Bitcoin has continued its recent downtrend over the past day as the asset’s price has now fallen below $64,000. This is what the next support for BTC looks like.

Bitcoin has strong on-chain support between $61,900 and $63,800

According to data from market intelligence platform IntoTheBlock, BTC is hovering just above a critical on-chain demand zone. Demand zones refer to price ranges where many investors recently bought their coins.

These ranges can be determined through on-chain analysis, as the average cost basis of each address on the network can easily be calculated based on its transaction history.

Below you can see the chart released by the analytics firm showing the different price ranges near the current asset price in terms of current demand.

BTC appears to be hovering just above a key support center | Source: IntoTheBlock on X

In the graph, the size of the dot corresponds to the number of addresses buying within that range. It appears that Bitcoin currently has large demand zones both just above and just below itself.

According to data from IntoTheBlock, the lower zone currently contains the cost base of around 1.23 million addresses for investors who have purchased 319,700 BTC. So what relevance does such a demand zone have?

For every investor, their cost basis is important, so if the price tests it, they may be more willing to take action. Of course, if many holders share their breakeven level in a narrow range, the reaction from a retest would also be large.

This is why areas of high demand are considered important support or resistance levels for Bitcoin. Cost base centers above the price can act as resistance walls, while those below can provide cushions of support.

With BTC hovering just above a key demand zone between $61,900 and $63,800 following its recent decline, it is possible that this range will help the asset reach a bottom.

As for the source of the support or resistance effect these demand zones provide, the answer lies in investor psychology. Holders who are currently making losses may be waiting for the price to reach their cost basis to exit with their original investment.

These sells, which can occur during a retest of the break-even level shared by many investors, can represent resistance to BTC. Similarly, further down, investors may react to a retest by buying more, as they view the drop as an opportunity for a price pullback, which could support the asset.

Now, it remains to be seen whether the support zone between $61,900 and $63,800 will put an end to Bitcoin’s recent bearish momentum or not.

BTC Price

After the recent decline, Bitcoin has just entered the on-chain demand zone as its price is now around $63,600.

It seems like the price of the coin has been declining recently | Source: BTCUSD on TradingView

Featured image by Dall-E, IntoTheBlock.com, Chart by TradingView.com

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Historically, DeFi has had a yield meta that offers relatively high APYs at scale. These yield metas can act as catalysts for DeFi as a whole by incentivizing new capital to enter the industry to earn that yield, and by creating a potential ecosystem of new and existing protocols optimized to earn that yield. With EigenLayer point farming having waned recently, the industry must now look ahead to what the next yield meta might look like. When looking at the landscape of existing opportunities, two protocols stand out as having the potential to become the next yield meta: Ethena and MakerDAO. Between the two protocols, we see greater upside in terms of yield growth for Maker due to the impending start of SubDAO farming. As part of the Maker endgame, Maker will spin off AllocatorDAOs responsible for distributing DAI and sourcing the most profitable collateral base, with different AllocatorDAOs targeting different asset types such as crypto-native collateral and RWAs. Each of these AllocatorDAOs, as well as all other SubDAOs, will have their own token that will be distributed to DAI and MKR stakers in a process known as SubDAO farming. We see significant upside potential for returns from SubDAO farming due to the spin-off of Maker operations to AllocatorDAOs as a catalyst for multiple re-rating. Currently, MakerDAO trades at a discount to lending and RWA protocols, despite fundamentally offering the same services as those protocols. As SubDAOs begin to spin off, they will offer pure play participation in enticing vertical markets, such as crypto-native collateral and RWAs. B. Bringing US Treasuries and other RWAs on-chain, potentially bringing their valuations in line with the rest of the market. Using historical growth rates for future growth rates and a conservative repricing, our base case expects SubDAO farming to offer around 15% to DAI stakers, but a more aggressive repricing could result in returns of over 30% APY.

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Constant supply dilution through token unlocks, selling pressure from venture funds, a lack of new inflows into the cryptocurrency sector, and seasonal trends have all contributed to the brutal decline in altcoin prices.

Constant supply dilution through token unlocks, selling pressure from venture funds, a lack of new inflows into the cryptocurrency sector, and seasonal trends have all contributed to the brutal decline in altcoin prices.

Constant supply dilution through token unlocks, selling pressure from venture funds, a lack of new inflows into the cryptocurrency sector, and seasonal trends have all contributed to the brutal decline in altcoin prices.

June 21, 2024, 9:13 p.m.

Updated June 21, 2024, 9:21 p.m.

