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  • Bitcoin price analysis: economic headwinds push price lower

    Bitcoin price analysis: economic headwinds push price lower

    • Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted
    • Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern
    • Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes

    Bitcoin’s price has fallen from a high of $102,667 reached on Tuesday, January 7 to $94,890.00 as of publishing, but remains within the last H4 demand zone.

    BTC/USD Chart by Trading View

    While the demand zone between $92,000 and $97,000 may be the last support level on the H4 timeframe, a broader market view shows that BTC is in a premium zone on the daily timeframe. As a result, a push below $92,000 still puts the price in bullish territory.

    BTC/USD Chart by TradingView

    The best technical buy levels would either be at the last break of structure on the daily timeframe or at the 50% Fibonacci level from the lowest point to the break.

    BTC/USD Chart by TradingView

    There are two fair value gaps from which the price could react. While they are not major zones, they could support a continuation back to the external high at $108,000 or a brief relief rally before continued sell to the first probable support zone as noted in a recent TradingView analysis of BTC.

    BTC/USD Chart by TradingView

    This is all predicated on Bitcoin breaking below the $91,000 level.

    Meanwhile, spot crypto ETFs recorded outflows on Wednesday, January 9 after the release of the US Federal Reserve’s meeting minutes. These showed that the Fed is cautious about inflation and the effects of Trump’s incoming policies.

    BTC ETFs bled $568.8 million on Wednesday while ETH ETFs lost $159.4 million with the biggest outflows from Fidelity ($258.7 million for BTC and $147.7 million for ETH).

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  • Bitcoin surges past $65k to push 90% of holders into profit

    Bitcoin surges past $65k to push 90% of holders into profit

    Bitcoin price has spiked past $65,000, reaching the highest price level since early August 2024. The surge to the $65k level, with BTC hitting $65,500 on Coinbase, has put more than 90% of Bitcoin holders into profit.

    Notably, the surge has other coins looking to break higher. Ethereum has strengthened above $2,600, BNB is above $600 and Solana has jumped to $157.

    BTC/USD price chart. Source: TradingView

    BTC hits 7-week high

    In recent weeks, Bitcoin had struggled to breach resistance at $60k.

    However, once bulls did, the flagship cryptocurrency has run to a seven-week high last seen on August 2, 2024. The coin’s price hit the $65.5k area on most major crypto exchanges to see it retest a level likely to be key for both bulls and bears.

    Earlier in the day, on-chain analytics platform IntoTheBlock noted that more than 90% of BTC holders would swing profitable if Bitcoin crossed the $65k.

    This has happened and with recent profit taking deals in mind, bulls may need further strengthening to continue higher. Short term, the key levels are at $68k and $70k – which could include a potential retest of the all-time high of $73k reached in March.

    Alternatively, bears may take advantage and return prices lower – a scenario witnessed in July/early August as BTC declined from highs of $70k.

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  • Will inflation data push it higher?

    Will inflation data push it higher?

    Key takeaways

    • Bitcoin has been trading below the $30k level in recent days, but favourable inflation data could push it higher.

    • Chancer’s stage two presale is now close to the $1.2 million mark. 

    The cryptocurrency market has been choppy over the past few weeks, with prices of most coins stuck within certain regions.

    BTC has been trading below the $30k level for the past few days, with market experts still believing it could drop lower in the near term. 

    Bitcoin stays below $30k

    Bitcoin, the world’s number one cryptocurrency by market cap, began the week in a positive manner. BTC has added more than 1.5% to its value so far today but continues to trade below the $30k psychological level.

    At press time, the price of Bitcoin stands at $29,424. Bitcoin could be heading towards the $30k level over the new few hours or days if the inflation data in the United States comes out favourably. 

    The inflation data could determine if the US Federal Reserve continues its rate hikes or will stop them. Halting rate hikes could be a bullish sign for Bitcoin and the broader cryptocurrency market. 

    What is Chancer?

    The recent bearish trend in the market has not affected Chancer’s ongoing presale event. Chancer is a web3 project that seeks to decentralise the betting ecosystem. 

    It is a Web3 peer-to-peer (P2P) custom betting platform allowing users to live stream betting events. Chancer will operate as a completely decentralised online gaming platform.

    Chancer is building a platform that will offer improved services compared to what they are getting from the traditional sports and casino betting platforms. With Chancer, users can bet on any event, even ones they make up themselves. 

    The funds raised from the funding rounds will be used to build the decentralised P2P betting platform. According to their whitepaper, Chancer users will have access to a wide range of features, including betting markets in real-time and based on user interests, social media connections, and expertise. 

    Users will also be able to set up their custom P2P betting markets, allowing others to bet on selected events and games. 

    Chancer’s second presale generates nearly $1.2 million

    Chancer’s presale event will occur in stages, and the second stage is currently underway. The team has raised nearly $1.2 million of the $2 million required in the second stage. 

    Chancer will use the funds from the presale to develop its products. The team will conduct 12 presale events, with a target of $15 million. 

