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MANTRA
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MANTRA is excited to announce an exciting new giveaway for the Sherpa community đ
Head over to Binance Square Giveaway and follow the steps to participate!
Head over to Binance Square Giveaway and follow the steps to participate!
give away
LIVEMANTRA
--
MANTRA is excited to announce an exciting new giveaway for the Sherpa community đ
Head over to Binance Square Giveaway and follow the steps to participate!
Head over to Binance Square Giveaway and follow the steps to participate!
See original
Binance campus
LIVERichard Teng
--
#BinanceCampus in the Lopota Lake Resort đŽ
Great to see our KOLs from CEE & CIS regions learning, collaborating and innovating with #Binance.
Here's to pushing crypto adoption together! đ
Great to see our KOLs from CEE & CIS regions learning, collaborating and innovating with #Binance.
Here's to pushing crypto adoption together! đ
LIVE
Binance Square Official
--
We've just topped up our reward pool đ Last 7 days to unlock up to 100 USDT in rewards!
Share any Square content links with your friend and each of you can unlock a USDT reward of up to 2 USDT each time.
Unlock BIGGER rewards when you share it with a friend new to Binance! New users can also complete extra tasks to unlock extra rewards.
Share to Win up to 100 USDT now!
Share any Square content links with your friend and each of you can unlock a USDT reward of up to 2 USDT each time.
Unlock BIGGER rewards when you share it with a friend new to Binance! New users can also complete extra tasks to unlock extra rewards.
Share to Win up to 100 USDT now!
More like more information
LIVECrypto De Nostradame
--
Bullish
Ethereum (ETH) vs Bitcoin (BTC): Key Differences in ETF Approval Processes Explained.
As the wave of crypto adoption continues to grow, the United States Securities and Exchange Commission (SEC) has approved spot exchange-traded funds (ETFs) for #Ethereum (ETH). This approval occurred on May 23 and follows the SEC's approval of #Bitcoin (BTC) spot ETFs on January 11. However, a closer examination of the approval processes of these two major cryptocurrencies reveals significant differences.
Spot Bitcoin ETFs were unanimously approved by the SEC's five-member committee, including chairman Gary Gensler; spot Ether ETFs are approved by the SEC's Trading and Markets Division. This contradiction raises a critical question: Why didn't SEC Chairman Gary Gensler vote for the ETH ETF? Does he still view Ether as a security rather than a commodity?
As expected, speculation continues regarding Gensler's voting approach during the BTC ETF approval and his absence from the ETH #ETF vote. Anti-crypto positions suggest that it supports neither Bitcoin nor Ethereum. This sentiment is echoed in his recent statement âCrypto is a small part of our overall markets, but it is a disproportionate part in terms of the scams and problems in our markets.â It also resonated with his statement.
The SEC's approval of spot Ethereum ETFs marks a major milestone in the crypto market; but it also reveals the internal dynamics and complexities of regulatory institutions. While the approval demonstrates growing adoption of cryptocurrencies, the different processes of Bitcoin and Ethereum ETFs raise important questions about the future regulatory landscape. As the market continues to evolve, stakeholders will carefully monitor potential developments and review requests from the SEC Commissioners.
$BTC $ETH
As the wave of crypto adoption continues to grow, the United States Securities and Exchange Commission (SEC) has approved spot exchange-traded funds (ETFs) for #Ethereum (ETH). This approval occurred on May 23 and follows the SEC's approval of #Bitcoin (BTC) spot ETFs on January 11. However, a closer examination of the approval processes of these two major cryptocurrencies reveals significant differences.
Spot Bitcoin ETFs were unanimously approved by the SEC's five-member committee, including chairman Gary Gensler; spot Ether ETFs are approved by the SEC's Trading and Markets Division. This contradiction raises a critical question: Why didn't SEC Chairman Gary Gensler vote for the ETH ETF? Does he still view Ether as a security rather than a commodity?
