EUROC's launch on Avalanche marks an important milestone for the parties involved. Especially for Avalanche which expects to benefit in terms of network utility as one of the layer 1 networks supporting the stablecoin.
read more
Ethereum Price Analysis: ETH Revisits Support As Bears Take Control
Ethereum price is struggling below the $3,400 resistance against the US Dollar. ETH price is now trading below $3,320 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $3,200 on the 4-hour chart (data feed from Coinbase). The pair could continue to move down if The post Ethereum Price Analysis: ETH Revisits Support As Bears Take Control appeared first on Live Bitcoin News .
read more
Bitcoin Price Restarts Decline, Can BTC Bulls Protect $60K?
Bitcoin price started another decline from the $67,000 zone. BTC is showing bearish signs and might soon revisit the $61,000 support zone. Bitcoin failed to clear the $67,000 resistance zone. The price is trading below $65,000 and the 100 hourly Simple moving average. There was a break below a rising channel with support at $64,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline unless it clears the $65,000 resistance zone. Bitcoin Price Recovery Stalls Bitcoin price attempted a recovery wave above the $65,000 resistance zone. BTC even climbed above $66,200, but the bears were active near the $67,000 zone. A high was formed at $66,898 and the price started another decline amid rising tensions between Israel and Iran. There was a move below the $65,000 and $64,000 levels. The price traded below the 50% Fib retracement level of the upward move from the $60,495 swing low to the $66,898 high. There was a break below a rising channel with support at $64,900 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $65,000 and the 100 hourly Simple moving average. The bulls are now protecting the 61.8% Fib retracement level of the upward move from the $60,495 swing low to the $66,898 high at $63,000. Immediate resistance is near the $63,750 level. The first major resistance could be $64,700. The next resistance now sits at $65,000. If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,800 and the 100 hourly Simple moving average. Source: BTCUSD on TradingView.com The next major resistance is near the $67,200 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term. More Losses In BTC? If Bitcoin fails to rise above the $65,000 resistance zone, it could start another decline. Immediate support on the downside is near the $63,000 level. The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward the $61,000 level. Any more losses might send the price toward the $60,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $63,000, followed by $62,000. Major Resistance Levels – $64,700, $65,000, and $67,000.
read more
Bitcoin Readying For A 12-Year Bull Run To $650,000 If Bulls Take Charge: Analyst
Even with Bitcoin prices facing pressure from sellers, Willy Woo, an on-chain analyst, thinks the coin will reach new highs thanks to the launch of new Bitcoin exchange-traded funds (ETFs). In a post on X, Woo said the coin could soar to as high as $91,000 in a bear bottom but soar to as high as $650,000 in a bull market top. However, Bitcoin will only soar to these mega valuations, assuming that leading asset managers will fully deploy their recommended allocations to the world’s most valuable crypto asset. Bitcoin In A Wide Range At spot rates, Bitcoin looks shaky. Even after the surge to all-time highs of over $73,000 in mid-March 2024, the coin has been under pressure. So far, prices are within a range. There are caps at $73,800, or an all-time high, on the upper end and around $61,000 on the lower end of its current range. Related Reading: Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules As long as prices are inside this zone, the uptrend remains. This preview considers the formation established in the better part of Q1 2024 after the first spot of Bitcoin ETFs in the United States was approved. In the post on X, the analyst should note that the rise to $91,000 and $650,000 are long-term targets and not for the current market cycle. Most importantly, Woo added, it will depend on how fast and aggressively asset managers like BlackRock add BTC to their diversified portfolios. Even so, this projection excludes inflows from non-custodial wallets. Capital flows from these wallets are projected to be higher due to rising crypto adoption. Here’s How BTC Will Soar In The Coming Years In Woo’s assessment, asset managers manage around $100 trillion globally. If they decide to invest 2% of their holdings in Bitcoin as Fidelity recommends, the asset could receive around $2 trillion. Additionally, considering the coin’s value, based on on-chain movement, worth around $561 billion, the total investment would reach $2.56 trillion. Using the Market Value to Realized Value (MVRV) ratio, Woo said BTC could soar to a market high of $650,000 in a bull cycle. The MVRV is a metric that compares market capitalization to on-chain investment. Conversely, BTC could reach a swing low of $91,000 if the crypto market crushes. The MVRV ratio is typically 5X in bull market tops and 0.7X in bear market bottoms. Related Reading: Toncoin Defies Market Turmoil, Surges 25% To Tally All-Time High – Details Woo thinks Bitcoin, like gold, is ready for a 12-year bull run. Even so, adoption and emerging regulations in Europe and Asia will shape the path to $91,000 and $650,000. Feature image from Canva, chart from TradingView
read more
Doctor Doge to Explode 8,000% in Under 48 Hours to Challenge SHIB, BONK and DOGE
People who invested into Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions. Doctor Doge (DRDOGE), a newly launched Solana memecoin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK). DRDOGE was launched this morning, and the memecoin is inspired by Dogecoin – one of the largest memecoins, with its market cap currently being $23.5 billion. Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter
read more