Bitcoin
Bitcoin Losses Could Mount After Cryptocurrency Drops Below $60,000, Analysts Say
The bitcoin sell-off could get worse before it gets better, according to analysts who look only at price charts. The leading cryptocurrency just recorded its first negative month in eight and worst month since November 2021. The downtrend intensified on Wednesday when it fell below the $60,000 level for the first time since February as Persistent inflation and uncertainty surrounding the Federal Reserve’s interest rate policy have kept markets under pressure. This was a key support level for bitcoin, representing the approximate convergence of the March low and the 100-day moving average, according to Oppenheimer analyst Ari Wald. It’s also a 38.2% retracement from the January-March recovery phase when bitcoin gained more than 66%, said David Keller, chief market strategist at StockCharts.com, referring to stochastic momentum indicators. While the long-term uptrend is still intact, Wednesday’s break of support confirms a near-term top and that bitcoin could fall further below $50,000, Wald said. BTC.CM = 1D Mountain Bitcoin Breaks Key $60,000 Support Level “We see countertrend risk falling to $49,000 support marking both the February break above the March 2022 peak and its average 200 days,” he told CNBC. “Signs of stabilization here could set the stage for the next bull phase and a definitive breakout to a new all-time high in the coming months or quarters.” Keller said he sees downside risk between $50,000 and $52,000, based on the 61.8% retracement of the first-quarter high and the 200-day moving average. Geoff Kendrick, head of digital asset research at Standard Chartered, echoed this view, saying bitcoin’s “appropriate range” below $60,000 has “reopened a route to the $50,000 to $52,000 range.” Rob Ginsburg of Wolfe Research said the $60,000 bitcoin appears “vulnerable” and that $50,000 could be at stake. Bitcoin has traded in a range between $60,000 and $74,000 since mid-March, when the cryptocurrency hit new records, and failed several times to break. Investors expect choppy trading in the coming weeks now that key catalysts such as the introduction of bitcoin ETFs in the US and the halving have passed. “With the latest Bitcoin halving now behind us, it is important to note that bitcoin has often sold off in the month after the halving, but the 12 months after the halving have included some of the most bullish swings in history,” Keller said. “We expect near-term weakness here to precede a strong move to new all-time highs in late 2024.” —CNBC’s Michael Bloom contributed reporting.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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