Market
Bitcoin Price Aims for $73,000 as OI Hits ATH of $33 Billion
Bitcoin’s price has seen an ongoing battle to close above the critical $70,000 mark, with recent attempts falling short. This inability to secure a solid close has led to a hit for long traders, who have experienced substantial liquidations.
Despite this, overall market sentiment remains highly optimistic, as traders retain a bullish outlook on Bitcoin’s potential for further gains.
Bitcoin Bulls Lose
Over the last 24 hours, Bitcoin experienced long liquidations totaling $50 million, following a 2% price decline. These liquidations mark the largest losses for long traders in the past two weeks, reflecting the challenges of maintaining price support near the $70,000 level. The recent pullback has impacted investor sentiment, as some traders begin to weigh the potential for further downside.
This wave of long liquidations highlights the volatility inherent in Bitcoin’s price action, as even minor drops can trigger significant market reactions. Despite this, the persistence of long traders is noteworthy.
Many are holding their positions, suggesting a belief in Bitcoin’s ability to overcome these challenges and resume its upward trajectory. This resilience indicates that market confidence remains largely intact, even amid short-term setbacks.
Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024
Bitcoin’s macro momentum appears strong, with Open Interest (OI) reaching an all-time high of $32.9 billion. This peak signals a high level of engagement among traders as more capital flows into Bitcoin despite recent liquidations.
This elevated Open Interest suggests that Bitcoin’s recent volatility has not deterred trader confidence. Instead, it signals that both institutional and retail investors are backing Bitcoin with substantial capital, reflecting belief in the long-term potential of the asset.
BTC Price Prediction: Aiming for a Breakout
Bitcoin is currently trading at $67,007, which is about 10% below its all-time high of $73,800. At this level, BTC is also approaching a potential breakout from a descending wedge pattern, a technical setup known to precede significant price movements. Breaking out of this pattern could position Bitcoin for a strong rally toward the $73,000 mark.
The wedge pattern presents a potential 27% rally, which would place Bitcoin’s target price at $88,185. While this ambitious target is achievable, the more immediate goal remains for BTC to breach its all-time high of $73,800 as it solidifies its upward trajectory.
Read more: Bitcoin Halving History: Everything You Need To Know
However, Bitcoin is still struggling to achieve a clear breakout, making $67,000 a critical support level. Failing to hold this support could push BTC down to $65,000, potentially delaying the anticipated breakout and challenging the bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Dogecoin (DOGE) Jumps 10%+: Is More Upside Ahead?
Dogecoin started a fresh surge above the $0.180 resistance against the US Dollar. DOGE could continue to rise if it clears the $0.2200 resistance.
- DOGE price started a fresh rally like Bitcoin and climbed above the $0.180 resistance level.
- The price is trading above the $0.1800 level and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.2150 and $0.2200 resistance levels.
Dogecoin Price Eyes More Gains
Dogecoin price started a fresh surge after it reclaimed the $0.1650 resistance like Bitcoin and Ethereum. DOGE was able to gain pace for a move above the $0.1800 and $0.1850 resistance levels.
There was a break above a key bearish trend line with resistance at $0.1620 on the hourly chart of the DOGE/USD pair. The pair even surged above $0.2000. A high is formed at $0.2200 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1654 swing low to the $0.2200 high.
Dogecoin price is now trading above the $0.200 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2150 level. The next major resistance is near the $0.220 level.
A close above the $0.220 resistance might send the price toward the $0.2320 resistance. Any more gains might send the price toward the $0.2420 level. The next major stop for the bulls might be $0.250.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.2150 level, it could start another decline. Initial support on the downside is near the $0.2080 level. The next major support is near the $0.1920 level or the 50% Fib retracement level of the upward move from the $0.1654 swing low to the $0.2200 high.
The main support sits at $0.1780. If there is a downside break below the $0.1780 support, the price could decline further. In the stated case, the price might decline toward the $0.1650 level or even $0.1620 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.2080 and $0.1920.
