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Why Bitcoin (BTC) Price May Be Set to Breakout in July

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Bitcoin (BTC) has made a strong start to the new month after the price fell short of expectations for a large part of 2024’s second quarter (Q2). Trading at $63,255, the price increased by 3.11% in the last 24 hours.

Investors will be interested in whether the coin will continue its run or fare better. This analysis affirms the possibility of a higher price by the end of July unless something unexpected happens.

Bitcoin Miners Reduce High Selling Activity

Miners were one of the factors that grounded Bitcoin’s price to a halt in the last few months. In April, Bitcoin miners, who are responsible for verifying transactions on the network, saw their rewards halve.

Afterward, revenue dropped as they found it challenging to keep up with operating costs. Consequently, they sold some of their BTC. According to CryptoQuant, Miner-to-Exchange Transactions jumped up until June 8.

The Miner-to-Exchange Transactions metric measures the number of Bitcoin coins sent into exchanges from miners’ reserves. When it increases, BTC drops.  However, a notable decline provides stability for Bitcoin’s price — either it increases or the value trades sideways.

Read More: 5 Platforms to Buy Bitcoin Mining Stocks After 2024 Halving

Bitcoin miners have stopped selling
Bitcoin Miner-to-Exchange Transactions. Source: CryptoQuant

Speculation spread that the metric would jump again, but that did not happen, as it seems miners are done with distribution. As seen above, only 129 BTC affiliated with miners were sent to exchanges.

This is an extremely low figure compared to June 8, when the number was 1,279 BTC. Should the value continue to drop, Bitcoin might keep its head above $60,000 through July. In a highly bullish scenario, the price can retest $65,000 to $67,000.

Historical Trends Raise Eyebrows 

Another metric supporting a price increase is Bitcoin’s Delta Gradient. The Delta Gradient model assesses the rate of price change compared to the capital inflows into Bitcoin. 

It also considers the gradient of the spot BTC value and the realized price. The difference between these values is what gives the Delta Gradient. 

If the metric is positive, it means that investors should expect an uptrend within a specified period. On the other hand, a negative gradient implies that returns may be negative.

At press time, using Glassnode’s data, the 28-day Bitcoin Delta Gradient is -1.62. Typically, this is supposed to drive a downtrend for BTC. However, that may not be the case, as it is an improvement from a few days ago when the reading was -2.90.

Bitcoin potential uptrend
Bitcoin 28-Day Realized Gradient. Source: Glassnode

Should the reading of the metric above continue to rise, so will BTC. Furthermore, a jump into the positive region could confirm Bitcoin’s price hike.

Meanwhile, analysts on social media shared their views about this month’s performance. For example, Ali Martinez wrote on X that BTC may bounce strongly in July. 

Bitcoin returns in July
Bitcoin Historical Monthly Returns. Source: Ali Charts on X.

Referring to the coin’s previous returns in the seventh month, he explained that:

“Historically, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, BTC has shown an average return of 7.98% and a median return of 9.60% during this month.”

BTC Price Prediction: $67,000 or Nothing?

According to the daily BTC/USD chart, the coin had formed a Cup and Handle pattern. This pattern appears when the price forms a rounded bottom (cup) and later tests new lows to form the handle.

The cup and handle pattern acts as a bullish signal, indicating that an upward breakout could have the strength to keep moving north. Looking at the Fibonacci retracement to spot support and resistance levels, BTC could hit $64,966 if the upswing continues.

Bitcoin bullish price analysis
Bitcoin Daily Analysis. Source: TradingView

From a more bullish perspective, the coin’s price may reach $67,241 before the month ends. In addition, the Relative Strength Index (RSI) is starting to move up. The rise in the RSI means that Bitcoin is leaving the bearish reigns.

However, to validate the price prediction, the RSI reading needs to cross over the 50.00 neutral zone. If this happens, BTC will continue its upswing and potentially surpass $64,000 in a few days.

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

Bitcoin rising momentum
Bitcoin RSI. Source: TradingView

Failure to solidify the bullish momentum will invalidate the forecast. Traders also need to watch out for the actions of institutions that hold Bitcoin. 

Recently, Spot On Chain disclosed that the U.S. and German governments are selling BTC again. If this lingers, Bitcoin’s price may lose hold of $60,000 and drop to $59,795. In a highly bearish case, the price may plunge to $56,599.

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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GOAT Price Sees Slower Growth After Reaching $1B Market Cap

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GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.

However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.

GOAT BBTrend Is Negative For The First Time In 4 Days

GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.

BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.

GOAT BBTrend.
GOAT BBTrend. Source: TradingView

GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.

However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.

GOAT Is In A Neutral Zone

GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.

The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.

GOAT RSI.
GOAT RSI. Source: TradingView

RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.

This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.

GOAT Price Prediction: A New Surge Until $1.50?

If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.

Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.

GOAT Price Analysis.
GOAT Price Analysis. Source: TradingView

However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.

Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.

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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Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken

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Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.

However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.

XRP RSI Is Below The Overbought Zone

XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.

This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.

XRP RSI.
XRP RSI. Source: TradingView

The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.

While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.

Ripple CMF Is Now Negative After Staying Positive For 14 Days

XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.

The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.

XRP CMF.
XRP CMF. Source: TradingView

The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).

XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.

Ripple Price Prediction: Biggest Price Since 2021?

XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.

However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.

On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.

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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Trump Media Files Trademark for Crypto Platform TruthFi

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Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing. 

The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.

Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year. 

However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social. 

The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter). 

Trump Media truthfi trademark filiing
TruthFi trademark filing. Source: Trademark Status and Document Retrieval

Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees. 

“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter). 

As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week. 

Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.

Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance

Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion. 

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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