. Daily Crypto Analysis - Bitcoin at $63k Amid Regulations.

Daily Crypto Analysis – Bitcoin at $63k Amid Regulations.

Daily Crypto Analysis – Bitcoin at $63k Amid Regulations.

07 May 2024

Introduction

Bitcoin struggles as it hits $63k amidst regulatory concerns and ETF outflows. A bleak sentiment envelops the cryptocurrency landscape, fueled by regulatory uncertainty and ongoing outflows from investment products like exchange-traded funds (ETFs). The atmosphere worsened with reports indicating minimal organic transactions in stablecoins, key for crypto transactions. Meanwhile, Ripple (XRP) holders await redacted SEC replies in the Ripple lawsuit. Ethereum’s future remains uncertain with the SEC delaying Invesco’s ETH ETF decision. Litecoin, however, sees a resurgence, fueled by potential ETF talks.

Markets In Focus Today – BITCOIN

Bitcoin price today drops to $63k amid regulatory woes, ETF outflows.

Bitcoin price fell on Tuesday as sentiment towards cryptocurrencies showed little signs of improvement amid regulatory woes and as outflows from investment products, specifically exchange-traded funds, remained in play. Sentiment towards crypto markets was battered this week by a report showing that less than 10% of overall stablecoin transactions- which are a key vehicle for transacting in crypto- were organic or from real users. The negative factors came amid sustained outflows from crypto investment products, indicating that sentiment towards the space remained largely negative.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63100.5135 | Positive Crossover | Bullish
  • MA 20 : 63625.6563 | Positive Crossover | Bullish
  • MA 50 : 63945.6525 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62351.9920 | Positive Crossover | Bullish
  • MA 20 : 63541.9410 | Positive Crossover | Bullish
  • MA 50 : 65939.9318 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.4057 | Buy Zone | Bullish

Stochastic   Oscillator : 67.7200 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 64169.35 | Take Profit : 65978.26 | Stop Loss : 62963.42

RIPPLE

XRP holders to see redacted versions of SEC reply in Ripple lawsuit on Wednesday.

Ripple lawsuit sees SEC file its reply under seal, alongside supporting exhibits. The documents’ public redacted versions will be filed by Wednesday, May 8. XRP is hovering around $0.53 after rallying to a $0.57 high on Monday. Ripple (XRP) lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5292 | Positive Crossover | Bullish
  • MA 20 : 0.5312 | Positive Crossover | Bullish
  • MA 50 : 0.5514 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5234 | Positive Crossover | Bullish
  • MA 20 : 0.5245 | Positive Crossover | Bullish
  • MA 50 : 0.5640 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 51.1826 | Buy Zone | Bullish

Stochastic   Oscillator : 62.7456 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Stop Sell : 0.510 | Take Profit : 0.458 | Stop Loss : 0.549

ETHEREUM

Ethereum traders show uncertainty, SEC delays decision on Invesco’s ETH ETF application.

Ethereum holdings on centralized exchanges continue to decline despite recent whale sales.With the SEC delaying its decision on Invesco’s spot ETH ETF application, Ethereum ETFs look more unlikely.Ethereum could see a decline to key support level before attempting a bounce back to the $3,300 key level.Ethereum’s (ETH) price movement on Monday is leaning toward short traders following investors’ uncertainty in the wider crypto market. However, Ethereum in centralized exchanges (CEXs) has been on a steady decline following a delay in Invesco’s spot ETH ETF application and Robinhood Crypto receiving a Wells notice from the Securities & Exchange Commission (SEC).

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3102.7903 | Negative Crossover | Bearish
  • MA 20 : 3138.3766 | Negative Crossover | Bearish
  • MA 50 : 3207.6969 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3098.0230 | Positive Crossover | Bullish
  • MA 20 : 3125.8600 | Negative Crossover | Bearish
  • MA 50 : 3282.1044 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.1802 | Neutral Zone | Neutral

Stochastic   Oscillator : 43.57 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 3061.21 | Take Profit : 2918.58 | Stop Loss : 3181.55

LITECOIN

Litecoin Makes A Strong Comeback.

The global market cap saw a modest 1.5% dip over the last day, settling at $2.46 trillion. While the broader market adjusts, tokens like Worldcoin (WLD) and Litecoin (LTC) stand out with their intriguing movements. Litecoin has surged to a two-week high of over the past 24-hours as it mimics the price action of the wider cryptocurrency market. Meanwhile, Litecoin is back in focus, fueled by talks of potential Litecoin exchange-traded funds (ETFs) with Grayscale. This revived interest sparks speculation and attention on future ETF developments.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 81.7954 | Negative Crossover | Bullish
  • MA 20 : 83.1868 | Negative Crossover | Bullish
  • MA 50 : 85.2311 | Negative Crossover | Bearish

Simple :

  • MA 10 : 81.4647 | Positive Crossover | Bullish
  • MA 20 : 82.7588 | Negative Crossover | Bullish
  • MA 50 : 88.7092 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.7450 | Neutral Zone | Neutral

Stochastic   Oscillator : 47.9947 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 103.7229 R2 : 113.6589
  • S1 : 71.5573 S2 : 61.6213

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 82.22 | Take Profit : 88.13 | Stop Loss : 79.37

Elsewhere In The Crypto Market

Bitcoin up (1.38%) at 64,009, Ethereum up (1.04%) at 3094.5, Litecoin up (1.13%) at 81.70, Solana up (6.57%) at 152.50, Dogecoin up (0.8%) at 0.157.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) Forecast –0.2%, Previous 0.2% at 07:00. (AUD) RBA Interest Rate Decision (May) Forecast 4.35%, Previous 4.35% at 10:00. (AUD) RBA Rate Statement at 11:00. (GBP) Construction PMI (Apr) Forecast 50.4, Previous 50.2 at 14:00. (EUR) Retail Sales (MoM) (Mar) Forecast 0.6%, Previous –0.5% at 14:30. (CAD) Ivey PMI (Apr) Forecast 58.1, Previous 57.5 at 19:30.