. Daily Crypto Analysis - Bitcoin drops below $55k as Mt.

Daily Crypto Analysis – Bitcoin drops below $55k as Mt.

Daily Crypto Analysis – Bitcoin drops below $55k as Mt.

05 Jul 2024

Introduction

Bitcoin drops below $55k as Mt. Gox begins repayments and German police move confiscated crypto, sparking fears of a mass sale. Ethereum and Ripple face sharp declines due to SEC delays and whale sell-offs, while Chainlink sees a significant drop amid increased transactions.

Markets In Focus Today – BITCOIN

Bitcoin price Drops below $55k as Mt Gox begins repayments to creditors.

Bitcoin price fell sharply to a four-month low on Friday, extending a recent price slump as defunct crypto exchange Mt Gox began making repayments to creditors. Moreover, German police were seen moving about $75 million of crypto confiscated from a piracy website onto exchanges, potentially heralding a mass sale event as seen earlier this year and adding to the negative sentiment. Bitcoin slid 4.9% in the past 24 hours .The sharp drop in Bitcoin price comes as investors turned their attention to the payout of nearly $9 billion to users of the defunct bitcoin exchange Mt. Gox. Bitcoin on-chain data confirms that the current correction represents the second-largest liquidation event in BTC’s history.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 60009.4263 | Negative Crossover | Bearish
  • MA 20 : 61907.0121 | Negative Crossover | Bearish
  • MA 50 : 64084.7112 | Negative Crossover | Bearish

Simple :

  • MA 10 : 60409.2160 | Negative Crossover | Bearish
  • MA 20 : 62304.3125 | Negative Crossover | Bearish
  • MA 50 : 66002.3564 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 25.2613 | Sell Zone | Bearish

Stochastic   Oscillator : 13.1267 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.7902 R2 : 72674.6265
  • S1 : 59243.1165 S2 : 56073.2802

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 56389.64 | Take Profit : 52189.28 | Stop Loss : 59297.59

ETHEREUM

Ethereum breaches key support as SEC delays ETF decision.

SEC delays decision on Ethereum ETF S-1 drafts as analysts shifted their potential launch date again.Ethereum whale risks liquidation if ETH declines to $2,984.Ethereum breaches key support amid key insight from CME open interest.Ethereum is down more than 5% following the Securities & Exchange Commission’s (SEC) failure to approve ETH ETF issuers’ S-1 drafts. Meanwhile, the recent decline has strengthened the bearish outlook after ETH moved below a key support level, sparking $90 million in long liquidations.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3265.0459 | Negative Crossover | Bearish
  • MA 20 : 3366.1561 | Negative Crossover | Bearish
  • MA 50 : 3430.0561 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3314.0420 | Negative Crossover | Bearish
  • MA 20 : 3400.7755 | Negative Crossover | Bearish
  • MA 50 : 3554.9162 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 24.6861 | Sell Zone | Bearish

Stochastic   Oscillator : 10.1168 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.9422 R2 : 3920.1245
  • S1 : 3275.2845 S2 : 3123.1022

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3034.29 | Take Profit : 2811.41 | Stop Loss : 3203.69

RIPPLE

Ripple traders take losses over $75 million as XRP loses key support at $0.45.

Ripple traders took over $75 million in losses in July, per Santiment data. Ripple’s whales have distributed XRP at a loss in the past thirty days while retail investors accumulate the altcoin.Ripple’s MVRV has dipped into the opportunity zone, where XRP price typically recovers. XRP dipped under key support at $0.4508, Ripple’s June 7 low. Ripple (XRP) price is under fresh selling pressure and tests key support at the June 7 low of $0.4508 as whales are likely capitulating, according to on-chain data. Large wallet holders of XRP have distributed their holdings at a loss while small investors and retail traders accumulate.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4582 | Negative Crossover | Bearish
  • MA 20 : 0.4711 | Negative Crossover | Bearish
  • MA 50 : 0.4926 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4638 | Negative Crossover | Bearish
  • MA 20 : 0.4756 | Negative Crossover | Bearish
  • MA 50 : 0.4989 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 23.2689 | Sell Zone | Bearish

Stochastic   Oscillator : 13.7407 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5176 R2 : 0.5358
  • S1 : 0.4587 S2 : 0.4405

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.428 | Take Profit : 0.371 | Stop Loss : 0.473

CHAINLINK

Chainlink (LINK) Witnesses Decline Amid Hike in Daily Transactions.

LINK, the native token of the decentralized oracle network Chainlink, has witnessed a significant value dip amid the current general market downturn. Exchanging hands at $11.38 at press time, the value of the 15th largest cryptocurrency asset by market capitalization has plummeted by over 20% in the last week alone.On-chain data reveals an 18% uptick in LINK’s daily transaction count in the past seven days. This metric tracks the total number of transactions for a crypto-asset on a given day.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 13.3884 | Negative Crossover | Bearish
  • MA 20 : 13.9511 | Negative Crossover | Bearish
  • MA 50 : 14.8630 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.6426 | Negative Crossover | Bearish
  • MA 20 : 13.8519 | Negative Crossover | Bearish
  • MA 50 : 15.6838 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 30.4592 | Sell Zone | Bearish

Stochastic   Oscillator : 19.4840 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 17.4880 R2 : 18.8931
  • S1 : 12.9395 S2 : 11.5344

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 12.74 | Take Profit : 11.05 | Stop Loss : 13.93

Elsewhere In The Crypto Market

Bitcoin down (3.73%) at 54,919, Ethereum down (4.73%) at 2914.7, Litecoin down (9.76%) at 59.01, Solana up (0.55%) at 128.37, Dogecoin down (6.24%) at 0.098.

Key Economic Events & Data Release Today:

(USD) Average Hourly Index (MoM) (Jun) Forecast 0.3%, Previous 0.4% at 08:30. (USD) Nonfarm Payrolls Forecast 191K, Previous 272K at 08:30. (USD) Unemployment Rate (Jun) Forecast 4.0%, Previous 4.0% at 08:30. (CAD) Employment Change (Jun) Forecast 27.3K, Previous 26.7K at 08:30. (USD) Fed Monetary Policy Report at 11:00. (EUR) ECB President Lagarde Speaks at 13:15.