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Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M

Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC). 

Grayscale Exceeds Expectations Despite Outflows

According to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter.

Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen outflows of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January. 

While GBTC charges a 1.5% management fee, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee “Bitcoin Mini Trust.” 

Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted. 

The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in assets under management (AUM).

In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation.

DCG Reports 11% Q1 Revenue Increase

Digital Currency Group, founded by Barry Silbert and the parent company of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices. 

However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary.

Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s crypto exchange subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume.

Grayscale

At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds.

Featured image from Shutterstock, chart from TradingView.com 

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Pantera Capital Predicts Bitcoin Price Surge To $117,000: Insight Into The Timing And Factors

The Bitcoin price has experienced heightened volatility over the past week. After recovering from a low of $56,500, the largest cryptocurrency in the market surged to $65,500 within four days. However, it has since retraced some of its gains and is currently testing the $61,000 support level. 

Despite this volatility and the absence of strong bullish momentum, venture capital firm Pantera Capital remains optimistic about the future of BTC’s price, citing the recent Halving event as a significant factor.

Pantera Capital Projects $117,000 Price Target By 2025

In a recent investor letter, Pantera Capital revealed its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally. 

Based on the average duration of previous rallies, the firm forecasts that BTC’s price will peak at $117,000 in August 2025. The average total duration of this cycle, encompassing pre- and post-Halving rallies, has historically been around 2.6 years, with symmetry observed across cycles.

Pantera Capital highlights the relationship between Halving events and BTC’s price. The firm asserts that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price. 

The anticipation of a price increase has also historically driven increased demand for Bitcoin leading up to Halving events. However, Pantera Capital acknowledges that the impact of each subsequent Halving on price may diminish as the reduction in the supply of new Bitcoin from previous Halvings becomes less significant.

Moreover, the firm notes that, on average, the Pantera Bitcoin Fund has nearly doubled in value for eleven years. Based on this historical performance, Pantera Capital envisions a scenario in which the price of Bitcoin reaches $117,000 by 2025.

Bullish Bitcoin Price Predictions

Renowned crypto analyst Titan of Crypto has recently taken to social media platform X (formerly Twitter) to share bullish predictions for the Bitcoin price. With forecasts ranging from $75,000 to $110,000, Titan of Crypto highlights various factors and patterns that could potentially drive BTC’s growth.

According to Titan of Crypto, a price rise to $110,000 for Bitcoin is “programmed.” While the analyst did not elaborate on the specifics of this programming, it suggests a strong conviction in BTC’s potential to reach that level.

Titan of Crypto also identifies a current head-and-shoulders pattern in the Bitcoin price chart. If this pattern holds, the analyst suggests that BTC could rise to the $75,000 mark. If confirmed, this pattern could signify a bullish trend reversal and further support the projection of Bitcoin reaching higher price levels.

The analyst also highlighted $61,500 as a critical point to monitor due to the possibility of “panic selling.” The analyst suggests many market participants might react to this level, potentially increasing selling pressure. 

Lastly, based on his analysis, the analyst suggests a conservative price prediction of $108,000. However, Titan of Crypto believes that BTC’s price may exceed this projection, indicating a more optimistic outlook.

Bitcoin price

Featured image from Shutterstock, chart from TradingView.com

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Bitcoin’s Significant Adjustment: Mining Difficulty Hits 18-Month Low – What’s Next For Miners?

The Bitcoin mining difficulty has experienced a significant decrease, the largest drop observed in the last 18 months. This change is directly tied to fluctuations in the network’s hash rate, which has dipped below 600 EH/s following the recent halving event.

The adjustment, which marks a 5.7% fall in mining difficulty, brings the level down to 83.1 trillion, according to data from Bitbo.

Bitcoin Mining Difficulty History Chart

This most substantial adjustment since December 2022 reflects broader shifts within the Bitcoin mining landscape. At that time, Bitcoin’s price hovered around $17,000, contrasting sharply with current levels.

Notably, the mining difficulty, a metric that determines how challenging it is to find a new block, adjusts approximately every two weeks, or every 2016 blocks. This system ensures that block discovery remains consistent at around every 10 minutes, irrespective of the number of miners.

Impact On Miners And Market Dynamics

The recent decline in mining difficulty came after a 10% drop in the network’s hash rate from a seven-day moving average of 639.58 EH/s to 581.74 EH/s.

Bitcoin network hash rate 7DMA.

This decrease in hash rate led to longer average block times of about 10 minutes and 36 seconds, up from the standard 10 minutes, before the difficulty adjusted downward at block height 842,688.

The reduced hash rate also contributed to a new low in the hash price, which fell to roughly $0.049 per TH/s per day.

Bitcoin Hashprice Index. |

This decline impacts miners’ profitability, as the hash price, a term introduced by Bitcoin mining firm Luxor, represents the earnings a miner can expect per unit of hashing power per day.

However, today’s negative difficulty adjustment may provide some relief for miners, making it easier to mine blocks than in the previous two weeks.

