Kategorie: Crypto Analysis

Key takeaways

• Bitcoin has dipped below $80,000 after being rejected by the key 200-day EMA supply zone.
• US-listed spot ETFs recorded an outflow of $635 million on Wednesday.

Bitcoin (BTC) fell below $80,000 on Thursday after failing to overcome a key overhead supply area earlier this week. 

The pullback is attributed to fading institutional demand, with spot Exchange Traded Funds (ETFs) experiencing significant outflows, as well as a surge in traders’ profit-taking activity, increasing selling pressure on the leading cryptocurrency.

Highest single-day ETF outflow in three months signals weakening institutional demand

Institutional demand for Bitcoin has weakened, with spot ETFs recording a massive outflow of $635.23 million on Wednesday, the highest single-day withdrawal since the end of January. 

According to CoinGlass data, this marks the second consecutive day of withdrawals this week. If outflows persist or intensify, Bitcoin’s price correction could continue, further amplifying the bearish pressure.

Profit-taking among Bitcoin holders has surged, further adding to the selling pressure. CryptoQuant’s weekly report highlights that 14,600 BTC were realized in daily profits on May 4, the highest figure since December 10. 

The 37% rally from the April lows has brought Bitcoin holders back into profitable territory, triggering a wave of selling. This kind of behavior typically precedes further price declines, as traders capitalize on their gains.

Bitcoin price forecast: BTC could dip below $79,000

Bitcoin is trading at $79,458 on Thursday, having faced rejection from the overhead supply zone. 

The cryptocurrency has corrected for three consecutive days this week but is still holding above the 50-day and 100-day Exponential Moving Averages (EMAs), which are clustered just under $76,800. 

Despite this, Bitcoin remains capped below the 200-day EMA at $81,986 and the key 61.8% Fibonacci retracement at $83,437.

While the broader uptrend remains intact, the technical outlook suggests a cautious approach. The Relative Strength Index (RSI) hovers in the mid-50s, indicating a mild bullish bias, but the Moving Average Convergence Divergence (MACD) line is still in negative territory, hinting at tentative upside momentum.

If the bearish trend persists, immediate support is found at the 50% Fibonacci retracement level around $78,962, followed by the 100-day EMA at $76,756 and the 50-day EMA at $76,479. 

If selling accelerates, further support lies at the 38.2% Fibonacci retracement near $74,487 and the broken upward trendline around $70,171.

On the upside, bulls need to clear the 200-day EMA at $81,986 to ease immediate pressure. Resistance then emerges at the 61.8% Fibonacci retracement at $83,437 and the horizontal barrier near $84,410. 

A daily close above this level would strengthen the case for a renewed push toward the January highs of $97,924.

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Key takeaways

• Pi Network extends losses on Thursday and could dip lower in the near term.
• The technical outlook for PI is mildly bearish as the short-term support is near $0.1687

Pi Network (PI) is edging lower on Thursday, threatening a potential bearish breakout below the $0.1700 mark. 

The rise in selling pressure is likely linked to renewed mainnet migration activity, with over 1 million PI tokens being deposited on centralized exchanges (CEXs), weighing down on the PI token’s price.

CEX deposits surge amid renewed mainnet migration

Pi Network is experiencing increased selling activity as investors transfer their PI tokens to exchanges after completing their Know Your Customer (KYC) verification.

PiScan data reveals that over 36 million PI tokens were migrated to the mainnet in the past four days, coinciding with the 26.20 million PI tokens unlocked from Pi Core Team wallets. 

Simultaneously, Pi-supporting exchanges saw an influx of 1.15 million tokens, indicating that large holders are reducing their exposure amid the option for an exit.

Technical outlook: PI risks deeper correction below $0.1700

The PI/USD 4-hour chart is bearish and efficient. At press time, Pi Network is trading around $0.1700, with a bearish near-term outlook. 

The PI token remains well below the 50-period Exponential Moving Average (EMA) at $0.1739 on the 4-hour chart, as well as the 100- and 200-period EMAs, which are clustered between $0.1750 and $0.1767. 

These moving averages, combined with the downward trendline, form a dense resistance zone that limits any upward movement.

The price is approaching the May 12 low of $0.1687, which has served as a base for short-term consolidation. 

The token is trapped within a descending wedge pattern, indicating that the current structure leans bearish. 

