Market

Crypto Inflows Soar to $1.2 Billion, Setting Up Bitcoin for Best Q4

Published

3 hours ago

September 30, 2024

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Crypto investment inflows hit $1.2 billion last week, marking three consecutive weeks of positive growth since September 9. This surge comes amid growing optimism in the market, fueled by bullish macroeconomic developments and other value-boosting events in the finance sector.

Additionally, September broke its typical trend of poor performance, creating the strongest starting point for Bitcoin (BTC) and the broader crypto market heading into October.

Crypto Inflows Soar to $1.2 Billion Amid Market Optimism

Digital asset investment products saw inflows of $1.2 billion last week, with Bitcoin leading the charge, recording $1.070 billion in positive flows. Short-Bitcoin investment products also saw inflows, totaling $8.8 million. Meanwhile, Ethereum (ETH) ended a five-week outflow streak, with inflows reaching $87 million, reflecting a resurgence of positive sentiment.

The US leads from a regional standpoint with $1.17 billion, and the latest CoinShares report attributes inflows to positive economic data in the country.

As BeInCrypto reported, the Federal Reserve’s 50 basis point (bps) interest rate cut in September sparked a wave of liquidity, benefiting riskier assets like Bitcoin. Combined with cooling inflation, markets are now expecting further rate cuts by the end of the year.

The report also highlights that the approval of options trading in the US has added momentum to crypto investment inflows. BlackRock’s spot Bitcoin ETF recently secured options trading approval from the US Securities and Exchange Commission (SEC), a development expected to bring more liquidity and enhance market stability.

It also opens the door for potential approval of Ethereum ETFs, a possibility widely discussed.

“Digital asset investment products saw a third consecutive week of inflows totaling $1.2 billion, which we believe is a reaction to continued expectations of dovish monetary policy in the US. The approval of options for certain US-based investment products likely boosted sentiment,” an excerpt in the report read.

Indeed, there is a generally positive sentiment in the crypto market. This saw BlackRock’s ETHA join the $1 billion ETF club in two months. It also catapulted Bitcoin and Ethereum ETF inflows to multi-week highs amid frothing hope for a market-wide recovery.

Bitcoin Scores Best September Close Ahead of Expected Bullish Q4

Elsewhere, hedge funds are predicting a Bitcoin rally in the fourth quarter (Q4) following the cryptocurrency’s strongest September close on record. Historically, Bitcoin has struggled in September, often posting negative returns. However, this year, it defied expectations, rising by around 20%.

ZX Squared Capital forecasts that the upcoming US elections will further boost Bitcoin, regardless of the outcome. The hedge fund argues that both political parties have failed to address rising national debt and deficits, a factor it believes will strengthen Bitcoin’s position post-election.

Similarly, analyst Crypto Rover expects Bitcoin’s best price performance to occur in Q4, citing historical patterns following halving events.

Bitcoin Price Performance Post-Halving. Source: Crypto Rover

Indeed, Bitcoin has a history of rallying in Q4, especially in halving years like 2020. With traders and investors holding out for a potential all-time high in 2024 or soon after, this optimism could attract more retail interest, spark media coverage, and drive greater adoption.

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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Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?

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Market

XRP Price Breaks Free: Is a Major Rally Underway?

Published

11 mins ago

September 30, 2024

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XRP price gained pace and was able to clear the $0.600 resistance. The price is up over 10% and is now consolidating gains near $0.6450.

XRP price started a fresh increase above the $0.600 resistance zone.
The price is now trading above $0.6250 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6500 and $0.6550 resistance levels.

XRP Price Settles Above $0.60

XRP price started a major increase above the $0.60 resistance, beating Bitcoin and Ethereum. The bulls were able to pump the price above the $0.6120 and $0.6250 resistance levels.

It even broke the $0.650 resistance. A high was formed at $0.6642 and the price started a downside correction. There was a move below the $0.6550 and $0.6500 levels. The price tested the 50% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.