Bitcoin Market Reactions And Investment Trends

The adjustments in mining difficulty and hash rate come when Bitcoin’s price also shows signs of volatility. After reaching a peak above $73,000 in March, the price has fallen by 16% and is now trading around $61,376.

Bitcoin (BTC) price chart on TradingView

This decline mirrors the broader trend in the mining difficulty, suggesting a possible correlation between these metrics.

Furthermore, the market has observed subdued activity in the spot Bitcoin exchange-traded funds (ETFs). Data from Soso Value indicates minimal net inflows or outflows, with Bitwise Bitcoin ETF being the only issuer that experienced inflows yesterday.

This trend could signify a cooling interest in Bitcoin investments or a shift in investor strategy following the recent price and mining adjustments.

Feature image from Unsplash, Chart from TradingView

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Bitcoin Traders Closing More Positions As Prices Range Above $60,000

Bitcoin has been trending lower after failing to break above $66,000 in early May, deflating hopes of immediate price gains post-Halving. Taking to X, one analyst shared on-chain data that paints a more nuanced picture than a simple loss of confidence in recent weeks. 

Bitcoin Open Interest Remains Low: Bullish?

The analyst, pointing to CryptoQuant data, observes that leveraged traders on perpetual trading platforms like Binance appear to be closing their positions more than opening new ones. The analyst notes that the reading is at -20% at the monthly change in Open Interest. 

BTC open interest in one month | Source: Analyst on X

At this level, it shows that more traders are closing more positions than opening new ones. This development suggests that most traders adopt a strategic wait-and-see, watching prices evolve.

Despite the decrease in positions opening, it’s important to note that this is not a sign of BTC’s downfall or the invalidation of a potential surge. The analyst interpreted this contraction as a strategic move by traders, who are cautiously optimistic and not exiting the market due to bearish expectations. 

In a separate post, the analyst added that the Bitcoin market needs the current wave of liquidation and “negativity” for accumulating short positions. All short positions opened at spot levels bet that BTC will continue trickling lower, even breaking below $56,500. 

BTC long liquidation dominance | Source: Analyst on X

However, the more short positions there are, the higher the possibility of a “short squeeze” forming. When this happens, there will be a sudden price spike, liquidating shorts and forcing sellers to buy back into the market to prevent further damage. 

BTC Inside A Trade Range: Will $60,000 Fail?

Despite the potential upside hinted by on-chain data, prices remain confined within a narrow range. Last week, bulls failed to close above $66,000, confirming the impressive march from May 3.

Bitcoin trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Bitcoin found resistance and is moving lower toward the psychological $60,000 level. From price action, losses below this line might fast-track the collapse toward $56,500 registered in early May. 

Going forward, traders will closely monitor how prices evolve after the all-important Halving on April 20. Considering the approval of spot Bitcoin exchange-traded funds (ETFs) and the involvement of institutions, some analysts expected prices to shoot higher immediately.

Nonetheless, this has not been the case. Prices continue to hang amid fluctuating inflows to spot ETFs, and the United States Federal Reserve is still not slashing interest rates.

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CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?

Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, has given an ultra-bullish prediction for Bitcoin. The crypto founder alluded to certain factors that could spark the flagship crypto’s rise to such heights. 

Bitcoin Could Rise To As High As $265,000

Young Ju mentioned in an X (formerly Twitter) post that “Bitcoin’s network fundamentals could support a market cap three times its current size compared to the last cyclical top.” He added that this development could help BTC rise to $265,000. The fundamental that the crypto founder was alluding to was the Hashrate/Market Cap ratio.

 

Bitcoin

The accompanying chart that Young Ju shared showed that Bitcoin’s hash rate is currently more than three times what it was at the last market cycle top. Meanwhile, BTC is still at the price level it was during that period. As such, the CryptoQuant CEO believes that Bitcoin could also see a 3x increase in its price, just like the Hash rate. 

Young Ju’s prediction provides a much-needed bullish outlook for Bitcoin, especially given the flagship crypto’s recent decline and talk that Bitcoin may have already attained the market top for this cycle. Tom Lee, co-founder of research firm Fundstrat, also recently shared his bullish sentiment towards BTC, stating that the crypto token will still reach $150,000 this year. 

Meanwhile, similarly to Young Ju’s prediction, crypto analyst MacronautBTC had previously stated that Bitcoin could rise to $237,000. The crypto analyst made this “conservative” calculation based on BTC’s demand outpacing its supply in the long run, especially with the halving further reducing Miners’ supply. 

A Rise To $265,000 Not Ambitious

Young Ju’s prediction of $265,000 for Bitcoin is far from ambitious when considering that Samson Mow, the CEO of JAN3, predicted that Bitcoin could rise to as high as $1 million this year. He explained that this unprecedented rise was possible due to the impressive demand that Bitcoin was currently enjoying. 

