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Happy Tuesday Folks! Bitcoin is trading up at $41,774.72. The pullback seems to be done and Bitcoin appears to be back on the rise. Let's get on with the news...
SUMMARY
Yesterday, Bitcoin price slips below $42,000 as short-term holders take profit - Long liquidations spike to over $320 million today as bitcoin drops 6% and ether stumble; Analyst say this was expected.(11) Today, AVAX bounced above the $40-mark for the first time since May 2022, taking the weekly gains to 84% and doubling its value since the start of 2023; $AVAX might repeat Solana's ($SOL) mind-blowing rally.(5)
Bitcoin price dived again and retested the $40,000 support zone. BTC is rising, but it must clear $42,350 to move into a positive zone. Bitcoin's recent plunge has been attributed to over-leveraged derivatives traders, causing increased market volatility. On-chain analyst Willy Woo analyzes Bitcoin’s path potential $39,000 retest. But, Bitcoin “washout” completed, BTC ready for $48,000—and higher; BTFD!(2) William Clemente, the co-founder of Reflexivity Research, suggested this correction was necessary as it would “shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.” He further mentioned that Bitcoin’s volatility “is a feature, not a bug.” Bitcoin ($BTC) all-time high incoming? 3AC Kyle Davies makes ultra bullish claim about Bitcoin being in a SuperCycle.
Bitcoin vulnerability linked to Ordinals discovered by Luke DashJr has been flagged by the US Government. Google to loosen restrictions on Crypto ads and will allow promotion of ‘Cryptocurrency coin trusts;’ possibly related to the upcoming approval of the BlackRock Bitcoin ETF.
Ethereum price started a consolidation phase after a sharp decline. $ETH must clear the $2,275 resistance to start a fresh increase in the near term. $XRP price is eyeing a fresh increase from the $0.600 support.(2) The price could gain bullish momentum if it clears the $0.625 resistance zone. Cardano (ADA) hits Fibonacci resistance at $0.61, indicating a possible bearish rejection, despite a strong bullish trend and weekly chart analysis reveals a mix of signals for ADA, with a potential correction due to overbought RSI and bearish rejection at the .382 Fib level.
Bitcoin-hating US Senator Elizabeth Warren introduces new bill to oversee Cryptocurrencies.
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Podcast of the Day: VanEck’s 2024 Crypto Predictions with Matthew Sigel | Bankless
