Author: Defx Intern

Bitcoin price has started to show signs of weakness as it slips below the crucial $98,000 support level. The leading cryptocurrency had been consolidating above the $95,000 zone, but the bulls are now struggling to maintain their grip on the market.

The recent decline saw Bitcoin break below the $98,000 level and the 100-hour Simple Moving Average (SMA). This bearish momentum has pushed the price down to test the 61.8% Fibonacci retracement level of the upward move from the $91,000 swing low to the $102,500 high.

Technical analysis reveals a connecting bearish trend line forming with resistance at $98,200 on the hourly chart of the BTC/USD pair. If the bulls fail to push the price back above this trend line and the $98,000 resistance zone, further losses could be on the horizon.

On the downside, immediate support lies at the $96,000 level, followed by a major support zone around $95,500. If these levels are breached, Bitcoin could be looking at a deeper correction, with the next support levels located at $93,700 and $92,000.

However, if the bulls can muster enough strength to push the price back above the $98,000 resistance and close above the $100,000 psychological level, it could open the doors for a retest of the $101,200 resistance and potentially even the recent high at $102,500.

The current market sentiment appears to be leaning towards the bearish side, with the MACD gaining pace in the bearish zone and the RSI dipping below the 50 level. Traders should keep a close eye on these key technical indicators and the aforementioned support and resistance levels to gauge the short-term direction of Bitcoin’s price.

A decisive break below the $95,500 support could signal a shift in the market sentiment and potentially lead to a more significant correction. On the other hand, a strong bounce from this level and a close above $100,000 would indicate that the bulls are still in control and that further upside could be in store for Bitcoin.

As always, it is crucial for traders and investors to exercise caution and employ proper risk management strategies when navigating the volatile cryptocurrency markets. Keeping an eye on the broader market sentiment, as well as any fundamental developments in the space, can help inform trading decisions and mitigate potential losses.

Tags: Bitcoin price, technical analysis, market sentiment, support levels, resistance levels

Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-slips-96500/

Recent on-chain data from Glassnode has revealed a striking divergence in Bitcoin accumulation patterns between retail investors and whales. While retail investors, defined as addresses holding 1 BTC or less, have significantly increased their Bitcoin purchases since mid-December, whales (addresses holding over 1,000 BTC) have been offloading their holdings at an accelerated rate.

Retail investors have been accumulating an average of 10,627 BTC per day, a 72% increase compared to last year’s daily average. This behavior contrasts with their typical pattern of selling into strength, as seen when Bitcoin first surpassed $100,000 in November 2024. The increased retail accumulation suggests a growing belief in Bitcoin’s long-term value and a positive market sentiment.

On the other hand, whales have been selling off their Bitcoin holdings at a rate 9 times higher than their yearly average. Since November 24, these high-volume holders have sent an average of 32,509 BTC per day to exchanges. The timing of this sell-off coincides with Bitcoin’s breakthrough above the $100,000 mark, indicating that long-term holders are taking advantage of this psychological milestone.

The diverging behavior between retail investors and whales creates a complex scenario for Bitcoin’s price trajectory. While strong retail accumulation provides a solid foundation for future price appreciation, the significant selling pressure from whales introduces the risk of short-term price corrections. If the selling pressure persists without sufficient demand, Bitcoin could experience pullbacks after brief uptrends.

Since first breaking above $100,000 in early December, Bitcoin’s price action has been volatile, with the cryptocurrency struggling to maintain its position above this key level. As of writing, Bitcoin is trading at $96,945, having faced resistance around the $100,000 zone for the past two months.

The shifting dynamics between retail investors and whales highlight the importance of monitoring on-chain data to gauge market sentiment and potential price movements. While the long-term outlook for Bitcoin remains bullish, supported by increasing retail adoption, the short-term volatility caused by whale sell-offs cannot be ignored.

Investors should keep a close eye on these diverging trends and adjust their strategies accordingly. Retail investors may view the current price levels as an opportunity to accumulate Bitcoin for the long term, while short-term traders should be prepared for potential price fluctuations caused by whale activity.

Tags: Bitcoin, Retail Investors, Whales, On-Chain Data, Accumulation, Sell-Off, Price Volatility, Market Sentiment, $100,000 Milestone

Source: https://bitcoinist.com/retail-investors-rush-to-buy-bitcoin-as-whales-offload-what-this-means-for-btc/

In a recent warning, Robert Kiyosaki, the renowned author of “Rich Dad Poor Dad,” has reiterated his long-standing prediction of a historic market collapse. Kiyosaki believes that the world may be heading into another “Greater Depression,” which could lead to mass unemployment and financial turmoil.

