Bitcoin traders set $50K price target after BTC falls below key support level

May 1, 2024 Coin Telegraph

Bitcoin traders set K price target after BTC falls below key support level

Bitcoin’s prolonged correction is driven by a sharp decrease in demand for nearly all investor cohorts.

Bitcoin (BTC) price dropped 5.42% over the last 24 hours to hit a new multi-week low at $57,151 on May 1. On-chain data shows that a slowdown in Bitcoin demand growth and increased open short positions may be responsible for the latest drawdown, and it’s possible that new lows will be in store for BTC.

Reporting from CryptoQuant attributes BTC’s latest decline to a slowdown in demand characterized by decreased growth in Bitcoin balances among permanent holders, slowing spot Bitcoin ETF demand and an increase in short positions in the futures market.

CryptoQuant data shows that demand from permanent holders (investors who only purchase Bitcoin and never sell) fell by 50% in April, from over 200,000 BTC in late March to about 90,000 BTC.

Bitcoin clings to K but analysis warns of 10% BTC price drop next

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin down 20%+ from all-time highs — Is BTC price headed to $50K?

May 1, 2024 Coin Telegraph

Bitcoin down 20%+ from all-time highs — Is BTC price headed to K?

000

While the current correction remains in line with historical price corrections, Bitcoin could briefly fall to the $50,000 mark after losing the average ETF inflow mark of $59,000.

Bitcoin’s price is down around 21% from its all-time high. But while this remains in line with previous bull market corrections, Bitcoin could still fall to the $50,000 mark in the near term, based on historic patterns.

Bitcoin (BTC) price fell over 12% on the weekly chart to $57,780 as of 1:10 p.m. in UTC, which is 21.6% lower thatn its all-time high of $73,750, reached on March 14, according to CoinMarketCap data.

The current correction is the deepest retrace of this cycle, according to popular Bitcoin analyst Rekt Capital, who wrote in a May 1 X post:

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin L2s set to explode as Runes congest BTC network

May 1, 2024 Coin Telegraph

Bitcoin Price

High transaction fees and network congestion from the Runes protocol are increasing demand for Bitcoin layer-2 solutions.

The need for Bitcoin layer-2 (L2) solutions has become more apparent than ever following the launch of the Runes protocol.

Runes are a new Bitcoin (BTC) token standard allowing users to create fungible tokens on the Bitcoin blockchain. They were created by Casey Rodarmor, the creator of Ordinals, which enabled Bitcoin nonfungible tokens.

While notable, Runes’ popularity has resulted in astronomical Bitcoin transaction fees and unprecedented network congestion.

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin Technical Analysis: Uncertainty Looms as Bearish Patterns Persist

May 1, 2024 Bitcoin.com

Bitcoin (BTC)

Bitcoin’s technical analysis reveals a protracted bearish trend, reflecting significant selling pressure and resistance to upward movement. With today’s price standing between $57,505 and $58,059 at 8 a.m. ET, oscillators and moving averages predominantly suggest a continuation of this decline. Bitcoin On the BTC/USD daily chart, the trajectory of lower highs and lower lows underscores […]

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Tether nets record $4.52 billion profit in Q1 2024 — majority from Bitcoin and gold

May 1, 2024 Coin Telegraph

Tether nets record .52 billion profit in Q1 2024 — majority from Bitcoin and gold

Bitcoin Price

The majority, or $3.52 billion of the profit, stemmed from the firm’s financial gains on Bitcoin and gold, while the additional $1 billion came from operating profits.

Tether Holdings, the company behind the world’s largest stablecoin (USDT), reported a record net profit of $4.52 billion in the first quarter of 2024.

Tether also revealed its net equity for the first time, which stands at $11.37 billion as of March 31. This represents a significant increase from the $7.01 billion worth of equity recorded at the end of December 2023, according to Tether’s attestation report for the first quarter of 2024.

