassnode noted that despite the uncertainty, the majority of the market remains profitable, primarily due to long-term holders.
“As BTC prices sold off down into the $60k region, a degree of fear and bearish sentiment could be discerned amongst many digital asset investors. […] Nevertheless, from the lens of MVRV Ratio, aggregate investor profitability remains remarkably robust, with the average coin still holding a 2x profit multiple.”
Glassnode
The analysts highlight that for Bitcoin the range between $58,000 to $60,000 still remains critical as its breach would put a “significant number” of short-term holders into loss, and trade below the 200DMA price level.
“Overall, this indicates a risk that many investors may be sensitive to any price drops below $60k.”
Glassnode
While Bitcoin navigates this period of uncertainty, Glassnode advises investors to monitor the market closely, as movements around key levels like $64,000 could determine the “next range expansion.” Until then, however, a degree of investor “apathy and boredom” has taken hold, Glassnode says, adding that the market sentiment has led to “widespread indecision.”
Despite the lack of positive trading activity, Bitcoin’s historical data suggests that July might be a positive month for BTC holders. As crypto.news reported earlier, in previous years, an average Bitcoin increase of almost 8% in July followed a red candle close in June. BTC shed value on six occasions in June between 2013 and 2024, but the asset boomed by at least 9.6% in July during these six years.
As of press time, Bitcoin is trading at $60,427, according to data from CoinGecko.
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Here Are Price Targets for Bitcoin, Solana, and Render, According to Analyst Jason Pizzino
Published
14 hours agoon
July 5, 2024By
adminA closely followed crypto strategist and trader is revealing his price targets for Bitcoin (BTC) and two altcoin projects.
In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that based on the average true range (ATR) indicator Bitcoin could soon break through key price target resistance levels.
The ATR indicator measures volatility by showing an asset’s trading range over a specified period.
“You can see the dying off here of the average true range of the bar. Previous cycles, look what happened. Average true range picks up, dies off, dies off, dies off, and then you start to get a higher low form and by that stage, you’re really a decent way from the stealth zone.”
According to the analyst, Bitcoin has historically made “stealth moves” to the upside when the ATR indicator reaches a local low and price continues to consolidate or puts in higher lows.
The analyst’s key price targets to the upside include $63,300 on the daily chart, $65,200 on the weekly chart and $72,000 on the monthly chart.
Bitcoin is trading for $60,176 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst believes that Ethereum (ETH) competitor Solana (SOL) will move toward its current cycle top.
“With the higher lows and now trying to push higher above the 50% at $137. Next target on the weekly chart is $165. And then we go towards $190, $210. So $190 is above these tops. Then $210 is the current top for Solana. So it’s on its way. It hasn’t got those longer-term time frames confirmed yet, and those longer terms are the weeklies.”
Solana is trading for $141 at time of writing, down more than 8% in the last 24 hours.
Lastly, the analyst predicts that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, will reclaim a double-digit value.
“Now, what do we need to see until it gets there? Obviously higher lows, and that would happen throughout this next couple of months, maybe even up to four months as we get to that [US presidential] election… If I keep seeing higher lows, it’s not going to stop me from getting into the market if it breaks out through that period.”
Render is trading for $7.04 at time of writing, down 7.7% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Bitcoin
Bitcoin price plunges below $55k as Mt. Gox announces repayments
Published
14 hours agoon
July 5, 2024By
adminThe price of Bitcoin has continued its descending movement, sliding under the $55,000 threshold, returning back to levels last seen in February.
Bitcoin’s (BTC) sell-off has intensified amid reports that the collapsed crypto exchange Mt. Gox moved over 47,000 BTC (worth around $2.6 billion) to a new wallet ahead of its $9 billion payout. At the time of writing, the price of Bitcoin is $54,561, a mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
Following the transaction, Mt. Gox trustee officially confirmed on Jul. 5 during Friday’s Asian trading hours that the collapsed exchange “made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors.” The trustee didn’t specify though the amount of BTCs sent to creditors.
The crypto market has faced significant pressure recently, affecting both investor sentiment and miner operations following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. At Bitcoin’s current price, only five ASIC rigs from Avalon and Antminer remain profitable, according to f2pool’s X post.
The rapid drop below $55,000 has pressured speculators, resulting in $682 million in liquidations of both long and short positions across multiple exchanges, according to Coinglass.
Over the past 24 hours, more than 235,000 traders were liquidated, with the largest single liquidation order on Binance’s ETH/USDT trading pair valued at over $18.4 million. According to CoinGecko, the total crypto market capitalization dropped by over 8% to $2 trillion, increasing sell-offs among speculators.
As crypto.news reported earlier, TRON founder Justin Sun offered to help the industry by teasing his “willingness” to buy confiscated Bitcoins from the German government over-the-counter. It’s unclear when these negotiations will begin, but with the recent movement of Bitcoins to centralized exchanges from Germany-labeled addresses, Mt. Gox’s repayments have seemingly become the primary concern among traders.
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Bitcoin
Bitcoin’s quick dip below $57k forces beginners to capitulate, CryptoQuant says
Published
20 hours agoon
July 5, 2024By
adminAs Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners.
On Thursday morning, speculators continued their selling pressure, forcing Bitcoin (BTC) to dip below $57,000 for the first time since February. As of press time, Bitcoin rebounded above the $57,000 mark, but its previous quick plunge might signal weakness, potentially impacting sentiment among retail traders.
Blockchain research firm CryptoQuant noted that crypto beginners — who bought BTC over the past six to three months — have started moving their coins amid the plunge and “increasing selling pressure.” According to the platform’s data, approximately $2.4 billion worth of BTC controlled by crypto beginners began moving, likely signaling their intention to sell at current market prices.
The market turbulence might also be worsened by miners, who are facing a rapid drop in hashprice, a metric representing miner revenue per terahash. Crypto mining analytics firm Hashrate Index noted that the hashprice mark amid Bitcoin’s plunge is “scratching its all-time low,” a level last seen during the bear market. As of press time, hashprice is at $44.69, potentially pushing some miners to liquidate their reserves to sustain operational expenses.
In a May exclusive interview with crypto.news, CryptoQuant head of research Julio Moreno noted that the market is “likely to see a miner capitulation if prices don’t recover significantly during the summer,” adding that the hashprice (average miner revenue per hash) is repeatedly “making new lows” following the latest halving. At the time of writing, Bitcoin is trading at $57,336, according to data from crypto.news.
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