Additionally, the Relative Strength Index (RSI) is hovering near 40, slipping below the midline, while the Moving Average Convergence Divergence (MACD) line and its signal line remain marginally below zero, signaling that downside momentum is still in control.

If the bulls regain control, initial resistance lies near the 50-period EMA and the downward trendline break area around $0.1739. 

However, if the selloff persists, immediate support is loosely defined around the $0.1700 region, close to the May 12 low at $0.1687. 

A clear break below this level could open the door to fresh lows on the 4-hour chart, especially as the broader structure remains capped by the overhead moving averages and trendline resistances.

The post PI faces increased selling pressure, risks further decline below $0.1700 appeared first on CoinJournal.

Key takeaways

• Pi Network (PI) is currently consolidating within a descending wedge pattern on the 4-hour chart.
• The deployment of cross-chain contracts on the BSC and OP testnets is part of the ongoing mainnet upgrades, expanding Pi Network’s capabilities.

PI extends consolidation within descending wedge pattern

Pi Network (PI) is trading in the red on Wednesday, down 1%, continuing its consolidation within a descending wedge pattern on the 4-hour chart. 

Despite the current bearish price action, the technical outlook remains mildly bullish. PiChain Global, a key player within the Pi Network ecosystem, has recently deployed cross-chain contracts on the BSC and OP testnets, signaling that ongoing upgrades are bringing new capabilities to the Pi Network ecosystem. 

In an update posted on X, PiChain Global announced the successful deployment of cross-chain smart contracts on two blockchain testnets: BSC (Binance Smart Chain) and Optimism’s OP testnet, built on Ethereum. 

The move highlights the growing cross-chain functionality within Pi Network, expanding its capabilities. PiChain also plans to integrate this functionality into its PCM wallet, while temporarily pausing its Meeta social app due to resource limitations.

This new development is part of the Pi Core Team’s ongoing push for the mainnet upgrade, which has now reached Stellar Protocol v23 on Pi Network’s testnet. 

The mainnet nodes must complete this upgrade by Friday to remain connected to the network, and if successful, the upgrade will unlock similar cross-chain functionality on the mainnet, broadening the utility of the PI token.

PI price forecast: potential bullish breakout from descending wedge 

The PI/USD 4-hour chart is bearish and efficient. At press time, Pi Network is consolidating between the $0.1700 mark and the May 9 high of $0.1766 on the 4-hour chart. 

This consolidation is bounded by two key trendlines—an overhead trendline from April 29 and May 6 highs, and a support trendline from April 30 and May 8 lows. 

Short-term momentum is recovering on the 4-hour chart. The Moving Average Convergence Divergence (MACD) remains above its signal line, with positive histogram bars contracting toward the zero line. 

The Relative Strength Index (RSI) is showing a steady rise in the mid-range at 46, while the price holds above the key $0.1700 level, signaling a positive divergence. 

If the bulls regain control, immediate resistance is found at the short-term descending trendline around $0.1766. 

A sustained break above this resistance level would help lift the current cap and pave the way for a potential move toward the May 6 high at $0.1881.

However, if the market undergoes a correction, initial support is at the psychological $0.1700 level, followed by the active descending support trendline near $0.1670. 

If the price breaks below this support level, it could trigger a deeper pullback, potentially weakening the broader consolidation structure.

The post Pi Network (PI) faces mild bearish pressure: Check forecast appeared first on CoinJournal.

Key takeaways

• ATOM extends its gains, trading above $2.10 on Wednesday, up over 8% so far this week.
• The technical outlook suggests a further upward rally in the near term

ATOM trading volume hits multi-month highs 

Cosmos Hub (ATOM) continues its bullish rally, currently trading above $2.10, up more than 8% this week. 

On-chain data reveals a positive outlook, with ATOM’s trading volume surging to $120.74 million on Wednesday, marking the highest level since early February. 

This surge in trading volume indicates growing trader interest and liquidity, further boosting ATOM’s upside momentum.

Santiment’s data suggests an increase in demand, with spot markets showing buy-side dominance and generally neutral conditions across other metrics, pointing to potential for continued upward movement. 

The rally comes after Cosmos Hub announced a new partnership with Injective. Starting soon, the USDC stablecoin from Injective will be integrated into the Cosmos Hub ecosystem. 

This integration ensures long-term support for USDC, solidifying the relationship for at least four years.

