Kategorie: Crypto Markets

• Bitcoin’s breakout to $29k comes after bulls established $26,190 as a key support zone.
• If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50.0% retracement of $34,280.
• Bitcoin traded at around $29,030 on Monday morning after spot ETF news sparked by BlackRock’s filing aided bulls’ upside momentum.

Bitcoin (BTC) broke above a key downtrend line as it rose past the $28k level on Tuesday. In reaching the $29k area, BTC pushed well beyond the recent hurdle and now has a key support line of $26,190.

Analysts have pointed Bitcoin’s break of a multi-month downtrend as a bullish move that puts the top crypto asset on the verge of retesting the $30k level. Can it go higher than its year-to-date highs above $31k? 

The technical picture based on the Fibonacci model suggests it could pump beyond its YTD highs.

Bitcoin price to $34k next?

While Bitcoin is clearly not in a bull market yet, the potential for a burst is looking likely as a confluence of positive factors align. Given, regulatory headwinds, including the SEC’s lawsuits against Binance and Coinbase, continue to hover over the market.

However, the resilience shown over the past weeks and renewed optimism as major financial institutions embrace crypto has bulls poised and a break to $30k is very much on. Can it go to $34k next?

According to Glassnode, an on-chain and financial metrics data provider, this robust support is at the -61.8% golden ratio Fibonacci retracement. If the price pushes higher and establishes a clear upward trend, it’s likely bulls will retest the bears’ resolve around $34,280.

This would be the next direct resistance zone, Glassnode pointed out on Wednesday, putting this possible supply reload zone at the -50% Fibonacci retracement level.

Chart showing Bitcoin Fibonacci retracement levels from its all-time. Source: GlassnodeHaving survived the negative sentiment that surrounded the SEC’s crackdown, the current wave of buy pressure could bring two other major resistance areas into play.

Veteran trader Peter Brandt believes the breakout shifts the “burden of proof” to the bears as he suggests a rally to above $37k is possible. Meanwhile, Glassnode identifies the -38.2% and -23.6% Fibonacci retracement levels of $42,370 and $52,380 respectively as key hurdles.

Currently, BTC/USD is trading at $29,030, about 8% up in the past 24 hours and nearly 12% higher over the past week.

The post Bitcoin price outlook: Technical breakout suggests BTC rally to $34k appeared first on CoinJournal.

• Bitcoin Cash price rose to $140 on major crypto exchanges as Bitcoin touched the $29k level after major companies, led by BlackRock, filed for spot ETFs.
• BCH traded higher after Wall Street-backed cryptocurrency exchange EDX went live.
• EDX will initially support only 4 tokens – BTC, ETH. LTC and BCH.

BCH is the biggest gainer among the top 50 cryptocurrencies by market cap as Bitcoin Cash news aid bulls’ course.

Bitcoin Cash price’s 24-hour gains of over 25% indeed put it well above other notable gainers Stacks (STX), Optimism (OP) and Render (RNDR).

BCH was also outperforming Bitcoin (BTC), which itself notched impressive gains as it traded to the $29k mark for the first time in over a month.

Bitcoin Cash spikes amid Wall Street crypto news

Wednesday saw most coins trade in green, in contrast to the US stock market that had seen major indices close in the red ahead of Fed Chair Jerome Powell’s two-day testimony.

For crypto, the widespread gains followed on last week’s bounce after asset investment behemoth BlackRock filed for a spot Bitcoin ETF. Today, news of other top asset managers in WisdomTree and Invesco following BlackRock into submitting spot ETF proposals to the US Securities and Exchange Commission (SEC) catapulted bulls into action.

Bitcoin Cash price therefore rose alongside those of other altcoins as sentiment flipped positive. Moreso, the price of BCH could have found a new leg after the Wall Street-backed cryptocurrency exchange EDX Markets went live.

As CoinJournal reported, EDX is a new crypto exchange backed by Wall Street giants Fidelity, Charles Schwab, and Citadel. BCH price might have surged on news that EDX will initially only support four cryptocurrencies – Bitcoin, Litecoin, Ethereum and Bitcoin Cash.

Bitcoin Cash price prediction

The upside momentum from this news is likely why BCH/USD rose to near $140, its highest price level since March 20.  

