. Daily Crypto Analysis - Bitcoin Holds at $62K Amid Inflation Concerns

Daily Crypto Analysis – Bitcoin Holds at $62K Amid Inflation Concerns

Daily Crypto Analysis – Bitcoin Holds at $62K Amid Inflation Concerns

14 May 2024

Introduction

Bitcoin remains around $62K as inflation concerns deter major investments. While crypto capital flows improve with the first inflows in five weeks, trading volumes stay low. Ethereum hovers near support, XRP climbs above $0.50 amid legal updates, and Dogecoin faces potential decline due to waning bullish sentiment despite recent gains.

Markets In Focus Today – BITCOIN

Bitcoin price stuck around $62k as inflation angst deters big bets.

Bitcoin price rose marginally on Tuesday but remained squarely within a trading range established over the past two months as focus remained squarely on U.S. inflation data for more cues on interest rates. A recovery in capital flows into crypto investment products translated into little price action, even as investment products saw their first inflows in five weeks. Bitcoin treads water, crypto capital flows improve The world’s biggest cryptocurrency took little support from data showing that crypto investment products- specifically spot Bitcoin exchange-traded funds- saw their first weekly capital inflows in five weeks. The launch of spot Bitcoin ETFs in Hong Kong also sparked some inflows. But despite the improvement in capital flows, overall trading volumes in crypto investment products remained largely dismal, staying well below highs seen in March when Bitcoin hit a lifetime peak. Broader crypto markets also tracked Bitcoin higher on Tuesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62018.1199 | Negative Crossover | Bearish
  • MA 20 : 62591.6718 | Negative Crossover | Bearish
  • MA 50 : 63349.7941 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62152.9270 | Negative Crossover | Bearish
  • MA 20 : 62280.0760 | Negative Crossover | Bearish
  • MA 50 : 65334.1834 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 45.7610 | Neutral Zone | Neutral

Stochastic   Oscillator : 74.91 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 62447 | Take Profit : 60799 | Stop Loss : 63160

ETHEREUM

Ethereum knocking at support’s door.

Crypto market capitalisation rose 0.8% over the past 24 hours to 2.2 trillion, but growth exceeded 2% for most of the period. However, it dipped at the start of active European trading, temporarily returning to levels of a day ago. The pattern is even more negative in Ethereum, where the price has pulled back to the lower end of the range of the last three months, near $2900, drawing a bearish triangle. investments in crypto funds rose by $130 million last week after four weeks of outflows. Bitcoin investments increased by $144 million, while Ethereum investments decreased by $14 million.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2973.1075 | Negative Crossover | Bearish
  • MA 20 : 3034.5474 | Negative Crossover | Bearish
  • MA 50 : 3140.5248 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2983.2250 | Negative Crossover | Bearish
  • MA 20 : 3052.5800 | Negative Crossover | Bearish
  • MA 50 : 3215.0358 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.9154 | Sell Zone | Bearish

Stochastic   Oscillator : 72.16 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 2935.8 | Take Profit : 2865.2 | Stop Loss : 2976.1

RIPPLE

XRP climbs above $0.50 as Ripple files motion to seal documents in connection with SEC lawsuit.

Ripple filed to seal documents filed by the SEC in its motion for judgement and remedies, on May 13. The SEC has previously stated that it does not oppose Ripple’s request to seal documents.XRP climbed above $0.50, adding 0.51% to its value on Tuesday. Securities and Exchange Commission (SEC) lawsuit against Ripple saw an update as the payment remittance firm filed a motion to narrowly seal documents related to the remedies-phase. In its May 13 motion Ripple states that the SEC has previously said that it does not oppose the firm’s request to seal parts of documents in the remedies-phase, and protect interests of involved parties.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5112 | Negative Crossover | Bearish
  • MA 20 : 0.5184 | Negative Crossover | Bearish
  • MA 50 : 0.5403 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5151 | Negative Crossover | Bearish
  • MA 20 : 0.5173 | Negative Crossover | Bearish
  • MA 50 : 0.5480 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.8655 | Neutral Zone | Neutral

Stochastic   Oscillator : 92.44 | Sell Zone | Positive

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 : 0.506 | Take Profit : 0.457 | Stop Loss : 0.542

DOGECOIN

Dogecoin (DOGE) Bears Push for Further Decline as Bullish Sentiment Falls.

Dogecoin appears poised to witness a decline in value as bullish pressure begins to wane. The increased volatility observed in the coin’s market puts it at risk of significant price swings. Especially downward, as demand for the meme coin declines.While DOGE’s price has risen by 7% in the past 24 hours, it continues to be trailed by negative weighted sentiment. Despite its unconventional origins and often unpredictable price movements, Dogecoin continues to command attention within the community.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1472 | Positive Crossover | Bullish
  • MA 20 : 0.1493 | Negative Crossover | Bearish
  • MA 50 : 0.1531 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1488 | Positive Crossover | Bullish
  • MA 20 : 0.1463 | Positive Crossover | Bullish
  • MA 50 : 0.1660 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.6183 | Buy Zone | Bullish

Stochastic   Oscillator : 97.7 | Buy Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 0.151 | Take Profit : 0.130 | Stop Loss : 0.166

Elsewhere In The Crypto Market

Bitcoin down (2.13%) at 61,587, Ethereum down (1.59%) at 2903.5, Litecoin up (0.14%) at 80.71, Solana down (3.32%) at 145.01, Dogecoin up (0.13%) at 0.148.

Key Economic Events & Data Release Today:

(GBP) Claimant Count Change (Apr) Forecast 13.9K, Previous 10.9K at 11:30. (GBP) Average Earnings Index + Bonus (Mar) Forecast 5.3%, Previous 5.6% at 11:30. (EUR) German CPI (MoM) (Apr) Forecast 0.5%, Previous 0.4% at 11:30. (CAD) Wholesale Sales (MoM) (Mar) Forecast –0.9%, Previous 0.0% at 18:00. (USD) PPI (MoM) (Apr) Forecast 0.3%, Previous 0.2% at 18:00. (USD) Fed Chair Powell Speaks at 19:30.