Binance Square
LIVE
LIVE
MarsNext
--5.8k views
🚀🚀🚀 #BitcoinPrice2024 Surges Past Resistance, Is This The Start of Fresh Uptrend? Bitcoin's price is showing strong momentum as it climbs above the $44,000 resistance level. If it manages to surpass the $44,800 resistance zone, further upside movement could be in store for the near term. Having breached the $43,400 and $43,500 resistance levels, Bitcoin is currently trading comfortably above $44,000 and the 100-hourly Simple Moving Average. Notably, there was a significant breakthrough of a major rising channel with resistance at $43,650 on the hourly chart of the #btc/usd pair. The pair reached a new weekly high at $44,780 before entering a consolidation phase. It's currently holding above the 23.6% Fib retracement level of the recent upward move from the $42,767 swing low to the $44,780 high. Looking ahead, immediate resistance lies near the $44,800 level, with the potential for further gains towards $45,000. A successful breach above this level could trigger another notable increase, with potential targets at $45,750 and $47,200. If the bulls maintain their strength, the price may even challenge the $48,500 resistance. On the downside, if Bitcoin fails to overcome the $44,800 resistance zone, a corrective move could be expected. The initial support is around $44,300, followed by $43,750 and the 50% Fib retracement level of the recent upward move. Further downside momentum could see the price testing the $43,000 support level. Analyzing the technical indicators, the hourly MACD is gaining momentum in the bullish zone, while the hourly RSI for BTC/USD is currently above the 50 level, indicating positive momentum. Key Support Levels to watch include $44,300 and $43,750, while Key Resistance Levels to monitor are $44,800, $45,750, and $47,200. Source - newsbtc.com #CryptoNews #BinanceSquareBTC $BTC #Cryptocurrrency

🚀🚀🚀 #BitcoinPrice2024 Surges Past Resistance, Is This The Start of Fresh Uptrend?

Bitcoin's price is showing strong momentum as it climbs above the $44,000 resistance level. If it manages to surpass the $44,800 resistance zone, further upside movement could be in store for the near term.

Having breached the $43,400 and $43,500 resistance levels, Bitcoin is currently trading comfortably above $44,000 and the 100-hourly Simple Moving Average. Notably, there was a significant breakthrough of a major rising channel with resistance at $43,650 on the hourly chart of the #btc/usd pair.

The pair reached a new weekly high at $44,780 before entering a consolidation phase. It's currently holding above the 23.6% Fib retracement level of the recent upward move from the $42,767 swing low to the $44,780 high.

Looking ahead, immediate resistance lies near the $44,800 level, with the potential for further gains towards $45,000. A successful breach above this level could trigger another notable increase, with potential targets at $45,750 and $47,200. If the bulls maintain their strength, the price may even challenge the $48,500 resistance.

On the downside, if Bitcoin fails to overcome the $44,800 resistance zone, a corrective move could be expected. The initial support is around $44,300, followed by $43,750 and the 50% Fib retracement level of the recent upward move. Further downside momentum could see the price testing the $43,000 support level.

Analyzing the technical indicators, the hourly MACD is gaining momentum in the bullish zone, while the hourly RSI for BTC/USD is currently above the 50 level, indicating positive momentum.

Key Support Levels to watch include $44,300 and $43,750,

while Key Resistance Levels to monitor are $44,800, $45,750, and $47,200.


Source - newsbtc.com

#CryptoNews #BinanceSquareBTC $BTC #Cryptocurrrency

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
Explore the lastest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number
Relevant Creator
LIVE
@MarsNext

