Michael Dell, CEO of Dell Technologies (DELL), a company with a market cap of over $100 billion, showed at least some interest in Bitcoin (BTC) by re-circulating a BTC-friendly post by Bitcoin evangelist Michael Saylor on X.

It started on Thursday when Dell posted, “Scarcity creates value.” Saylor, the CEO of MicroStrategy (MSTR), responded by saying, “Bitcoin is digital scarcity,” which Dell then reposted.

But the exchange didn’t end there: Dell later published a picture of the Cookie Monster from Sesame Street that had been digitally altered (apparently by Saylor) and now shows the famous children’s character devouring bitcoins instead of cookies.

As MicroStrategy’s first CEO and now executive chairman, Saylor has not only led the company to acquire 226,331 bitcoins worth $15 billion over the past nearly four years (most recently acquiring 11,900 BTC this week), but he is also calling on other companies to follow his example and prepare their own balance sheets.

So far, few other companies have seen fit to incorporate Bitcoin into their treasury strategies, and none of them come anywhere close to the scale that Saylor has achieved with MicroStrategy.

According to a recent report, Dell had $34.6 billion in current assets on its balance sheet as of May 3, including $5.8 billion in cash and cash equivalents. Bitcoin is not mentioned.

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Standard Chartered (STAN) is setting up a spot trading desk for buying and selling Bitcoin and Ether, Bloomberg reported Friday.

The new service, based in London, will begin operations soon and will be part of the bank’s foreign exchange trading unit, the report said, citing people familiar with the matter.

“We have worked closely with our regulators to support our institutional clients’ demand for trading Bitcoin and Ethereum, in line with our strategy to support clients across the entire digital asset ecosystem, from access and custody to tokenization and interoperability,” Standard Chartered said in an emailed statement, according to the report.

The banking giant’s involvement in the cryptocurrency space is now well established as a supporter of digital asset custodian Zodia Custody and its exchange arm Zodia Markets.

Standard Chartered did not immediately respond to CoinDesk’s request for further comment.

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Arman Shirinyan

Bitcoin could finally reach the long-awaited target of $70,000, especially if these factors coincide

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Bitcoin is finally moving into reversal mode, with the price of the first cryptocurrency sliding above the $65,000 zone. However, it is still moving below key support levels such as the 50 EMA and is currently consolidating at the 100 EMA. The deciding factor for a recovery would be momentum, which is not present at this exact moment.

It is crucial that Bitcoin stays above $65,000 in the near term. Strong support has been seen at this level, which could serve as a base for a reversal. If Bitcoin is able to overcome the immediate resistance at the 50 EMA, or around $67,000, traders will hope for a potential recovery.

BTC/USD chart by TradingView

Furthermore, the RSI, which is at 47, shows that Bitcoin is neither overbought nor oversold, indicating a consolidation phase before any significant movement. The macroeconomic environment as a whole is a factor influencing Bitcoin’s current performance. Investor sentiment in various markets, including cryptocurrencies, has been influenced by concerns about inflation and possible interest rate hikes by central banks.

Despite these obstacles, Bitcoin’s long-term prospects remain promising due to its increasing institutional adoption and its ability to act as a hedge against inflation. Given continued institutional interest and widespread adoption, Bitcoin’s long-term prospects appear bright.

Solanas questionable position

While Solana gained significant strength in May, the situation has changed for the asset and it has been steadily declining over the past 20 days. The SOLETH chart, which is often used to measure market volatility, is clearly depleted and could give us some growth in the future.

The Solana vs Ethereum chart, which contrasts the two strongest altcoins available, is an important comparison. This comparison makes the relative strength and potential volatility of the altcoin market easier to understand for traders and investors.

An overall positive development for altcoins is often indicated by the strong performance of Solana against Ethereum and vice versa. Since SOLETH tracks the growth and performance dynamics of two major cryptocurrencies that are not Bitcoin, it is considered a barometer for market volatility. In the NFTs and decentralized finance (DeFi) spaces, Solana and Ethereum are known for their strong ecosystems and notable use cases.

Significant movements in these two assets can indicate broader trends in the cryptocurrency market. Ethereum often serves as a benchmark because it is the larger and more well-known of the two. Conversely, Solana represents newer, fast-growing blockchain initiatives. The interaction of these two assets in the SOL/ETH chart can be used to gauge market sentiment regarding innovation and growth in the cryptocurrency space.

