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  • BTC briefly touches $94k amid sentiment-driven dip

    BTC briefly touches $94k amid sentiment-driven dip

    • BTC fell below $95k as sellers intensified pressure.
    • As well as the sentiment, key events to watch out for this week include tariffs news, Fed chair Jerome Powells testimony and CPI data release.

    Bitcoin (BTC) has witnessed notable downside pressure since recoiling from the all-time high reached in 2024 amid Trump’s victory in the US election.

    The benchmark crypto asset has broken to year-to-date highs with bulls largely unfazed. However, the past few days have seen BTC struggle below the psychological $100k level.

    BTC chart by CoinMarketCap

    On Feb. 10, the price of BTC flipped negative to briefly touch lows of $94.7k. While it has bounced to above $97k at the time of writing, analysts at QCP Capital say the market is cautious.

    What next for Bitcoin, altcoins

    Notably, the dip that pushed Bitcoin price to lows of $94,745 appears to be more of sentiment-driven than a reflection of a fundamental shift in broader markets’ risk appetite. QCP analysts opine that volatility will remain skewed toward puts for the next couple months.

    Among key things to watch out for is also Federal Reserve chair Jerome Powell’s testimony and the upcoming consumer price index data. Trump’s latest tariff move involving a 25% tariff on steel and aluminum could also fuel further uncertainty.

    “A feedback loop is emerging—Trump watches the markets, and the markets test his resolve. Will this embolden him further or force a pivot?” the analysts noted, pointing to the issue of tariffs and the market reaction.

    Despite the potential impact of a short term outlook, whales are strengthening to suggest long term confidence in Bitcoin performance.

    According to crypto analyst and YouTuber ‘CryptoJack’, 14,000 BTC have moved on-chain to suggest whales may be making moves amid an expected bull market.

    Bitcoin traded near $98k as of 11:30 am CET, with bulls likely to target $100k if positive vibes surge.

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  • Crypto liquidations hit $200m amid Bitcoin dip

    Crypto liquidations hit $200m amid Bitcoin dip

    • Crypto liquidations rose to over $200 million in 24 hours as Bitcoin (ETH) and Ethereum (ETH) dipped.
    • Analysts are however bullish on BTC price as September looks poised to end on a green note.

    The crypto market saw over $200 million in crypto liquidations as Bitcoin slipped to near $64k amid fresh bear moves.

    According to data from Coinglass, the cryptocurrency market saw total liquidations in the past 24 hours surge by 128% to more than $200 million. This came as Bitcoin (BTC) fell 4% to near $63,100 on September 30.  

    24-hour liquidations

    Having posted a significantly better performance in September contrary to expectation with a spike to $66k, BTC retreated sharply to pull most altcoins lower. With Ethereum (ETH) also dumping to under $2.6k amid latest selling from the Ethereum Foundation, total longs rekt soared to $164 million.

    Shorts accounted for about $37 million in 24-hour liquidations at the time of writing.

    Crypto liquidation represents the process by which a trader’s position is forcibly closed when their margin account no longer supports an open position. This happens when a trader suffers substantial losses or has insufficient margin to keep the position open.

    According to Coinglass data, over 68,900 traders have had their positions liquidated in the past 24 hours. The largest single order to be liquidated happened on the crypto exchange OKX in the ETH-USD-SWAP, at a value $1.92 million.

    BTC bounce: Uptober is here

    Despite the decline in BTC price, bulls are likely to strengthen in coming weeks.

    The upbeat mood may be down to the fact that with hours to go, September looks poised to end with BTC up more than 7%. That’s barring a sharp meltdown – not entirely new to the market. Still, analysts are bullish.

    As crypto analyst Kaleo points out in the X post below, October and November have historically been ultra-positive for Bitcoin. If the trend continues, BTC will bounce hard in the coming months.

    Earlier on Monday, digital asset manager CoinShares published its weekly report. It showed crypto investment products registered a third consecutive week of inflows amid recent upside on interest rates cut. Bitcoin topped $1 billion as Ethereum broke a five-week streak of negative flows.

    BTC price hovered near $63,405 at the time of writing.