Kiyosaki’s concerns stem from his observation of the current market conditions, which he believes are indicative of a looming economic crisis. The author points to his 2014 prediction of a market crash, suggesting that the current situation aligns with his earlier forecast.

The potential implications of a “Greater Depression” could be far-reaching, affecting millions of people worldwide. Mass unemployment could lead to a significant decline in consumer spending, further exacerbating the economic downturn. Additionally, a prolonged depression could result in a surge in bankruptcies, foreclosures, and a general deterioration of financial stability for individuals and businesses alike.

Investors and market participants should take note of Kiyosaki’s warning and consider the potential risks associated with the current market environment. While it is essential to maintain a long-term perspective, it may be prudent to review investment portfolios and ensure adequate diversification to weather any potential market turbulence.

Furthermore, individuals should focus on building emergency funds and reducing debt to create a financial buffer against potential job losses or income disruptions. Strengthening one’s financial foundation can help mitigate the impact of a severe economic downturn.

As the market continues to evolve, it will be crucial to monitor economic indicators, such as unemployment rates, GDP growth, and inflation, to gauge the severity of the situation. Policymakers and central banks may need to intervene with stimulus measures and monetary policy adjustments to stabilize the economy and prevent a full-scale depression.

In conclusion, Robert Kiyosaki’s warning of an escalating market crash and the potential for a “Greater Depression” serves as a sobering reminder of the importance of financial preparedness and vigilance. By staying informed, maintaining a diversified investment approach, and focusing on personal financial stability, individuals can navigate the uncertain economic landscape and minimize the impact of a potential crisis.

Tags: Robert Kiyosaki, Market Crash, Greater Depression, Economic Crisis, Financial Preparedness

Source: https://news.bitcoin.com/robert-kiyosaki-warns-market-crash-escalating-greater-depression-could-wipe-out-millions/

Texas is making strides towards establishing a strategic bitcoin reserve, with the aim of enhancing its financial stability, fostering community investment, and solidifying its position as a leader in digital asset innovation. The Texas Strategic Bitcoin Reserve Act, introduced in the state legislature, has recently progressed to the Senate Finance Committee for further review.

The proposed bill, if passed, would create a state-owned bitcoin reserve, managed by the Texas Department of Banking. This reserve would serve as a hedge against potential economic instability and provide a new avenue for Texas to invest in the burgeoning digital asset market. By diversifying its financial portfolio with bitcoin, Texas seeks to protect its economy from the volatility of traditional markets and currencies.

The establishment of a bitcoin reserve could also attract more blockchain and cryptocurrency businesses to Texas, as it demonstrates the state’s commitment to fostering innovation in this sector. This influx of companies could bring new jobs, talent, and investment to the state, further bolstering its economy.

Moreover, the bitcoin reserve could serve as a catalyst for greater adoption of cryptocurrency among Texas residents. As the state leads by example, more individuals and businesses may feel encouraged to explore the use of bitcoin and other digital assets for transactions and investment purposes. This increased adoption could contribute to the growth and maturity of the cryptocurrency market as a whole.

However, the creation of a state-owned bitcoin reserve is not without its challenges. The volatility of bitcoin prices and the regulatory uncertainty surrounding cryptocurrencies pose potential risks that will need to be carefully managed. The Texas Department of Banking will need to develop robust security measures to safeguard the reserve against cyber threats and ensure compliance with evolving federal and state regulations.

As the Texas Strategic Bitcoin Reserve Act moves through the legislative process, it will be crucial for lawmakers to engage in thorough discussions and seek input from financial experts, blockchain professionals, and community stakeholders. This collaborative approach will help ensure that the final bill addresses potential concerns and sets a strong foundation for the successful implementation of the bitcoin reserve.

Texas’ move towards establishing a bitcoin reserve is a bold and forward-thinking step that could pave the way for other states to follow suit. As the world continues to embrace digital assets and blockchain technology, Texas is positioning itself at the forefront of this financial revolution, ready to reap the benefits of increased investment, innovation, and economic resilience.

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Tags: Texas, Bitcoin Reserve, Financial Security, Cryptocurrency, Blockchain

Source: https://news.bitcoin.com/texas-bitcoin-reserve-bill-moves-forward-in-legislative-process/

In a recent incident, crypto scammers targeted the social media account of Tanzanian billionaire Mohammed Dewji, promoting a fake digital asset called the “Tanzania token” to his 2.2 million followers. The scammers managed to net a staggering $1.48 million through this elaborate scheme.