As expected, speculation continues regarding Gensler's voting approach during the BTC ETF approval and his absence from the ETH #ETF vote. Anti-crypto positions suggest that it supports neither Bitcoin nor Ethereum. This sentiment is echoed in his recent statement âCrypto is a small part of our overall markets, but it is a disproportionate part in terms of the scams and problems in our markets.â It also resonated with his statement.
The SEC's approval of spot Ethereum ETFs marks a major milestone in the crypto market; but it also reveals the internal dynamics and complexities of regulatory institutions. While the approval demonstrates growing adoption of cryptocurrencies, the different processes of Bitcoin and Ethereum ETFs raise important questions about the future regulatory landscape. As the market continues to evolve, stakeholders will carefully monitor potential developments and review requests from the SEC Commissioners.
$BTC $ETH
LIVEBinance Square Official
--
Share to Win is back with BIGGER rewards where verified users may participate to unlock over 100 USDT in rewards.Â
Activity Period: 2024-05-23 09:00 (UTC) to 2024-06-06 09:00 (UTC)
Activity 1: Share Binance Square Links With Your Referrals to Get up to 100 USDT in Crypto Red Packet
You and a friend can unlock up to 2USDT in red packet when your friend clicks into any Square content links that you share!
Enjoy BIGGER rewards when you send it to a friend new to Binance!
Activity 2: New Users Exclusive - Sign up With Binance & Complete Tasks to Earn extra up to 5.5 USDT in Rewards
1. Open any ten unique Binance Square links while being logged in to your Binance account.
2. Complete a trade of at least $100 equivalent on Spot, Futures, Margin, Options, or Convert.
This Activity may not be available in your region.Â
The rewards for both Activities are distributed on a first come, first-served basis, with limited redemptions available.
Activity Period: 2024-05-23 09:00 (UTC) to 2024-06-06 09:00 (UTC)
Activity 1: Share Binance Square Links With Your Referrals to Get up to 100 USDT in Crypto Red Packet
You and a friend can unlock up to 2USDT in red packet when your friend clicks into any Square content links that you share!
Enjoy BIGGER rewards when you send it to a friend new to Binance!
Activity 2: New Users Exclusive - Sign up With Binance & Complete Tasks to Earn extra up to 5.5 USDT in Rewards
1. Open any ten unique Binance Square links while being logged in to your Binance account.
2. Complete a trade of at least $100 equivalent on Spot, Futures, Margin, Options, or Convert.
This Activity may not be available in your region.Â
The rewards for both Activities are distributed on a first come, first-served basis, with limited redemptions available.
target đŻ
LIVECrypto Breaking
--
Filecoin On Fire: Analyst Torches Doubters With $15 Target
After a period of correction, Filecoin (FIL) is teasing a potential price surge, buoyed by bullish technical indicators and analyst predictions. As of Friday afternoon, FIL is hovering around $5.80, but whispers of a $15 target in the coming weeks are swirling in the cryptosphere.
Related Reading
Recent Price Surge Ignites Investor Interest
FIL has been on a tear lately, defying the overall slump in the cryptocurrency market. Over the past 24 hours, the token saw an increase of over 7%, accompanied by a healthy trading volume exceeding $420 million. This surge in price and activity has grabbed the attention of market watchers, with many speculating on the possibility of a sustained upward trend.
Filecoin price action in the last 24 hours. Source: Coingecko
Analyst Eyes $15: Falling Wedge Breakout Hints At Price Reversal
Adding fuel to the fire is crypto analyst World Of Charts, who has expressed a decidedly bullish sentiment on FILâs future. According to their analysis, the recent price correction appears to be nearing its end.
$Fil
Healthy Correction Has Almost Over Seems Like #Fil Will Recover From Here Falling Wedge Breakout Has Already Confirmed Expecting Move Towards 15$ In Coming Weeks#Crypto #Filcoin pic.twitter.com/O61j9B02ha
â World Of Charts (@WorldOfCharts1) May 15, 2024
They point to a confirmed falling wedge breakout pattern, which historically indicates a potential trend reversal. This technical indicator suggests FIL could be poised for a significant rebound, with World Of Charts setting a target price of $15 in the coming weeks.