On the downside, the $100 zone remains a key support area that could act as a demand reload level. Currently, BCH/USD is hovering near $130, about 22% up in the 24-hour range.

The post Bitcoin Cash surges as BCH hits 3-month high: Here’s why appeared first on CoinJournal.

• CyberHarbor token CHT jumped more than 200% to a new all-time high on Wednesday morning.
• The CHT price gains followed Bitcoin’s bounce to the $29k level, and as sentiment turned positive for CyberHarbor after listing on Indonesia’s largest crypto exchange indodax.
• But the token traded near $15 at the time of writing as profit taking increased.

CHT, the native token of blockchain monitoring network CyberHarbor, rallied to a new all-time high early Wednesday as the entire crypto market turned green. 

CyberHarbor price touched the $34 peak on June 21 as Bitcoin raced to the $29,000 level for the first time in weeks.

CHT token rides crypto rally to ATH: What drove the price higher?

CyberHarbor price rose sharply after news of a major institutional push for further crypto adoption via spot Bitcoin ETFs, led by global asset investment giant BlackRock, catalysed the latest crypto bounce. After flatlining for much of the last three months, CHT price pumped to $34 to bring weekly and 30-day gains to over 200% and 800% respectively.

While most of these gains occurred in the past day, momentum for CHT appears to have been building over the past few days. This is likely due to the token being highlighted for listing on indodax, the biggest Bitcoin and cryptoasset trading platform in Indonesia. Prior to this, CHT was traded on the BTCEX exchange.

As of writing, CHT had pared most of the gains, losing over 58% of upside as it appeared profit taking deals were mounting.

What’s CyberHarbor?

As noted above, CyberHarbor CyberHarbor (CHT) is a decentralized network that offers real-time anomaly monitoring. The multi-chain tool is capable of detecting real-time threats across platforms in the crypto and Web3 ecosystems, including in DeFi, oracles, cross-chain bridges and governance.

The platform’s blockchain-powered technology achieves this through transaction scanning and security testing for block by block changes. That occurs in metrics such as token and token holder transaction information and short-term security tests.

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• BlackRock, WisdomTree, Invesco have filed for spot Bitcoin ETFs and Fidelity Investments is also reported to be considering an application.
• The news has catalysed crypto market’s latest bounce, with Bitcoin (BTC) hitting $29k.
• Meanwhile, the AltSignals presale is nearly 94% sold out in stage 1, and is set to hit the targeted $1.08 million mark.

Crypto news today is headlined by reports of renewed interest in the Bitcoin (BTC) asset class, particularly by major US-based companies. These include asset managers WisdomTree and Invesco, who have joined the world’s largest asset management firm BlackRock in filing for a spot Bitcoin ETF.

Amid the potential influx of institutional investor interest, the cryptocurrency market’s bounce this week – which saw Bitcoin price retest $29,000 again – has investors also looking at AltSignals (ASI), a trading signals company whose presale is about to hit a major milestone.

BlackRock sparks spot Bitcoin ETF frenzy

While the SEC has denied all previous rule change proposals for a spot Bitcoin ETF, the spate of filings coming in hot and fast has the market buzzing. Global investment asset giant BlackRock, a $9 trillion in asset under management firm, filed for its spot Bitcoin exchange traded fund on June 15.

The filing looks to address one of the sticking points that has reportedly seen the US Securities and Exchange (SEC) reject all previous proposals – the issue of price manipulation. In its application, BlackRock cites a “surveillance agreement” with top markets platforms the Chicago Mercantile Exchange (CME).

WisdomTree, a US-based investment fund with over $83 billion in assets under management that had two previous ETF propoals denied by the SEC, is hoping to join BlackRock in persuading the securities regulator to allow the first physically-backed bitcoin ETFs in the US market. 

SEC documents show WisdomTree filed for its WisdomTree Bitcoin Trust (BTCW) on June 20 and seeks to list the ETF on the Cboe BZX exchange.

Another asset manager seeking the SEC’s seal of approval is Invesco, which has reactivated its 19b-4 document for the listing of a spot ETF. Like WisdomTree, the firm plans to list the Invesco Galaxy Bitcoin ETF on the Cboe BZX exchange.

Also reported to eyeing the spot Bitcoin ETF bandwagon is Fidelity Investments, which as highlighted here, is among the Wall Street giants to back the newly launched cryptocurrency exchange EDX. Others are Schwab and Citadel.