Major Resistance Levels – $0.2150 and $0.2200.
Market
John Deaton Loses Senator Bid to Elizabeth Warren
US Senator Elizabeth Warren secured her third term in Massachusetts. She defeated Republican challenger John Deaton, a high-profile attorney and advocate for cryptocurrency.
The Associated Press announced the victory on Tuesday night at around 8 p.m. as Warren claimed 73% of the vote compared to Deaton’s 26%.
Deaton faced an uphill battle in his first political campaign despite his popularity within the crypto community as an outspoken XRP advocate and broader calls for friendly regulation. He emerged as a Republican Senate nominee by defeating rivals Robert Antonellis and Ian Cain in a three-way primary.
His campaign received significant support from prominent figures in the crypto industry, including billionaire Mark Cuban. Ripple CEO Brad Garlinghouse also endorsed Deaton, commending his commitment to advocating for the digital asset sector. This backing raised Deaton’s profile and highlighted the contrast between him and Warren, particularly in their differing views on cryptocurrency regulation.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Throughout his campaign, Deaton focused on his vision for a balanced regulatory approach to crypto. In an interview with BeInCrypto, he previously expressed his belief that “overregulation” would stifle innovation and harm American competitiveness.
This stance resonated with crypto advocates. Nevertheless, it struggled to capture a broad base of support among traditional voters in Massachusetts. Warren’s record as a seasoned legislator held strong appeal.
Meanwhile, Senator Warren, a powerful figure known for her prior stance against the crypto industry, softened her tone in recent weeks.
“I’m all for having a cryptosystem if people want to buy and sell crypto. All I want is for them to follow the same rules as everyone else,” Warren said.
Previously, she had called for strict measures to rein in crypto, often framing it as a risk to consumers and a tool for financial crime. Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, has been a vocal critic of Warren’s approach to digital assets, often labeling her perspective as “outdated” and “overly restrictive.”
Warren’s victory likely ensures that regulatory scrutiny of digital assets will remain on the agenda in Washington. However, her recent shift from harsh critique to a more balanced tone could signal a new phase in the crypto-regulation debate.
Although Deaton lost by a large margin, his campaign showcased the increasing prominence of cryptocurrency issues in US politics. His platform resonated with crypto-friendly voters and industry advocates who view the sector as the future of finance.
Despite his defeat, Deaton struck a conciliatory tone in his concession speech. He extended an offer to collaborate on areas of mutual interest, suggesting potential bipartisan efforts even on contentious topics.
“I just called Senator Warren and congratulated her on her victory. If there was something that you think I could be helpful with, for example, women’s reproductive rights or issues we agree upon… I wouldn’t hesitate to offer my assistance,” Deaton said.
Read more: Everything You Need To Know About Ripple vs. SEC.
Moving forward, Deaton said he would continue advocating for clear and reasonable crypto policies. Specifically, he would remain involved in the Ripple versus SEC (Securities and Exchange Commission) case regarding XRP’s status.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Momentum Reignites As Bitcoin Hits New ATH: Is a Major Rally in Sight?
XRP price is gaining pace above the $0.5050 support zone. The price is rising and might even aim for a move above the $0.5500 resistance.
- XRP price is eyeing a decent increase above the $0.5250 zone.
- The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.
XRP Price Climbs 4%
XRP price remained supported above the $0.4880 level. It formed a base and started a fresh increase above $0.5050 like Bitcoin and Ethereum.
There was a move above the $0.5120 and $0.5200 resistance levels. There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair. Finally, it tested the $0.5365 zone. A high is formed at $0.5368 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5350 level. The first major resistance is near the $0.5365 level.
The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle might be $0.5840.
Another Decline?
If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
If there is a downside break and a close below the $0.5155 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5250 and $0.5155.
Major Resistance Levels – $0.5350 and $0.5500.
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