FILâs Resilience Bodes Well For Future
Further bolstering the bullish case is FILâs defiance of the broader downward trend in the crypto market. While many digital assets have been experiencing significant price drops, FIL has managed to hold its ground. This resilience suggests strong underlying support and potential for future growth.
Total crypto market cap currently at $2.3 trillion. Chart: TradingView
Filecoin: Technical Indicators Flash Green
Technical analysis also paints a positive picture for FIL. The RSI (Relative Strength Index), a momentum indicator, is currently exhibiting a slow but steady upward trajectory. This suggests that FIL is not overbought and has room for further price appreciation.
Additionally, FIL has historically displayed a pattern of high trading volume at price peaks and low volume during price dips. This ongoing trend signifies strength in the tokenâs price action.
Related Reading
Breach Of Support Could Dampen Optimism
However, the bullish outlook is not without its caveats. A breach below the crucial $5.50 support level could trigger negative sentiment and potentially lead to a price decline. This highlights the inherent volatility of the cryptocurrency market, where unforeseen events can quickly alter price movements.
Furthermore, market sentiment is highly sensitive to external factors such as regulatory news, macroeconomic trends, and technological developments within the crypto space.
Any adverse developments, such as stringent regulatory crackdowns or security breaches, could exacerbate selling pressure and undermine investor confidence.
Featured image from Wallpapers.com, chart from TradingView
Source: NewsBTC.com
The post Filecoin On Fire: Analyst Torches Doubters With $15 Target appeared first on Crypto Breaking News.
Related Reading
Recent Price Surge Ignites Investor Interest
FIL has been on a tear lately, defying the overall slump in the cryptocurrency market. Over the past 24 hours, the token saw an increase of over 7%, accompanied by a healthy trading volume exceeding $420 million. This surge in price and activity has grabbed the attention of market watchers, with many speculating on the possibility of a sustained upward trend.
Filecoin price action in the last 24 hours. Source: Coingecko
Analyst Eyes $15: Falling Wedge Breakout Hints At Price Reversal
Adding fuel to the fire is crypto analyst World Of Charts, who has expressed a decidedly bullish sentiment on FILâs future. According to their analysis, the recent price correction appears to be nearing its end.
$Fil
Healthy Correction Has Almost Over Seems Like #Fil Will Recover From Here Falling Wedge Breakout Has Already Confirmed Expecting Move Towards 15$ In Coming Weeks#Crypto #Filcoin pic.twitter.com/O61j9B02ha
â World Of Charts (@WorldOfCharts1) May 15, 2024
They point to a confirmed falling wedge breakout pattern, which historically indicates a potential trend reversal. This technical indicator suggests FIL could be poised for a significant rebound, with World Of Charts setting a target price of $15 in the coming weeks.
FILâs Resilience Bodes Well For Future
Further bolstering the bullish case is FILâs defiance of the broader downward trend in the crypto market. While many digital assets have been experiencing significant price drops, FIL has managed to hold its ground. This resilience suggests strong underlying support and potential for future growth.
Total crypto market cap currently at $2.3 trillion. Chart: TradingView
Filecoin: Technical Indicators Flash Green
Technical analysis also paints a positive picture for FIL. The RSI (Relative Strength Index), a momentum indicator, is currently exhibiting a slow but steady upward trajectory. This suggests that FIL is not overbought and has room for further price appreciation.
Additionally, FIL has historically displayed a pattern of high trading volume at price peaks and low volume during price dips. This ongoing trend signifies strength in the tokenâs price action.
Related Reading
Breach Of Support Could Dampen Optimism
However, the bullish outlook is not without its caveats. A breach below the crucial $5.50 support level could trigger negative sentiment and potentially lead to a price decline. This highlights the inherent volatility of the cryptocurrency market, where unforeseen events can quickly alter price movements.
