Market Update
Bitcoin price falls to $31K as traders prepare for a ‘rocky’ road and more downside
“When it rains, it pours” is an old saying finding new relevance in the cryptocurrency markets on May 9 as traders face another day of pain and the current price decline brings Bitcoin (BTC) to its lowest level in 2022. Data from Cointelegraph Markets Pro and TradingView shows that the BTC selloff on May 9 intensified as the trading day progressed with Bitcoin hitting a daily low of $31,000 as bulls scrambled to mount what amounted to a weak defense. BTC/USDT 1-day chart. Source: TradingView Here’s a look at some of the developments that led up to May 9’s price declines and what traders can look for as the crypto market heads deeper into bear territory. Further downside is a possibility Bitcoin bulls have struggled to establish a solid floor of support over the past couple of m...
Fed FOMC comments and Bitcoin ‘bear channel’ could kickstart a decline to $28K
The start of May has seen a continuation of the weakness in crypto and equities markets and at the moment, there is no indication of any short-term factors that could reverse the bearish trend. Equities markets are also in a downtrend and according to researcher Clara Medalie, the price of stocks from companies with exposure to Bitcoin (BTC) have also taken a notable hit. Bitcoin vs. BTC exposed companies. Source: Twitter Medalie said: “Block, Tesla, Microstrategy and Coinbase are down between 20%–50%.” Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by Bitcoin (BTC) bulls to rally above $39,000 was easily defended by bears, resulting in a pullback to the $38,200 level. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts ...
Altcoins sell-off as Bitcoin price drops to its ‘macro level support’ at $38K
The cryptocurrency market and wider global financial markets fell under pressure on April 26 after the hype surrounding Elon Musk’s purchase of Twitter began to fade and concerns about the state of the global economy took the forefront again. Tech-related stocks were some of the hardest-hit assets on April 26 and this pullback was followed by sharp declines in crypto prices as risk assets become persona non grata in these turbulent markets. Data from Cointelegraph Markets Pro and TradingView shows that after holding support at $40,500 through the early trading hours on April 26, the price of Bitcoin (BTC) dumped 6.21% in afternoon trading to hit a low of $38,009. BTC/USDT 1-day chart. Source: TradingView April 26’s price action looks to be a continuation of the weakness se...
Bitcoin hits $40K, investors pump Dogecoin (DOGE) after Musk confirms Twitter purchase
The cryptocurrency market fell under pressure in the early trading hours on April 25, but a brief spurt of bullish price action sparked after media headlines announced that Elon Musk had reached a deal to purchase Twitter for $44 billion. Data from Cointelegraph Markets Pro and TradingView shows that after dropping as low as $38,210 in the opening trading hours on Monday, Bitcoin (BTC) price staged a 5.72% rally to hit an intraday high at $40,366 as news of Twitter’s sale spread across news outlets. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what analysts and on-chain data have to say about Bitcoin’s short-term outlook. Declining exchange reserves point to strong accumulation The recent bearish sentiment that has dominated the crypto market was addressed b...
Memecoins eye major revamps in an effort to return to their former glory
Memecoins briefly took the cryptocurrency market by storm in 2021 after steady attention and shilling from big-name influencers like Elon Musk and Mark Cuban helped propel coins like Dogecoin (DOGE) to 100x gains. As one should expect, in the crypto market, rapidly rising prices have a tendency to reverse course just as fast and many of the formerly high-flying meme tokens now find themselves struggling for survival as the market matures and investors look for real-world use cases. Let’s take a look at some of the most popular memecoins of 2021 to see whether they were just a flash in the pan or if there are fundamental developments that may prove fruitful in the long-term. Dogecoin DOGE is the original memecoin and it helped kick off the rally of ‘21 after its price skyrockete...
Analysts say Bitcoin has ‘already capitulated,’ target $41.3K as the most hold level
Traders’ struggle to build sustainable bullish momentum persisted across the cryptocurrency market on April 20 after prices slid lower during the afternoon trading session and ApeCoin (APE) appaers to be one of the few tokens that is defying the current market-wide downturn. Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by Bitcoin (BTC) bulls to breakout above $42,000 was soundly rejected by bears, resulting in a pullback to a daily low of $40,825 before the price was bid back above $41,000. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what several market analysts are saying about the weakness in Bitcoin and what levels traders are looking at as a good spot for opening new positions. Whales accumulate near $...