Pseudonymous crypto analyst PlanB also echoed a similar sentiment, stating that BTC hitting $1 million is possible, although he suggested that could happen in 2025 rather than this year. He made this prediction based on the Bitcoin stock-to-flow (STF) indicator, which hints at $500,000 being the average price level for Bitcoin in this market cycle. 

As such, the analyst believes that $1 million could be the market top for this bull run. Meanwhile, PlanB mentioned that Bitcoin hitting $100,000 this year was “inevitable.”

At the time of writing, Bitcoin is trading at around $61,700, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com (CryptoQuant CEO)

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Crypto Countdown: $2.4B In Bitcoin and Ethereum Options Set To Expire, Market Volatility Ahead?

As the clock ticks closer to the end of today, May 3, the cryptocurrency market braces itself for potential upheavals, with roughly $2.4 billion worth of Bitcoin and Ethereum options set to expire.

This significant event could catalyze notable shifts in market dynamics, steering the trajectory of Bitcoin and Ethereum prices in the near term.

Notably, Options contracts in the crypto sphere allow traders to hedge against price volatility or speculate on future price movements without directly holding the assets. Typically structured as either calls or puts, these contracts enable buying (call) or selling (put) at predetermined prices within a specified timeframe.

As the expiry date approaches, movements within these contracts tend to introduce heightened volatility into the market, given the adjustments traders make to hedge their positions or capitalize on anticipated price movements.

Market Mechanics And Sentiment Indicators

The mechanics of options trading offer insights into market sentiment, primarily through analyzing the put/call ratio. This ratio gauges the market’s bullish or bearish stance, depending on whether the volume of call options (betting on price rises) outweighs put options (betting on price drops) or vice versa.

Presently, the put-to-call ratio for Bitcoin stands at a relatively low 0.5, suggesting a bullish sentiment as more traders bet on rising prices with the maximum pain point—a price level causing maximum trader losses—at about $61,000 and a notional value of $1.4 billion.

Bitcoin open interest by Strike price.

In contrast, Ethereum’s options market is also teeming with activity, marked by the upcoming expiry of contracts valued at around $1 billion. With a put-to-call ratio of 0.37, the sentiment leans even more bullish than Bitcoin, indicating stronger trader confidence in Ethereum’s price performance.

Ethereum’s designated maximum pain point sits at $3,000, aligning with key psychological and technical support levels.

Implications And Bitcoin Insights

Historically, the expiration of such a voluminous cache of options has precipitated abrupt price fluctuations in the spot markets for Bitcoin and Ethereum. This is attributed to the large-scale repositioning by institutional and retail investors in anticipation of or in response to the expiry outcomes.

These strategic movements are particularly pivotal when both cryptocurrencies recover from recent pullbacks. GreeksLive noted:

The current point of sustained sideways trading is unlikely, no rebound is bound to be a downward relay, the giant whale on the lack of confidence in the market, Block trading is worth strengthening attention.

Meanwhile, Bitcoin appears to be recovering from the recent downturn with a 5.4% increase in the past day, momentarily piercing the $60,000 mark, signaling a potential resumption of its upward march.

Bitcoin (BTC) price chart on TradingView.com

Similarly, Ethereum has shown resilience, climbing above the $3,000 threshold with a modest 3% gain. These upticks coincide with broader market analyses like that of Marco Johanning, a well-known crypto analyst and founder of The Summit Club, suggesting that foundational bullish sentiments remain intact despite recent corrections.

Featured image from Unsplash, Chart from TradingView

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Analyst Narrows Down Timeline For Bitcoin Peak This Bull Cycle

Rekt Capital a popular cryptocurrency expert has set aside the potential timeline that Bitcoin, the largest crypto asset is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capital’s analysis examines the current price action of Bitcoin and how it aligns with previous bull cycle peaks following the Bitcoin Halving event.

Bitcoin Peak On The Horizon

Today, May 9, BTC’s price witnessed a drop below the $61,000 price level, demonstrating a potential move on the downside. However, Rekt Capital is unshaken by this move as he believes the more Bitcoin consolidates between current price levels and $70,000 following the Halving, this cycle will slow down and resynchronize with its regular historically recurrent Halving cycle. As a result, given the price movements of past trends, he expects BTC to see a bull market top between the middle of September and October next year.

Furthermore, he noted that due to Bitcoin’s current two-month consolidation period, the present rate of cycle acceleration has dropped from 260 days to 210 days.

Bitcoin

The analyst highlighted that about 518 days after the Halving in the 2015-2017 cycle, BTC reached its market peak. Meanwhile, in the 2019-2021 bull cycle, it took the digital asset approximately 546 days after the Halving to top out.

Thus, in the event that BTC reiterates these trends and the next bull market top takes place between 518 and 546 days post-Halving event, Bitcoin’s peak this cycle might occur during the aforementioned timeframes. This is the reason why the expert is confident that the more time Bitcoin takes to stabilize, the better off it will be for bringing this cycle back in alignment with the customary Halving cycle.