Cardano’s unexpected upswing

Cardano recovered somewhat from a local support level at around $0.35 and could battle the 26 EMA for momentum in the next few days. This bounce is a small but crucial step toward breaking an aggravating downtrend that has plagued the cryptocurrency for months.

For Cardano, staying above $0.35 is crucial in the short term. This level has provided a lot of support and could form the basis for a future upswing. Cardano could mark the start of a recovery phase if it can gather enough momentum to test and potentially break above the 26 EMA.

An RSI of around 37 indicates that ADA is oversold, which could attract buyers looking for cheap entry points. But Cardano hasn’t exactly performed well over the long term. Despite strong community support and the project’s lofty goals, ADA has struggled to hold onto its value. Cardano has experienced a protracted decline and has failed to return to its previous highs since hitting its all-time high in early 2022.

Numerous reasons contribute to this underperformance, including the general competitive mood from rival blockchain platforms and slower than expected development progress. Although expected by many investors, the Cardano ecosystem has not yet produced any groundbreaking applications.

Although the introduction of smart contracts on the Cardano network was a major step forward, it has not significantly increased the number of dApps or user adoption. Some investors are frustrated by ADA’s slow development, making them doubt the company’s long-term prospects.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman firmly believes that cryptocurrencies and the blockchain will be of constant importance in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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Donald Trump, the former US president who is heading for another White House clash with President Joe Biden this year, has turned to Bitcoin in recent months – forcing the Biden administration into a possible U-turn on the crypto world.

Subscribe now Forbes’ CryptoAsset and Blockchain Advisor and “discover blockchain blockbusters that can generate gains of over 1,000% after the Bitcoin halving earthquake”!

The price of Bitcoin has skyrocketed since the devastating collapse of major Bitcoin and crypto exchange FTX in late 2022, with Trump and Biden warned that this may be the only way to save the US dollar.

After wild speculation this week that the Trump campaign team could be behind a new viral cryptocurrency, those claims have now been torpedoed by a series of leaks – causing the Bitcoin rival’s share price to plummet.

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ForbesBlackRock issues ‘unprecedented’ Fed warning after $300 billion Bitcoin and crypto price crashFrom Billy Bambrough

Former US President Donald Trump has surprised many with his endorsement of Bitcoin and crypto … [+] year, coinciding with a huge price increase for Bitcoin.

Getty Images

On Monday, a cryptocurrency called Trumpcoin with the ticker symbol DJT was linked to Trump by media company Pirate Wires. The company was founded and is run by Mike Solana, who is also vice president of Peter Thiel’s venture capital firm Founders Fund.

“Conversations are that Trump is releasing an official token – DJT,” the Pirate Wires X account posted, adding that Trump’s 18-year-old son Barron is “at the helm.” Solana reposted the claim, calling it a “scoop” and adding that he “did not speak to Trump directly, but assumed that was clear. I’m just reporting what I know from sources.”

The price of DJT, which was only introduced two months ago, shot up by around 300 percent after the claim became known. Traders speculated that the price could rise even higher if it was confirmed that Trump’s campaign team was actually behind it.

However, outraged entrepreneur Martin Shkreli, after denying his involvement, admitted in leaked messages to pseudonymous blockchain detective ZachXBT and subsequently in a broadcast on X Spaces that he was behind the memecoin DJT and drove its price down.

Shkreli, a convicted pharmaceutical executive who made headlines nearly 10 years ago for raising drug prices and earning the nickname “Pharma Brother,” has become a crypto influencer since his release in 2022.

“I have 1000 proofs with which I created it [Trump’s son] Barron,” Shkreli, who has directly denied any involvement with the memecoin, wrote in a leaked message to ZachXBT. ZachXBT has accepted a $150,000 reward for the identity of the DJT creator offered by crypto analytics firm Arkham Intelligence.

Meanwhile, DL News reported that a Trump campaign “insider” denied any involvement.

However, Shkreli insisted that he created the Bitcoin competitor in collaboration with Trump’s youngest son Barron, adding during an X Spaces broadcast that Barron holds the majority of the cryptocurrency and is the sole beneficiary of the project.

Trump has targeted Bitcoin and cryptocurrencies in recent weeks after making millions from a series of crypto-based digital trading cards (non-fungible tokens, NFTs), putting him in stark contrast to the Biden administration’s anti-crypto stance. Trump declared his support for cryptocurrencies in late May and began accepting campaign donations in Bitcoin, Ethereum, Solana, Dogecoin and Shiba Inu.