The hackers employed sophisticated techniques, including the use of deepfake technology, to deceive Dewji’s followers into investing in the fraudulent cryptocurrency. This incident highlights the growing threat of crypto-related scams and the need for heightened vigilance among social media users, particularly those with a large following.

The impact of this scam extends beyond the immediate financial losses suffered by the victims. It undermines trust in legitimate cryptocurrency projects and reinforces the perception of the crypto space as a breeding ground for fraudulent activities. As a result, it may deter potential investors from exploring genuine opportunities in the blockchain and digital asset sectors.

To combat such scams, it is crucial for individuals to exercise caution and conduct thorough research before investing in any cryptocurrency. Relying on information shared through social media, even from seemingly trusted sources, can be risky. Instead, investors should seek out reputable sources of information and consult with financial experts before making investment decisions.

Moreover, this incident underscores the importance of robust security measures for high-profile individuals and organizations active on social media. Implementing strong passwords, enabling two-factor authentication, and regularly monitoring accounts for suspicious activity can help mitigate the risk of hacking and unauthorized access.

As the cryptocurrency industry continues to evolve, it is essential for regulators and law enforcement agencies to adapt and develop effective strategies to combat crypto-related crimes. Collaboration between authorities, blockchain analytics firms, and the crypto community at large will be key to identifying and prosecuting scammers, as well as educating the public about potential risks.

In conclusion, the hacking of Mohammed Dewji’s social media account and the subsequent promotion of a fake cryptocurrency serves as a stark reminder of the ever-present threats in the digital asset space. By staying informed, exercising caution, and working together to combat fraud, we can foster a safer and more trustworthy environment for legitimate crypto innovation and investment.

Tags: crypto scams, social media hacking, deepfake technology, Tanzania, billionaire

Source: https://news.bitcoin.com/crypto-scammers-target-tanzanian-billionaires-followers-net-1-48m/

In this week’s crypto gaming news roundup, the Super Bowl takes center stage in ‘NFL Rivals’, while speculation mounts around potential cryptocurrency integration in the highly anticipated ‘Grand Theft Auto 6’.

The popular blockchain-based game ‘NFL Rivals’ is gearing up for its own virtual Super Bowl event, offering players a chance to experience the excitement of the big game within the crypto gaming realm. This move showcases the growing convergence of traditional sports and blockchain technology, as more games look to capitalize on major sporting events to engage their player base.

Meanwhile, rumors are swirling in the gaming community about the possibility of cryptocurrency playing a role in the upcoming ‘Grand Theft Auto 6’. While developer Rockstar Games has not officially confirmed any crypto-related features, the speculation has sparked interest among both gamers and crypto enthusiasts. The ‘GTA’ franchise has a history of incorporating cutting-edge technology and real-world elements into its gameplay, making the idea of crypto integration plausible.

If ‘GTA 6’ were to include cryptocurrency, it could potentially expose a massive audience to the concept of digital assets and their use cases within a gaming environment. This could lead to increased mainstream adoption and understanding of cryptocurrencies, as players interact with them in a familiar and engaging setting.

However, it is important to note that the inclusion of crypto in ‘GTA 6’ remains purely speculative at this point. Rockstar Games is known for keeping a tight lid on development details, and any official announcements regarding the game’s features will likely come closer to its release date.

The crypto gaming space continues to evolve, with major franchises and developers exploring the potential of blockchain technology. As more players become comfortable with the idea of in-game digital assets and the use of cryptocurrencies, we can expect to see further integration of these elements in both existing and upcoming titles.

The Super Bowl event in ‘NFL Rivals’ and the rumors surrounding ‘GTA 6’ demonstrate the growing intersection between traditional gaming and the crypto world. As this trend continues, it will be interesting to see how developers balance the inclusion of crypto features with maintaining an accessible and enjoyable gaming experience for all players.

Tags: crypto gaming, NFL Rivals, GTA 6, cryptocurrency, blockchain games

Source: https://decrypt.co/304963/this-week-crypto-games-super-bowl-nfl-rivals-gta-6

Solana, one of the top-performing cryptocurrencies in the current market cycle, is facing a critical juncture as it tests a key support level within its uptrend channel. Crypto analyst Ali Martinez has highlighted this crucial moment, noting that SOL’s price action from here could determine its next significant move.

According to Martinez’s technical analysis, Solana has been trading in an uptrend channel since July 2024, characterized by the formation of higher lows and higher highs. However, following a recent barrage of declines, SOL has hit the bottom trendline of this channel, trading at around $193 at the time of the analysis.

