Bitcoin
Bitcoin bears win tug-of-war battle at $62K, analysts warn further declines are likely
(Kitco News) – Wednesday saw another day of volatile consolidation for the crypto market like Bitcoin (Bitcoin) fell under pressure in early trading and saw intense fighting between bulls and bears near support at $62,000 in the afternoon.
Stocks also trended lower at market open and struggled to get back into the green, with the day ending mixed for the main indices. The difficulties come at a time when investors remain uncertain about the future of interest rates as they assess the latest earnings reports to see whether other sectors can perform as well as technology.
At the close, the Dow ended up 0.44%, the S&P was stable and the Nasdaq lost 0.18%. The DXY was flat on the day, and the 10-year US Treasury yield rose 81 basis points to 4.494%.
Data provided by TradingView shows that Bitcoin spent the day hovering in a range between $61,530 and $63,020, with a stalemate in the battle for control of support at $62,000.
BTC/USD Chart by TradingView
At the time of writing, Bitcoin is trading at $61,500, down 2.36% on the 24-hour chart.
Potential drop to $60,000
“Bitcoin has been pulling back from its 50-day moving average since the start of the week,” said analysts at Secure Digital Markets. “The price is targeting a potential drop to the $60,000 level, especially if Bitcoin ETFs continue to see substantial outflows. If this outflow persists, it could lead to a break below $60,000, possibly revisiting the recent lows of $56,500.”
Data provided by Farside shows that on Tuesday there was a net outflow of $15.7 million, attributable to Grayscale’s GBTC, which saw $28.6 million in outflows after two days of positive inflows. BlackRock recorded zero entries.
“However, market sentiment currently maintains cautious optimism to stay above the $60,000 threshold and target a recovery,” the analysts noted. “Observers are closely monitoring the broader stock market performance during this earnings season, which could offer insights into the liquidity situation.”
Aaron Evans, head of fundamental operations at the Moonbeam Foundation, also sees growing optimism in the market amid news of increased adoption by institutions and reports from Fidelity that pension funds are exploring allocations to Bitcoin ETFs.
“Although Bitcoin did not reach a new high as everyone expected after the halving, there is still some bullish sentiment in the crypto market,” Evans said in a note to Kitco Crypto. “AI tokens continue to perform well, especially as enthusiasm for the NVIDIA company’s earnings report builds.”
Evans suggested that this “shows that investors are placing more trust in crypto again as they look for other tokens to invest in.” Traders are always looking for new ways to make money and when they see increasing institutional interest and other assets doing well, they are likely to diversify their portfolio. It’s similar to how memecoins operate in the market.”
“As Bitcoin continues to perform well or recover, traders will look to similar assets that will bring them more profits,” he concluded. “And we should expect more diversity in digital assets as investors rebuild their trust in the industry.”
But according to For market analyst Orson Fawley, Bitcoin “continues to move within a long-standing descending price channel” and “is expected to experience further declines and adjustments if the price channel is not violated by the bullish side”.
“BTCUSD recently broke out of the strong support zone at $63,000,” he noted. “In the short term, this continues to favor bears as EMA signals and resistance levels support further waves of selling with profit taking around the $61,000 area as the bearish side begins to control the trend.”
On Tuesday, market analyst Maximillian FX observed that the formation of “a triple top pattern” suggested that more downside is to come, which signaled a good opportunity for a sell.
“BTCUSD is currently undergoing a corrective recovery, finding support at $62,180,” he said. “However, overcoming the $63,000 resistance level remains a challenge and a goal. According to statistics, the strongest volatility occurs after a breakout. A breakout and consolidation below $63,000 could trigger a sharp decline with strong liquidity zones on the chart. There is more evidence that once resistance is reached, BTCUSD will reverse as indicated by the EMA of 34.89, which is showing signs of turning in favor of the bears, maintaining its position.”
“Technically, a correction could occur from Fibonacci 0.618 onwards”, he warned. “A break of $62,180 would allow for additional profit targeting, potentially reaching the $60,856 mark (coinciding with a test of the 1.618 Fibonacci number.”
Downtrend in the altcoin market
Altcoins were largely trading in the red, with just 20 tokens in the top 200 recording gains on Wednesday.
Daily cryptocurrency market performance. Source: Coin360
UMA (UMA) surprised traders with a 50.9% increase to trade at $4.03, while FTX Token (FTT) rose 18.3% and Tellor (TRB) gained 17.6%. Meme coin dogwifhat (WIF) led the losers, falling 13.8%, followed by a 13% loss for Worldcoin (WLD) and a 12% decline for Livepeer (LPT).