The partnership will enhance liquidity, cross-chain interoperability, and introduce a buyback mechanism for ATOM tokens. 

The Cross-Chain Transfer Protocol (CCTP) will facilitate one-signature transfers, with the protocol fees used to buy back ATOM tokens programmatically. 

This move is bullish for both Cosmos Hub and ATOM in the long term, as it strengthens the ecosystem and introduces new demand drivers.

Cosmos Hub price forecast: ATOM aims for $2.34 

The ATOM/USD 4-hour chart is bullish and efficient as the coin is outperforming the broader crypto market. 

ATOM is trading at $2.15 on Wednesday, marking a 8% increase this week. The token remains above key support levels, with the 50-day and 100-day Exponential Moving Averages (EMAs) at $1.90 and $1.97, respectively. 

This keeps the near-term bullish trend intact as ATOM pushes further away from its broken descending trend line.

The Relative Strength Index (RSI) has surged into overbought territory, currently around 75, while the Moving Average Convergence Divergence (MACD) line stays above zero with a positive spread, suggesting strong bullish momentum but cautioning against overextension.

If the bullish trend continues, initial resistance is found at the 200-day EMA around $2.34, followed by the 38.2% Fibonacci retracement at $2.39.

 A sustained break above this resistance zone could open the path to further gains, with potential targets at the 50% retracement near $2.63 and the 61.8% retracement level at $2.88.

However, if the market undergoes a correction, immediate support is seen at the 23.6% Fibonacci retracement at $2.09, followed by the 100-day EMA at $1.97 and the 50-day EMA near $1.90. 

A deeper pullback could occur if these levels are lost, with further support near the former trendline break area at $1.75 and the lower horizontal support around $1.65.

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Key takeaways

• Bitcoin recovers slightly on Wednesday after finding support below $80,000.
• US-listed spot ETF saw outflows of $233 million on Tuesday,

Bitcoin finds support at a key level

Bitcoin (BTC) has slightly rebounded and is currently trading above $81,000 on Wednesday, following a retest of a critical technical support level the previous day. 

The price surge is attributed to a recent correction and support found near the psychological $80,000 mark. As market participants await the Senate Banking Committee’s vote on the Clarity Act on Thursday, there are early indications that this could be a near-term catalyst for Bitcoin’s future price action. 

Institutional demand appears to be showing some caution this week. Spot BTC Exchange-Traded Funds (ETFs) recorded a notable outflow of $233.25 million on Tuesday, after a modest inflow of $27.29 million the previous day, according to CoinGlass data. 

If these outflows persist or intensify in the coming days, Bitcoin may experience a price correction. However, the focus remains on the Senate Banking Committee’s upcoming vote on the Clarity Act, which is anticipated to have a significant impact on the crypto market. 

Bitcoin’s recent price action has lost momentum as it faces resistance around the 200-day Exponential Moving Average (EMA), hovering near $82,000. 

The ongoing consolidation suggests that Bitcoin is taking a breather after a strong rally since early April. However, the outlook remains bullish, with the largest cryptocurrency by market capitalization potentially poised to resume its upward trend. Analysts are optimistic that the Clarity Act, which is expected to be voted on Thursday, could trigger a breakout for Bitcoin.

Bitcoin price forecast: BTC consolidating above key EMAs

Despite some caution in institutional demand, Bitcoin is showing a bullish near-term bias, with support holding above the 50-day and 100-day Exponential Moving Averages (EMAs). 

These EMAs are clustered just below $76,800 and are part of a parallel channel, suggesting ongoing consolidation in the price action.

The Relative Strength Index (RSI) on the daily chart is near 61, indicating positive momentum without being overextended. 

Meanwhile, a slightly negative Moving Average Convergence Divergence (MACD) reading points to moderating upside pressure, rather than a reversal, as Bitcoin remains below the 200-day EMA near $82,100.

If the rally persists, Bitcoin will face initial resistance at the 200-day EMA around $82,100, followed by the 61.8% Fibonacci retracement level near $83,440 and a horizontal barrier at $84,410.

A sustained break above this resistance zone could open the door for a run toward the January peak of around $97,925.

However, if the bears regain control, support is seen at the psychological $80,000 level, with further support zones near the 50% retracement at $78,960 and the 100-day and 50-day EMAs around $76,730 and $76,420, respectively.

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