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Cryptocurrencies waver as focus shifts to BitBot token claim

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  • Cryptocurrency prices have crashed hard in the past few weeks.

  • The crash happened as Bitcoin supply increases and as hopes of a Fed cut increases.

  • BitBot will start its token claim event on Thursday.

Bitcoin and other cryptocurrency prices remained under pressure on Wednesday as investors waited for the next important catalyst. After rising to $62,000, Bitcoin dropped to $60,000, triggering a reversal among most altcoins. Some of the top laggards were the likes of Blur, Mother Iggy, Turbo, and Apu Apustaja.

Why cryptocurrencies are crashing

There are three main reasons why cryptocurrencies are retreating. First, the drop is mostly because there have been no major catalyst to push the coins higher in the past few months. The most important events have already happened this year.

The Securities and Exchange Commission (SEC) has already approved spot Bitcoin ETFs while the halving event has already happened. There are signs that the agency will approve spot Ethereum ETFs soon. 

Second, they have dived because of the ongoing Bitcoin selling pressure. The German government has dumped substantial amounts of Bitcoin in the past few days. Similarly, many exchanges and Mt. Gox have started selling coins. Moves in the Bitcoin market tend to have an impact on other altcoins.

Finally, there are signs that the Fed will be among the last central banks to slash interest rates because US inflation has held quite steady in the past few months. The headline Consumer Price Index (CPI) has remained above 3% and has struggled to move to the Fed’s target of 2%.

There are other reasons why these coins have crashed. Technically, Bitcoin has formed a death cross, which is a popular bearish sign while the volume of Tether transactions has retreated. 

Attention turns to BitBot

Amidst this gloom, investors have turned to BitBot, one of the most popular pre-sale coins in the industry. The developers raised over $4.3 million in its token sale as hopes of its rally continued. 

BitBot will be in the spotlight on Thursday as the developers open the network for claiming. Those who participated in the token sale will be required to first connect their wallets from the BitBot websiteThey will need to use the wallet they used to purchase the BitBot tokens.

https://x.com/Official_Bitbot/status/1805902031997075804

After that, one will need to click the claim token in BitBot token and then verify their Telegram account. Finally, one will need to complete the claim process by clicking the verification button.

Analysts believe that BitBot has a great future because of what the network promises to do. For starters, BitBot aims to be the biggest Telegram trading bot in the industry. Users will be able to receive quality trading signals and alerts in a non custodial manner. You can find more about BitBot here.



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Why FET Recovery Could Be More Than 10% in November

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Artificial Superintelligence Alliance (FET) is one of the top gainers today, registering a 10% increase within the last 24 hours. This FET recovery contradicts its performance in October, when its price decreased by 13.39%.

Following this rebound, on-chain data shows that the altcoin could be working toward wiping out those losses. Here is how.

Artificial Superintelligence Alliance Sees Buying Pressure  

Yesterday, FET’s price was $1.10. But as of this writing, the altcoin’s value has risen to $1.25. According to the 4-hour chart, FET’s price climbed this high due to rising buying pressure. 

Notably, Bull Bear Power (BBP) has jumped to the positive region after remaining in the red area since November 1. The BBP shows whether the strength of buyers is greater than that of sellers.

When the reading is negative, bears have the upper hand. Therefore, in this instance, bulls are in control. As such, the altcoin’s value could continue to climb if this remains the same. 

Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?

FET recovery driven by bulls
FET Bull Bear Power. Source: TradingView

The Money Flow Index (MFI) is another indicator suggesting that the FET recovery could be swift. The MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET. 

A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the asset strengthens. Therefore, if bulls sustain this momentum, then the altcoin’s price might continue to rise.

FET recovery is ongoing
FET Money Flow Index. Source: TradingView

FET Price Prediction: Token to Breach Resistance

Since the IOMAP indicates that there is only one significant resistance level for FET at $1.28, where 3,590 addresses hold 616.89 million tokens, it suggests that surpassing this level could open up further upside potential. 

Notably, the IOMAP tool categorizes addresses by whether they are making a profit, breaking even, or incurring losses at the current price

This accumulation zone acts as a key psychological barrier. The volume of tokens accumulated here is notably higher than the amounts held between $1.06 and $1.25, signaling that if buyers manage to push the price beyond $1.28, FET could gain strong momentum.

Read more: Which Are the Best Altcoins To Invest in November 2024?

FET bulls to breach resistance
FET In/Out of Money Around Price. Source: IntoTheBlock

Therefore, if buying pressure continues to increase, FET could rally all the way to $1.44. However, if bulls fail to breach the resistance, the altcoin price might pull back, and FET could drop to $1.10.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead?

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Bitcoin’s (BTC) price climbed to $70,000 today ahead of the US presidential election, indicating the connection between major political events and cryptocurrency movements. Historically, political uncertainty and significant elections have influenced crypto market sentiment and volatility.

As the election begins, on-chain analysis provides insights into potential future price movements. Analysts are also weighing in on the implications of the election outcome for Bitcoin, with opinions varying on whether the cryptocurrency could continue its upward trend or face downward pressure. Here are all the details.