The total cryptocurrency market value is now $2.28 trillion and Bitcoin’s dominance rate is 53.5%.
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a request to carry out any exchange of goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and/or damage arising from the use of this publication.
Bitcoin (BTC) Mining stocks like Riot Platforms (RIOT), Marathon Digital (MARA) and CleanSpark (CLSK) retreated in pre-market trading as BTC retreated.
RIOT, MARA and CLSK all fell more than 2%, while other crypto-related stocks such as MicroStrategy (MSTR) and Coinbase (COIN) fell 1.5%.
Bitcoin sell-off continues
Crypto-linked stocks retreated as Bitcoin resumed its downtrend on Wednesday. After rising to $63,750 on Monday, BTC is hovering at $60,0000 and it is unclear whether it will recover.
More importantly, Bitcoin is dangerously close to the crucial support at $58,273, which is the 200-day Exponential Moving Average (EMA). The next support level for Bitcoin is $56,426, representing its lowest level in May.
Bitcoin Price Chart
If Bitcoin drops below this price, it will be a sign that the bears have prevailed, which could take it to the $50,000 level, if not below.
This decline happened after a whale deposited nearly 2,000 Bitcoins to Binance in two separate transactions. While this isn’t always the case, deposits to exchanges often happen when holders are exiting their positions.
The whales’ action coincided with a period in which the German government continues to sell off its Bitcoin holdings. It transferred $52 million worth of coins to exchanges on Tuesday.
As a result, data from CoinGlass shows that the volume of Bitcoin balances on exchanges has started to increase. The volume rose to 2.49 million on Tuesday, from last month’s low of 2.47 million.
Bitcoin balances on exchanges
Bitcoin Mining Companies at Risk
If the Bitcoin sell-off continues, it will put Bitcoin mining companies like Marathon, CleanSpark, and Riot Platforms at risk. These companies have tended to have a close correlation with Bitcoin in the past.
This drop is happening a few months after the halving event, reducing the amount of Bitcoins that miners receive.
To compensate for this drop, most of these companies have added their mining equipment. CleanSpark has reached a hash rate of 20 EH/swhich helped her mine 445 coins in June after mining 417 coins the previous month. She did this after purchasing 5 mining sites in Georgia.
Digital Marathon mined 590 coins in June, down 40% from the same month in 2023 and flat from May.
Riot Platforms, on the other hand, focused on acquiring Bitfarms, a company that mined 189 coins in June.
U.Today – Amid an ongoing sell-off in the cryptocurrency market, Michael Saylor, a prominent advocate and president of MicroStrategy, made a statement on X (Twitter) that reverberated across the crypto space: “Just Bitcoin.”
This two-word tweet comes as the cryptocurrency market faces significant sell-offs as the price of Bitcoin plummets.
Bitcoin, the largest cryptocurrency by market value, began its decline in Tuesday’s trading session, hitting $63,223 at one point before falling further.
Losses deepened on Wednesday as investors considered remarks from Fed Chair Jerome Powell, with Bitcoin hitting intraday lows of $59,509. At the time of writing, BTC is down 2.85% over the past 24 hours to $60,274.
According to data from CoinGlass, the sell-off has resulted in a significant amount of cryptocurrencies being liquidated in the past 24 hours, totaling over $166 million. However, this has not deterred Saylor’s confidence in Bitcoin, as he reiterates his longing for the crypto asset in his tweet.
Cryptocurrency market crashes
Cryptocurrencies fell on Tuesday after Fed Chairman Jerome Powell said the central bank needs to see more progress on inflation before cutting interest rates, which are now at 5.25%-5.50%. Powell revealed at a monetary symposium in Sintra, Portugal, that the United States is moving closer to a disinflationary path.
“We want to be more confident that inflation is moving sustainably downward toward 2% before we begin the process of tapering or easing policy,” Powell said.
Market losses deepened after Wednesday’s economic releases that indicated the labor market is cooling. Recent data showed weaker-than-expected private payroll growth in June, but weekly jobless claims were higher than economists had forecast. The latest figures come ahead of the highly anticipated June nonfarm payrolls report on Friday.
As the cryptocurrency market goes through a period of uncertainty, the coming days and weeks will be crucial in determining the direction of BTC’s price.
