. Daily Crypto Analysis - Bitcoin above $61K, Ethereum resilient.

Daily Crypto Analysis – Bitcoin above $61K, Ethereum resilient.

Daily Crypto Analysis – Bitcoin above $61K, Ethereum resilient.

26 Jun 2024

Introduction

Bitcoin holds above $61,000 as ETF inflows resume with $31 million on Tuesday. Congressman Matt Gaetz proposes a bill for tax payments in Bitcoin, while the German government’s BTC transfers may pressure prices. Ethereum shows resilience near $3,407, and Ripple struggles below $0.48 amid market losses. Chainlink sees a 7.72% rise, with potential for further gains.

Markets In Focus Today – BITCOIN

Bitcoin holds above $61,000 as ETF inflows resume.

The Bitcoin spot ETFs received $31 million in inflows on Tuesday, snapping seven consecutive days of outflows.US Congressman Matt Gaetz announces a bill proposing Federal Income Tax payments using Bitcoin.The German government’s transfer of 400 BTC worth $24.34 million to exchanges on Tuesday, following the transfer of 1700 BTC in the last week, may negatively impact Bitcoin’s price.Bitcoin (BTC) price trades above $61,000 on Wednesday after rebounding 2.6% on Tuesday as the broad crypto market recovers slightly. Bitcoin spot ETFs registered inflows of $31 million on Tuesday, snapping a streak of seven consecutive days of outflows. In the US, Congressman Matt Gaetz proposed legislation enabling federal income tax payments with Bitcoin, while in Europe the German Government’s transfer of 400 BTC, valued at $24.34 million, added to the recent selling pressure.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63382.4024 | Negative Crossover | Bearish
  • MA 20 : 64897.3223 | Negative Crossover | Bearish
  • MA 50 : 65794.2880 | Negative Crossover | Bearish

Simple :

  • MA 10 : 63669.5870 | Negative Crossover | Bearish
  • MA 20 : 65809.3785 | Negative Crossover | Bearish
  • MA 50 : 66413.7574 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 32.2250 | Neutral Zone | Neutral

Stochastic   Oscillator : 24.4047 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 61309.3200 | Take Profit : 56014.1696 | Stop Loss : 80454.6500

ETHEREUM

Ethereum retested the $3,288 support level on Monday and is now near $3,407 on Wednesday.

Ethereum price shows resilience .Ethereum price retested its support level of $3,288, the 61.8% Fibonacci retracement level drawn from a swing low of $2,862 on May 14 to a swing high point of $3,977 on May 27 on Monday.Ethereum price extended losses and traded below the $3,350 zone. ETH even tested the $3,240 support zone before it started a recovery wave like Bitcoin. There was a decent increase above the $3,300 and $3,340 levels.The supply of new Ether is in its most extended inflationary spell since the Merge in 2022, and the blockchain’s Dencun upgrade in March seems to be responsible. The supply of Ether (ETH $3,387) has gradually inflated, with over 112,000 ETH added to the overall supply since April 14, according to Ethereum data.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3452.8261 | Negative Crossover | Bearish
  • MA 20 : 3507.6296 | Negative Crossover | Bearish
  • MA 50 : 3489.5154 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3462.4240 | Negative Crossover | Bearish
  • MA 20 : 3527.5705 | Negative Crossover | Bearish
  • MA 50 : 3491.1352 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.0491 | Neutral Zone | Neutral

Stochastic   Oscillator : 31.5363 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3458.93 | Take Profit : 3271.66 | Stop Loss : 3604.07

RIPPLE

Ripple holders realized over $30 million in losses in the past ten days, XRP sustains above $0.47.

Ripple holders have shed their XRP holdings and realized over $30 million in losses since June 15. XRP token supply on exchanges is down to 2.84 million in the same timeframe. XRP struggles to surge past $0.48 on Wednesday. Ripple’s price (XRP) struggles to hold below $0.48 on Wednesday and seems ready to extend its recent decline. According to Santiment data, investors have realized losses on their token holdings in the past ten days. This is typical of market capitulation, with traders likely distributing their tokens at a loss and expecting a decline in the asset’s price. XRP has steadily declined since the June 17 high of $0.5213, down to $0.45 on Wednesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4821 | Negative Crossover | Bearish
  • MA 20 : 0.4895 | Negative Crossover | Bearish
  • MA 50 : 0.5061 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4856 | Negative Crossover | Bearish
  • MA 20 : 0.4873 | Negative Crossover | Bearish
  • MA 50 : 0.5073 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.9099 | Sell Zone | Bearish

Stochastic   Oscillator : 21.8680 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.478 | Take Profit : 0.439 | Stop Loss : 0.506

CHAINLINK

Chainlink (LINK) Short-Sellers Risk Exposing $12 Million if Price Revisits $15.

As Chainlink wobbles around the $13 to $14 region, traders will seek hidden insights into the potential price movement. As expected, recent events have forced market participants to adopt a more cautious approach. However, the upswing in the last 24 hours, which caused LINK’s price to increase by 7.72%, may change the broader perception. With a potential price increase on the cards, here’s what on-chain data tells about the possible impact. In the past few sessions, Chainlink saw a decent upward move from the $12.65 zone. There was a move above the $13.00 and $13.20 levels. LINK bulls are now attempting a steady upward move like Ethereum.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.1225 | Negative Crossover | Bearish
  • MA 20 : 14.7119 | Negative Crossover | Bearish
  • MA 50 : 15.4391 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.9534 | Positive Crossover | Bullish
  • MA 20 : 14.7461 | Negative Crossover | Bearish
  • MA 50 : 15.7231 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.4614 | Neutral Zone | Neutral

Stochastic   Oscillator : 35.9208 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 19.2775 R2 : 20.8877
  • S1 : 14.0647 S2 : 12.4545

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 14.54 | Take Profit : 13.02 | Stop Loss : 15.68

Elsewhere In The Crypto Market

Bitcoin down (0.77%) at 61,316, Ethereum down (0.57%) at 3374.8, Litecoin up (0.28%) at 71.54, Solana down (0.12%) at 136.29, Dogecoin down (1.23%) at 0.124.

Key Economic Events & Data Release Today:

(CAD) Wholesale Sales (MoM) (May) Previous 0.2% at 08:30. (USD) Building Permits Forecast 1.386M, Previous 1.440M at 08:30. (USD) New Home Sales (May) Forecast 336K, Previous 634K at 10:00. (JPY) Retail Sales (YoY) (May) Forecast 2.0%, Previous 2.4%