Schlagwort: blockchain markets

• Bitcoin has spiked to above $95k, hitting a two month high.
• Cryptocurrencies are up as stocks rise.
• CryptoQuant says the benchmark cryptocurrency could see a short squeeze.

Bitcoin price spiked to above $95k on Friday, hitting a two-month high as cryptocurrencies rallied alongside stocks on fresh sentiment around tariffs.

While the BTC price still awaits a retest of $100k, a CryptoQuant analyst says the benchmark cryptocurrency could be poised for a short squeeze.

The move above $92k could be crucial, the analysts said as they pointed to BTC data on Binance.

Why Binance Data Suggests a Bitcoin Squeeze Is Coming

“High-leverage longs were flushed out between $82K and $88K, indicating that weak hands had been eliminated. Large short positions remain susceptible above $92,000, creating the possibility of a short squeeze.” – By… pic.twitter.com/HbtkP1nGF5

— CryptoQuant.com (@cryptoquant_com) April 25, 2025

Why this matters

A short squeeze occurs when a sharp price increase forces short sellers to close their positions, driving further buying and amplifying the rally.

“Bitcoin has just surged above $95K for the first time in 2 months, leaving bearish traders kicking themselves for selling on tariff fears,” analysts at Santiment wrote.

With high-leverage longs already cleared out and short positions stacked above $92,000, Bitcoin is primed for a potential squeeze if it sustains strength above this critical level.

However, if Bitcoin fails to hold $92,000, it could face a correction toward $88,500 or lower, as bearish momentum could take over.

Binance data highlights thinner liquidity above current price levels, meaning there are fewer sell orders to absorb buying pressure.

If Bitcoin breaks above $92,000, the lack of resistance could amplify upward moves, especially if short liquidations add fuel to the rally.

This aligns with the potential for a squeeze, as thin liquidity zones often lead to exaggerated price movements.

Crypto, stocks rally

The heatmap indicates a notable concentration of short positions near the $100,000 level, highlighting a possible short squeeze scenario.

The psychological threshold remains a key target for bullish momentum.

In addition to gains across broader risk assets amid easing US-China trade tensions, other factors may also be influencing Bitcoin’s price movement.

ETF flows, the Federal Reserve’s policy shifts, with Trump saying he will not fire Jerome Powell, are also major points.

“It blows my mind that sophisticated investors really thought it was a good idea to sell American stocks and bitcoin because the President of the United States was implementing pro-America economic policies. Stocks and bitcoin both up since the close of Liberation Day,” Anthony Pompliano said.

However, IntotheBlock data shows over 94% of Bitcoin holders are in profit at current price levels.

Bitcoin ETFs recorded the highest net inflows since January this week. This interest caused Bitcoin’s price to surpass $95k, placing over 94% of holders in profit pic.twitter.com/5HTZb81f7h

— IntoTheBlock (@intotheblock) April 25, 2025

If prices surge further, one likelihood would be for some profit taking to kick in, potentially stalling bulls in the short term.

The post Is Bitcoin set for a short squeeze? Analyst points to Binance data appeared first on CoinJournal.

• Ronin Bridge has migrated to Chainlink CCIP as its official cross-chain provider.
• The Chainlink CCIP now secures over $450 million in bridged assets for Ronin.
• Ronin developers and users will benefit from faster, more secure token transfers.

The Ronin Network has successfully completed the migration of its legacy Ronin Bridge to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marking a significant milestone in the blockchain’s evolution and its commitment to secure, seamless asset transfers across chains.

The migration formalizes Chainlink CCIP as Ronin’s canonical cross-chain infrastructure provider, a decision that follows an October 2024 validator community vote in which Ronin stakeholders opted for Chainlink over competing solutions from LayerZero and Axelar.

Enhanced security and infrastructure

Trung Nguyen, the chief executive officer and co-founder of Sky Mavis which created the Ronin Network to support its popular Axie Infinity game ecosystem, described the migration as a major unlock for Ronin’s scalability and security.

By integrating Chainlink CCIP, Ronin now leverages a robust, protocol-agnostic interoperability framework that helps safeguard more than $450 million worth of assets currently bridged to the gaming-focused blockchain, addressing security concerns raised by the 2022 exploit that resulted in over $600 million lost.

Developers building games and decentralized applications on Ronin will benefit from streamlined access to a secure, high-throughput bridging solution, while users can now transfer tokens such as AXS, YGG, BANANA, USDC, and Wrapped Bitcoin with greater confidence and reduced friction.