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ForbesIMF warns of serious dollar collapse as Fed prepares Bitcoin, Ethereum and XRP for crypto price boomFrom Billy Bambrough

The Bitcoin price has risen again this year to its all-time high of around $70,000 per Bitcoin … [+] before Donald Trump’s surprising commitment to cryptocurrency.

Forbes Digital Assets

Earlier this month, Trump reportedly launched a crypto charm offensive during a fundraiser in Silicon Valley hosted by investors David Sacks and Chamath Palihapitiya, Reuters reported. “He said he would be the crypto president,” Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, was quoted as saying by the news agency.

Ryan Selkis, founder of data provider Messari and a vocal Trump supporter, estimated the probability that DJT was actually connected to Trump at “50-50” before Shkreli’s messages leaked.

David Bailey, the CEO of Bitcoin Magazine, who claims to be advising Trump’s 2024 campaign on bitcoin and cryptocurrencies, warned that if Pirate Wires’ claim is false, Trump could become afraid and turn away from cryptocurrencies.

“If the DJT Solana meme coin is fake, whoever spread it needs to be tarred and feathered and kicked out of our industry for good,” Bailey wrote to X. “This is how you make the whole industry look [bad] and to signal to the President and his team that we are a liability and not an asset.”

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Cryptocurrency investors have shown extreme fear and uncertainty about Bitcoin (BTC) over the past month.

According to on-chain data analytics firm Santiment, this extended period of negativity is unusual and could represent a potential buying opportunity for those who can tolerate the market’s inherent volatility.

Record FUD levels and whale accumulation

Many investors are expecting a recovery in the Bitcoin (BTC) price after several weeks of stagnant trading activity. Despite the high potential for a price increase, blockchain analytics platform Santiment reports that the market is currently suffering from “Bitcoin trader fatigue.”

At prices between $65,000 and $66,000, recent data suggests extremely negative crowd sentiment toward BTC, marking an unusual fourth consecutive week of fear, uncertainty, and doubt (FUD). Santiment points out that this sustained FUD is rare as traders continue to sell off their holdings.

According to a chart published by the company, Bitcoin’s weighted sentiment is at -0.800433. Amid this FUD, an interesting trend has emerged where Bitcoin whales are accumulating BTC at a rapid pace in anticipation of an inevitable recovery.

Santiment emphasizes that this negative sentiment combined with accumulation by whales typically leads to a market correction in which the Bitcoin price rises sharply, resulting in profits for patient investors.

Could BTC price recover within 10 days?

Meanwhile, Bitcoin’s price action could soon benefit from favorable macroeconomic conditions in the United States. Financial commentator Tedtalksmacro, known for tracking the connection between BTC price action and US Federal Reserve liquidity, predicts positive developments in the coming days.

According to Tedtalksmacro, the BTC price has been closely reflecting the Fed’s liquidity conditions for several months, and with liquidity expected to bottom out and continue to rise within the next ten days, Bitcoin could see a corresponding rise.

“The correlation between Bitcoin and Fed liquidity never ceases to amaze me. Liquidity bottoms out in the next 10 days, then starts to rise again… get ready,” he wrote in a recent post on X.

Their analysis, supported by a chart from their proprietary macro data resource Talking Macro, shows a consistent pattern where Bitcoin price highs and lows align with Fed liquidity highs and lows. Notably, Bitcoin’s recent all-time high of $73,800 coincided with a surge in liquidity in mid-March.

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The German government begins selling its considerable stocks to Bitcoin which was seized from the operators of a movie piracy website, raising concerns about the potential impact on the cryptocurrency market.

The government apparently sold over $195 million in BTC in the last 24 hours. after to the blockchain analysis company Arkham and had moved even larger sums between several wallets on Wednesday.

This significant move follows a recent pattern of large-scale Bitcoin transactions initiated by German authorities, with significant amounts flowing to major exchanges such as Coinbase, Kraken and Bitstamp, which may indicate that more sales are to come.

In recent transactions, the German government transferred $65 million worth of BTC to likely change deposits, in addition to the $130 million transferred yesterday. Despite these seemingly massive sales, the German authorities still own $3.05 billion worth of Bitcoin.

UPDATE: German government is still selling BTC worth > 195 million USD.

In the last two hours, the German government has sent $65 million worth of BTC to two likely exchange deposits, including Coinbase.