The significance of this support level cannot be overstated. If Solana manages to hold above this level, the uptrend could regain its strength, and the price could potentially push towards the upper end of the channel, targeting around $387. On the flip side, a failure to hold this support could lead to a deeper correction.

Solana’s recent price action has been a rollercoaster ride. The altcoin skyrocketed to a new all-time high of $293 on January 19, driven by a wave of interest following the launch of the Official Trump meme coin on the Solana blockchain. However, the euphoria was short-lived, and SOL experienced a 30% decline from its peak.

Since Martinez’s analysis, Solana has shown some signs of recovery, rebounding slightly from the lower boundary of its uptrend channel. Currently trading at $204, SOL has increased by about 5.7% since the key support zone was highlighted. This reversal suggests that the uptrend channel is still intact, and Solana could continue its upward trajectory.

Interestingly, the $389 price target at the upper end of the channel is reinforced by the Fibonacci extension indicator. This indicator, extended from Solana’s low of $109 in August 2024, places the target at the 1.272 extension level. The significance of this level is further emphasized by the fact that Solana’s January peak coincided with the 1.0 Fibonacci level.

Despite these positive signs, it’s important to note that the bullish momentum has yet to fully confirm itself with a decisive breakout. There is still a possibility that Solana could retest the lower boundary of the channel before establishing a more definitive uptrend.

As Solana navigates this critical juncture, investors and traders will be closely watching its price action. A successful hold above the key support level could pave the way for a renewed rally, potentially leading SOL to new heights. However, a breakdown below this level could signal a more prolonged correction.

In conclusion, Solana’s future trajectory hinges on its ability to maintain its position above the crucial support level within its uptrend channel. As the crypto market continues to evolve, SOL’s performance in the coming days and weeks will be a key indicator of its long-term prospects and could have significant implications for the broader altcoin market.

Tags: Solana, SOL, Technical Analysis, Crypto Market, Altcoins, Support Levels, Fibonacci

Source: https://www.newsbtc.com/altcoin/solana-faces-key-test-what-happens-next-could-be-game-changing/

In a significant move for the Latin American crypto landscape, a Brazilian lawmaker has introduced a bill that would allow funds to invest in cryptocurrencies. Meanwhile, Tether has provided more details on its plans to establish a presence in El Salvador, including the acquisition of a skyscraper. However, despite El Salvador’s bitcoin adoption, crypto remittance volumes in the country remain marginal.

The proposed Brazilian legislation aims to provide a clear legal framework for funds to allocate a portion of their portfolios to crypto assets. If passed, this could potentially unlock a significant amount of institutional capital to flow into the crypto market. Brazil, being the largest economy in Latin America, could set a precedent for other countries in the region to follow suit.

Tether, the issuer of the USDT stablecoin, has been making inroads into El Salvador following the country’s adoption of bitcoin as legal tender. The company has now revealed its plans to purchase a skyscraper in the capital city of San Salvador, signaling its long-term commitment to the country. This move could potentially boost confidence in El Salvador’s crypto initiatives and attract more businesses to the nation.

However, despite El Salvador’s bold move to adopt bitcoin, the impact on remittances has been limited so far. Crypto remittance volumes remain a small fraction of the total remittances sent to the country. This suggests that there are still challenges to overcome, such as educating the population about cryptocurrency and improving the infrastructure for seamless crypto transactions.

The developments in Brazil and El Salvador highlight the growing interest and adoption of cryptocurrencies in Latin America. As more countries in the region explore crypto-friendly regulations and initiatives, it could lead to increased investment, innovation, and financial inclusion. However, the path to widespread adoption is not without hurdles, and it will require ongoing efforts to address the technical, educational, and regulatory challenges.

As the crypto landscape in Latin America continues to evolve, it will be crucial to monitor the progress of regulatory frameworks, institutional involvement, and real-world use cases. The region has the potential to become a major player in the global crypto ecosystem, but it will require collaboration between governments, businesses, and the crypto community to unlock its full potential.

Tags: Brazil crypto regulation, Tether El Salvador, crypto remittances, Latin America crypto adoption, bitcoin legal tender

Source: https://news.bitcoin.com/latam-insights-brazil-to-empower-fund-to-buy-crypto-tether-talks-salvadoran-skyscraper/

XRP, the prominent altcoin, finds itself at a critical juncture following a substantial 16.78% price decline in the past trading week, as per data from CoinMarketCap. The asset is currently consolidating, potentially gathering momentum for its next significant move.