However, the deprecated Ronin Bridge tab remains visible on Ethereum to accommodate pending withdrawal requests from users yet to claim stranded tokens on Ethereum after the platform paused the legacy bridge amid suspicious withdrawals nearing 10 million in August 2024.

Sky Mavis has encouraged completion of these withdrawals before fully deprecating the old interface.

Driving DeFi adoption

Beyond security, the CCIP integration paves the way for enhanced decentralised finance (DeFi) activity on Ronin by tapping into Chainlink’s broader suite of oracle and interoperability services, an initiative that aligns with Ronin’s vision to become the most accessible consumer chain in the Web3 gaming ecosystem.

Chainlink’s growing ecosystem of bridges, oracles, and staking services offers Ronin a robust security framework and Sky Mavis plans to tap additional Chainlink solutions to improve user experience and drive broader adoption.

As Ronin scales to support the next generation of games and applications, the successful migration to Chainlink CCIP underscores a broader industry trend toward standardized interoperability solutions and highlights the importance of transparent, community-driven governance in fostering innovation.

The post Ronin Bridge migrates to Chainlink cross-chain interoperability protocol appeared first on CoinJournal.

• Dogwifhat (WIF) has surged 60% in a week and 21% in 24 hours.
• Derivatives volume has soared to $1.06B, and the open interest has risen to $301M.
• The 14-day RSI is above 72, indicating overbought conditions.

Dogwifhat (WIF) rose sharply, gaining 60% over the past week and 21% in the last 24 hours, reflecting heightened volatility in the memecoin space.

The gains outpaced broader movements in the sector, where the total memecoin market cap increased 3.4% in the past day to $59.9 billion.

The rebound comes amid increased investor interest and a shift in risk sentiment across the crypto market.

Besides Dogwifhat, other leading meme tokens like Pudgy Penguins (PENGU), Official Trump (TRUMP), and ai16z (AI16Z) have each posted double-digit gains, further stoking enthusiasm among traders and speculators.

Increased market activity

Derivatives activity has heated up, with the open interest surging by roughly 30% to $301 million while aggregated trading volume topped $1.06 billion, according to Coinglass data.

On spot markets, WIF’s 24-hour trading volume has swelled to $383 million, reflecting the rally’s broad-based appeal among Solana-based memecoins on both decentralized and centralized exchanges.

Much of the recent strength has been driven by whale accumulation, with significant buy orders lifting prices off prior support levels and signaling confidence among larger holders.

Dogwifhat RSI enters overbought region

From a chart standpoint, WIF has cleared resistance around $0.58, placing the next significant hurdle at $0.769, which will test the conviction of buyers eyeing further gains.

On the downside, the critical support level lies at $0.334, a floor that must hold to prevent a steeper decline, as a breach there could trigger a sharp decline.

However, technical indicators now warn that momentum may be peaking, as the 14-day Relative Strength Index (RSI) reading on the daily chart has spiked above 72, squarely in overbought territory.

Breaches into overbought territory typically precede a cooldown.

That said, investors should keep an eye on the support at $0.334, which, if breached, could spell doom for the meme coin.

Nevertheless, market sentiment remains broadly bullish, though the confluence of stretched technicals, elevated leverage, and robust volume underscores the need for prudent risk management.

Longer-term investors point to WIF’s still-modest market cap of $643 million as evidence that significant upside could materialize if the meme coin rally retains momentum.

Analysts note that WIF’s outperformance relative to benchmarks like Bitcoin (BTC) and Ethereum (ETH) underscores its appeal as a high-beta play within the crypto ecosystem.

As the dust settles, participants will be watching volume profiles, funding rates, and social engagement metrics to gauge whether the current rally can hold or if deeper profit-taking is on the horizon.

The post Dogwifhat (WIF) price jumps 60% as meme coin market rebounds, but pullback signs appear appeared first on CoinJournal.

• Coinglass shows a long/short ratio of 0.95, indicating bearish sentiment.
• STX could fall to $0.47 if correction unfolds.
• Resistance at $1.07 is the next key test for bulls.

Stacks (STX) has emerged as the strongest performer in the crypto market over the past 24 hours, registering a 16% surge in its price.

The jump has also been accompanied by a sharp rise in trading volume, indicating increased investor interest.

However, the bullish rally appears to be at odds with underlying market sentiment.

On-chain metrics show a growing appetite for short positions, suggesting many traders anticipate a near-term correction despite the spike.

The conflicting signals between technical indicators and price action place STX in a potentially volatile position as investors debate the token’s next move.

Source: CoinMarketCap

Short interest rises

While STX has rallied aggressively, data from Coinglass shows that its long/short ratio has dropped to 0.95.

This figure indicates that bearish bets are outpacing bullish ones in the futures market.