Possible Retracement Before An Uptrend

While the analyst anticipates BTC to experience a retrace large enough to persuade investors that the bull market is over, he urges investors not to be shaken out as it will turn around eventually to resume its upward movement. According to Rekt Capital, fortunate investors understand that there are moments to panic and moments to accumulate and that the two often go hand in hand.

Currently, the price of Bitcoin is moving on the downside after a slight recovery on Wednesday. BTC’s price has now fallen close to $60,700 as it was unable to break above $65,500 once more.

Related Reading: Bitcoin Peak Pre-Halving Doesn’t Guarantee Further Gains: Analyst

At the time of writing, the digital asset in the weekly timeframe is demonstrating a positive momentum, while in the daily timeframe, it is trending on the downside. In the past week, BTC has increased by over 4% and has decreased by about 2.29% in the past day, trading at $60,860.

Both the trading volume and market cap are also down by 2.45% and 2.20% respectively in the last 24 hours.

Bitcoin

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Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000?

Movement and accumulation from crypto whales are two of the catalysts for Bitcoin price increases. Although major whales are still buying the dip, on-chain data indicates a general waning accumulation momentum which suggests their conviction might actually be waning. 

According to IntoTheBlock, an on-chain analytics firm, Bitcoin whale accumulation volumes have declined substantially in each buying cycle over the past month. This decline in whale accumulation could be worrying for investors, especially as the price of Bitcoin is now trying to hold above $60,000.

Whale Appetite For Bitcoin Dips According To On-Chain Data

Whales, or large investors holding over 1,000 BTC, have accumulated strongly since the beginning of the year, especially during market dips. This accumulation has largely helped to keep Bitcoin in bullish sentiment and prevented huge price declines. However, IntoTheBlock recently revealed an interesting pattern between these whale wallets in each accumulation phase. 

The largest accumulation occurred between March 5 and March 7, when these wallets acquired over 120,000 BTC. Every succeeding price dip has, however, seen less accumulation than the one before it. Particularly, Bitcoin’s recent dip to $56,000 failed to attract notable whale accumulation. This drop in buying and selling activity indicates whales may have lost some interest or appetite for accumulating more Bitcoin in the short term.

Precursor For A Crash To $50,000?

The waning conviction among Bitcoin whales has raised the question of whether Bitcoin could reverse back into a full bearish momentum. These concerns are particularly valid, considering some analysts are of the notion that Bitcoin might’ve reached its peak in this cycle. 

As IntoTheBlock noted, prices have increased shortly following every accumulation this year. While the lower whale buying activity could stall price increases in the short term, it is not a sure sign that Bitcoin is headed for a major price crash. However, if the trend continues for several more months, it could signal lower demand and a weakening bull market.

According to the “In/Out Of Money Metric”, there is still a strong resistance volume between $59,000 and $61,000. A drop below this range again would push 552,220 addresses into losses. In fact, while a drop to his level would be painful for many holders, most crypto analysts remain optimistic about Bitcoin’s long-term prospects. 

At the time of writing, Bitcoin is trading at $61,488. The crypto recently rebounded around $57,500 and is up by 7.4% in the past seven days. According to analyst Marco Johanning, $57,000 is an important support level for Bitcoin. He noted that while a break below $57,000 could lead to further declines into $52,000, the crypto market is still very bullish for Bitcoin.

Bitcoin price chart from Tradingview.com

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Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K?

Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signs and might turn bearish if it settles below $60,000.

  • Bitcoin followed a bearish path and traded below $62,500.
  • The price is trading below $63,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses and revisit the $60,000 support zone in the near term.

Bitcoin Price Extends Decline

Bitcoin price struggled to stay above the $63,500 zone and extended losses. There was a move below the $63,000 and $62,500 levels. The bears even pushed it below $61,200.

A low was formed at $60,888 and the price is now consolidating losses. If there is a recovery wave, the price might struggle to clear the $62,000 resistance or the 23.6% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.

There is also a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $61,800 level. The first major resistance could be $62,000. The next key resistance could be $63,200 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main hurdle is now at $63,800. A clear move above the $63,800 resistance might send the price higher. The next resistance now sits at $64,450. If there is a close above the $64,450 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500.

More Downsides In BTC?

If Bitcoin fails to climb above the $62,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,850 level.

The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,000. Any more losses might send the price toward the $56,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,850, followed by $60,000.

Major Resistance Levels – $62,000, $63,200, and $64,450.

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Fundstrat CEO Predicts When Bitcoin Price Will Reach $150,000 And $500,000

Thomas Jong Lee, the Chief Executive Officer (CEO) of Fundstrat, an independent financial research boutique, has maintained a bullish stance on Bitcoin. The financial analyst has predicted that the world’s largest cryptocurrency could surge massively, doubling its current price to reach $150,000 during the 2024 crypto market cycle. 

Bitcoin Could Go Parabolic In 2024

During a recent interview on Squawk Box, CNBC on May 7, Lee doubled down on his previous Bitcoin forecast, expressing strong confidence that the pioneering cryptocurrency would experience a dramatic surge before the end of 2024. He predicts that Bitcoin, currently priced at $62,371, according to CoinMarketCap, will exceed previous all-time highs and reach $150,000. 

Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing

The Fundstrat CEO disclosed earlier in April in an interview with CNBC Television, that “Bitcoin would definitely make new all-time highs this year,” predicting that the cryptocurrency could surge to $150,000 in 2024, and $500,000 long term. 

He highlighted that the strong demand for BTC has been fueling its price increase. Furthermore, the integration of the Rune Protocol, a new token standard for issuing fungible tokens on the Bitcoin network, has also bolstered the blockchain’s network. 

Lee’s ambitious forecast of Bitcoin comes at a time when the market has been experiencing significant volatility and periods of fluctuations. Bitcoin previously surged to an all-time high above $73,000 in March, propelled by the hype and demand for Spot Bitcoin ETFs.

However, after Bitcoin halving on April 20, which many analysts and investors believed would trigger another price rally, BTC witnessed a dramatic drop, falling as low as $57,000 at some point in May. 

Despite the upheaval in the broader crypto market, Lee remains optimistic about Bitcoin’s long-term value. His unwavering confidence in the cryptocurrency’s robust price fundamentals is reflected in his expectations of a potential price surge to or even exceeding half a million in the coming years. 

Factors Point To Upward Momentum After FED Rate Cut

While Lee made his bullish projections about Bitcoin, he also discussed the present inflationary situation and economic conditions of the United States. According to the Fundstrat CEO, inflation in the US is set to cool off dramatically, potentially triggering an upward momentum for Bitcoin if this happens. 

Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade

The CEO disclosed that the Federal Reserve (FED) currently has more leeway to cut rates, citing their impacts on the country’s banking balance sheet. Although he refrained from specifying a precise timeline for the drop in the US inflation rate, Lee indicated that it could potentially occur by the second half of 2024. 

Overall, the Fundstrat CEO has maintained an optimistic outlook for inflationary pressures in the US, with Bitcoin typically serving as a hedge against inflation and a store of value during these periods of economic uncertainty. 

Bitcoin price chart from Tradingview.com

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Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million

The recent unimpressive price action of Bitcoin is playing out in the minds of institutional investors, with recent data highlighting their bearish sentiment. This has led to a wave of massive outflows from  Bitcoin investment products, which could negatively impact the flagship crypto. 

Bitcoin Investment Products Record $284 Million Of Outflows

CoinShares revealed in a blog post that Bitcoin investment funds recorded an outflow of $284 million last week. Most of these outflows are said to have come from the US Spot Bitcoin ETFs, which saw outflows of $156 million last week. CoinShares noted that last week was the first time these funds recorded such a measurable amount of outflows. 

Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing

These US Spot Bitcoin ETFs indeed had a week to forget last week, as even BlackRock’s iShares Bitcoin Trust (IBIT) recorded its first day of outflows since launch, with almost $37 million exiting the fund. 

CoinShares suggested that the magnitude of outflows was likely due to Bitcoin dropping below $62,000, which they estimate is the average purchase price of these ETFs since launch. Therefore, they claim that Bitcoin’s decline may have triggered automatic sell orders. 

Before now, institutional investors had already shown mixed feelings towards these funds thanks to Bitcoin’s recent price action. As such, it makes sense that Bitcoin dropping below $60,000 made them panic sell instead of holding their positions. 

Despite this development, CoinShares noted that the Spot Bitcoin and Ethereum ETFs in Hong Kong which launched last week, were a bright spot, recording $307 million in inflows in the first week of trading. The launch of these funds could prove timely, with Bitcoin needing a catalyst to continue its upward trend. 

Interestingly, CoinShares revealed that Bitcoin was the only crypto asset to record outflows. On its part, Ethereum broke its seven-week streak of recording outflows, with $30 million flowing into Ethereum investment products. Other altcoins like Avalanche, Cardano, and Polkadot also saw inflows. 

Spot Bitcoin ETFs Still Not In The Clear

With Grayscale’s GBTC recording its first day of net inflows last week, there was the feeling that such development could spark a turnaround in the outflows that the Spot Bitcoin ETFs have been recording. However, that hasn’t been the case. On May 7, these funds recorded a net outflow of $15.7 million. 

Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade

GBTC was again the primary culprit, with the fund seeing a net outflow of $28.6 million. These outflows have continued to affect Bitcoin’s price negatively, given the amount of selling pressure it is piling on the flagship crypto. 

At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Bitcoin Price Dips Again, Is This A Fresh Bearish Signal?

Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level.

  • Bitcoin started a fresh downside correction and traded below $63,500.
  • The price is trading below $63,350 and the 100 hourly Simple moving average.
  • There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses and revisit the $60,000 support zone in the near term.

Bitcoin Price Rejects $65,500

Bitcoin price extended its increase above the $64,500 level. However, BTC struggled to clear the $65,500 resistance zone. A high was formed at $65,550 and the price is now correcting gains.