According to Glassnode, the Bitcoin price increase comes amid a drop in the sell-side risk ratio. This metric shows whether investors are confident about a bullish performance or if conviction is low.

High values in this metric indicate periods when significant amounts of value are being realized, often correlating with increased market volatility. Such periods are commonly seen during the late stages of bull markets.

Conversely, low values suggest periods with minimal value realization and reduced market volatility. This can also signal macro market bottoms, accumulation phases, and environments with lower sell-side pressure and risk, potentially indicating the onset of future bullish trends.

Read More: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Bitcoin selling pressure reduces
Bitcoin Sell-Side Risk Ratio. Source: Glassnode

Therefore, the rise in Bitcoin’s price indicates that selling pressure is low, and the US elections could be bullish for the cryptocurrency.

Regarding this development, Juan Pellicer, Senior Researcher at IntoTheBlock, opined that a Donald Trump win would be good for BTC and the crypto market at large.

“The market appears primed for further upward movement, with the US election serving as a potential catalyst. Sentiment suggests that Trump’s more favorable stance on cryptocurrencies could provide the momentum needed for a decisive breakthrough to a new all-time high.” Pellicer told BeInCrypto

Meanwhile, CryptoQuant’s weekly report says that BTC is at a favorable price level ahead of the elections. It noted that the cryptocurrency is currently not overvalued. Hence, if demand increases, Bitcoin’s price might rally post-election.

For instance, BTC prices rallied by 22% between election day and December 2012. In 2016, it climbed by 37%, while the cryptocurrency saw a 98% increase in 2020. 

Therefore, if past performance influences future trends, the BTC might reach a new all-time high before the end of the year.

Data from the on-chain data provider also showed that demand for Bitcoin has increased. This is similar to the trends of 2016 and 2020. Hence, if sustained, the Bitcoin price might climb well above $70,000 soon.

Bitcoin demand rises
Bitcoin Apparent Demand. Source: CryptoQuant

BTC Price Prediction: $73,000 Possible

On the 1-hour chart, Bitcoin has attempted to break out on four different occasions. However, each time that happened since October 31, the coin faced rejection. However, today, the trend has changed as bulls pushed the cryptocurrency above $68,336.

This breakout has ensured that Bitcoin’s price has risen to $70,288. Furthermore, the Bull Bear Power (BBP) shows that bulls are in control. If sustained, Bitcoin’s price might rally much higher in the coming days.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Bitcoin US election day price analysis
Bitcoin 1-Hour Analysis. Source: TradingView

If bullish momentum persists, Bitcoin could potentially climb to $73,623 ahead of the announcement of the US election results. However, should BTC face rejection at resistance levels, this forecast might be invalidated, with the cryptocurrency possibly declining to $67,405.

The post US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead? appeared first on BeInCrypto.



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Why Ethereum’s Weak Momentum May Block $2,600 Breakout

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Ethereum (ETH) price is showing signs of weakening strength as polls open across most of the US.

Despite a 24% surge in trading volume over the past 24 hours and a modest 1% price uptick, technical indicators suggest a potential downturn. Here’s a closer look at the factors behind this analysis.

Ethereum to Remain “Under”

Readings from the altcoin’s Super Trend indicator reflect Ethereum’s weak price action. At press time, its red line rests above Ethereum’s price, confirming the potential downward trend.

This indicator helps traders identify the prevailing market trend and potential entry or exit points. It detects changes in price direction and determines support and resistance levels, often signaling when to buy or sell an asset. When the Super Trend line moves above the price and turns red, it signals a bearish trend, often considered a sell signal.

On the ETH/USD one-day chart, Ethereum’s Super Trend line is above the coin’s price at $2740, forming a resistance level that may be difficult to breach if new demand fails to enter the market. When the Super Trend line moves above the price, it acts as a resistance level. This is because the line indicates a potential “ceiling” where the price might face resistance if it attempts to rise. 

Read more: Ethereum ETF Explained: What It Is and How It Works

Ethereum Super Trend.
Ethereum Super Trend. Source: TradingView

Moreover, the setup of ETH’s moving average convergence/divergence (MACD) indicator — which tracks its trend direction, shifts, and potential price reversal points — supports this bearish outlook. As of this writing, ETH’s MACD line (blue) rests below its signal line (orange) and zero line. 

This bearish signal suggests that ETH’s short-term momentum is weakening. Traders often interpret this as a signal to exit long positions and take short ones.

Ethereum MACD.
Ethereum MACD. Source: TradingView

ETH Price Prediction: August 5 Low Is Possible

If buying pressure weakens, Ethereum’s price could fall toward its August 5 low of $2,112, marking a 13% drop from its current value. Conversely, a surge in demand could propel the coin to test resistance at $2,508.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

A successful breakthrough at this level would set the next target at the Super Trend line resistance of $2,740. Clearing this mark with strong momentum could position Ethereum for a climb toward $2,869 — a level not seen since August.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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