. Weekly Crypto Analysis - Bitcoin Whales Accumulate $1.4 Billion

Weekly Crypto Analysis – Bitcoin Whales Accumulate $1.4 Billion

Weekly Crypto Analysis – Bitcoin Whales Accumulate $1.4 Billion

25 May 2024

Introduction

Bitcoin whales have been making waves in the crypto market, snapping up $1.4 billion worth of BTC amid turbulent price swings. Despite Bitcoin’s retreat from recent highs above $70,000, its price remains buoyant at $68,000, with a surge in daily trading volume hinting at ongoing investor interest. Meanwhile, Ethereum awaits a reaction to ETF approval, Uniswap presses ahead with on-chain voting, and XRP climbs amid anticipation of a pivotal lawsuit ruling.

Markets In Focus Today – BITCOIN

Bitcoin Whales Buy Up $1.4 Billion Worth Of BTC Amid Heightened Volatility.

Bitcoin whales have continued to show their resilience and unwavering bullishness on the flagship crypto. This category of investors has accumulated a significant amount of the crypto token in the last seven days amid heightened volatility in Bitcoin’s price. Bitcoin addresses holding between 1,000 and 10,000 BTC have combined to accumulate 20,000 BTC ($1.4 billion) over the past seven days. This accumulation coincides with Bitcoin’s recent price surge above $70,000. The Bitcoin price is now back down to $68,000 after touching above $71,000 earlier in the week. Currently, the Bitcoin price is still seeing some bullish momentum, with its daily trading volume rising over 40% in the last 24 hours alone. This suggests that investors are still actively engaging with the cryptocurrency, something that could drive the price higher.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67687.4330 | Positive Crossover | Bullish
  • MA 20 : 66293.8091 | Positive Crossover | Bullish
  • MA 50 : 64988.3257 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67982.0770 | Positive Crossover | Bullish
  • MA 20 : 65175.5960 | Positive Crossover | Bullish
  • MA 50 : 65065.4784 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 59.9222 | Buy Zone | Bullish

Stochastic   Oscillator : 28.12 | Sell Zone | Positive

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 : 67859.88 | Take Profit : 71171.71 | Stop Loss : 66244.35

ETHEREUM

Ethereum price yet to react to ETF approval, experts share reason for SEC’s change of mind.

Ethereum ETFs were approved partly because of Bitwise’s correlation analysis. Analysts expect spot ETH ETF to disappoint due to key metrics. Ethereum faces temporary sell-off after its first double-digit gain in months. Ethereum declined briefly on Friday as experts weighed in on why the Securities & Exchange Commission (SEC) approved spot ETH ETF applications and when to expect S-1 comments from the agency. Ether has dropped 4% since the approval. It had risen 20% over the course of a week amid indications of pending approval and updated odds of the ETFs getting approved.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3531.8443 | Positive Crossover | Bullish
  • MA 20 : 3360.2310 | Positive Crossover | Bullish
  • MA 50 : 3256.8422 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3469.6380 | Positive Crossover | Bullish
  • MA 20 : 3220.2225 | Positive Crossover | Bullish
  • MA 50 : 3208.0770 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 68.5916 | Buy Zone | Bullish

Stochastic   Oscillator : 16.13 | Sell 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 : 3595.54 | Take Profit : 3860.30 | Stop Loss : 3447.01

UNISWAP

Uniswap to conduct on-chain voting on May 31 despite SEC Wells notice, UNI could extend gains over 20%.

Uniswap plans to conduct on-chain voting to automate fee collection and distribution on May 31. The DeFi project is pushing forward despite the SEC Wells Notice received in April 2024. UNI could extend gains and rally 20%, erasing losses from April. Uniswap (UNI) is the governance token of the decentralized exchange platform. The project received a Wells Notice in April 2024 and responded to it in May. Despite the Securities and Exchange Commission’s move, the DeFi project is moving on with its on-chain vote to lay the groundwork for automating fee collection and distribution. UNI price added 5% to its value on Saturday and sustained weekly gains of 43.27%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 9.86 | Positive Crossover | Bullish
  • MA 20 : 9.26 | Positive Crossover | Bullish
  • MA 50 : 8.43 | Positive Crossover | Bullish

Simple :

  • MA 10 : 9.69 | Positive Crossover | Bullish
  • MA 20 : 9.11 | Positive Crossover | Bullish
  • MA 50 : 7.97 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 74.57 | Buy Zone | Bullish

Stochastic   Oscillator : 65.3 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 11.22 R2 : 12.90
  • S1 : 9.75 S2 : 8.31

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 9.93 | Take Profit : 11.67 | Stop Loss : 8.96

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. The altcoin held on to a 5% increase in its value this week .

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5285 | Positive Crossover | Bullish
  • MA 20 : 0.5252 | Positive Crossover | Bullish
  • MA 50 : 0.5356 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5275 | Positive Crossover | Bullish
  • MA 20 : 0.5206 | Positive Crossover | Bullish
  • MA 50 : 0.5298 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 55.4326 | Buy Zone | Bullish

Stochastic   Oscillator : 58.93 | Buy Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.51 | Take Profit : 0.56 | Stop Loss : 0.48

Elsewhere In The Crypto Market

Bitcoin up (0.81%) at 69,085, Ethereum up (0.7%) at 3,753.4, Litecoin up (0.59%) at 85.48, Solana up (0.9%) at 169.12, Doge coin up (2.45%) at 0.167.

Key Economic Events & Data Release Today:

(EUR) German Ifo Business Climate Index (May) (Monday) (CAD) Wholesale Sales (MoM) (Monday) (AUD) Retail Sales (MoM) (Apr) (Tuesday) (USD) CB Consumer Confidence (May) (Tuesday) (EUR) German CPI (MoM) (May) (Wednesday) (NZD) Annual Budget Release (Thursday) (CHF) GDP (QoQ) (Q1) (Thursday) (EUR) Unemployment Rate (Apr) (Thursday) (USD) GDP (QoQ) (Q1) (Thursday)