Bitcoin data shows a series of bearish trading patterns that could usher in new price lows if the key support at $60,000 fails to hold. Here’s why bulls need a rally to $76,000. Bitcoin’s (BTC) range-bound trading within the $60,000 to $73,000 range is impressive, especially when considering the macroeconomic backdrop of Brent crude oil rising to levels not seen since 2008, a hot war between the US, Israel and Iran, and a volatile stock market where the S&P 500 index trades at a 3.95% year-to-date loss. Despite these intensifying headwinds, Bitcoin buyers have shown a steady appetite for buying the price drops to $60,000, and while the level currently holds as support, the risk of lower prices is not zero. Bitcoin’s 1-day chart shows a bearish continuation pattern, with one pattern confirmed on Jan. 20 as BTC price entered a correction to $60,014, and a second bear flag currently in play. Every price rally to the flag’s overhead trendline has been rebuffed since Feb. 8, and technical analysis stresses the...
Stablecoins dominated crypto trading in Q1 as investors sought safety, while rising bot usage and declining retail flows pointed to shifting market dynamics, according to CEX.io. Stablecoins were a rare bright spot in an otherwise subdued crypto market in the first quarter, with supply growth and transaction activity pointing to sustained demand even as broader market conditions weakened. Total stablecoin supply increased by roughly $8 billion to a record $315 billion in Q1, according to data from CEX.IO. Although this marked the slowest pace of expansion since Q4 of 2023, it still represented growth during a period when the wider crypto market contracted. The data suggests investors rotated into stablecoins as a defensive strategy, boosting their share of overall market activity. Stablecoins accounted for 75% of total crypto trading volume during the quarter — the highest level on record. Read more
Are Bitcoin’s odds for a rally to $75,000 diminished by a weakening US economy, the war in Iran and multiple institutional BTC holders selling in the open market? Key takeaways: Private credit risks and weak US jobs market data drive Bitcoin lower, but is there a silver lining? Institutional Bitcoin ETF outflows and miner sales test BTC's strength, but the Federal Reserve's options for addressing the federal deficit may also favor scarce assets. Read more