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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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Arman Shirinyan

Bitcoin is under pressure and it is not getting better

Read U.TODAY on

Google News

It seems that Bitcoin selling pressure has gone through the roof again, as the first cryptocurrency fell below $65,000 and more than $140 million was liquidated. However, the main cause of the selling pressure may not have been so obvious.

The recent price action suggests that Bitcoin is struggling to stay above key support levels. With a break below the 50 EMA and an approach to the 100 EMA, the daily chart shows an extreme decline. The RSI also indicates increasing bearish momentum.

BTC/USD chart by TradingView

Crucially, Coinbase is the source of the selling pressure. The Coinbase Premium Gap, a measure that compares the price of Bitcoin on Coinbase Pro to those on other exchanges, is significantly negative, suggesting that Coinbase is currently executing orders from institutional investors willing to sell their holdings.

The long period of miner capitulation is also illustrated by Willy Woo’s analysis. As shown by the Bitcoin Hash Ribbons, which show stress and recovery periods for miners, we are currently witnessing a record-breaking number of miner capitulations. Woo says when the hash rate starts to rise again and weak miners leave, Bitcoin usually recovers.

Similarly, the volume of large USD transactions has drastically decreased, suggesting that major players are reducing or selling their holdings. The Bulls and Bears indicator, which shows a preponderance of bearish addresses, further underscores the bearish sentiment. It seems that more investors are selling than buying as the gap between bullish and bearish addresses has widened.

The combination of these data suggests that there are multiple sources of selling pressure. With massive amounts of Bitcoin being sold on the platform, Coinbase appears to be a major driver. Additionally, with miners selling their holdings to cover operational costs, the extended miner capitulation period is adding to the selling pressure.

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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3:30 p.m.
3
min reading time of
Micaiah A.

The recent massive capital outflows from Bitcoin ETFs raise questions: should they be seen as a harbinger of deeper turmoil? Are investors abandoning ship or is this just a temporary adjustment? With outflows of $139 million in one day, the current situation requires serious consideration.

The sharp increase in outflows from Bitcoin ETFs

Recently, capital outflows from Bitcoin ETFs have intensified, marking a worrying downtrend for this asset class. In a single day, June 20, Bitcoin ETFs recorded Capital outflows reached $139.98 millionaccording to data from SoSoValue.

The hardest hit was Grayscale Investments’ GBTC, which suffered losses of $53 million, followed by Fidelity Investments with $51 million. Bitwise and VanEck were not spared, recording withdrawals of $32 million and $4 million, respectively.

Only BlackRock’s iShares Bitcoin Trust has withstood the waveand even recorded a small net capital inflow of $1 million. This dynamic illustrates a significant disinvestment by investors in Bitcoin ETFs and reflects a loss of confidence in this asset class.

The impact of these outflows on the crypto market

The capital outflows from Bitcoin ETFs are not without consequences for the broader Bitcoin market. Withdrawal of $900 million last week has contributed to a significant decline in the BTC price.

June 20th marked the fifth day in a row with outflowswhich resulted in a 2.8% drop in Bitcoin price, currently trading at $63,784.68.

This situation is reminiscent of the market problems in mid-April. However, trading volume increased by 33.93% to nearly $26 billion, indicating resilience and hope for a recovery.

Investors are closely monitoring the performance of Bitcoin ETFs and looking for Signs of stabilization or recovery this could reverse the current trend.

The outlook for Bitcoin ETFs remains uncertain as interest in cryptocurrencies declines significantly, but patience and careful analysis could reveal future opportunities despite the current volatility.

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Micaiah A.

The blockchain and crypto revolution is underway! And the day the impact will be felt on the weakest economy in the world, I will, against all hope, say I had something to do with it

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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2:16 p.m.
3
min reading time of
Daniel L.

The US Treasury Department has issued a warning about four major cryptocurrencies! It points out potential risks to the American financial system. This warning focuses on Bitcoin (BTC), Ethereum (ETH), Monero (XMR) and Tether (USDT) due to their involvement in illegal activities.

Bitcoin threatens the financial stability of the USA!

The announcement comes amid increased scrutiny of digital asset markets by financial regulators. The report from the U.S. Treasury Department’s Financial Stability Oversight Council highlights that Bitcoin and other cryptocurrencies could threaten the economic stability of the United States. This report is the first major public analysis of digital assets by the Treasury Department.

The Treasury Department has identified specific risks associated with Bitcoin, Ethereum, Monero and Tether! Specifically: fraud, theft, mismanagement and information asymmetry due to lack of transparency. In addition, operational risks such as frequent operational outages, market manipulation, fraud, theft and swindling are also highlighted.