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  • Bitcoin begins “historically” rough September with dip to $26k

    Bitcoin begins “historically” rough September with dip to $26k

    • Crypto prices traded lower on Friday as Bitcoin retested the $26k area.
    • Declines across major altcoins added to the forecast of a “bumpy” ride in historically negative September.

    Cryptocurrencies were largely down on Friday, September 1 as major caps slid amid a surprising decline likely fueled by latest delays for spot Bitcoin ETFs. 

    As can be seen in the crypto heat map below, Bitcoin (which has retested levels under $26k) and Ethereum (prices have dipped under $1.7k) lead the 24 hour rot. Most top 20 coins are in the red. CoinGecko data also shows the global crypto market cap has dropped by 3.4% at the time of writing.

    Crypto price heat map by Coin360

    Bitcoin tests $26k area

    Analysts say the crypto market could be in for yet another rough September. According to crypto analyst Will Clemente, historical data shows crypto is on a six-year streak of negative returns during this month. Overall, no other month has had as few green monthly candles as September has for Bitcoin price.

    According to Santiment, Bitcoin’s nearly 5% slip in the past 24 hours has the top crypto “right back where it started prior to the Grayscale news” that catalysed the broader crypto market. The upside that followed the court decision could now be more of a ““buy the rumour, sell the news” event,” the market intelligence provider noted.

    Stock-to-flow model creator PlanB points to the fact that Bitcoin has to shake off “all tourists and weak hands before take-off.”

    While the next few weeks will likely be as choppy as anything, analysts are forecasting a return to upside momentum in mid-October. This outlook bears in mind the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.

    Bitcoin was trading near $26,000 after testing lows of $25,683, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.

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  • Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

    Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

    • Bitcoin has suffered its worst weekly percentage loss since the collapse of FTX.
    • Some of the factors behind the dip include reports of SpaceX selling its BTC holdings and the Chinese property giant Evergrande bankruptcy filing.
    • Top prediction markets tokens have maintained a bullish trend amid the crypto meltdown.

    In what has caught most crypto investors by surprise, the price of Bitcoin (BTC) has decreased by 11.2% to about US$26k. Last week has been the worst week for Bitcoin (BTC) since FTX’s demise in November 2022.

    The market crash has not only affected BTC, seeing that the rest of the asset class has not fared any better. Ethereum (ETH) fell by approximately 9.5% to $1.7K and Binance-coin (BNB) dropped by about 9.8% to $217, just to mention a few of the top cryptocurrencies by market capitalization.

    While most of the top cryptocurrencies experienced a price dip, popular prediction markets tokens like Gnosis (GNO), SX Network (SX), Kleros (PNK), and Augur (REP) registered significant gains. Chancer (CHANCER), a new prediction markets token is also gaining traction as its token presale continues to gain traction.

    What caused the crypto market to drop?

    The price decrease was caused by a number of causes. They included speculation that SpaceX wrote down the value of its Bitcoin assets, the collapse of the Chinese real estate firm Evergrande, and rising yields in the US.

    SpaceX Bitcoin holdings

    The Wall Street Journal published a report late last week stating that Elon Musk’s space exploration company SpaceX marked down the value of the Bitcoin it had on its books by US$373 million for the years 2022 and 2021. The report claims that the business also sold a portion of the BTC it had at one point over the previous two years. The WSJ has identified documents that it claims offer uncommon insights into the business’s finances.

    However, the WSJ’s assertions cannot be independently verified because SpaceX is a privately held corporation. Musk acknowledged that SpaceX did acquire Bitcoin during a panel appearance in 2021, but it is unclear how much or when the commodity was purchased.

    Evergrande bankruptcy 

    In a disclosure made over the weekend, the Chinese real estate tycoon Evergrande filed for bankruptcy protection in the United States. The corporation reportedly took action to secure its assets while still trying to control its creditors.

    Before proposing a comprehensive off-shore debt restructuring program in 2021, Evergrande experienced a public meltdown and went into default on its obligations. The business currently seems to be on life support.

    Investors are worried that China’s enormous real estate market may become contagious. Country Gardens and other significant developers are not paying their debts either, and the industry—which is thought to account for up to 30% of Chinese GDP—is in serious need of government assistance.