Explore More From Creator

💥💥💥 TON Outperforms #Ethereum in Key Metrics The TON blockchain has recently outperformed Ethereum in several key metrics, attracting significant attention. In the first two weeks of June, TON’s price surged by 4.44% to $7.9, and its market cap exceeded $19 billion, making it the 9th largest cryptocurrency by volume. This price increase highlights TON's growing influence. Comparison Between TON and Ethereum A crucial metric is the number of daily active addresses. Since May 17, TON has shown comparable values to Ethereum, surpassing it on 10 out of the first 11 days of June. On June 3, TON had 568,300 active addresses, a level Ethereum hadn’t reached since September 13, 2023. Ethereum’s Layer-2 solutions, such as Arbitrum, Base, and Optimism, handled a combined 1.3 million daily active addresses on June 11. Factors Driving TON's Surge Support from Telegram: Telegram's backing has significantly boosted TON, providing seamless integration and accessibility, which increases user engagement. Applications like Notcoin: Notcoin has attracted millions with its reward system, entering the market in May and quickly becoming the 49th largest #cryptocurrency with a market value of $1.9 billion. Key Takeaways for Users Active Daily Addresses: TON has outperformed Ethereum in this metric for most of June. Market Value: TON’s market value rise is linked to community engagement and application use.Platform Support: Major platform support, especially from Telegram, has been crucial for TON’s growth. Application Impact: Apps like #Notcoin👀🔥 have significantly bolstered TON’s ecosystem. Future Outlook The competition between TON and Ethereum will be closely monitored. TON’s success is driven by robust platform support and innovative applications, indicating its potential to continue growing and impacting the blockchain landscape. As these two giants vie for dominance, the developments will be pivotal for the future of cryptocurrency. Source - en.bitcoinhaber.ne #tonecoin #BinanceSquareTalks
--
🔥🔥🔥 Legendary Trader Warns: #bitcoin Could Plunge Below $50,000 If These Key Levels Break Renowned trader Peter Brandt recently shared insights on Bitcoin's potential market movements, forecasting a challenging phase followed by a substantial rally. Brandt's analysis suggests that if Bitcoin breaches the $65,000 support level, it could trigger a further decline to approximately $60,000, potentially bottoming out around $48,000. Bitcoin has struggled to maintain momentum above $70,000, showing a 5.6% decline over the past week, currently trading at $67,170. Despite the cautious short-term outlook, Brandt sees a silver lining with the possibility of significant recovery. He outlines the immediate risks and anticipates a rebound phase, termed as the "pump" following the initial "dump." Brandt emphasizes the volatile nature of #cryptocurrency markets and identifies these cycles as typical in bull markets, crucial for distinguishing between novice traders and experienced investors. In contrast, financial giant JPMorgan has raised concerns about #BitcoinETFs and their impact on market dynamics. JPMorgan highlights that recent inflows into Bitcoin ETFs largely represent a shift from traditional cryptocurrency exchange wallets to ETFs perceived as more regulated and secure. The attractiveness of ETFs lies in their cost-effectiveness, regulatory safeguards, and deeper liquidity compared to conventional crypto wallets. Despite the introduction of spot ETFs, there has been a noticeable decrease in Bitcoin reserves on exchanges, indicating a preference shift towards ETFs for Bitcoin exposure. However, #JPMorgan 's analysis challenges the bullish narrative of surging institutional demand, estimating net flows into Bitcoin ETFs since January at approximately $12 billion, suggesting that institutional interest might not be as robust as initially perceived. Source - newsbtc.com #CryptoTrends2024
--
💥💥💥 #Dogecoin‬⁩ Sees Monumental Surge In Transactions As Whales🐳🐳🐳 Spend $129 Million Dogecoin faces a pivotal moment in its price trajectory, driven by recent whale activity amid a significant decline in the past week. Despite the downturn, large holders have opportunistically accumulated substantial amounts of DOGE. Santiment data shows addresses holding between 10 million & 100 million Dogecoins acquired over $129 million worth of DOGE in the last seven days. Whale Accumulation Signals Confidence - During this period, whale addresses have increased their holdings by over 900 million tokens, indicating a strong belief in DOGE despite its recent price struggles. Consequently, the combined holdings of these whale wallets now total approximately 18 billion tokens, marking a 5% increase from previous levels. - Whale accumulation usually coincides with price stability and growth, but the