The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.650 level. There is also a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.6550 level. The next key resistance could be $0.6640. A clear move above the $0.6640 resistance might send the price toward the $0.6850 resistance. Any more gains might send the price toward the $0.700 resistance or even $0.720 in the near term.

Are Dips Supported?

If XRP fails to clear the $0.650 resistance zone, it could continue to move down. Initial support on the downside is near the $0.6350 level. The next major support is near the $0.6285 level and the 61.8% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.

If there is a downside break and a close below the $0.6285 level, the price might continue to decline toward the $0.6120 support in the near term. The next major support sits at $0.600.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.6350 and $0.6285.

Major Resistance Levels – $0.6500 and $0.6550.

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Market

Why Shiba Inu price May Extend Its Decline

Published

1 hour ago

September 30, 2024

admin

Shiba Inu’s (SHIB) latest attempt to spark excitement among its investor base has fallen flat. On Sunday, updates were shared on the highly anticipated launch of “Shib The Metaverse.” However, the news has failed to stir the market.

Over the past 24 hours, SHIB’s price has dropped by almost 10%, and it is poised to fall further.

Shiba Inu Holders Are Not Impressed

In a recent post on X, Shiba Inu’s marketing lead provided updates on the upcoming “Shib The Metaverse” project. The virtual space aims to be a central hub for community members, fostering user-generated content, collaboration, and creative expression. It will also allow SHIB holders to discuss ideas and vote on proposals.

Despite the announcement, SHIB holders remain largely unmoved. The popular meme coin is currently trading at $0.000018, down 7% in the past 24 hours. Among the top five meme assets by market capitalization, SHIB has recorded the most significant losses during this period.

Additionally, SHIB’s declining open interest (OI) reflects a drop in market activity. After reaching an all-time high of $116 million on September 27, its OI has since fallen by 11%, sitting at $103 million at press time.

shiba inu open interest — Shiba Inu Open Interest. Source: Santiment

A drop in open interest suggests that traders are closing positions rather than opening new ones, indicating reduced market participation and a shift in sentiment, with traders becoming less bullish.

Additionally, SHIB’s Chaikin Money Flow (CMF) is on the verge of crossing into negative territory, signaling a potential liquidity outflow. The CMF, which tracks money moving in and out of the market, is trending downward, sitting at 0.05 at press time. This setup indicates that the outflow of liquidity from the SHIB market is accelerating.

shiba inu cmf — Shiba Inu CMF. Source: TradingView

SHIB Price Prediction: August 5 Low Is the Next Target

SHIB’s recent attempt to break the $0.0000189 resistance level has failed, reinforcing the ongoing downtrend. If market interest and demand for the meme coin continues to decline, its price could fall further, potentially reaching the August 5 low of $0.000010.

On the other hand, Shiba Inu’s price may rise to $0.000028 if it witnesses a resurgence in demand and sentiment becomes more bullish, invalidating the bearish projection above.

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.

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Market

Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?

Published

2 hours ago

September 30, 2024

admin

Solana is holding gains above the $150 resistance zone. SOL price is consolidating and might aim for a fresh increase above the $162 resistance zone.

SOL price started a fresh increase above the $155 zone against the US Dollar.
The price is now trading near $155 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $155 support zone.

Solana Price Regains Traction

Solana price extended its increase above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears appeared. A high was formed at $162 and the price started a downside correction.

There was a move below the $160 and $158 levels. However, the bulls were active near the $155 support zone. A low is formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $162 swing high to the $155 low.

Solana is now trading near $155 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $160 level. It is close to the 76.4% Fib retracement level of the recent decline from the $162 swing high to the $155 low. The main resistance could be $162.

A successful close above the $160 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.

More Downsides in SOL?

If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $155 level. The first major support is near the $154 level.

A break below the $154 level might send the price toward the $149 zone. If there is a close below the $149 support, the price could decline toward the $142 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $155 and $149.

Major Resistance Levels – $158 and $162.

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