The German government transferred $600 million worth of BTC yesterday, sending $130 million to 4 likely exchange deposits, including… pic.twitter.com/in2urlDBE0

— Arkham (@ArkhamIntel) June 20, 2024

This extensive Bitcoin cache, nearly 50,000 BTC, was originally seized from the operators of Movie2k.to, a movie piracy website that was last active in 2013. According to Arkham, the Bitcoins were handed over to the Federal Criminal Police Office (BKA) in mid-January following a voluntary surrender by the suspects.

The large-scale sale has already had a noticeable impact on the market price of Bitcoin, says Robert Quartly-Janeiro, head of strategy at crypto exchange Bitrue. He also believes that this suggests a pessimistic outlook for the German government.

“After the BTC price fell, the German government is releasing significant tranches of BTC and believes that the BTC price will continue to decline for a while,” he said. Decrypt“One should not forget that the BTC sold were confiscated due to illegal activities. So what is more interesting is what the German government plans to do with the capital after the sale.”

He added that the size of the sale has dragged down the BTC price as a result. Bitcoin is down about 0.5% over the past 24 hours to a current price of about $64,700, bringing its 14-day decline to nearly 9% at the time of this writing. Quarterly-Janeiro believes there is clearly a strategy at play here and that the timing of the next tranche to be sold will be telling.

“Could they close the position completely? Maybe,” he said.

Ben Kurland, CEO of token management platform DYOR Labs, emphasized in a comment to Decrypt.

“Historically, significant Bitcoin sales by governments have resulted in immediate price declines and short-term volatility,” he said. “The medium-term impact may vary, however, sustained selling would cause further declines as negative sentiment increases. It is wise to be cautious until the remaining BTC is either sold or withdrawn from exchanges, as government-held BTC is unlikely to remain on centralized exchanges for long.”

The ongoing liquidation by the German government has added some volatility to the crypto market, and investors and market analysts are watching for further moves and potential impacts on the Bitcoin price.

James Davies, co-founder and chief product officer of Crypto Valley Exchange, said Decrypt He does not believe there is “any market sentiment” behind the sales, and that it is probably “more a matter of no assets being held in Bitcoin” while the police department is “simply slowly liquidating this seizure.”

In any case, he expects it to be “a time of blessings for over-the-counter trading,” but for the rest of us there will be “some short- to medium-term volatility.”

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.

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Daniel L.

The Bitcoin market was characterized by a downtrend in June. However, according to analyst Rekt Capital, a break in this trend could trigger a price reversal and put BTC back on an uptrend.

Bitcoin: Has the time come for a trend reversal?

The current bearish pressure does not announce the beginning of a parabolic upward movement, but rather a local reversal. This means that Bitcoin could remain in the price range between $60,600 and $71,500! A zone that Rekt Capital often describes in its analyses.

The current market dynamics are comparable to previous 60-day periods following the halving. This could reassure investors concerned about the potential end of the current bull cycle. Rekt Capital has also identified a pattern where Bitcoin could pull back to $64,000 in the coming weeks and slowly climb back up to $71,000 by September.

What future does BTC have?

Analysts at Bitfinex recently pointed out that Bitcoin is under pressure from various investors, including whales, long-term holders, and miners. On-chain data on these three BTC holder groups remains unfavorable for Bitcoin’s future. BTC inflows to exchange platforms have increased relative to total inflows. This indicates increased whale activity, a trend that usually precedes a price decline.

Furthermore, an inverse relationship has been observed between Bitcoin price and miner reserves! A significant drop in miner reserves coincided with Bitcoin’s peak price in March 2024. With miner reserves approaching a four-year low, this suggests that selling pressure from this group may be reaching a critical point, potentially affecting future market dynamics.

Although Bitcoin is facing headwinds, the possibility of a trend reversal in June remains open. Investors need to closely monitor whale activity and miner reserves to better understand future market movements. Caution is still warranted, but hope for a bullish recovery is not lost yet.

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Daniel L.

The world is evolving and adaptation is the best weapon to survive in this surging universe. Basically, I am a crypto community manager and I am interested in everything that is directly or indirectly related to the blockchain and its derivatives. To share my experiences and raise awareness about a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.

DISCLAIMER

The views, thoughts and opinions expressed in this article belong solely to the author and should not be construed as investment advice. Do your own research before making any investment decisions.

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• Bitcoin miner stocks have seen an increase recently.
• BTC has fallen below its support line.