What is AltSignals?

AltSignals launched in 2017 and has grown to become one of the most popular trading signals providers, with its tools available for traders 24/7 across crypto, stocks and forex markets. To advance its technology further amid greater demand, AltSignals has integrated an artificial intelligence-powered layer called ActualizeAI.

ActualizeAI will leverage the power of machine learning and natural language processing to give users the most accurate trading signals. The ASI token is needed to access the AI platform and will also give holders governance rights when the company transitions into a DAO.

ASI presale on track to hit first milestone

As altcoins look to bounce amid the current market exuberance, AltSignals’ presale is on the verge of hitting a key presale milestone. The trading signals platform launched its ASI token sale a few weeks ago and has raised over $1 million in the first stage.

With 94% of the available tokens sold, the remaining percentage is likely to be scooped up quickly as the confluence of factors driving crypto markets today cascade into an investor group scouring for the next crypto gem.

The ASI token is currently priced at $0.015 and will increase to $0.01875 in the next presale stage, giving it a 25% increase. According to details on their presale page, there will only be four stages, with prices rising to $0.02274 in the final phase.

Is now a good time to buy crypto?

Opinion is divided as to the timing of the “gold rush” for spot Bitcoin ETFs by major US investment firms, led by BlackRock. In particular is the argument that this looks to be coming together at a time the SEC is cracking down on crypto exchanges, with the lawsuits against the world’s two largest crypto companies in Binance and Coinbase.

However, many also believe that the approval of a spot ETF is long overdue for the US market. A successful application by BlackRock, which has a 575-1 success rate for ETF applications, could spark fresh institutional adoption of Bitcoin and spur further growth across the ecosystem.  

In such a scenario, buying crypto now when most tokens are trading well below their bull market peaks could be a great move for investors. 

But it is also worth noting that the SEC’s rejection of the latest spot ETF proposals combined with other market conditions could have a dramatic impact on where crypto markets head both in the short term and long term.

The post WisdomTree, Invesco join spot Bitcoin ETF frenzy as AltSignals hits key presale milestone appeared first on CoinJournal.

• Bitcoin rose to $28,150, its highest level in three weeks.
• The upside comes as sentiment flipped positive on ETF news amid further whale accumulation.
• Analyst say BTC could test new year-to-date highs but bulls have to hold a key support area.

The price of Bitcoin (BTC) broke above the $28k level for the first time in three weeks, with BTC trading to highs of $28,150 on Tuesday afternoon. The gains continued the cryptocurrency’s resurgence after it recently fell below $25k.

Today’s upside saw BTC/USD jump more than 5% in 24 hours, the action resulting in the market’s largest short squeeze so far in June. Bitcoin’s dominance index also rose to above 50%, the first time it hit the level in over two years.

Bitcoin gains as sentiment flips amid whale accumulation

As the price moved to the key resistance level, crypto analytics platform Santiment pointed to the increasing trading volume and token circulation.

“Bitcoin has made a huge run in the past 4 hours, rising from $26.7k to $28.0k (+4.9%) in this brief time. The 3-week $BTC price high is being powered by rising trading volume and token circulation, both factors that often imply continued growth,” the market intelligence platform tweeted.

Bitcoin price outlook – analyst share predictions

Bitcoin’s latest gains also come after headline news around the filing of a spot Bitcoin ETF by BlackRock and reports of a similar move by Fidelity Investments. It appears bulls can now target the $30k level, although the intraday highs zone could prove to be a key hurdle.

While Bitcoin was trading around $27,950 at 4:00 pm ET on Tuesday, the gains bulls notched earlier had the world’s largest coin by market cap at levels experts have said need to break for further upside momentum.

“The burden of proof is increasing upon the bears in Bitcoin $BTC,” veteran trader Peter Brandt noted on Twitter. “The retesting of the underlying H&S has been well supported and a possible falling wedge is being completed on daily line chart.”

Here’s the chart the veteran trader shared.

Meanwhile, crypto analyst Ali has highlighted that Bitcoin’s upsurge has bulls at “stable support”.

“As long as #BTC holds above the $26,160 – $26,970 range, it has a good chance of reaching new yearly highs,” he predicted. The analyst notes that about 2.26 million addresses purchased more than 1.14 million BTC at the above range.

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