    US Treasury yields

    US Treasury yields are skyrocketing and pushing away investors from risky markets like the crypto market and toward saving. As the US Federal Reserve gradually increased rates throughout the previous year to reach a target rate of slightly over 5%, bond yields increased.

    As strong US economic data keeps coming out, yields have increased this week in anticipation that rate rises will continue. Since 2011, the 30-year US Treasury yield has never been higher. Treasury bonds give a high, secure yield, which is detracting from the value of other asset types like shares and cryptocurrencies.

    Gnosis and Augur price prediction

    Gnosis has risen by 0.2% while Augur has registered a 1% surge after a bear week. In the past seven days, Gnosis dropped by 8.8% while Augur fell by 11.7%.

    Gnosis price daily chart

     

    Having bounced off the support at $97.60, the Gnosis (GNO) token is expected to test the resistance at $104.75. However, that depends on whether the current daily candlestick closes above the lower band line of the Bollinger Bands indicator.

    Augur price daily chart

     

    Augur, on the other hand, seems to have slid into consolidation after erasing most of the gains it made between July 19 and July 20. All eyes are on the support at $0.3246 and the resistance at $2.1844. If the REP price jumps above the upper Bollinger Bands line, it could test the $2.1844 resistance level and if it drops below the lower Bollinger Bands line, it could drop to the support at $0.3246.

    The prediction markets tokens including Chancer, are expected to experience significant price gains as popular games including the English Premier League and the American MSL gather steam.

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  • Riot Platforms stock has moved to a bear market: buy the dip?

    Riot Platforms stock has moved to a bear market: buy the dip?

    Riot Platforms (NASDAQ: RIOT) stock price has drifted downwards in the past few days as Bitcoin and other cryptocurrencies retreated. The shares retreated to a low of $11.48 in the pre-market session. This means that the stock has dropped by more than 20% from the year-to-date high, meaning that it has moved to a bear market.

    Is it safe to buy the dip?

    Riot Blockchain is one of the biggest Bitcoin mining companies in the world. It competes with the likes of Argo Blockchain and Marathon Digital among others. Therefore, as in the other mining industry, these companies have a close correlation with the price of the underlying asset.

    This explains why the Riot Platforms stock price has jumped sharply this year. Between the lowest point in 2022 and the year-to-date high, RIOT shares were up by more than 338%, making it one of the best-performing stocks in the market.

    Therefore, to predict whether the Riot Blockchain stock price will bounce back, we need to understand why Bitcoin is falling and whether it will bounce back soon. As I wrote in this article, the main reason for the crash is that bullish liquidations have jumped in the past two days.

    Liquidations happen when brokers and exchanges forcefully close positions of leveraged positions. Therefore, this usually puts prices under pressure.

    Another reason why this happened is that Bitcoin recently rose above the key resistance level at $30,000. Historically, cryptocurrencies tend to be a bit volatile when they move above or below a key support or resistance level. 

    The other reason is that several regional banks, including Western Alliance Bancorp, published strong results. Its inflows rose by more than $3 billion. As such, the risks of a banking crisis seens like they have been minimized. In a note, analysts at Bernstein said:

    “Any potential dislocation, whether on the bank’s credit side, or on the sovereign side …positions bitcoin perfectly as a safe-haven asset alongside gold.”

    Therefore, there is a likelihood that Bitcoin price will bounce back in the coming months as the Fed starts to pivot.

    Riot Platforms stock price forecast

    The daily chart shows that the RIOT share price formed a shooting star pattern on Wednesday. In technical analysis, this pattern is usually a bearish sign. The stock has jumped by more than 25-day and 50-day exponential moving averages. 

    It remains slightly above the key support level at $10.53, the highest level on 11th August. Therefore, I suspect that the shares will drop to the key support at $10.53. The stock will then resume the bullish trend as buyers target the year-to-date high of $14.51.

    How to buy Bitcoin

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  • SHIBCAT ON A DIP SHOULD YOU BUY

    SHIBCAT ON A DIP SHOULD YOU BUY

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  • SHIBCAT ON A DIP SHOULD YOU BUY

    SHIBCAT ON A DIP SHOULD YOU BUY

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