Fun

Bitcoin ‘Banana Zone’ is next if these 3 indicators play out

News Feed - 2024-06-19 12:06:19

Ciaran Lyons5 hours agoBitcoin ‘Banana Zone’ is next if these 3 indicators play outBitcoin “Banana Zone” is on the horizon, but it will need to reverse these key metrics first to maintain a “sustainable recovery.”3813 Total views12 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin could soon enter a euphoric “Banana Zone” phase that could see its price surge, but crypto analysts say there first needs to be a reversal in three key trends.


“Basically, it’s The Boring Zone before The Banana Zone,” Global Macro Investor (GMI) head of research Julien Bittel wrote in a June 18 X post.


The Banana Zone is a term created by GMI founder and crypto OG Raoul Pal to describe a period of significant upward price movement.


However, an analyst from CryptoQuant believes that sustainable recovery will hinge on three “critical” indicators turning around.Bitcoin is down 3.06% over the past seven days. Source: CoinMarketCap


According to CryptoQuant’s pseudonymous author, IT Tech, Bitcoin (BTC) miner selling needs to reduce, and it has only been increasing since mining revenue “dropped by 55%.” 


Bitcoin miners have seen a major decline in revenue since Bitcoin reached its all-time high of $73,679 in March.


On March 11, block rewards and transaction fees revenue reached around $78.89 million daily. However, according to Blockchain.com data, it decreased by approximately 56% until June 12 and stands at $34.26 million at the time of writin


The analyst also highlighted the need for increased stablecoin inflows, given the absence of “new issuances” in the stablecoin market, which decreases liquidity and affects price volatility.


The amount of stablecoins held in crypto exchange reserves has decreased by nearly 10% over two months, currently standing at $21.96 billion, according to CryptoQuant data.


Lastly, outflows from spot Bitcoin exchange-traded funds (ETFs), such as those from Fidelity and Grayscale Investments, need to decrease, as they are “creating selling pressure for Bitcoin,” said the analyst.


According to Farside data, on June 18, Fidelity Bitcoin Wise Origin Bitcoin Fund and Grayscale Bitcoin Trust ETF had outflows of $83.1 million and $62.3 million, respectively.Traders anticipate a move from the ‘sideways chop’ in near term


Bitcoin is currently trading at $64,966, down 2.35% over the past 30 days, according to CoinMarketCap data. It is down 12% from its all-time high of $73,679 in March. IT Tech believes this could be a “market bottom.”


Altcoins have suffered more heavily in the last week. Major altcoins like Solana’s (SOL), Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced seven-day declines of 8.23%, 11.67%, and 16.31%, respectively.


Related:Bitcoin 92-day consolidation is setting up a ‘massive’ rally — Traders


Bittel commented that Bitcoin’s lack of price movement indicates it is in a “period of sideways chop,” while other traders anticipate a directional shift in the near term.


“Break this downtrend line and BTC will initiate a price reversal,” pseudonymous crypto trader Rekt Capital wrote on June 18, after acknowledging that Bitcoin has been in a “constant downtrend” all of June.Source: Rekt Capital


Magazine:Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Adoption# Markets# Cryptocurrency Exchange# Stablecoin# Bitcoin ETFAdd reaction

News Feed

Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000
Este artículo también está disponible en español. Recent action has seen Bitcoin price retest the $67,000 price level. Particularly, the Bitcoin price declined by about 8
Alice Ivey10 hours agoThe ultimate guide to password management for crypto enthusiastsExplore strong password creation, management and advanced protection techniques to secure crypto holdings.1975 Total views29 Total sha
Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide
Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide Binance has received in-principle approval from the Central Bank of Bahrai
A Breathtaking Hunting Metaverse: MetaShooter Launch on KICK․IO Starting February 28
A Breathtaking Hunting Metaverse: MetaShooter Launch on KICK․IO Starting February 28 press release PRESS RELEASE. NFTs have taken the crypto community by storm.
Funko Partners With Entertainment Giant Paramount to Drop Avatar Legends NFTs
Funko Partners With Entertainment Giant Paramount to Drop Avatar Legends NFTs On July 29, the pop-culture consumer products firm, Funko, announced that the company has partnered wi
Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop
Zoltan Vardai13 hours agoBiggest Friend.tech whale dumps tokens as users struggle to claim airdropThe largest Friend.tech whale has sold all their holdings, causing the new token to fall over 50% in value while other use
Avalanche home loan tokenization protocol raises $10M in Series A
Zhiyuan Sun7 hours agoAvalanche home loan tokenization protocol raises $10M in Series A“Homeowners effectively sell a portion of their home’s equity at today’s price and repay at tomorrow’s,” wrote Homium staff
XRP Breakout Still Likely This April, Analyst Says $12+ In Play
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Is XRP bottoming out versus Bitcoin? Chart fractal mirrors 500% rally setup
Yashu Gola11 hours agoIs XRP bottoming out versus Bitcoin? Chart fractal mirrors 500% rally setupXRP price is mirroring a 2021 bullish chart fractal that preceded a 500% rebound.6579 Total views7 Total sharesListen to ar
Australia to Stocktake Crypto Holdings Ahead of Regulation
Australia to Stocktake Crypto Holdings Ahead of Regulation Australia intends to do a virtual stocktake of cryptocurrency assets held by its citizens, the new executive power in Can
Mad Money’s Jim Cramer: I Trust My Money More in Draftkings Than I Would Binance
Mad Money"s Jim Cramer: I Trust My Money More in Draftkings Than I Would Binance The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance
Bitcoin Use on Darknet Markets Jumps 65% in First Quarter
Bitcoin Use on Darknet Markets Jumps 65% in First QuarterBitcoin transactions on darknet markets jumped 65% in value during the first quarter, according to research by a blockchain