The market capitalization of Bitcoin listed in the US [BTC] According to a recent report, the share price of mining companies has risen to a remarkable high. Despite the rising share prices of these mining companies, their revenue and reserves have been declining in the last few days.

The capitalization of Bitcoin mining stocks is rising rapidly

According to analysts at JPMorgan, the market capitalization of Bitcoin miners listed on U.S. exchanges reached an all-time high of $22.8 billion on June 15.

In the first half of June, the 14 U.S.-listed Bitcoin mining stocks saw a sharp rise, led by Core Scientific, TeraWulf and IREN with gains of 117%, 80% and 70%, respectively, JPMorgan analysts Reginald Smith and Charles Pearce noted.

Bitcoin miners report decline in reserves and revenue

Glassnode’s analysis shows that the Bitcoin miner balance has been steadily decreasing over the past few weeks, with the reserve currently sitting at around 1.8 million BTC, a level last seen in 2021 and a low not seen in over three years.

This decline suggests that the BTC volume held by miner addresses is shrinking, indicating an ongoing sell-off by these addresses.

In addition, an analysis of BTC miner revenue indicates a downward trend in recent weeks.

Currently, trading volume is around 512 BTC, a significant drop from the over 1,000 BTC recorded at the beginning of the year.

BWhile the recent halving event contributed to this decline, there was also an overall decline in volume.

Source: Glassnode

Bitcoin falls below support

Analyzing Bitcoin on a daily timeframe chart revealed a 2% decline on June 18, bringing the price down to around $65,152.

Initially, the support level indicated by the short moving average (yellow line) was around $66,000. However, the price decline pushed it below this support level, which has now turned into resistance.

Source: TradingView

Read Bitcoin (BTC) price prediction 2024-25

At the time of writing, Bitcoin price was trading at around $65,121 and failed to break the new resistance level. The stochastic indicator confirms the current negative trend and continues its downtrend.

In addition, a closer look at the indicator suggests that another significant price shift could occur soon.

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Maesot, Thailand – June 5, 2021: Bitcoin is in front on a bright blurred background. The new concept of cryptocurrency virtual money is the future of online digital financial payments, free space for copy text.

Bitcoin The current position at the $64,515 support level has attracted a lot of interest from traders and analysts. This important threshold is considered a critical turning point that could determine the cryptocurrency’s short-term trajectory. On the one hand, bullish proponents argue that robust fundamentals and renewed investor interest could drive Bitcoin higher. On the other hand, the pessimistic sentiment due to macroeconomic constraints and regulatory uncertainties points to a potential crash.

With a market cap of more than $1.2 trillion and a trading volume of more than $34 billion at the time of writing, Bitcoin’s price is up 0.04% to trade at around $65,621 over the past 24 hours. BTC’s market cap and trading volume are currently down 0.66% and 6.05%, respectively.

Technical Analysis: Bitcoin Chart Patterns and Indicators

This analysis looks at weighing the bullish and bearish scenarios to determine the future price movements of Bitcoin. Bitcoin price on the 4-hour chart is currently making a retracement after a rejection at the $64,515 support level and is still trading below the 100-day SMA (Simple Moving Average). Although it looks like the price is moving towards the $66,736 level, this could be just a short-term move as it could fall again.

Source: BTCUSDT on Tradingview.com

Furthermore, it can be observed that both the signal line and the SMA of the Composite Trend Oscillator indicator are still struggling in the oversold zone, suggesting a further future decline in the BTC price.

From the 1-day chart, it is clear that the BTC price, which successfully broke below the 100-day SMA, is forming a short-term trend with strong bearish momentum. withdrawAfter this decline, the flagship cryptocurrency could again drop towards the $64,515 support level.

Source: BTCUSDT on Tradingview.com

Moreover, it can be observed here that both the signal line and the SMA of the 1-day Composite Trend Oscillator are attempting to fall below the zero line. With this current formation, it can be assumed that the BTC price could turn bearish in the long term.

Weighing the bullish and bearish cases

Currently, in the images used in this article, there are four key support levels and three key resistance levels to watch out for. If Bitcoin price continues to decline as predicted, it will start to move downwards towards the $64,515 support level to test it again. In case of a break below this level, BTC will continue to decline and test the $60,158 level and possibly other support levels.

However, if the digital asset does not turn bearish but opts for an uptrend, it will start moving towards the resistance level of $66,607. It could even rise higher and challenge the resistance level of $71,909 if it breaks above the above-mentioned level and possibly move further to test its new high.

BTC trading at $65,183 on 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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