Price: $61,453 | Last Year: $30,696
"Only buy Bitcoin with the money you can’t afford to lose." - Michael Saylor, 21 Rules for Bitcoin
Bitcoin ($BTC) price might retest $66,000 ff the technical patterned called 'Adam and Eve' validates. However, should the current level fail to hold, the next significant support lies at $59,883.97, the 0.786 Fibonacci retracement level. BTC price support 'thinning' below $60K while Bitcoin ignores cool PCE. Long-term Bitcoin (BTC) holders have sold off approximately $10 billion worth of BTC in May 2024, according to data from blockchain analytics firm IntoTheBlock. A mystery Bitcoin whale just sent 1,000 BTC—worth $61 million at present—to Coinbase after first receiving the coins almost six years ago, on-chain data shows.
Bitcoin and Crypto is closing out a lame quarter and one Analyst Markus Thielen believes more pain could be in store and the price of bitcoin has dipped nearly 15% during the second quarter and altcoins fared even worse.However, legendary trader John Bollinger believes that the Bitcoin price will keep consolidating.
US spot bitcoin ETFs post $12 million net inflows, continuing intake at slower pace. BlackRock Global Allocation Fund reveals major Bitcoin ETF stake with 43,000 shares.
Bitcoin social sentiment decline may signal market bottom as Bitcoin activity drops to lowest level since 2010. Bolivia lifts ban on Bitcoin, authorizes crypto transactions via banks. The change in regulatory stance marks the end of a ban on crypto use in the country in place since 2014.
Samson Mowdoubles down on his $1 Million Bitcoin prediction; what does he know that everyone else doesn't or will he face the same doom as John McAfee (RIP.)
“I got renewed bullish on Tuesday, I noticed some capitulation indicators in the space like realized losses by short-term holders for example over 500 million like that’s a top five print of all time for Bitcoin. And then I saw BTC volatility hit 21 that’s a 30-day annualized VA that is also a very low number…” - Matthew Sigel, recovering CFA
Bitcoin miner sell pressure ‘weakening’ as BTC withdrawals drop 85% but, the network hashrate data, which indicates the activity’s production rate, continues to downtrend in a worrying pattern. In particular, data from mempool.space shows a sequence of two lower highs after April 27’s peak of 639 EH/s. Meanwhile, reduced Bitcoin miner sell-off could spark bull run in Q3 2024.
“I still hold some … I didn’t buy as much as I should have … I’m not sure it’s going to go up that dramatically from here.“ - Peter Thiel
The Pomp Podcast
Podcast of the Day: Bitcoin's Coiled Spring with Checkmate
OTHER NEWS
The current market structure is consistent with this historical pattern, indicating that Ethereum may have a price target of about $7,500. Based on the current structures and 161.8 Fibonacci extension level according to Glassnode. Steno Research predicts net inflows of $15-20 billion into ether spot ETFs in the first 12 months; if that happens, Ether is expected to hit $6,500 later this year. Galaxy Research estimates $5 billion of net inflows to spot ether ETFs in the first five months, Bitwise Inc expects $15 billion of inflows in the initial 18 months.
VanEck Researcher Matthew Sigel, recovering CFA believes Solana ETF approval comes next. A change in POTUS and SEC Chair is needed to even entertain the idea of a spot Solana ETF according to Eric Balchunas and Jake Chervinsky. Investment firm 21Shares filed an S-1 registration form for a Spot Solana ETF with the US Securities and Exchange Commission (SEC) on Friday.
Security Exchange Commission sues Consensys over MetaMask staking and broker allegations.