current phase is unique as it aligns with a price decline, indicating a strategic shift in their behavior. IntoTheBlock data shows a sharp increase in $DOGE transactions & trading volume, with over 9.29 billion DOGE tokens traded in the last 24 hours, highlighting active trader participation. Impact of Whale Transactions on Price Dynamics - Dogecoin's market behavior is heavily influenced by sentiment, particularly driven by large investors or "whales." Their buying activity can trigger bullish momentum & stimulate demand among traders. Recent whale accumulation suggests a potential catalyst for renewed bullish sentiment. Currently trading at $0.1367, DOGE has seen an 11.29% decline over the past week, with a slower 0.6% loss in the last 24 hours. Analysts view this phase as critical, potentially forming a significant bottom around the $0.14 mark for DOGE. In summary, while Dogecoin faces short-term price challenges, the strategic accumulation by whales suggests underlying confidence in its future prospects, potentially setting the stage for a reversal in its price trajectory. Source - newsbtc.com #CryptoTrends2024 #cryptupdates #BinanceSquareTrends
--
👉👉👉 #bitcoin bank proposal gains momentum in #elsalvador El Salvador Proposes Private Investment Banks to Boost Bitcoin Adoption - El Salvador's President Nayib Bukele has proposed the creation of private investment banks to enhance Bitcoin (BTC) adoption by offering less restrictive financial services compared to traditional banks. Key Proposal Points: - Bank for Private Investment (BPI): Announced by Salvadoran Ambassador to the U.S., Milena Mayorga, BPIs would diversify financing options in Dollars and Bitcoin. - Legislative Background: The proposal follows Bukele’s recent re-election and aims to attract investors by reducing regulatory constraints on BPIs, unlike traditional banks. - Regulatory Relief: BPIs would face fewer restrictions on overseas engagements and loan limits, allowing more flexibility in operations and risk management. - Requirements: Establishing a BPI requires a minimum share capital of $50 million and at least two shareholders, who can be foreign. BPIs could operate in legal tenders like the U.S. Dollar and Bitcoin, and seek approval as digital asset service providers. Legislative Process: - The proposal, directed by Bukele and introduced by Minister of Economy María Luisa Hayem, is under review by the Technology, Tourism, and Investment Commission but has yet to be approved. - El Salvador’s initiative aligns with its broader strategy to integrate Bitcoin into its financial system, potentially attracting significant investment and fostering economic growth. Source - cointelegraph.com
--
🔥🔥🔥 3 reasons why $65K marks the bottom for #bitcoin Bitcoin Shows Resilience Amid Regulatory Shifts and Economic Pressures - Despite testing the $65,000 support on June 14, Bitcoin (BTC) has not closed below $66,000 since May 17, indicating resilience amid regulatory and economic changes. Regulatory Developments - Congressional Review Act: On May 16, U.S. lawmakers passed this act to examine an SEC rule on crypto assets. Although vetoed by President Biden, the move shows increasing political support for crypto, highlighted by Senator Cynthia Lummis and Perianne Boring as significant. - Banking Sector Involvement: Banks have economic incentives to offer crypto custody services, bolstering ongoing crypto adoption. This growing influence in U.S. politics could lead to more favorable regulations. Economic Pressures - Federal Reserve Policies: The U.S. Federal Reserve is under pressure to lower interest rates to avoid recession. Inflation remains above target, and the labor market is softening. The 2-year Treasury yield dropped to a 70-day low, reflecting concerns about economic growth. - Market Reactions: Investors are moving towards equities and scarce assets like Bitcoin to avoid inflation and low bond returns. The Fed's cautious approach in slowing quantitative tightening signals optimism that inflation is stabilizing, but high borrowing costs still suppress economic activity. Bitcoin Derivatives Market - Derivatives Metrics: Despite an 8.5% price drop between June 6 and June 14, the Bitcoin futures premium remained robust, staying above 10%, indicating a bullish market. This suggests no significant stress or excessive demand for short leverage, reinforcing the $65,000 support level. Summary The resilience of Bitcoin, amid favorable regulatory developments and cautious economic policies, suggests limited downside risk. The ongoing interplay of these factors indicates potential for Bitcoin to maintain strength and possibly rise further. Source - cointelegraph.com #CryptoTrends2024 #BinanceSquareTalks #cryptocurrency
--

Latest News

View More

Trending Articles

View More
Sitemap
Cookie Preferences
Platform T&Cs