QSP, XDB and AST post double-digit gains amid sideways moving market
Activity across the cryptocurrency market has been largely subdued on April 15 as traders in the United States have taken an early weekend thanks to the closure of financial markets for the observance of Good Friday. A survey of the top 20 tokens indicates a relatively flat trading day, with Bitcoin (BTC) clinging to support above $40,000. Several lower-ranking altcoins managed to post double-digit gains on the back of recent protocol developments. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Quantstamp (QSP), DigitalBits (XDB) and AirSwap (AST). Quantstamp launches NFT Combinator Blockchain security and code audit provider Quantstamp l...
Coinbase exploration report leads to over 100% price gains for MITX, KROM and BDP
United States-based cryptocurrency exchange Coinbase sent waves across the cryptocurrency ecosystem on Apr. 11 when it released a list of 50 crypto assets that were under consideration for listing in the second quarter of 2022 in a bid to increase the transparency of its listing process. Responses to the release were mixed and led to some allegations of insider trading by crypto sleuths, while a majority of crypto traders took a deeper dive into the list in an attempt to discover diamonds in the rough. Following a week’s worth of trading that saw many of the tokens on the list experience pump-and-dumps, the dust is beginning to settle revealing Morpheus Labs (MITX), Kromatika (KROM) and Big Data Protocol (BDP) as the top three gainers from the Coinbase announcement. Morpheus Labs Mor...
Bitcoin price slides below $40K following a ‘lackluster’ breakout
Extreme fear is once again the dominating sentiment across the cryptocurrency community after Bitcoin (BTC) faced another day of trading below the $40,000 level and the United States grapples with the highest Consumer Price Index (CPI) print since 1981. Crypto Fear & Greed Index. Source: Alternative.me Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt to rally above $40,000 ran into a wall of resistance at $40,650 and BTC price eventually tumbled back below $39,600. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts are saying about the current state of Bitcoin and what could potentially come next as financial markets grapple with an increasing amount of uncertainty. Bitcoin is simply re-testing a major S/R zone ...
Kava turns bullish as Ethereum Co-Chain launch initiates push toward EVM compatibility
Protocols in the Cosmos ecosystem have seen a significant amount of growth in 2022 due to the intensifying focus on blockchain interoperability and compatibility with the Ethereum network. One protocol that has seen a buildup in momentum since the middle of March is Kava, a project that is developing a co-chain architecture for the Cosmos and Ethereum network. Data from Cointelegraph Markets Pro and TradingView shows that the price of Kava’s native token KAVA has climbed 72.3% after hitting a low of $2.92 on March 13 to establish a daily high of $5.03 on April 8. KAVA/USDT 1-day chart. Source: TradingView Three reasons for the increase in price and momentum for KAVA include the Ethereum Co-Chain beta launch, the launch of a $750 million developer incentive program and a series o...
Bitcoin price dip to $39.2K places BTC back in ‘bear market’ territory
The cryptocurrency market took a turn for the worse on April 11 after concerns related to rising inflation, the prospect of several more interest rates by the U.S. Federal Reserve and fear of a global food shortage led to widespread weakness across global financial markets. Data from Cointelegraph Markets Pro and TradingView shows that bears broke through the bulls’ defensive line at $42,000 in the early trading hours on Monday to drop Bitcoin (BTC) to a daily low of $39,200 and several analysts project even lower prices in the short-term. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what analysts are saying about Monday’s move lower and whether or not traders should expect more downside over the coming days. $40,000 or bust The dip below $40,000 was foreshadowed b...
CEEK VR gains 100%+ as push toward virtual reality and Metaverse development intensifies
Nonfungible tokens (NFTs), decentralized finance (DeFi) and the Metaverse are three of the hottest trending topics in the cryptocurrency ecosystem and each is helping the world slowly move toward the mass adoption of blockchain technology. One project looking to capitalize on these trends is CEEK VR (CEEK), a entertainment and creator-focused platform aiming to use virtual worlds to connect music artists, athletes and digital content creators with their fans. Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $0.289 on March 15, the price of CEEK has gained 123% to hit a daily high of $0.646 on April 7 as its 24-hour trading volume spiked 178% to $90 million. CEEK/USDT 4-hour chart. Source: TradingView Three reasons for the climbing price of CEEK...
