Author: The Daily Hodl

One widely followed crypto analyst says Bitcoin’s latest rally is turning an old BTC resistance into new support. Pseudonymous crypto trader Rekt Capital tells his 468,200 followers on the social media platform X that BTC’s 2% leap in the last 24 hours could be the end of a downtrend. “BTC is breaking its Daily Downtrend” According to the analyst, the $60,000 price zone was acting as a barrier to BTC. However, Rekt Capital now believes that the barrier has now been flipped to a foundation. “Bitcoin has successfully turned the old major resistance into a new major support.” According to the crypto analyst, BTC’s downtrend has been one month in the making. “Bitcoin…

Former Goldman Sachs executive Raoul Pal thinks the global liquidity cycle will drive crypto prices higher. In a new YouTube video, Pal tells his 703,000 subscribers that there are currently macroeconomic sources of liquidity “everywhere,” including upcoming monetary policy choices from the U.S. Federal Reserve. The Real Vision chief executive also notes that global liquidity increases in “crypto macro summers.” “Obviously [in] 2020 it went bananas because of the pandemic. But 2016, 2012 – these were good periods for liquidity. And guess what? Crypto, technology, they all rose. Then you get into fall – fall is often when the real…

New documents reveal that financial services giant Morgan Stanley is holding hundreds of millions of dollars worth of spot market Bitcoin (BTC) exchange-traded funds (ETFs). According to data from market insights firm Fintel, the Wall Street giant recently disclosed its holdings to the regulatory agency, revealing that on May 15th, it purchased 4.27 million shares of the Grayscale Bitcoin Trust (GBTC) worth $269.8 million. “Morgan Stanley has disclosed 7,816 total holdings in their latest SEC (Securities and Exchange Commission) filings. Most recent portfolio value is calculated to be $1,246,178,634,816… Morgan Stanley’s new positions include Grayscale Bitcoin Trust.” Other industry titans…

The US Senate just passed a bill overturning SEC guidelines that disincentivize banks and large financial institutions from holding Bitcoin and crypto assets. The legislation, which succeeded in the House last week, has now passed the Senate in a 60-38 vote and is headed to President Biden’s desk. The bill reverses an SEC accounting rule that forces banks holding crypto on behalf of clients to label those assets as liabilities on the banks’ balance sheets. Pro-Bitcoin Senator Cynthia Lummis says the legislation’s passage signals the beginning of a new pro-political era for the industry. “The Senate passing a CRA overturning…

A closely followed crypto analyst predicts one Ethereum (ETH) competitor is about to have a massive breakout against Bitcoin (BTC). Pseudonymous trader Kaleo tells his 638,000 followers on the social media platform X that the smart contract platform Avalanche (AVAX) could soar against BTC by more than 84% from its current value. “AVAX/BTC: I might be crazy bros, but I still believe AVAX rips higher from here.” Looking at his chart, the analyst suggests that AVAX/BTC is printing a bullish flag pattern on the daily chart and could soon reach 0.000950 BTC ($62.13). AVAX/BTC is trading for .000515 BTC ($33.89)…

Coinbase has added a new Solana (SOL)-based decentralized exchange (DEX) altcoin to its listing roadmap. On Tuesday, the top US crypto exchange put Drift Protocol (DRIFT) on the path towards being tradeable on its platform in the future. Drift is an open-source DEX that enables transparent and non-custodial trading. Explains the project, “Drift was designed with a goal to be capital-efficient but also protective of your assets. We achieved that by setting up sophisticated cross-margined risk engine – a system of tools with an extensive protection from over-extending risk. For instance: In the lend/borrow markets, you can also use collateral…

Widely followed cryptocurrency analyst Benjamin Cowen is warning that the price of Ethereum (ETH) could depreciate drastically. Cowen tells his 801,000 YouTube subscribers that Ethereum has fallen below the Bull Market Support Band (BMSB), an indicator consisting of a 20-week simple moving average and a 20-week exponential moving average used to determine whether the price of an asset is in bullish or bearish territory. “The last time that Ethereum fell below its Bull Market Support Band was actually about 30 weeks ago. Or the last time it was below its 20-week simple moving average was about 30 weeks ago. So…

Galaxy Digital CEO Mike Novogratz is predicting that new “market events” will propel Bitcoin (BTC) and other crypto assets to the next leg up. In Galaxy Digital’s Q1 earnings call, the billionaire says that a break out for Bitcoin, Solana (SOL), Ethereum (ETH) and other digital assets could still be a few months away, following a period of sideways trading. He says Bitcoin could trade in a range of $55,000 and $75,000 until the upcoming US presidential election in November provides clarity on crypto regulations or the Federal Reserve cuts interest rates, which he believes could send crypto higher. “Listen,…

On-chain analyst Willy Woo is expressing bullish sentiment about Bitcoin (BTC) for the upcoming months. Woo tells his 1.1 million followers on the social media platform X that he expects Bitcoin to break out before October this year. According to Woo the ensuing Bitcoin rally in 2025 will be “one for the record books”. The on-chain analyst says that the rally will be driven by an increase in global liquidity, which typically favors risk assets. “Global liquidity forming a bullish ascending triangle.” An ascending triangle typically forms when an area of horizontal resistance is continually tested while higher lows are…

A crypto strategist thinks that an Ethereum (ETH) challenger is following in the footsteps of a red-hot memecoin that just hit a fresh record high. Pseudonymous analyst Credible tells his 393,500 followers on the social media platform X that the market structure of layer-1 protocol Near (NEAR) looks similar to Pepe’s (PEPE), a memecoin that printed a new all-time high in the last 24 hours. “Looks identical to PEPE and with my expectation of some relief across the board here I think dips are for buying, targeting the highs. I’m long as of last night.”  Looking at the trader’s chart,…