    Currently, CHANCER, the native token of the ecosystem, is going for $0.011 per token, with the price set to increase to $0.012 in the next presale round.

    The native token has numerous utilities within the ecosystem. Token holders can create markets and also invest in markets launched by other users.

    By holding the token, users can create, participate in, and profit from their very own predictive markets. 

    You can purchase the CHANCER tokens by connecting your Web3 wallet to the Chancer website. Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow are some supported wallets. 

    Visit the Chancer website to get more information about the presale. 

    Should you buy CHANCER tokens now?

    Investing in a project during its presale or private sale is usually one of the best decisions investors make. This is because the tokens are not available to the general public yet. 

    With Chancer, it could be an excellent idea to invest in the project now. Chancer is a promising project and could gain massive adoption over the coming months and years.

    If the adoption level rises, CHANCER’s price could skyrocket, and early investors could benefit. Early investors in projects such as Ethereum, Solana, Dogecoin, and Shiba Inu, recorded thousands of percentages in ROI. 

    If CHANCER gains the necessary adoption combined with a Bull Run, its price could soar higher in the medium to long term. 

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  • Bitcoin bulls push BTC to highs of $23,300

    Bitcoin bulls push BTC to highs of $23,300

    • Bitcoin hit highs of $23,342 on Binance, with a breakout above $22k extending year-to-date gains.
    • BTC price is up 30% in a month and has recovered 47% since the decline to $15,500 lows.
    • Short liquidations were around $376 million in the past 24 hours.

    Bitcoin price roared to highs above $23,000 on Saturday morning, rising to $23,342 on Binance as the price of the world’s largest cryptocurrency by market cap hit levels last seen in mid-August 2022.

    BTC was changing hands around $22,900 at the time of writing, about 9% up in the past 24 hours after shedding some of the gains. 

    The price of Bitcoin was, however, still 35% up in the past 30 days, and as crypto trader and analyst Rekt Capital pointed out earlier this morning, BTC had rallied over 47% since falling to lows of $15,500 amid the FTX dump.

    Bitcoin price chart showing BTC rally to $23,000 on 21 January, 2023. Source: TradingView

     On-chain data platform Santiment noted just before today’s break above $23k that Bitcoin’s price rally has come amid a bullish outlook from large BTC investors. As the firm highlights in the chart below, whale addresses with 1,000 to 10,000 BTC have in the past two weeks accumulated over 64,638 bitcoins worth more than $1.46 billion.

    Over $376 million in shorts liquidated

    As Bitcoin raced to highs near $23,350, liquidation data showed that in the past 24 hours, about 80,497 traders had been liquidated.

    According to Coinglass, the largest short liquidation was on Bitmex where an order worth $4.53million was rekt. The total liquidations as of 06:10 am ET on 21 January were $376.61 million. 

    Notably, total liquidations are not at the levels seen when BTC/USD broke above $20,000 last week towards erasing all post-FTX losses. Nonetheless, it still shows some traders are convinced this could be a gigantic bull trap. 

    But as it is, further upside momentum could see bulls target $25,000 or possibly higher if sentiment across risk markets helps bouy buy pressure.

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  • Solana interest grows as price eyes a bullish push after weekly 40% gains

    Solana interest grows as price eyes a bullish push after weekly 40% gains

    • Solana token has gained by almost 40% in a week as network activity surge

    • The weekly gains have been inspired by the Bonk token airdrop

    • SOL faces resistance at $14

    Solana (SOL/USD) is making a strong return after a difficult spell in 2022. Frequent hacks, FTX collapse, and a prolonged crypto winter are some of the ails of Solana in 2022. In particular, the FTX crash saw SOL fall below $10. But a return of nearly 40% in a week is sending a statement that investors are not done with the proclaimed Ethereum killer. 

    According to Solana Foundation head of strategy and communications Austin Federa, SOL is defying the FTX contagion. The network has seen increasing on-chain activity for users and developers. He says no projects are migrating from the blockchain, underlining Solana’s strengths and performance. 

    The latest gains in SOL come amid increased investor interest. That comes after the launch of the Shiba-Inu-themed Bonk (BONK) token. According to the latest cryptocurrency news, BONK will be airdropped for up to 50% of its supply. About 20% of the airdrop will go to Solana NFT collections. The development has seen several projects on Solana integrate bonk tokens for use in transactions on listed NFTs. 

    SOL price outlook and analysis approaching resistance

    SOL/USD Chart by TradingView

    From the technical outlook, SOL is slightly bullish but largely bearish. The indicator is approaching the neutral zone, although it shows SOL is bearish. Resistance lies at $14, slightly below the SOL price. 

    What next for the SOL price?

    The gains in SOL price are positive after a prolonged bear market. However, $14 will be a test for bulls. A bullish scenario will be reinforced if the cryptocurrency breaks above the resistance level. That could see SOL maintain the uptrend to $18 and beyond.

    On the flip side, SOL will face bears at $14. Buyers may also exit at the overhead resistance to force a correction. That could see the token retest the $11 or $10 bottom.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


    Buy SOL with Public today

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