. Daily Crypto Analysis - Bitcoin Dips Despite Ethereum ETF Approval

Daily Crypto Analysis – Bitcoin Dips Despite Ethereum ETF Approval

Daily Crypto Analysis – Bitcoin Dips Despite Ethereum ETF Approval

24 May 2024

Introduction

Bitcoin prices tumble as interest rate worries overrule positive news for Ethereum. Despite the long-awaited approval of spot Ether ETFs in the US, Bitcoin fell significantly this week. Concerns about high and prolonged US interest rates are a major drag on the crypto market, as they typically favor traditional investments. However, Ethereum prices rallied after the ETF news, with XRP and Dogecoin also showing gains.

Markets In Focus Today – BITCOIN

Bitcoin price today down to $67k as rate fears offset spot Ether ETF approval.

Bitcoin price fell on Friday, pulling back even further from highs hit earlier in the week as concerns over high for longer U.S. interest rates largely offset a key development in the U.S. approval of exchange-traded funds that directly track Ether. While Bitcoin was still sitting on some gains for the week, it was back within a $60,000 to $70,000 trading range seen for over two months. It also trimmed a bulk of its weekly gains on Thursday and Friday. Bitcoin fell 3.2% in the past 24 hours. fears of high for longer U.S. interest rates were a key point of pressure on crypto markets, especially as hawkish signals from the Federal Reserve showed increasing anxiety amid policymakers over sticky inflation. High for longer rates bode poorly for crypto, given that the sector usually thrives in low-rate, high-liquidity markets. Most token prices fell on this notion, with a rebound in the dollar also pressuring markets.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67181.3385 | Positive Crossover | Bullish
  • MA 20 : 65897.4851 | Positive Crossover | Bullish
  • MA 50 : 64778.8806 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67582.7210 | Negative Crossover | Bearish
  • MA 20 : 64867.3965 | Positive Crossover | Bullish
  • MA 50 : 65020.6554 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 55.7932 | | Bullish

Stochastic   Oscillator : 0 | Sell 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 : Limit Buy : 65389.96 | Take Profit : 69942.37 | Stop Loss : 62806.16

ETHEREUM

Ethereum ETF approval seen as a clearing event for more crypto ETFs.

The U.S. Securities and Exchange Commission (SEC) on Thursday approved applications from Nasdaq, CBOE, and NYSE to list exchange-traded funds (ETFs) linked to the price of Ethereum. The move potentially allows these products to start trading later this year. While the ETF issuers still need final approval before launching, Thursday’s decision marked an unexpected victory for these firms and the cryptocurrency industry, which, until Monday, had anticipated the SEC would reject the filings. Ethereum (ETH) bounced back after a brief dip as the Securities & Exchange Commission (SEC) approved spot ETH ETFs in a shocking U-turn. US lawmakers had earlier penned a letter to Chair Gary Gensler, urging him to approve the ETFs. Hong Kong regulators are also discussing whether issuers can offer ETH staking to investors.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3476.4455 | Positive Crossover | Bullish
  • MA 20 : 3315.6156 | Positive Crossover | Bullish
  • MA 50 : 3235.2447 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3394.5770 | Positive Crossover | Bullish
  • MA 20 : 3187.8040 | Positive Crossover | Bullish
  • MA 50 : 3198.7262 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 66.2954 | Buy Zone | Bullish

Stochastic   Oscillator : 42.67 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3488.69 | Take Profit : 3811.00 | Stop Loss : 3307.39

RIPPLE

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases.

Ripple lawsuit ruling is expected soon, following the new US crypto bill, FIT21. SEC Chair Gary Gensler says the agency has fared well in legal battles while speaking at the ICI 2024 Leadership Summit. XRP rallied past $0.53 on Friday, adding 3% in value this week. The ruling of the Ripple (XRP) lawsuit is pending, and holders await the court’s decision in the legal battle between the US Securities and Exchange Commission (SEC) and the payment remittance firm. Ripple’s Chief Executive Officer (CEO) Brad Garlinghouse and Chief Legal Officer (CLO) Stuart Alderoty have slammed SEC Chair Gary Gensler and his “regulation by enforcement” approach on more than one occasion. XRP sustained its gains this week, rallying past $0.53 on Friday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5240 | Negative Crossover | Bearish
  • MA 20 : 0.5226 | Positive Crossover | Bullish
  • MA 50 : 0.5350 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5243 | Negative Crossover | Bearish
  • MA 20 : 0.5195 | Positive Crossover | Bullish
  • MA 50 : 0.5305 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.6909 | Buy Zone | Bullish

Stochastic   Oscillator : 28.79 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.52 | Take Profit : 0.47 | Stop Loss : 0.55

DOGECOIN

Dogecoin (DOGE) Whale Transactions Skyrocket to $3 Billion.

Large-scale transactions of DOGEUSD have witnessed an unprecedented surge, totaling over $3 billion in value within just 24 hours. Data reveals that transactions exceeding $100,000 in value spiked from $1.53 billion to an astounding $3.111 billion during this period. The surge in large transactions coincides with recent speculation surrounding the approval of a spot Ethereum exchange-traded fund (ETF), which has sparked renewed interest in the broader cryptocurrency market. Dogecoin price has increased 7.51% during the weekly trading session.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1589 | Positive Crossover | Bullish
  • MA 20 : 0.1558 | Positive Crossover | Bullish
  • MA 50 : 0.1550 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1587 | Positive Crossover | Bullish
  • MA 20 : 0.1536 | Positive Crossover | Bullish
  • MA 50 : 0.1583 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.1912 | Buy Zone | Bullish

Stochastic   Oscillator : 16.2 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.15 | Take Profit : 0.17 | Stop Loss : 0.13

Elsewhere In The Crypto Market

Bitcoin down (0.9%) at 67,336, Ethereum down (2.03%) at 3705.0, Litecoin down (0.07%) at 85.37, Solana down (5.93%) at 165.68, Dogecoin up (1.38%) at 0.161.

Key Economic Events & Data Release Today:

(GBP) Retail Sales (MoM) (Apr) Forecast –0.5%, Previous –0.2% at 02:00. (EUR) German GDP (QoQ) (Q1) Forecast 0.2%, Previous –0.3% at 02:00. (CAD) Manufacturing Sales (MoM) Previous –2.1% at 08:30. (USD) Durable Goods Orders (MoM) (Apr) Forecast –0.9%, Previous 2.6% at 08:30. (CAD) Core Retail Sales (MoM) (Mar) Forecast –0.1%, Previous –0.1% at 08:30.