The long/short ratio is a key sentiment indicator in derivatives trading, comparing the number of long positions, expecting price increases, to short positions, anticipating declines.

A ratio below one implies that more traders are betting against the price than supporting the rally.

The heightened short interest highlights caution among market participants, who may see the rally as overextended or driven by short-term speculation rather than sustained fundamentals.

This divergence between price action and futures sentiment has raised concerns about the longevity of STX’s current uptrend.

RSI overbought

Adding to bearish signals is STX’s Relative Strength Index (RSI), which currently reads 72.95.

RSI is a widely used momentum oscillator that gauges whether an asset is overbought or oversold, based on recent price movements.

Readings above 70 suggest overbought conditions, typically preceding a price decline, while readings below 30 indicate oversold conditions.

The RSI’s upward trajectory suggests that STX could be nearing a local top.

A sustained reading in the overbought zone has historically triggered short-term corrections in other cryptocurrencies.

If a correction unfolds, the altcoin could potentially drop towards its year-to-date low of $0.47.

Resistance at $1.07

Despite overbought conditions and bearish sentiment, the rally could still have legs if demand persists.

Traders are watching the $1.07 level as the next significant resistance zone.

If STX manages to break through this ceiling, it could signal a continuation of the bullish trend and invalidate short-term bearish expectations.

Historically, altcoins with strong community support and use-case narratives have defied technical indicators during breakout periods.

However, a failure to break this resistance could affirm the bearish thesis and increase the likelihood of a retracement to previous support levels.

Price at a crossroads

The current divergence between price performance and trader sentiment suggests a critical juncture for STX.

While the altcoin has seen a notable spike in value and trading volume, the presence of significant short interest and overbought technicals poses a potential threat to sustained momentum.

Whether the token can maintain its rally depends on broader market support and investor conviction.

If buying pressure continues, the bullish breakout may extend. But if trader scepticism proves right, STX could soon give up its gains.

The post STX price jumps 16% as traders brace for reversal, RSI hits 74 appeared first on CoinJournal.

• Arbitrum price sits around $0.34, up about 5% in the past 24 hours.
• ARB is up despite reports Nvidia has paused a much-anticipated partnership.
• The broader crypto market however remains bullish.

Arbitrum (ARB) price hovers around $0.34, up about 5% in the past 24 hours despite reports that global chip giant Nvidia has paused a much-anticipated collaboration.

With most other cryptocurrencies up, the Ethereum layer 2 scaling solution could thus be on the upward mend. However, does the latest news portend a mix of market optimism and uncertainty?

ARB price today

The cryptocurrency is currently experiencing a bullish trend, benefiting from broader market momentum driven by Bitcoin’s stability at a key support level. This has sparked an altcoin rally, with Arbitrum among the coins riding the wave.

However, a recent announcement from Nvidia has introduced a layer of uncertainty, leaving investors questioning what’s next for ARB’s price trajectory.

At the time of writing, Arbitrum is trading at $0.34, boasting a 24-hour trading volume of $151 million and a market cap of $1.64 billion. However, according to data from CoinMarketCap, daily volume is down 21%.

Still, the overall market outlook remains positive, and Arbitrum is showing signs of potential for further upward movement as altcoins continue to gain traction.

Nvidia pauses Arbitrum partnership

The optimism surrounding Arbitrum was briefly overshadowed by news that Nvidia has paused a much-anticipated partnership announcement with the blockchain platform, as reported by CoinDesk.

Nvidia, a leading GPU manufacturer, gave no specific reasons for the delay, leaving the crypto community to speculate on the future of the collaboration.

This pause aligns with Nvidia’s historically cautious stance on cryptocurrency projects—CEO Jensen Huang once referred to the 2018 ICO boom fallout as a “crypto hangover” after Ethereum’s crash impacted GPU sales.

Nvidia’s hesitance is further evidenced by its $5.5 million fine in the past for misreporting crypto-related revenue, highlighting its reluctance to fully engage with blockchain initiatives like Arbitrum, which had been eyeing a spot in Nvidia’s Inception program.

Arbitrum price outlook

Despite the setback, Arbitrum’s fundamentals remain robust, which could help mitigate any negative impact on its price.

Recent data from DefiLlama shows Arbitrum leading with $285.1 million in net flows over the past week, a clear sign of strong investor confidence.

The broader market’s bullish trend may also continue to support ARB, especially if altcoins maintain their upward momentum.

However, the paused Nvidia partnership could temper short-term enthusiasm. Notably, a collaboration with a tech giant could have boosted Arbitrum’s adoption and credibility.

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