Furthermore, market sentiment is highly sensitive to external factors such as regulatory news, macroeconomic trends, and technological developments within the crypto space.
Any adverse developments, such as stringent regulatory crackdowns or security breaches, could exacerbate selling pressure and undermine investor confidence.
Featured image from Wallpapers.com, chart from TradingView
Source: NewsBTC.com
The post Filecoin On Fire: Analyst Torches Doubters With $15 Target appeared first on Crypto Breaking News.
ether
LIVECointelegraph
--
If SEC Approves Ether ETF, Many âwill Be Caught Severely Offside'
Despite unfavorable approval odds from several crypto analysts and the broader crypto community regarding Ether exchange-traded funds (ETF) approval by the United States Securities and Exchange Commission (SEC), some analysts suggest that "there is room for surprise."
âIf by some chance the SEC decides to approve then so many will be caught severely offside,â crypto trader Matthew Hyland told his 142,000 X followers in a May 17 post.
âIf 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?,â he added, before declaring that the expectation of denial is "priced in for crypto." At the time of publication, Ether (ETH) is trading at $3,102, as per CoinMarketCap data.
Ether is currently trading at $3,102, up 6.31% over the past 7 days. Source: CoinMarketCap
Bloomberg ETF analyst Eric Balchunas has placed his odds for approval at 35%, while the broader crypto community has set their estimates closer to the 7% mark, according to New York-based crypto predictions platform Polymarket,
Meanwhile, cryptocurrency exchange Coinbase institutional research analyst David Han believes âthere is room for surprise to the upside on this decision.â
âWe believe the odds of approval are closer to 30-40%,â Han stated in Coinbaseâs monthly outlook report published on May 15.
Related: Filing suggests SEC is exploring grounds to deny spot Ether ETFs
Han explained that as cryptocurrency becomes a more prominent issue for voters leading up to the upcoming United States election in November, the SEC will be less likely to maintain its stance on a denial decision.
âAs crypto begins to take form as an election issue, itâs also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial,â he stated.
Han further argued that even if the VanEck and Ark Invest ETF applications are denied by the initial deadline of May 23, there is a high likelihood that litigation could overturn that decision.
Magazine: What do crypto market makers actually do? Liquidity, or manipulation
âIf by some chance the SEC decides to approve then so many will be caught severely offside,â crypto trader Matthew Hyland told his 142,000 X followers in a May 17 post.
âIf 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?,â he added, before declaring that the expectation of denial is "priced in for crypto." At the time of publication, Ether (ETH) is trading at $3,102, as per CoinMarketCap data.
Ether is currently trading at $3,102, up 6.31% over the past 7 days. Source: CoinMarketCap
Bloomberg ETF analyst Eric Balchunas has placed his odds for approval at 35%, while the broader crypto community has set their estimates closer to the 7% mark, according to New York-based crypto predictions platform Polymarket,
Meanwhile, cryptocurrency exchange Coinbase institutional research analyst David Han believes âthere is room for surprise to the upside on this decision.â
âWe believe the odds of approval are closer to 30-40%,â Han stated in Coinbaseâs monthly outlook report published on May 15.
Related: Filing suggests SEC is exploring grounds to deny spot Ether ETFs
Han explained that as cryptocurrency becomes a more prominent issue for voters leading up to the upcoming United States election in November, the SEC will be less likely to maintain its stance on a denial decision.
âAs crypto begins to take form as an election issue, itâs also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial,â he stated.
Han further argued that even if the VanEck and Ark Invest ETF applications are denied by the initial deadline of May 23, there is a high likelihood that litigation could overturn that decision.
Magazine: What do crypto market makers actually do? Liquidity, or manipulation
informing
LIVECoinDesk
--
Ether Jumps 10% to $3.4K After Bloomberg Ups Odds of Spot ETF Approval
Already modestly higher during U.S. trading hours Monday, the price of ether {{ETH}} jumped more than 10% after two well-followed Bloomberg ETF analysts greatly upped their odds of the U.S. Securities and Exchange Commission approving spot ETH ETFs.