Rumors that the long-awaited Grand Theft Auto 6 will use cryptocurrency that has been circulating for more than a year now—and they’re spinning again.
On Wednesday, a pseudonymous Crypto Twitter influencer named Gordon — apparently named after Gordon Gekko from the iconic 1987 film “Wall Street” —shared to his nearly 500,000 followers that “GTA 6 will allow cryptocurrency payments” and that “so far only Bitcoin, EthereumIt is USDT [are] confirmed.”
But in reality, no cryptocurrency has been confirmed for Grand Theft Auto 6, despite ongoing chatter about the rumors. Rockstar Games and parent company Take-Two have made no such announcements this week on the subject, nor have they made any prior announcements, and official trailers and announcements have made no mention of cryptocurrency being included.
However, the tweet — which also included a fake trailer for the game — quickly went viral, with over 500,000 views as of this writing in a matter of hours. When Twitter users asked Gordon for his sources, he would jokingly respond that his “uncle works there” or say that previous reports on the matter were “old” at this point.
But really, nothing has changed since then. DecipherGG’s reported in previous rumors in May 2023, not even since the first official trailer — which initially leaked with “BUY BTC” stamped on itApparently by the leaker in question—premiered last December.
DecipherGG reached out to Rockstar Games for comment but did not receive an immediate response.
Could Grand Theft Auto 6 implement a crypto element when it releases in 2025? It’s certainly possible, and if so, it would be a transformative moment for cryptocurrency adoption by the traditional gaming industry.
Take-Two Interactive has explored the space before, acquiring casual gaming giant Zynga in early 2022, when Take-Two founder and CEO Strauss Zelnick suggested there were “Web3 opportunities” that they could explore better as a team. Zynga has launched its first blockchain game on Ethereum, called Sugartownbut Take-Two has yet to get involved with other brands.
Rockstar Games, on the other hand, prohibited the use of cryptocurrency or NFTs on player-run Grand Theft Auto 5 servers in late 2022, following a rise in the use of NFTs to represent unique player-owned assets on modded game servers.
And given Grand Theft Auto’s satirical tone, the game may be more likely to criticize cryptocurrency and poke fun at caricatures of crypto fans and NFTs, for example, rather than trying to launch its own on-chain currency. But that’s all speculation at this point, as there are relatively few official details about GTA 6.
For now, at least, don’t believe the hype. While Rockstar Games hasn’t officially closed the door on cryptocurrency usage in Grand Theft Auto 6, it hasn’t confirmed anything about it either. However, it’s sure to remain a hot topic in the long run leading up to release, which is currently scheduled for fall 2025.
Edited by Ryan Ozawa.
Bitcoin
Crypto President Trump’s ‘Lesser’ Regulation Will Bless Coinbase’s Bitcoin Leverage, Expert Says – Coinbase Glb (NASDAQ:COIN)
Chris SenyekChief Investment Strategist at Wolfe Researchrecently expressed his opinion on the potential impact of a Donald Trump win the 2024 elections in the cryptocurrency market.
What happened: Senyek suggested that a Trump presidency could ease cryptocurrency regulations, benefiting companies like Coinbase Global Inc. COIN due to its importance Bitcoin BTC/USD Leverage.
“Trump would be less harsh on crypto regulation, and Coinbase would be a big beneficiary of that given its influence on bitcoin,” Senyek said during CNBC’s “Last Call” on Tuesday.
See too: Enhance Your Retirement Portfolio: The Benefits of Adding Cryptocurrency
Why does this matter?:Senyek’s comments come in the context of the former president Donald Trump‘s reported plans to participate at the Bitcoin 2024 convention, which could reinforce his image as a “Crypto President”.
Trump’s potential participation in the Bitcoin 2024 convention, a major event on the cryptocurrency calendar, could have significant implications for the industry.
Pratik KalaHead of Research in DigitalX Limitedhe has predicted a Trump victory in the upcoming elections, but warns that immediate cryptocurrency-friendly regulations may not be a priority.
A recent report by 10x Search explore the recent rise in Bitcoin price and its potential connection to Trump’s strong position in the 2024 election race. The report, titled “Is the Bitcoin Trump Pump Sustainable?”, highlights a 4% spike in Bitcoin’s price following the news that the president Joe Biden will remain in the race despite a poor performance in the presidential debate.
Price Action: At the time of writing, Bitcoin was trading 2.10% lower at $60,860.66, according to Benzinga Pro.
Read next:
Image created using photos from Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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