. Daily Crypto Analysis - Bitcoin Struggles, Ripple Legal Battle.

Daily Crypto Analysis – Bitcoin Struggles, Ripple Legal Battle.

Daily Crypto Analysis – Bitcoin Struggles, Ripple Legal Battle.

04 Jul 2024

Introduction

Bitcoin struggles around $58,000 as US spot Bitcoin ETFs see outflows and the German government transfers 3,000 BTC. On-chain data suggests profit-taking and market weakness. Meanwhile, Ripple shows bullish on-chain metrics amid its legal battle, Ethereum approaches crucial support at $3,051, and Dogecoin faces significant liquidations.

Markets In Focus Today – BITCOIN

Bitcoin price struggles around $58,000 as US spot Bitcoin ETFs registered outflows.

US spot Bitcoin ETFs registered slight outflows on Wednesday.The German Government transferred another 3,000 BTC, valued at $174 million, on Thursday.On-chain data shows positive exchange netflow, and the Taker Buy Sell Ratio declines.Network Realized Profit/Loss (NPL) data shows an uptick on Wednesday.Bitcoin (BTC) faced rejection at the daily resistance level of $63,956 on Monday, resulting in a 4.2% decline over the next two days. BTC’s price extends its downward move and falls below $58,000 on Thursday, adding more than 4% losses in the day. On-chain data indicates whales are taking profits, exchange supplies are increasing, US spot Bitcoin ETFs see outflows, and the Taker Buy Sell Ratio is below one, coinciding with the German Government transferring an additional 3,000 BTC, valued at $172 million, on the same day. This indicates market weakness that may contribute to further price declines in BTC.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 61178.6324 | Negative Crossover | Bearish
  • MA 20 : 62664.8675 | Negative Crossover | Bearish
  • MA 50 : 64468.5318 | Negative Crossover | Bearish

Simple :

  • MA 10 : 61127.9620 | Negative Crossover | Bearish
  • MA 20 : 62883.3830 | Negative Crossover | Bearish
  • MA 50 : 66213.1020 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 29.4624 | Sell Zone | Bearish

Stochastic   Oscillator : 24.5462 | Sell Zone | Negative

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 : 59378.37 | Take Profit : 56389.64 | Stop Loss : 61640.10

RIPPLE

Ripple legal battle underway as on-chain metrics turn bullish, XRP eyes recovery to $0.50.

Ripple transaction volume climbed to $3.96 billion, and retail traders capitulated, according to Santiment data. On-chain metrics paint a bullish picture for XRP recovery amidst the latest developments in the SEC vs. Ripple lawsuit. XRP wiped out nearly 1% of its value on Wednesday, technical indicators suggest recovery is likely. Ripple (XRP) made a comeback above $0.48 and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss (NPL) have turned bullish, supporting a recovery in the altcoin. The US Securities and Exchange Commission (SEC) vs. Ripple lawsuit proceeds with the issue of fines for the alleged violation of securities laws. While Ripple proposed $10 million in penalties, the SEC quoted $102.6 million in a filing on May 29.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4718 | Negative Crossover | Bearish
  • MA 20 : 0.4791 | Negative Crossover | Bearish
  • MA 50 : 0.4966 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4720 | Negative Crossover | Bearish
  • MA 20 : 0.4804 | Negative Crossover | Bearish
  • MA 50 : 0.5014 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 32.5667 | Sell Zone | Bearish

Stochastic   Oscillator : 26.7162 | Sell Zone | Negative

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 : 0.457 | Take Profit : 0.420 | Stop Loss : 0.487

ETHEREUM

Ethereum Faces Sharp Decline As ETH Targets $3,051 Support Level.

Ethereum (ETH) is experiencing a significant downturn, with its price rapidly approaching the crucial support level of $3,051. This sharp decline highlights increased selling pressure and growing bearish sentiment in the market. As Ethereum nears this critical threshold, traders are closely monitoring its behavior for signs of either a stabilization or a further drop. The $3,051 support level is now a focal point, determining the short-term direction of Ethereum’s price action and potentially setting the stage for future movements in the cryptocurrency market. ETH’s price is currently trading at around $3,133 and down by 5.05% with a market capitalization of over $382 billion and a trading volume of over $18 billion as of the time of writing. In the past 24 hours, there has been a decrease of 5.25% in ETH’s market capitalization and a 74.43% increase in trading volume.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3356.1021 | Negative Crossover | Bearish
  • MA 20 : 3420.6677 | Negative Crossover | Bearish
  • MA 50 : 3453.9861 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3369.5260 | Negative Crossover | Bearish
  • MA 20 : 3437.1550 | Negative Crossover | Bearish
  • MA 50 : 3557.0224 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 31.1674 | Sell Zone | Bearish

Stochastic   Oscillator : 20.8838 | Sell Zone | Negative

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 : 3292.97 | Take Profit : 3074.58 | Stop Loss : 3457.88

DOGECOIN

41.5 Million Dogecoin (DOGE) in 24 Hours as Heavy Liquidation Hits Crypto.

With the growing drawdown in the crypto industry, Dogecoin appears to be caught in the crossfire. Data from CoinGlass shows that Dogecoin is at the forefront of the meme coin liquidation with more than $4 million liquidated in 24 hours.While this liquidation figure of $4.92 million in 24 hours is small compared to the $90.06 million for Bitcoin BTCUSD, it is still significant for DOGE. At the liquidation mark, a total of 41,554,054 DOGE has been liquidated thus far, with long traders accounting for $4.87 million of the total. The Dogecoin spotlight comes as the price of the first meme coin dropped by 7.89% to $0.1121 in 24 hours. Historically, this is its lowest price in the past month, where it has dropped by more than 29%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1210 | Negative Crossover | Bearish
  • MA 20 : 0.1259 | Negative Crossover | Bearish
  • MA 50 : 0.1370 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1221 | Negative Crossover | Bearish
  • MA 20 : 0.1241 | Negative Crossover | Bearish
  • MA 50 : 0.1435 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 30.5086 | Sell Zone | Bearish

Stochastic   Oscillator : 36.0269 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1544 R2 : 0.1668
  • S1 : 0.1141 S2 : 0.1017

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.114 | Take Profit : 0.095 | Stop Loss : 0.129

Elsewhere In The Crypto Market

Bitcoin down (4.44%) at 57,459, Ethereum down (4.4%) at 3147.0, Litecoin down (3.98%) at 69.21, Solana down (4.99%) at 133.70, Dogecoin down (7.17%) at 0.109.

Key Economic Events & Data Release Today:

(CHF) CPI (MoM) (Jun) Forecast 0.1%, Previous 0.3% at 02:30. (GBP) UK General Election at 06:00. (EUR) ECB Publishes Account of Monetary Policy Meeting at 07:30.