Market
Bitcoin Price Trims Gains: Is The Recovery Losing Steam?
Bitcoin price started a fresh decline from the $60,000 resistance zone. BTC is now moving lower and might test the $57,650 support zone.
- Bitcoin started a fresh decline from the $60,000 resistance zone.
- The price is trading below $58,800 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might attempt a fresh increase if it stays above the $57,650 zone.
Bitcoin Price Dips Again
Bitcoin price struggled to settle above the $60,000 resistance zone. BTC formed a top near the $60,200 level before the price started a fresh decline. There was a move below the $58,500 support zone.
The price declined below the 23.6% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high. Besides, there was a break below a key bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair.
The pair retested the $58,000 support zone. Bitcoin price is now trading below $59,000 and the 100 hourly Simple moving average. However, the price is still above the 50% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high.
On the upside, the price could face resistance near the $58,800 level. The first key resistance is near the $59,500 level. A clear move above the $59,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $60,000.
A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $61,500 resistance.
More Losses In BTC?
If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level.
The first major support is $57,650. The next support is now near the $57,000 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,000, followed by $57,650.
Major Resistance Levels – $58,800, and $59,500.
Bonk (BONK), one of the more energetic players in the meme coin space, is showing signs of a potentially explosive move as it coils tighter within a symmetrical triangle pattern. This classic chart formation, characterized by converging trendlines of lower highs and higher lows, often acts as a pressure booster for price action — the longer the squeeze, the more powerful the breakout tends to be.
The symmetrical triangle squeeze is a technical signal that often precedes sharp breakouts, and in BONK’s case, it couldn’t come at a more pivotal moment. With the broader meme coin market showing signs of strength and sentiment slowly shifting, a decisive move from this setup could define the next chapter for BONK. A breakout above the upper trendline might ignite fresh bullish momentum and open the door to new highs, while a break below support could trigger a sell-off toward lower key levels.
Bonk’s Recent Price Action: The Setup For A Big Move
According to a recent post by Whales_Crypto_Trading on X (formerly Twitter), Bonk is currently forming a symmetrical triangle pattern on the 1-hour chart. The price has just rebounded from the lower support trendline of the triangle, suggesting that buyers are stepping in to defend the structure and potentially build momentum for an upward breakout.
What makes this pattern particularly noteworthy is the potential upside. Whales_Crypto_Trading highlighted a profit target range of 70–80%, should BONK successfully break above the upper resistance trendline. With volatility tightening and volume starting to show signs of recovery, such a breakout could offer a substantial short-term trading opportunity.
However, traders are advised to keep a close eye on volume confirmation and key breakout levels to avoid possible fakeouts, as symmetrical triangles can break in either direction.
Will The Meme Coin Explode Or Fizzle Out?
Bonk’s symmetrical triangle pattern has reached a critical stage, raising speculations about whether the meme coin will break free with force or lose steam under pressure. The recent bounce off the support trendline suggests bullish interest is still alive, and if momentum continues to build, BONK could be gearing up for a powerful breakout, potentially delivering gains in the 70–80% range as projected by traders.
However, it’s important to remain cautious. Symmetrical triangles are neutral by nature, meaning a breakdown is still on the table if buyers fail to push through resistance. The next few candles on the 1-hour chart could provide key confirmation of BONK’s direction.
In the end, BONK is approaching a defining moment. Whether it explodes into a bullish run or fizzles out into another rejection will largely depend on volume, sentiment, and the strength of the breakout. Traders should stay alert, as a big move may be closer than it seems.
Lorenzo Protocol’s native token, BANK, has recorded a 150% price surge within six hours of its official launch.
The token’s rapid climb follows its listing on multiple platforms, including Binance’s Alpha Market and the launch of a BANKUSDT perpetual contract on Binance Futures with up to 50x leverage.
What is the New BANK Token on Binance Futures?