The Treasury Department’s warning comes with recommendations for urgent action! To protect consumers, crypto investors, and businesses. U.S. regulators and law enforcement agencies are urged to closely monitor the crypto sector for illegal activities. In addition, they are encouraged to vigorously conduct investigations and continue to pursue civil and criminal actions to enforce applicable laws.

In this huge crypto sector, vigilance is essential

This warning from the US Treasury Department is a reminder that despite their growing appeal as investment assets, Bitcoin and cryptocurrencies remain highly speculative and unregulated instruments. Investors must be aware of the risks! They must exercise due diligence when transacting or investing in cryptocurrencies.

The US Treasury Department’s warning is a strong signal for Bitcoin and the crypto market. It could even lead to future regulatory changes. It underscores the importance of appropriate regulation to ensure the protection of market participants, all while enabling innovation in the digital asset space.

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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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Ronaldo is an experienced crypto enthusiast dedicated to the emerging and ever-evolving industry. With over five years of intensive research and tireless dedication, he has developed a deep interest in the world of cryptocurrencies.

Ronaldo’s journey began with a spark of curiosity that soon turned into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved deep into the crypto space, exploring its various facets, from the basics of blockchain to market trends and investment strategies. His relentless exploration and commitment to staying updated with the latest developments have given him a unique perspective on the industry.

One of Ronaldo’s areas of expertise is technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insight into the market. Ronaldo recognizes that patterns exist in the chaos of crypto charts, and by using technical analysis tools and indicators, he can uncover hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has enabled him to navigate the volatile crypto market with confidence and precision.

Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others and empowering them to make informed decisions in the crypto space. Ronaldo’s writings are a testament to his dedication, providing readers with meaningful analysis and breaking news. He strives to provide a comprehensive understanding of the crypto industry and help readers navigate its complexities and capitalize on opportunities.

Outside of crypto, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in following exciting sporting events and witnessing the triumphs and challenges of athletes pushing themselves to the limit. In addition, his passion for languages ​​goes beyond mere communication; he aspires to master German, French, Italian and Portuguese in addition to his native Spanish. Ronaldo recognizes the value of linguistic competence and aims to improve his career prospects, personal relationships and overall growth.

Ronaldo’s ambitions go far beyond language acquisition, however. He believes the future of the crypto industry holds enormous potential as a game-changing force in history. With unwavering conviction, he envisions a world where cryptocurrencies enable financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare for this transformative era and ensure he is well-equipped to navigate the crypto landscape.

Ronaldo also knows the importance of staying physically and mentally healthy and regularly goes to the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself and is constantly looking for new ways to expand his horizons and knowledge.

With a sincere desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, takes on challenges, and seeks opportunities for growth and self-reflection. Ultimately, by combining his passion for cryptocurrencies, devotion to learning, and commitment to personal development, Ronaldo aims to walk hand in hand with the exciting new era that emerging crypto technology is bringing to the world and societies.

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Led by CEO Michael Saylor, the company held 214,400 bitcoins at the end of April. With this latest acquisition, the company’s total holdings stand at 226,331 tokens, valued at just under $15 billion at a current bitcoin price of around $66,000. The company’s bitcoins were purchased at an average price of $36,798 apiece, or around $8.33 billion.

This latest purchase followed the company’s offer to institutional investors to issue $800 million in convertible bonds. The offering was initially set to be $500, then increased to $700 million, and finally closed at $800 million. In March, the company added 9,245 BTC for $623 million after raising money in a similar debt offering.

Saylor and MicroStrategy began accumulating the largest and oldest cryptocurrency in 2020 and have since been trying to lead a movement to adopt BTC as a reserve asset for other corporate treasuries. While a handful of companies have added modest amounts of Bitcoin to their balance sheets, one notable example is U.S.-listed Semler Scientific (SMLR), which has not only added Bitcoin as a relatively large treasury asset over the past three weeks but — much like MicroStrategy — is trying to tap the capital markets to buy Bitcoin in amounts far beyond what its current market cap would suggest.

MicroStrategy shares have risen about 10-fold since the company began buying bitcoin four years ago. Semler shares have risen more than 60% since the company announced its first bitcoin purchases in late May.

Last week, brokerage firm Bernstein initiated coverage on Microstrategy, setting a $2,890 price target on the company’s shares with an Outperform rating. MSTR is currently up 2% in premarket trading at $1,507.

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