There was a move below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. Besides, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,350 level. The first major resistance could be $64,000. The next key resistance could be $65,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main hurdle is now at $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,650. If there is a close above the $66,650 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000.

More Losses In BTC?

If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level.

The first major support is $61,000 or the 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. If there is a close below $61,000, the price could start to drop toward $60,000. Any more losses might send the price toward the $58,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,000, followed by $60,000.

Major Resistance Levels – $63,500, $64,000, and $65,500.

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Bitcoin’s Bold Bet: Options Traders Eye $100K Surge By September

The crypto market is currently buzzing with anticipation as Bitcoin options traders position themselves for what they foresee as a “substantial price rally” in September.

Particularly, the derivatives market is expressing confidence, with a significant number of traders betting on Bitcoin surpassing the $100,000 mark.

Bitcoin Market Optimism Amidst Whale Movements

Recent analysis from industry experts highlights a significant trend in Bitcoin options that points to growing optimism among traders. According to insights from QCP Capital, a noticeable shift has occurred in the risk reversals landscape, with calls (options to buy) now priced higher than puts (options to sell).

QCP Capital noted that this change underscores a “stronger demand” for potential price increases rather than hedges against declines.

The preference for call options, particularly those pegged at ambitious strike prices of $75,000 and $100,000 for September, underscores the bullish sentiment permeating through the market.

Data from the Deribit derivatives exchange corroborates this trend, revealing that call options with a strike price of $110,000 for the end of September are currently seeing the highest volume.

Bitcoin top options volume.

This enthusiasm in the options market is a strong indicator of the traders’ bullish outlook for Bitcoin, suggesting that many are betting on a significant price uptick by the end of the third quarter.

However, the skies are not clear. Bitfinex analysts have pointed out actions by Bitcoin whales that might signal potential short-term volatility. The whale ratio on exchanges—a metric indicating the amount of Bitcoin large holders are moving to exchanges—has seen an uptick.

Bitcoin Exchange Whale Ratio.

This could typically suggest that these major players are considering selling, which could introduce increased sell pressure in the market.

Bitfinex’s recent Alpha report revealed that while the short-term holders of Bitcoin seem to be at a pivot point with a realized price of $58,700 acting as an “important support level,” the increased activity by whales on exchanges might lead to heightened price fluctuations.

Long-Term Perspectives And Market Recoveries

Despite these potential short-term pressures, the broader Bitcoin market has shown signs of recovery. After a drop from its peak above $73,000 in March, Bitcoin has demonstrated resilience with a 5.8% increase over the past week and a 2.8% rise in the last 24 hours alone. This recovery has brought its trading price to around $63,791 at the time of writing.

Bitcoin (BTC) price chart on TradingView

Adding to the long-term confidence in Bitcoin, Michael Saylor of MicroStrategy shared his views on the future catalysts for Bitcoin’s price.

In his perspective, regulatory decisions, particularly those rejecting spot exchange-traded funds (ETF) applications for other cryptocurrencies, will further solidify Bitcoin’s standing as an unmatched digital asset.

Saylor disclosed that this regulatory moat could potentially steer more institutional investments towards Bitcoin, as it remains the ‘steel’ of the cryptocurrency world—unparalleled and indispensable.

Featured image from Unsplash, Chart from TradingView

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Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off

Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency’s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin’s projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoin’s performance in 2024. 

Bitcoin Surge To $150,000 Unlikely

In a recent interview with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone discussed Bitcoin’s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle. 

Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing “divergent weakness,” highlighting that Bitcoin’s performance against the S&P 500 in 2021 was greater compared to 2024. 

He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market. 

The combination of these factors pushes McGlone to believe that Bitcoin’s short-term projected rise to $150,000 was unlikely. 

While the Bloomberg strategist made his foreboding prediction despite Bitcoin’s overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrency’s price and fundamental value in the long term. 

Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle. 

His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoin’s continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrency’s price following its launch on January 11, 2024. 

After Spot Bitcoin ETFs were successfully released into the market, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap. 

BTC Crash Presents Perfect Opportunity

According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a “tremendous opportunity” for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future. 

The reformed hedge fund manager revealed that Bitcoin’s short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency.

Bitcoin price chart from Tradingview.com

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Bitcoin Local Bottom In? Analyst Offers Insights

In an ever-evolving world of cryptocurrency markets, deciding the bottom of Bitcoin price correction is an endeavor that attracts interest from both investors and analysts. Joining the fray is cryptocurrency analyst and trader MilkyBull offering insights on the subject, claiming that Bitcoin’s local bottom has developed due to a certain development.

Following its weekend recovery out of bear market territory, the price of Bitcoin slightly decreased on Monday. However, MilkyBull is confident that the recent retracement might be the last before BTC turns to move on the upside.

Bitcoin Local Bottom Is In

According to the expert, given that the next liquidity grab interest is above $64,557, the local bottom for Bitcoin is in. As a result, before moving on to the current all-time high of $73,000, BTC will first clear the $67,000 price level and consolidate. Thus, Bitcoin may eliminate the CME gap below either prior to or subsequent to eliminating the liquidity above $64,975.

