Schlagwort: crypto business

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.

The post Bitcoin rebounds slightly above $81k amid institutional caution appeared first on CoinJournal.

Key takeaways

• Cardano (ADA) faces losses below $0.2800 after Sunday’s 4% recovery was capped by the 100-day EMA.
• Negative funding rates and a shift in futures market sentiment signal a bearish outlook.

Cardano futures market turns bearish as sentiment shifts

ADA is dpwn 2% in the last 24 hours and could record further losses in the near term. Cardano’s futures market sentiment is shifting to a bearish stance amid a pullback in the spot price this week. 

According to CoinGlass data, the ADA futures Open Interest (OI) rose by over 4% in 24 hours, reaching $596.40 million, indicating a buildup of positions as traders prepare for a potential sharp move.

However, the negative funding rate of -0.0018% suggests that fewer traders are willing to take long positions on ADA, pointing to a bearish outlook. 

Additionally, the long-to-short ratio stands at 0.7212, showing that active short positions significantly outnumber long positions, further reinforcing the bearish sentiment.

Technical outlook: ADA faces resistance at the 100-day EMA

The ADA/USD 4-hour chart remains bearish and efficient. At the time of writing, Cardano is trading around $0.2743, maintaining a capped tone below the 100-day EMA at $0.2870. 

While ADA is holding above the 50-day EMA at $0.2603, the technical structure remains cautious, suggesting that the broader bearish trend could continue if support fails to hold.

The Moving Average Convergence Divergence (MACD) is inching closer to the signal line, with the positive histogram bars contracting. Meanwhile, the Relative Strength Index (RSI) has slipped to 59, indicating that bullish momentum is weakening after an overextended move.

If the rally resumes, immediate resistance is seen at the 100-day EMA near $0.2870, with the longer-term 200-day EMA around $0.3696 acting as the next significant barrier.

However, if the bearish trend persists, the 50-day EMA at $0.2603 offers the first notable layer of support.

A daily candle close below this level could signify that the latest rebound is fading and the broader bearish bias is reasserting itself.

The post Cardano struggles below $0.2800, bearish sentiment strengthens appeared first on CoinJournal.

Key takeaways

• Bitcoin trades around $81,000, maintaining a bullish bias but facing resistance at the 200-day EMA. 
• Traders await the US Consumer Price Index (CPI) data, which could trigger volatility in BTC and risky assets. 

US CPI report could drive volatility for Bitcoin

Bitcoin traders are awaiting the release of the US Consumer Price Index (CPI) for April, scheduled for Tuesday at 12:30 GMT. 

The report is expected to show a sharp increase in inflation, driven in part by higher oil prices amid the ongoing US-Iran tensions.

The monthly CPI is forecast to rise by 0.6%, following March’s 0.9% increase. The annual CPI reading is expected to climb to 3.7%, up from 3.3% in March, marking the highest level since September 2023. Core CPI, excluding food and energy prices, is anticipated at 0.3% for the month and 2.7% year-over-year.

The data will likely shape expectations for future interest rate cuts by the Federal Reserve (Fed), potentially triggering volatility in Bitcoin and other risk assets. 

Additionally, elevated crude oil prices continue to add to inflationary pressures, reinforcing the likelihood of a more hawkish Fed stance, which could weigh on Bitcoin’s upside.

Negative headlines regarding the US-Iran situation could also strengthen the US Dollar (USD) as a reserve currency, further dampening short-term risk appetite.

Despite the uncertain macro environment, Bitcoin’s institutional and corporate demand remains strong, providing support for its price.

Spot Bitcoin ETFs recorded inflows of $27.25 million on Monday, according to CoinGlass data, breaking a two-day streak of outflows from the previous week. 

While these inflows were modest, they reflect a cautious yet positive outlook from investors. If this trend continues, Bitcoin’s price could see further upward movement.

On the corporate side, Strategy (MSTR), led by Michael Saylor, added another 535 BTC to its treasury reserve on Monday, bringing its total Bitcoin holding to 818,869 BTC. 

The company has consistently accumulated Bitcoin over recent months, with an average purchase price of $75,540—above the current market price, adding to the bullish sentiment.

Bitcoin technical outlook: Resistance at 200-day EMA

Bitcoin is trading around $81,000 on Tuesday, maintaining a constructive bullish bias as it holds above the 50-day and 100-day Exponential Moving Averages (EMAs) near $76,700. 

The 50% Fibonacci retracement at $78,962 also provides strong support. However, Bitcoin is currently facing resistance at the 200-day EMA, located around $82,130. 

A break above this level would likely open the path to the next resistance zone around $83,437 (61.8% Fibonacci retracement) and $84,410 (horizontal barrier).

The Relative Strength Index (RSI) on the 4-hour chart is at 55, and the Moving Average Convergence Divergence (MACD) remains mildly positive, suggesting that while momentum is bullish, there are no immediate overbought conditions.

If the rally continues, immediate resistance is seen at the 200-day EMA around $82,130, followed by the 61.8% Fibonacci retracement at roughly $83,437 and the horizontal barrier near $84,410. 

However, if the bearish trend persists, sellers would encounter support at the psychological $80,000 level, ahead of the 50% retracement at $78,962, with the 100-day and 50-day EMAs near $76,647 and $76,248, the channel top around $75,680.

The post Bitcoin struggles at key technical levels, awaits US CPI data for fresh volatility appeared first on CoinJournal.

Key takeaways

• Stellar continues consolidating between its 50-day and 100-day EMAs. 
• CryptoQuant data suggests a neutral-to-bullish outlook for XLM.

On-chain and derivatives data support a mild bullish outlook

Stellar traded cautiously on Tuesday, but improving on-chain activity and derivatives positioning continued to support expectations for a potential upside breakout in both altcoins.

According to CryptoQuant summary data, Stellar reflects buy-side dominance with largely neutral market conditions, pointing to a mild bullish bias despite the lack of a decisive breakout.

CoinGlass data shows the OI-weighted funding rates for XLM flipped positive on Friday and remained positive on Tuesday at 0.0030%, respectively. Positive funding rates indicate that long-position holders are paying shorts, reflecting growing bullish positioning among traders.

Stellar technical outlook: Consolidation continues between key EMAs

The XLM/USD 4-hour chart is bearish and efficient as it is currently trading at $0.164 per coin. It is currently trading between major moving averages as traders await a clearer directional move.

XLM continues to hold above its 50-day EMA near $0.165 but remains below the 100-day EMA at $0.174 and the 200-day EMA around $0.204. Broader descending trendline resistance also continues to cap upside attempts.

Momentum indicators nevertheless show early signs of improvement. The RSI sits near 57, slightly above the neutral midpoint. The MACD line remains marginally above zero, suggesting mild bullish momentum.

If the rally resumes, the bulls would encounter resistance at key levels, including the 100-day EMA at $0.174, the 23.6% Fibonacci retracement at $0.201, and the 200-day EMA just above $0.204.

However, if the bearish trend persists, immediate support would be seen at the 50-day EMA at $0.165. A daily candle close below this level would expose the major support at $0.136.

As long as XLM maintains support above the 50-day EMA, the current consolidation structure could support a gradual recovery attempt. However, a breakdown below $0.136 would likely reopen the broader bearish trend.

The post Stellar holds a bullish bias as momentum indicators improve appeared first on CoinJournal.