Popular digital asset expert Egrag Crypto recently shared a technical analysis of the XRP market on X, presenting both bullish and bearish scenarios based on Fibonacci retracement levels and the 21-day exponential moving average (EMA). The analysis suggests that XRP is likely to range between $2.27 (Fib 0.382) and $2.45 (Fib 0.5), with the possibility of prices swinging within a wider boundary of $2.06 (Fib 0.236) – $2.65 (0.618).

Despite gaining 1.67% in the past day, a daily price close above the 21 EMA, currently at $2.70, is crucial for confirming any uptrend. Interestingly, a strong close above $2.80 (Fib 0.702) would indicate significant bullish pressure, suggesting that XRP buying momentum is sufficient to break higher resistance levels. Conversely, traders must be cautious of any price fall to $1.77, which, while not necessarily invalidating the current bullish structure, would point to rising bearish pressure.

At the time of writing, XRP trades at $2.49, up 4.43% in the last 24 hours. However, the asset’s trading volume has decreased by 56.85%, signaling a lack of market interest and uncertainty. That said, considering XRP’s overall bearish performance in the last seven days, the falling trading volume could also suggest reduced selling pressure, hinting at a potential reversal.

XRP investors remain generally bullish on the asset’s prospects, driven by several factors, most notably the potential approval of an XRP Spot ETF. The past week saw significant developments on this front, with the Chicago Board Options Exchange (CBOE) filing 19b-4 applications with the US Securities and Exchange Commission (SEC) to list and trade XRP spot ETFs proposed by WisdomTree, Bitwise, 21 Shares, and Canary. The SEC has a 45-day window, with potential extensions of up to 240 days, to assess and make a decision on these proposed ETFs once it acknowledges receipt of the applications.

The approval of an XRP Spot ETF could be a game-changer for the asset, potentially driving significant institutional investment and mainstream adoption. However, the SEC’s decision remains uncertain, given its history of rejecting similar applications for other cryptocurrencies like Bitcoin.

As the market awaits clarity on the ETF front, XRP traders should keep a close eye on key support and resistance levels, as well as the 21 EMA, to navigate the current consolidation phase. A decisive breakout above $2.80 could pave the way for a rally towards higher targets, while a breakdown below $1.77 might signal a bearish shift in sentiment.

Tags: XRP, XRP Spot ETF, Technical Analysis, Fibonacci Retracement, 21 EMA, CBOE, SEC

Source: https://www.newsbtc.com/analysis/xrp/xrp-bull-targets-2-80-breakout-key-levels-to-consider/

Ethereum, often hailed as the king of altcoins, has been underperforming compared to other large-cap cryptocurrencies like Solana and XRP in the current bull cycle. Recent on-chain data from analytics firm Santiment reveals that a significant portion of ETH investors are now underwater, largely due to the recent market downturn.

According to Santiment, the amount of Ethereum tokens in the red has been steadily increasing over the past few weeks. The two key metrics to consider are the “percent of total supply in profit” and “total supply in profit.” The former measures the percentage of ETH’s total supply being held at a price higher than the original purchase price, while the latter is calculated by adding all token amounts last transferred when the token’s price was lower than the current price.

Ethereum’s market capitalization has slumped by at least 36% since reaching a local high of $4,016 in mid-December. This price decline has led to a notable drop in the amount of ETH tokens in profit since their initial mining date. Data shows that the amount of Ethereum tokens in profit is currently around 97.7 million, the lowest value since November 4, 2024. Simultaneously, the ratio of the total ETH supply in profit stands at 65.5%, down from 97.5% in early December and marking the lowest value since October 2, 2024.

The current market sentiment towards Ethereum appears to be notoriously negative, with retail traders willingly dumping their tokens amidst a great deal of FUD (fear, uncertainty, and doubt). However, this situation may set the stage for surprise bounces once the crypto markets stabilize. When a relatively lesser percentage of a token’s supply is in profit, the market is likely dominated by resilient long-term holders. This suggests that most “weak hands” have exited their positions, reducing downward pressure and potentially paving the way for a rebound.

As of this writing, the price of ETH sits just above the $2,600 mark, reflecting a modest 2% increase in the past 24 hours. While the short-term outlook remains uncertain, the current market conditions may present an opportunity for patient investors who believe in Ethereum’s long-term potential. The upcoming Shanghai upgrade, which will enable staking withdrawals, could also serve as a catalyst for increased demand and price appreciation.

Tags: Ethereum, ETH, Ethereum Price, On-chain Data, Market Sentiment

Source: https://bitcoinist.com/ethereum-supply-in-profit-reach-new-4-month-low/