"James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied)," tweeted Bloomberg Senior ETF Analyst Eric Balchunas.
Things are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%. https://t.co/3WJ8kx9d8k
â James Seyffart (@JSeyff) May 20, 2024
The SEC this week faces a number of final deadlines on the spot ETF approvals/denials after having delayed decisions on the funds a number of times.
Bitcoin {{BTC}} is adding to gains alongside ETH's advance, now higher by more than 5% and just shy of the $70,000 mark.
This is a developing story. Please check back for updates.
"James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied)," tweeted Bloomberg Senior ETF Analyst Eric Balchunas.
Things are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%. https://t.co/3WJ8kx9d8k
â James Seyffart (@JSeyff) May 20, 2024
The SEC this week faces a number of final deadlines on the spot ETF approvals/denials after having delayed decisions on the funds a number of times.
Bitcoin {{BTC}} is adding to gains alongside ETH's advance, now higher by more than 5% and just shy of the $70,000 mark.
This is a developing story. Please check back for updates.
news about zksync
LIVECOINCU
--
ZkSync Token Generation Will Be Launched With Airdrop Scheduled on June 26
Key Points:
ZkSync token generation will be launched soon, with an airdrop anticipated around June 13.
21 billion tokens are set for release, though ticker issues with ZK may arise due to a prior claim by Polyhedra Network.
Layer 2 network ZkSync is gearing up for the ZkSync token generation event (TGE) this week, as reported by The Block.
ZkSync Token Generation Event Readies For Its Launch and Airdrop
Following the ZkSync token generation, a token launch and airdrop are on the horizon within the next month, with an expected airdrop date around June 13, preceding Blast's token airdrop scheduled for June 26.
The total supply of ZkSync tokens will amount to 21 billion, according to the same sources. While ZkSync aims to adopt the ticker symbol ZK for its token, complications have arisen due to the prior claim of this ticker by Polyhedra Network. Nevertheless, ZkSync may still opt for ZK, especially considering that Polyhedra's token is yet to be listed on Binance.
Regarding decentralization, Matter Labs, the driving force behind ZkSync, is currently navigating the process, although concrete plans have yet to be finalized. The company has teased a token launch and airdrop by the end of June, with plans to expedite the protocol's decentralization through an impending upgrade.
Funding and Support for ZkSync's Development
ZkSync, a member of the zk-Rollup family, tackles scalability and transaction fee issues plaguing the Ethereum network. Since the launch of its Era mainnet in March 2023, ZkSync has committed to token issuance within a year.
This commitment, coupled with an airdrop policy, attracted considerable attention from cryptocurrency investors, resulting in a peak Total Value Locked (TVL) of nearly $200 million, which has since been tapered to $141 million. Presently, ZkSync occupies the eighth position among Ethereum layer-2 solutions by TVL.
Matter Labs has received substantial backing from prominent investors, including Andreessen Horowitz (a16z), Dragonfly Capital, and Blockchain Capital, raising $258 million in funding and establishing a $200 million ecosystem development fund.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
ZkSync token generation will be launched soon, with an airdrop anticipated around June 13.
21 billion tokens are set for release, though ticker issues with ZK may arise due to a prior claim by Polyhedra Network.
Layer 2 network ZkSync is gearing up for the ZkSync token generation event (TGE) this week, as reported by The Block.
ZkSync Token Generation Event Readies For Its Launch and Airdrop
Following the ZkSync token generation, a token launch and airdrop are on the horizon within the next month, with an expected airdrop date around June 13, preceding Blast's token airdrop scheduled for June 26.
The total supply of ZkSync tokens will amount to 21 billion, according to the same sources. While ZkSync aims to adopt the ticker symbol ZK for its token, complications have arisen due to the prior claim of this ticker by Polyhedra Network. Nevertheless, ZkSync may still opt for ZK, especially considering that Polyhedra's token is yet to be listed on Binance.