Related Reading: Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form

The CME gap is a price difference that occurs between the Friday closing price and Sunday opening prices of the Chicago Mercantile Exchange (CME) Bitcoin futures market. Therefore, the expert considers this development a good area for long trade, signaling a buying opportunity for BTC bullish investors.

Bitcoin

MilkyBull further drew attention to a previous analysis that suggests Bitcoin could be poised for a rally due to historical patterns. The analyst noted that the 2017 price action shows that when BTC breached a new all-time high, there was a healthy retracement that was driven by liquidity before it surged to a cycle peak. 

Given that BTC might be mirroring this pattern, MilkyBull’s analysis might suggest that BTC has undergone its last shakeout, and a move on the upside could be imminent. He also confirmed that the present consolidation range was paralleled by the preceding consolidation, which began to materialize from December 2023 to February 2024. 

This pattern, identified as a manipulative strategy of the market makers (MMs) by the expert, is meant to remove degenerate Short-Term Holders (STHs), which are particularly vulnerable to price corrections below their cost base.

BTC Correction On The Horizon

While MilkyBull anticipates a rally, market expert Benjamin Cowen expects the leading cryptocurrency asset to drop in the upcoming days. Last week, Cowen claimed BTC’s Return On Investment (ROI) 12 days after the Bitcoin Halving event was the worst performance that the asset has experienced. According to Cowen, this is reasonable as it is the first time BTC is reaching a new all-time high before the Halving.

Almost a week later, there is still no improvement, as the analyst noted that BTC ROI is still performing worse than in previous cycles. Comparing this action with that of 2016, Cowen expects BTC to undergo a decline in the coming week.

During the time of writing, BTC was trading at $63,970, demonstrating an increase of over 3% in the past week. While its market cap is down by 1.17%, its daily trading volume has garnered positive sentiment, rising by 40%.

Bitcoin

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Why Is The Bitcoin Price Falling Today?

Bitcoin (BTC) has experienced a price slowdown, having recently recovered above $60,000. This tepid price movement is believed to be due to a couple of factors, including the reduced demand for the Spot Bitcoin ETFs. 

Spot Bitcoin ETFs Have Lost Their Spark

The Spot Bitcoin ETFs recorded billions of dollars in net inflows in the first three months of launch. This contributed to the significant rally that Bitcoin recorded right around when the funds were approved, with the flagship crypto rising to a new all-time high (ATH) in March. However, demand for these funds has declined since the start of this month. 

Research firm Kaiko also noted in its recent report that net inflows across all ETFs have steadily dropped for a while now. This has ultimately affected Bitcoin’s bullish momentum, with the flagship crypto trading sideways. Bitcoin’s price performance in the last 24 hours suggests that the recovery above $60,000 wasn’t necessarily a bullish reversal.

Andrey Stoychev, Head of Prime Brokerage at Nexo, had previously warned that Bitcoin was unlikely to experience any significant price surge without a catalyst. He added that the crypto token would likely continue to trade around the $67,000 price range. That means one can expect Bitcoin to keep bouncing off the support and resistance in the meantime. 

The silver lining is that the demand in the Spot Bitcoin ETFs could pick up soon enough, with these funds likely to provide a much-needed boost to Bitcoin’s price when that happens. A trend reversal for these ETFs looks imminent, especially after Grayscale’s GBTC recorded its first day of net inflows on May 3. 

Another Reason Why Bitcoin’s Price Is Down

Crypto analyst Mikybull Crypto also recently predicted that Bitcoin could drop below to clear the CME (Chicago Mercantile Exchange) gap at around $62,580. This price gap exists because the CME’s Bitcoin futures market doesn’t run on weekends. The crypto analyst added that things could pick up once Bitcoin clears the CME gap. 

The analyst also suggested that the worst may be behind, irrespective of whether Bitcoin continues to trade sideways, as he stated that the crypto token’s local bottom is in. However, Mikybull Crypto also predicts that Bitcoin will need to clear out the $67,000 price level and consolidate before it can move towards $73,000. 

In anticipation of this price surge, now looks to be an excellent time to accumulate the flagship crypto as crypto analyst Ali Martinez mentioned that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone.”

At the time of writing, Bitcoin is trading at around $63,400, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides.

  • Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.
  • The price is trading above $63,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.

Bitcoin Price Aims Higher

Bitcoin price remained well-bid above the $62,500 support zone and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500.

A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high.

However, the bulls are active near the $63,000 zone. There is also a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $67,200. If there is a clear move above the $67,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,800.

Another Drop In BTC?

If Bitcoin fails to rise above the $65,500 resistance zone, it could start another decline. Immediate support on the downside is near the $63,350 level and the trend line.

The first major support is $62,800. If there is a close below $62,800, the price could start to drop toward the 50% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high at $60,800. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $63,350, followed by $62,800.

Major Resistance Levels – $64,500, $65,000, and $65,500.

