. Daily Crypto Analysis - Bitcoin's $665.3M Surge Sparks Market Buzz

Daily Crypto Analysis – Bitcoin’s $665.3M Surge Sparks Market Buzz

Daily Crypto Analysis – Bitcoin’s $665.3M Surge Sparks Market Buzz

17 Jan 2024

Introduction

Bitcoin achieved its largest transaction of 2024, with $665.3 million BTC transferred on Tuesday, marking three out of the four biggest transactions this year. Cardano ADA shows resilience with whales accumulating $85 million in assets, possibly triggering a 30% recovery rally. Chainlink’s on-chain metrics support a bullish outlook, with a 15.26% weekly increase. Meanwhile, XRP experiences a sudden decline, erasing the week-long uptrend, while Ripple’s affiliation with the US government becomes evident in a recent job opening.

Markets In Focus Today – BITCOIN

Bitcoin records the largest transaction of 2024, with $665.3 million BTC transferred on Tuesday.

Bitcoin’s three of four largest transactions so far in 2024 occurred on Tuesday, when $665.3 million in BTC was transferred. A total of 42,870 Bitcoins were moved within an hour, the highest transaction in nearly six months. Bitcoin (BTC) price traded around $42,800 on Wednesday as the network registered a spike in large transactions after the approval of the Exchange Traded Funds. There were three big moves on Tuesday, when Bitcoin traders moved 42,870 BTC in one hour, the highest hourly movement recorded in the last six months. Bitcoin ETF approval ushered in an increase in the large volume of transactions on the chain.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 43497.20 | Negative Crossover | Bearish
  • MA 20 : 43643.86 | Negative Crossover | Bearish
  • MA 50 : 42232.45 | Positive Crossover | Bullish

Simple :

  • MA 10 : 44258.93 | Negative Crossover | Bearish
  • MA 20 : 43924.54 | Negative Crossover | Bearish
  • MA 50 : 42963.17 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.73 | Buy Zone | Bullish

Stochastic   Oscillator : 17.00 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 42021.09 | Take Profit: 43862.62 | Stop Loss: 40829.51

CARDANO

Cardano ADA whales’ resilience might catalyze a 30% recovery rally.

Cardano’s price fell by 17.6% in the past month but is still treading water above $0.46critical support at $0.53.ADA whales accumulated $85 million of assets in the last four weeks – a positive – despite a 17% crash. On-chain data suggests the time is right to buy as ADA is in the opportunity zone. Cardano’s price nearly confirmed a bullish reversal pattern about four weeks ago but failed to achieve success owing to broader market bearish cues. Although the altcoin is now back at a monthly low, it still has a shot at reclaiming the target price derived from the pattern, which places the likely rally at 30% above the current price, and it looks like the whales might play a crucial role in this rally.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.55 | Negative Crossover | Bearish
  • MA 50 : 0.53 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.55 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.59 | Buy Zone | Bullish

Stochastic   Oscillator : 42.23 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.67 R2 : 0.74
  • S1 : 0.43 S2 : 0.36

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.49 | Take Profit: 0.58 | Stop Loss: 0.44

CHAINLINK

Chainlink price gains could extend riding on bullish on-chain metrics.

Chainlink price climbed nearly 5% on the day and 92% of wallet addresses holding LINK tokens turned profitable. LINK token’s social dominance hit its highest level since July 2022, alongside other bullish on-chain metrics. Chainlink’s on-chain metrics support a bullish thesis for LINK price. The Web3 services platform’s token is likely to extend its gains, riding the bullish wave of declining exchange supply and rising relevance among market participants. Chainlink’s price increased 15.26% week on week, climbing to $16 early on January 17. LINK holders gained nearly 13% month on month in the altcoin’s upward trajectory.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.96 | Positive Crossover | Bullish
  • MA 20 : 14.84 | Positive Crossover | Bullish
  • MA 50 : 14.55 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.77 | Positive Crossover | Bullish
  • MA 20 : 14.67 | Positive Crossover | Bullish
  • MA 50 : 15.03 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 58.80 | Buy Zone | Bullish

Stochastic   Oscillator : 85.02 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 16.97 R2 : 17.93
  • S1 : 13.87 S2 : 12.92

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 15.79 | Take Profit: 17.48 | Stop Loss: 14.81

RIPPLE

The price of XRP suddenly drops, almost reversing the upward trend that has been visible since last week.

Ripple, in a recent job opening, stated that it was a federal contractor or subcontractor. This is the first public admittance, albeit indirect, of Ripple engaging with the US government.XRP price is seeing a decline, invalidating the week-long uptrend that resulted in a 6% rally. XRP price is seemingly losing the micro uptrend that it has been witnessing for the past few days amid mixed signals from the price indicators. On the other hand, Ripple has grabbed the attention of the crypto community for its rather unexpected affiliation with the United States government.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish
  • MA 20 : 0.59 | Negative Crossover | Bearish
  • MA 50 : 0.60 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.58 | Negative Crossover | Bearish
  • MA 20 : 0.59 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.23 | Neutral Zone | Neutral

Stochastic   Oscillator : 45.71 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.55 | Take Profit: 0.50 | Stop Loss: 0.58

Elsewhere In The Crypto Market

Bitcoin is up (1.24%) at 43,012, Ethereum is up (1.25%) at 2,542.3, Litecoin is down (0.07%) at 69.35, Solana is up (1.27%) at 99.46, Dogecoin is down (1.49%) at 0.080.

Key Economic Events & Data Release Today:

(CNY) Industrial Production (YoY) (Dec) Actual 6.8%, Forecast 6.6%, Previous 6.6% at 07:30. (CNY) GDP (YoY) (Q4) Actual 5.2%, Forecast 5.3%, Previous 4.9% at 07:30. (GBP) CPI (YoY) (Dec) Actual 4.0%, Forecast –3.8%, Previous 3.9% at 12:30. (EUR) Core CPI (YoY) (Dec) Forecast 2.9%, Previous 2.4% at 15:30. (USD) Retail Sales (MoM) (Dec) Forecast 0.4%, Previous 0.3% at 19:00. (USD) Core Retail Sales (MoM) (Dec) Forecast 0.2%, Previous 0.2% at 19:00. (EUR) ECB President Lagarde Speaks at 20:45.