Regarding decentralization, Matter Labs, the driving force behind ZkSync, is currently navigating the process, although concrete plans have yet to be finalized. The company has teased a token launch and airdrop by the end of June, with plans to expedite the protocol's decentralization through an impending upgrade.
Funding and Support for ZkSync's Development
ZkSync, a member of the zk-Rollup family, tackles scalability and transaction fee issues plaguing the Ethereum network. Since the launch of its Era mainnet in March 2023, ZkSync has committed to token issuance within a year.
This commitment, coupled with an airdrop policy, attracted considerable attention from cryptocurrency investors, resulting in a peak Total Value Locked (TVL) of nearly $200 million, which has since been tapered to $141 million. Presently, ZkSync occupies the eighth position among Ethereum layer-2 solutions by TVL.
Matter Labs has received substantial backing from prominent investors, including Andreessen Horowitz (a16z), Dragonfly Capital, and Blockchain Capital, raising $258 million in funding and establishing a $200 million ecosystem development fund.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
ne about bitcoin
LIVECoinpedia
--
Bitcoin Below $70K Reveals Bull Trap, Will BTC Price Drop to $65K?
The post Bitcoin Below $70K Reveals Bull Trap, Will BTC Price Drop To $65K? appeared first on Coinpedia Fintech News
Following the massive overnight recovery of 7.73%, Bitcoin price reveals exhaustion in buyers to sustain the trend. The BTC price took a 1.7% dip last night and is starting the Asian trading hours on a bearish tone.Â
Trading under the $70K levels, the buyers are taking the heat from overhead supply as the bull trap reveals itself. Will the short-correction start a bearish avalanche to slide the BTC price under the $65K mark? Or is it just a retest before a massive surge to a new all-time high?
Letâs look at our detailed price analysis for a clearer view of the BTC price trend. Further, you can check out our Bitcoin price prediction to find out the chances of Bitcoin hitting the $100,000 milestone this year.
BTC Price Performance
Almost reaching an all-time high, the BTC price fails to sustain the rally above $71K, resulting in a turnaround within 24 hours. Bitcoin takes a dip of 1.77% and retests the 23.60% Fibonacci level at $68,823 with a lower price rejection.Â
Tradingview
The lower price rejection bolsters the bullish point of view, and the post-retest reversal to continue the prevailing trend. Further, the bullish breakout of the flag pattern teases a jump beyond the all-time high at $73,794.
However, on closer inspection, the $71,400 level is now rejecting the bullish attempt for the third time. Hence, a high supply zone is visible and warns of a bearish turnaround.Â
Currently, the BTC price trades at $69,758 with an intraday drop of 0.54%. This reflects a bearish continuation and pressures the $68,823 support.Â
Bitcoin ETFs Mark 7D Positive Streak
On May 21, Bitcoin spot ETFs saw a significant inflow of $306 million, continuing a trend of seven consecutive days of net inflow. Grayscaleâs GBTC had no net outflow for the day, while BlackRockâs IBIT saw a substantial single-day inflow of $290 million.Â
Sosovalue
Overall, the total net asset value of Bitcoin spot ETFs reached $58.910 billion. This consistent inflow indicates strong investor confidence and interest in Bitcoin through these ETFs.
Bullish Funding Rates Ignore The Trap
Over the last 7 days, the Open Interest of Bitcoin has surged by 15.5% to reach $16.76 billion, indicating increased market liquidity and volatility. On the other side, the funding rate at 0.00803132 signifies that the long traders are dominant, supporting the bullish viewpoint. Hence, the derivatives data suggest an overall stronger bullish side for the BTC price trend.
On-Chain Reveals Investorsâ Confidence
Bitcoinâs transfer volume has increased by 106.44% to hit 924,412.09 over the past 7 days, reflecting a boom in transaction activity. In support, the Binary CDD value of 0.28571428 indicates that long-term holders refuse to book profits, reflecting a strong underlying confidence in Bitcoin. Thus, the data supports a bullish outlook, with a potential BTC price surge coming soon.