Approximately $1 billion stemmed from operating profits derived from United States treasury holdings, while the remainder of $3.52 billion comprised the market-to-market gains in the firm’s Bitcoin (BTC) and gold positions.

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

The reasons Bitcoin price is down 11% since the halving

May 1, 2024 Coin Telegraph

bitcoin etf

Bitcoin’s current price action is “hardly a surprise” given the extraordinary bullish action leading up to the fourth halving.

The Bitcoin (BTC) price has sharply declined over the past few days, which might have triggered some concerns from those who thought Bitcoin would surge after its fourth halving.

The price of Bitcoin has dropped 11% since the fourth Bitcoin halving, which occurred on April 20, at 12:09 am UTC.

On the halving date, Bitcoin traded around $64,000. In the immediate aftermath of halving, Bitcoin saw a short rally, topping above $67,000 on April 22. But since then, Bitcoin has been gradually selling off, tumbling below $57,000 on May 1, according to CoinGecko data.

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — Glassnode

April 30, 2024 Coin Telegraph

Bitcoin

Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom.

Bitcoin (BTC) price continues its post-halving retrace, which has seen the market transition into a regime of widespread net redistribution, causing the “euphoric phase” to cool off, according to a Glassnode report which identifies the cohort of investors driving the current sell-side activity.

Bitcoin price has had an impressive run so far in 2024, with the flagship cryptocurrency breaching its all-time high on March 5. BTC has since corrected, consolidating within the $60,000 and $67,500 price range over the last two weeks.

Employing an Accumulation Trend Score, the market intelligence firm reported that BTC’s rise to all-time highs revealed local distribution patterns, mirroring similar structures seen in previous bull runs.

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin sells the news on Hong Kong ETF debut — Will BTC hold $60K?

April 30, 2024 Coin Telegraph

Bitcoin sells the news on Hong Kong ETF debut — Will BTC hold K?

bitcoin etf

Bitcoin could continue its decline below the $60,000 psychological mark after the debut of Hong Kong ETFs proved to be a sell-the-news event.

Bitcoin's (BTC) price fell below the $61,000 mark after the first spot Bitcoin exchange-traded funds (ETFs) went live in Hong Kong. Is Bitcoin at risk of going below $60,000 in the next few days?

Bitcoin fell to a weekly low of $60,543 on April 30, a day after the launch of the first batch of spot Bitcoin ETFs in Hong Kong. The world’s first cryptocurrency is down over 7.3% on the weekly and 13% on the monthly chart, according to CoinMarketCap.

The Hong Kong-based ETFs only amassed $12.4 million in trading volume during the first day, which pales compared to the first-day trading volume of U.S. spot Bitcoin ETFs, valued at $4.6 billion.

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin’s 61-Day Streak Above $60K Threatened, $271M in Liquidations as BTC Nears Critical Threshold

April 30, 2024 Bitcoin.com

Bitcoin’s 61-Day Streak Above K Threatened, 1M in Liquidations as BTC Nears Critical Threshold

$60K

Bitcoin prices experienced a notable decline on Tuesday, dropping more than 2% against the U.S. dollar in the last 24 hours, following a 7.8% decrease over the previous week. Global trading volumes on spot crypto exchanges have remained subdued, and in the past day, derivatives exchanges saw $271 million in both short and long positions […]

Bitcoin clings to $67K but analysis warns of 10% BTC price drop next

Bitcoin Technical Analysis: Persistent Bearish Trends Hinder BTC’s Recovery

April 29, 2024 Bitcoin.com

Bitcoin (BTC)

As of April 29, 2024, bitcoin remains under considerable bearish pressure according to multiple indicators across different time frames. Currently trading at $62,279, bitcoin has shown a 24-hour range between $61,994 and $63,929. Bitcoin Bitcoin’s (BTC) daily chart presents a stark bearish trend with a series of lower highs and lower lows, suggesting that sellers […]

Bitcoin Price

Share this video