Day: May 28, 2024

Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

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The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between $67,000 and $70,000 after experiencing a brief 20% price correction that sent it as low as $56,400 in early May.  This consolidation period comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly. Bitcoin Selling Pressure Fades According to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price…

South Africa’s Regulator Tightens Rules for Crypto Asset Transfers via Latest Directive

The Financial Intelligence Centre (FIC) has proposed a directive regarding crypto asset transfers. This directive follows the licensing of 75 crypto asset service providers (CASPs) by the Financial Sector Conduct Authority in South Africa. The FIC aims to tighten regulations by requiring CASPs to implement more detailed and stricter requirements for digital transactions. The directive’s […] Source CryptoX Portal

Breaks Key Resistance, New All-Time Highs Next

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Ethereum (ETH) is currently at the forefront of an impending market surge, as indicated by a significant technical breakout. According to crypto analyst Jelle, Ethereum has recently emerged from a bearish pattern particularly breaking out from the “falling wedge” and flipping key resistance into support zones. Jelle reveals that Ethereum is currently pushing for the $4,000 mark which makes the possibility of reaching new heights seems more tangible. This movement marks a significant turnaround from previous trends, setting the stage for potentially record-breaking price levels. Related Reading The Bullish Shift:…

Will the Rally Ignite a Surge?

Solana found support near the $160 zone. SOL price is slowly rising and might gain bullish momentum if it clears the $172 resistance zone. SOL price corrected lower and tested the $160 support zone against the US Dollar. The price is now trading above $165 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $172 resistance unless it fails to stay above…

Will It Break Out Soon?

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XRP price again struggled to continue higher above the $0.540 resistance. It is now consolidating near $0.5320 and might aim for an upside break. XRP is still facing many hurdles near the $0.5420 zone. The price is now trading near $0.5320 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $0.5265 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls remain active above the $0.5220 zone. XRP Price Holds…

Injective (INJ) Buy Signal That Led To 700% & 555% Rallies Forms Again

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An analyst has pointed out that Injective is forming a buy signal that previously led to 700% and 555% rallies for the asset’s price. Injective Is Forming A TD Sequential Buy Signal On Its Weekly Chart In a new post on X, analyst Ali Martinez has discussed a Tom Demark (TD) Sequential signal that has formed in the weekly price of Injective recently. The TD Sequential refers to an indicator in technical analysis (TA) generally used for spotting potential points of reversal in any asset’s price. This indicator involves two…

Bullish Momentum Drives Higher Gains

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Ethereum price extended its increase above the $3,900 resistance. ETH is now consolidating near $3,880 and might continue to grind higher in the near term. Ethereum started another increase above the $3,850 resistance. The price is trading above $3,850 and the 100-hourly Simple Moving Average. There is a major bullish trend line forming with support at $3,860 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up and test the $4,000 resistance zone in the near term. Ethereum Price Eyes $4,000 Ethereum price…

Microstrategy’s Michael Saylor States Spot Ether ETF Approval ‘May Be Better for Bitcoin’

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Michael Saylor, Executive Chairman of Microstrategy, stated that the approval of several spot ether ETF proposals by the U.S. SEC might be good for Bitcoin. In “What Bitcoin Did,” Peter McCormack’s podcast, Saylor stated this approval gives rise to a crypto asset class, including several use cases like tokens, NFTs, and defi, with Bitcoin at […] Original

Bullish Trend Signals New Peaks Ahead

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Bitcoin price climbed higher above the $70,000 level. BTC is now holding gains above support and might aim for another increase in the near term. Bitcoin extended its increase above the $70,000 zone. The price is trading above $69,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $68,500 support. Bitcoin Price Holds…