Bitcoin Mood Sours To Levels Not Seen Since Late February
Bitcoin is sitting just below $70,000, but the sharper signal may be in the derivatives market: roughly $6 billion in short positions would be forced out if the price climbs to $72,500, according to data from Santiment. Related Reading: XRP Eyes $8.30 Target As Rare Chart Pattern Emerges From Prolonged Decline That comes as Bitcoin keeps testing the same ceiling again and again, with the market showing signs of strain rather than conviction. Sentiment Turns Sharply Sour Social chatter around Bitcoin has weakened fast. Data from Santiment shows the bullish-to-bearish ratio has slipped to....
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The US, Russia and China together control over 65% of global Bitcoin hashrate, a reminder that mining power remains heavily concentrated even as local shocks push smaller markets up and down. Related Reading: Bitcoin Mood Sours To Levels Not Seen Since Late February In that mix, Iran has seen a sharp fall. Its hashrate dropped about 77% in the past quarter, to roughly 2 EH/s, after months of conflict and disruption. Iran’s Share Drops Fast According to a report from Hashrate Index, Iran lost about 7 EH/s quarter over quarter. The decline came during a period of rising tension with the US....
The price of ether extended recent losses this week, falling to its lowest in more than nine months. Over the seven-day period, the blockchain token declined to as little as $5.98 on 6th December, its lowest price since late February. This figure, which beat the previous nine-month low set the previous day, represented a 22.9% decline from the cryptocurrency’s opening price of $7.76 on 3rd December. The continued struggles faced by the digital currency are now translating into frustration for traders and market influencers. "The novelty is wearing off," said Tim Enneking,....
Earlier today, Bitcoin rose to its highest level since late February and regained its $1 trillion market cap. Recently, Bitcoin was unable to break key resistance at $50,000, as it failed to find support over its 50-, 100-, and 200-day SMA points on the 4-hour time frame. With continued institutional buying, however, Bitcoin was able to reclaim $53,600. While current price levels are still off all-time highs, it has mostly recovered losses from late February. […]
Buyers on Binance shifted decisively in recent weeks. The exchange’s seven-day net taker volume swung from roughly -$1 billion in late March — a period dominated by sellers — to around $2.6 billion by early May, signaling that demand had returned with some force. Related Reading: XRP Market Now Controlled By Whales? Dominance Reaches 91% On Binance Reserves Hit Levels Not Seen Since Late 2023 That shift in buyer behavior is playing out against a backdrop of shrinking Bitcoin supply on major exchanges. Combined outflows from Binance, OKX, and Gemini have reached nearly 100,000 BTC....
XRP is struggling to hold current support levels. The market is uncertain. And in the final days of March, the largest XRP holders on two of the world’s biggest exchanges made a decision that the price action is not yet reflecting. Related Reading: $11.4 Billion in XRP Has Left Binance. Here Is What Happens When Demand Returns A CryptoQuant report has documented the strongest wave of whale-sized XRP withdrawals since early February. Across two sessions — March 27 and March 30 — large outflows from Binance and Coinbase combined to reach approximately 442 million XRP, worth nearly $592....