The Token Generation Event (TGE) for BANK took place today, April 18, via Binance Wallet, in partnership with PancakeSwap. Lorenzo Protocol raised $200,000 through the sale of 42 million BANK tokens—2% of the total supply—priced at $0.0048 each.
The token is now trading on PancakeSwap, Bitget, and CoinEx. Following its debut, BANK reached a market cap of approximately $22 million.
BANK is the governance and utility token for Lorenzo Protocol, a DeFi platform focused on enhancing Bitcoin liquidity.
The protocol allows users to earn yield on BTC without giving up custody. It uses financial primitives like Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs).
According to its claims, BANK holders can stake their tokens to receive veBANK, which provides governance rights and a share of future emissions.
Also, Lorenzo Protocol is built on a Cosmos-based Ethermint appchain. It enables BTC restaking and interoperability with Bitcoin’s Layer 1. The design supports on-chain issuance and settlement of BTC-backed assets.
The listing of the BANK/USDT perpetual contract on Binance Futures adds further momentum to the token. Binance Futures is a derivatives platform that allows users to trade perpetual contracts with high leverage.
Binance has historically preferred new tokens on the BNB chain for early futures trading. BANK’s sharp price increase and rapid market integration highlight strong early interest in Lorenzo Protocol’s approach to BTC-based DeFi infrastructure.
Currently, it’s far-fetched to project whether the exchange will list this newly launched token. However, Binance’s new community voting on token listing has offered positive hopes for small market cap projects.
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.
HashKey Capital has launched the HashKey XRP Tracker Fund, the first fund in Asia focused exclusively on tracking the performance of XRP.
The fund is now open to professional investors. Ripple is backing the initiative as an early investor.
Institutional Interest in XRP Investment Continues to Grow
According to HashKey, XRP offers a faster and more cost-effective alternative to traditional cross-border payment systems. The new tracker fund aligns with HashKey Capital’s goal of connecting conventional finance with digital asset markets.
The fund allows investors to subscribe using either cash or in-kind contributions. Investors can redeem or subscribe to shares on a monthly basis.
CF Benchmarks, known for its role in global ETF markets, will provide the fund’s benchmark.
“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value. With the first XRP Tracker Fund available in the region, we simplify access to XRP, catering to the demand for investment opportunities in the very best digital assets,” said Vivien Wong, Partner at HashKey Capital.
Most recently, Ripple acquired prime brokerage platform Hidden Road for $1.25 billion. It was one of the largest acquisition deals in the crypto and blockchain space.
Earlier today, Hidden Road secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA).
Meanwhile, XRP continues to gain traction with institutional investors. Standard Chartered recently forecast that XRP could surpass Ethereum by 2028, citing increased demand for efficient cross-border payment solutions and growing disruption in global trade.
“XRP is uniquely positioned at the heart of one of the fastest-growing uses for digital assets – facilitation of cross-border and cross-currency payments. In this way, XRPL is similar to the main use case for stablecoins such as Tether. This stablecoin use has grown 50% annually over the past two years, and we expect stablecoin transactions to increase 10x over the next four years. We think this bodes well for XRPL’s throughput growth, given the similar use cases for stablecoins and XRPL,” Geoff Kendrick, Standard Chartered’s Head of Digital Assets Research, told BeInCrypto.
Interest in XRP ETFs is also increasing. Teucrium Investment Advisors recently received NYSE Arca approval for the Teucrium 2x Long Daily XRP ETF (XXRP), the first leveraged XRP ETF in the United States.
Also, attention is now turning to spot XRP ETFs. Grayscale and 21Shares are both awaiting decisions from the SEC on their XRP-based products.
The SEC has up to 240 days to review the Grayscale XRP Trust and the 21Shares Core XRP Trust, with final deadlines set for October 18 and 19, 2025.
XRP’s price has declined by nearly 20% over the past month, but institutional confidence remains high.
Ripple recently confirmed progress in resolving its long-standing legal battle with the SEC. A joint motion to pause court proceedings was approved, giving both parties 60 more days to finalize a settlement.
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.
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