Author: The Daily Hodl
Bitcoin (BTC) is flashing a potentially bullish indicator amid an overall crypto market downtick, according to the digital asset analytics firm Santiment. The firm notes in a new post on the social media platform X that the percentage of the BTC network’s available supply in profit is 84.4%. Explains Santiment, “This BTC ratio is at its lowest level in 2 months. Lower levels generally justify more bullish conditions.” BTC is trading at $59,170 at time of writing. The top-ranked crypto asset by market cap is up more than 2.5% in the past 24 hours but down more than 8% in…
One widely followed crypto analyst is warning Ethereum (ETH) traders that an ETH exchange-traded fund (ETF) approval from the U.S. Securities and Exchanges Commission (SEC) is unlikely to happen soon. Crypto trader Michaël van de Poppe tells his 715,800 followers on the social media platform X that traders may have to wait a little longer for an ETH ETF. “The Ethereum ETF is likely not going to be approved in May. However, the markets are undervaluing a potential approval in August, as Ethereum is still getting sold off. I think the chances of an approval in August is positive, through which I expect Ethereum to…
On-chain analyst Willy Woo believes Bitcoin (BTC) is on track to increase by over 1,500% based on one main driver. Woo tells his 1.1 million followers on the social media platform X that increasing adoption of Bitcoin could drive the top-performing digital asset to $1 million within 11 years. According to Woo, there is a historic correlation between Bitcoin’s value and the the number of Bitcoin users, which he expects to continue to increase based on his growth curve model. “On track for $1 million per BTC as ‘fair value’ by 2035. That’s if we take the user growth curve…
Bitcoin (BTC) is surging past the $61,000 price level as new data reveals that unemployment is on the rise in the US. According to a new economic news release from the U.S. Bureau of Labor Statistics (BLS), fewer-than-expected nonfarm jobs were added in the US during the month of April, contributing to the unemployment rate rising from 3.8% to 3.9%. “Total nonfarm payroll employment increased by 175,000 in April, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in social assistance, and in transportation and warehousing……
A pair of bipartisan US congressmen are reportedly asking the U.S. Securities and Exchange Commission (SEC) to greenlight options trading on spot Bitcoin (BTC) exchange-traded funds (ETFs). Citing a letter sent to SEC chair Gary Gensler, Axios reports that Representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) say that approving options trading on Bitcoin ETFs is critical and crucial to investors that the securities watchdog seeks to protect. Reads the document, according to Axios, “We urge you, without delay, to approve options on spot Bitcoin ETPs or to provide an explanation for the Commission’s difference in treatment between options for…
A wallet for the meme asset Dogecoin (DOGE) is preparing to shut down. In a new thread on the social media platform X, Mishaboar, one of Dogecoin’s developers, tells investors to make sure they move their DOGE out of the Dogechain wallet before it shuts down on June 1st as well as keep a copy of their wallet’s private keys. “Make sure to move your DOGE out of http://dogechain.info (only use the .info domain!) before June 1st. Keeping a copy of Dogechain’s wallets’ private keys is also important – in case you still have the addresses in use somewhere, this…
A cryptocurrency analyst and trader is saying Bitcoin (BTC) may have reached a market bottom after correcting down into the high $50,000 range. The analyst pseudonymously known as Rekt Capital tells his 74,900 YouTube subscribers that Bitcoin’s latest correction is the cycle’s deepest, suggesting a further decline is unlikely. “This single corrective period is now the deepest corrective period in this cycle to date. It has eclipsed the 23% corrective period that we saw in early 2023. This is now deeper than that. This is getting to even minus 24% territory. So, we now know this is the deepest retrace…
A closely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-10 altcoin by market capitalization. The analyst pseudonymously known as DonAlt tells 59,100 subscribers of the TechnicalRoundup YouTube channel that the price action of BNB, the native token of the BNB Chain, is currently signaling massive upside potential. “I like BNB… I like the BNB chart. This is BNB/USD [chart], it’s basically begging to break out. I think a dip on this would just be a buy.” BNB is trading at $561 at time of writing. According to the pseudonymous analyst, the fourth-largest crypto asset by market…
Cryptocurrency analyst and trader Ali Martinez is saying that the price of Dogecoin (DOGE) is exhibiting behavior it has previously displayed before embarking on massive rallies. Martinez tells his 61,200 followers on the social media platform X that the largest memecoin by market cap earlier this year broke out of a descending triangle, which is considered bullish if the price breaks out above the upper trend line, on the weekly chart. “It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!” According to Martinez, Dogecoin exhibited similar price behavior…
A closely followed crypto strategist is warning that Bitcoin (BTC) may not yet be done correcting. Pseudonymous analyst Altcoin Sherpa tells his 215,800 followers on the social media platform X that only after Bitcoin reclaims the $60,000 level will he have more confidence a bullish reversal is occurring. “BTC: don’t think we’re out of the woods at all yet. We still need to reclaim some levels. [May 2nd’s] altcoin action is nice but I would not go all in at these current levels. Wait for BTC to show more strength first and break $60,000+ in my opinion.” The analyst also…