Will The BTC Price Sustain Above $68K?
Despite the bullish reversal from the $71K levels and the breakdown of $70K, the overall sentiment for Bitcoin remains bullish. As the talks of the Ethereum ETF fill up the market, the BTC price is expected to continue the uptrend, with growing attention on the crypto world.Â
Moreover, the retest story might soon play out to prolong the upside rally in Bitcoin and break past the $74K mark. In such a case, the next stop this month could be $79K.
However, a reversal crashing under the $68K level might retest the $65K zone.Â
Following the massive overnight recovery of 7.73%, Bitcoin price reveals exhaustion in buyers to sustain the trend. The BTC price took a 1.7% dip last night and is starting the Asian trading hours on a bearish tone.Â
Trading under the $70K levels, the buyers are taking the heat from overhead supply as the bull trap reveals itself. Will the short-correction start a bearish avalanche to slide the BTC price under the $65K mark? Or is it just a retest before a massive surge to a new all-time high?
Letâs look at our detailed price analysis for a clearer view of the BTC price trend. Further, you can check out our Bitcoin price prediction to find out the chances of Bitcoin hitting the $100,000 milestone this year.
BTC Price Performance
Almost reaching an all-time high, the BTC price fails to sustain the rally above $71K, resulting in a turnaround within 24 hours. Bitcoin takes a dip of 1.77% and retests the 23.60% Fibonacci level at $68,823 with a lower price rejection.Â
Tradingview
The lower price rejection bolsters the bullish point of view, and the post-retest reversal to continue the prevailing trend. Further, the bullish breakout of the flag pattern teases a jump beyond the all-time high at $73,794.
However, on closer inspection, the $71,400 level is now rejecting the bullish attempt for the third time. Hence, a high supply zone is visible and warns of a bearish turnaround.Â
Currently, the BTC price trades at $69,758 with an intraday drop of 0.54%. This reflects a bearish continuation and pressures the $68,823 support.Â
Bitcoin ETFs Mark 7D Positive Streak
On May 21, Bitcoin spot ETFs saw a significant inflow of $306 million, continuing a trend of seven consecutive days of net inflow. Grayscaleâs GBTC had no net outflow for the day, while BlackRockâs IBIT saw a substantial single-day inflow of $290 million.Â
Sosovalue
Overall, the total net asset value of Bitcoin spot ETFs reached $58.910 billion. This consistent inflow indicates strong investor confidence and interest in Bitcoin through these ETFs.
Bullish Funding Rates Ignore The Trap
Over the last 7 days, the Open Interest of Bitcoin has surged by 15.5% to reach $16.76 billion, indicating increased market liquidity and volatility. On the other side, the funding rate at 0.00803132 signifies that the long traders are dominant, supporting the bullish viewpoint. Hence, the derivatives data suggest an overall stronger bullish side for the BTC price trend.
On-Chain Reveals Investorsâ Confidence
Bitcoinâs transfer volume has increased by 106.44% to hit 924,412.09 over the past 7 days, reflecting a boom in transaction activity. In support, the Binary CDD value of 0.28571428 indicates that long-term holders refuse to book profits, reflecting a strong underlying confidence in Bitcoin. Thus, the data supports a bullish outlook, with a potential BTC price surge coming soon.
Will The BTC Price Sustain Above $68K?
Despite the bullish reversal from the $71K levels and the breakdown of $70K, the overall sentiment for Bitcoin remains bullish. As the talks of the Ethereum ETF fill up the market, the BTC price is expected to continue the uptrend, with growing attention on the crypto world.Â
Moreover, the retest story might soon play out to prolong the upside rally in Bitcoin and break past the $74K mark. In such a case, the next stop this month could be $79K.
However, a reversal crashing under the $68K level might retest the $65K zone.Â
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