Bitcoin
Cryptocurrency analyst predicts Bitcoin will fall from now on, but what happens next?
O Bitcoin Price fell back to the $56,000 level after a brief rally triggered by the release of CPI data on Thursday showing that inflation rates reached 3%lower than expected. This downtrend has continued despite the bulls’ desperate attempts to keep the price high. Still, one crypto analyst doesn’t believe the decline is over and expects the decline to continue from here.
Bitcoin Dump Far From Over
A cryptocurrency analyst at TradingView, known by the pseudonym ‘Luca VIP’, expressed bearish trends for Bitcoin price going forward. In the analysis, the crypto analyst points out that the reason for the current fluctuation in Bitcoin price is the fact that it hit the resistance at $59,000 after the pump.
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As a result of this rejection, the cryptocurrency is currently in a consolidation phase, which threatens to continue from here. Furthermore, the price of BTC is still showing sideways performance even after Thursday’s surge, which suggests that bears are still firmly in control of the price.
Furthermore, the crypto analyst maps out a possible downward trend from here, placing it at $56,000 until the decline is made. However, what is important is what happens after the Bitcoin price hits this expected support level.
Luca explains that despite the decline, the price of BTC formed a W pattern, which is historically a bullish pattern. In this case, a bullish reversal This is expected to trigger a retest of the $59,000 level. If the retest is successful, the crypto analyst puts Bitcoin’s price above $60,000 once again.
“BTCUSDT could retest the resistance zone at $59,000. A successful break above this level could push the price towards higher targets, potentially around $60,000 or higher,” the crypto analyst said.
Is it time to buy BTC?
While the market is still recovering the fall in the price of BitcoinSome crypto analysts believe this is a good time. Another pseudonymous analyst who goes by ‘RLinda’ on TradingView shared this feeling recently.
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According to the analyst, the drop to $57,000 presents a good opportunity to enter a position for Bitcoin, especially since the market has been plunged into fear due to the ongoing sell-off. It appears that the BTC price is heading towards a renewal of local highs.
RLinda’s position is reinforced by the fact that Cryptocurrency Fear and Greed Index has fallen into Extreme Fear, which has historically been the best time to position for cryptocurrencies. If historical trends are anything to go by, then the price could trade sideways for a while before finally finding strong support and seeing a bounce.
BTC Price Recovers Above $57,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Bitcoin
How systematic approaches reduce investor risk
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
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Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Bitcoin
Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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