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Bitcoin Repeating Bull Cycle Trend From 8 Years Back: Analyst

Well-known cryptocurrency analyst and trader Rekt Capital has revealed an intriguing finding regarding Bitcoin’s price trend in a recent analysis. His ground-breaking prognosis reveals that the crypto asset is mirroring historical price action that took place during a bull cycle eight years ago.

Similar Historical Price Tendency In Bitcoin

Rekt Capital asserted that the way Bitcoin is reiterating a past price trend from a cycle 8 years ago is amazing. Given the magnitude of the 2016 bull cycle, BTC could be poised for significant growth in the upcoming months. During the 2016 bull cycle, BTC witnessed a notable growth of nearly 3,000%, following the conclusion of the Bitcoin Halving event. 

Moving on, Rekt Capital drew attention to his previous post regarding Bitcoin’s post-Halving movement, which he dubbed the Post-Halving Danger Zone. According to the analyst, the digital asset is currently caught up in this zone.

Bitcoin

He further noted that Bitcoin has veered to the negative below the current Re-Accumulation Range Low, repeating the pattern that began in 2016. In 2016, the move below the re-accumulation range was about 17%. However, this divergence in 2024 is down by 6%.

Rekt Capital previously affirms in 2016, about 21 days after the Halving, Bitcoin saw a lengthy -11% decline before transitioning toward the upside.

Thus, if there should be downside volatility in this cycle around the Re-Accumulation Range Low, 2016 data indicates that BTC could turn to the upside in the next 10 days, considering the post time.

Even though the Post-Halving “Danger Zone” ends in the upcoming days, particularly four days from now, Rekt Capital stated that 2016 data proves that there may be some negative volatility at the $60,600 Range Low in the interim. 

Pre-Halving Danger Zone For BTC

Notably, the expert also identified a Danger Zone before the event, where previous Pre-Halving retraces have always started. According to Rekt Capital, pre-Halving retracements have historically been seen in Bitcoin between 14 and 28 days before the event, and this cycle hasn’t been any different thus far.

He stated that Bitcoin saw its first pre-Halving retrace of -18% about 30 days before the Halving, while in 2016, the pre-Halving retrace started 28 days before the event, suggesting BTC could move in the same direction as that of 2016. Due to this, Rekt Capital is confident that a potential danger zone could occur after Halving.

However, the retracement from the current all-time high has now proven to be deeper and longer than past retracements, spanning several weeks. Consequently, the expert predicted a high probability that Bitcoin prices may have reached a bottom.

At the time of writing, the price of Bitcoin was seeing a positive sentiment, rising by 0.43% to $64,126 in the past day. Both its market cap and trading volume have increased by 0.50% and 24.43%, respectively, in the last 24 hours.

Bitcoin

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Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’

Crypto analyst Ali Martinez has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto’s recent price recovery, with the crypto token skyrocketing above $64,000. 

Bitcoin Is Still In A “Prime Buy Zone”

Martinez mentioned in an X (formerly Twitter) post that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone” despite its recent price surge from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued. 

 Bitcoin

Based on Martinez’s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst’s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin. 

Interestingly, Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn’t be expected anytime soon. 

Crypto analyst Michaël van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail isn’t here yet. He mentioned in another X post that these retail investors won’t return until the summer, which means that everyone currently positioning themselves is still early. 

BTC Almost Ready For Next Leg Up

Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local bottom is in considering that the “next liquidity grab interest is above.” He added that Bitcoin will first “clear out the $67,000 level and consolidate in preparation for the $73,000 level. 

Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price

Bitcoin 2

Meanwhile, the analyst revealed in another X post that Bitcoin has “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross” on the daily chart, just like it did in January 2024, which led to the crypto token rising to as high as $73,000 in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will “further confirm the bullish continuation.”

For those looking to long Bitcoin, Mikybull Crypto remarked that the $64,000 range is an “ideal zone” to do so. He predicts that Bitcoin might clear out the CME gap between $62,580 and $64,105 before consolidating at around $64,000. 

At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC?

Bitcoin price started a steady increase above the $62,500 resistance. BTC is again struggling to clear the $64,500 and $65,000 resistance levels.

  • Bitcoin is showing positive signs and facing hurdles near $64,500.
  • The price is trading above $62,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could struggle to clear the $64,500 and $65,000 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price found support near the $56,500 zone and started a decent increase. There was a clear move above the $60,000 and $61,200 resistance levels.

The bulls pushed the price above the $63,500 level and the 100 hourly Simple moving average. However, the bears are again active near the $64,500 and $65,000 resistance levels. A high was formed at $64,646 and the price is now consolidating gains.

It is stable above the 23.6% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high. There is also a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,800. If there is a clear move above the $66,800 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,800 level and the trend line.

The first major support is $61,500. If there is a close below $61,500, the price could start to drop toward the 61.8% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high at $59,500. Any more losses might send the price toward the $58,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $62,500, followed by $61,500.

Major Resistance Levels – $64,500, $65,000, and $65,500.