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TRB is currently facing a horizontal resistance zone, indicating a crucial decision point for its price movement. Both the 50MA and the 100MA are showing bullish momentum, suggesting an overall positive sentiment and potential for upward movement.
A breakout from this supply zone would likely confirm a bullish trend, propelling the price higher as new buying interest is triggered.
However, traders should remain cautious as there is also the possibility of a reversal, where the price could drop from this level if it fails to break through the resistance, potentially leading to a bearish scenario.
Hence, monitoring these levels closely is essential for making informed trading decisions.
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Bitcoin bottomed at $56K? BTC price chart hints at breakout within days
#BTC Inverse head and shoulders pattern spotted on the $BTC chart. Not the most beautiful iH&S I've ever seen, but I'll take it. Different ways to draw the neckline too, but this way makes the most sense to me. Break the neckline for further price recovery!”
Quinten Francois Bitcoin has nearly reset some key technical indicators, including the moving average convergence/divergence (MACD), an indicator used to gauge changes in the strength and direction of an asset. This could mean more upward
Bitcoin bottomed at $56K? BTC price chart hints at breakout within days
#BTC dding to the bullish technical formation, Bitcoin's distribution 'danger zone' has officially ended, according to popular analyst Rekt Capital.
A popular Bitcoin chart formation suggests that Bitcoin's BTC
tickers down $61,740
price could break out from its current range. However, this week's macroeconomic news could also significantly impact the price. Can Bitcoin break out to the upside?
Is a Bitcoin breakout imminent? On the four-hour chart, Bitcoin price printed an inverse head a
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Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a 'Slow Grind Higher,' Arthur Hayes Says
Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.
Bitcoin jumped nearly 5% following soft U.S. jobs data.
The dovish Fed meeting results mean the U.S. dollar's surge likely topped, helping cryptocurrencies, Coinbase analysts said
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Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a 'Slow Grind Higher,' Arthur Hayes Says
Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.
By Krisztian Sandor
May 3, 2024 at 10:55 p.m.
Updated May 3, 2024 at 10:57 p.m.
Bitcoin price on May 3 (CoinDesk)

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Bitcoin jumped nearly 5% following soft U.S. jobs data.
The dovish Fed meeting results mean the U.S. dollar's surge likely topped, helping cryptocurrencies, Coinbase analysts said.
Hong Kong Lists Spot-Crypto ETFs
Cryptocurrencies bounced on Friday led by bitcoin's (BTC) gain, sparking hopes that the worst of the drawdown might be over.
BTC surged almost 5% to briefly above $62,000 during U.S. morning hours following a cooler-than-expected U.S. April jobs report that eased concerns about higher interest rates. At press time bitcoin was changing hands at $61,600, up 4.4% and outperforming the broad-market CoinDesk 20 Index's (CD20) 3% advance over the past 24 hours
Ether (ETH) reclaimed the $3,000 level and was up 3% during the same period, while altcoin majors dogecoin (DOGE), shiba inu (SHIB) and Near Protocol's NEAR jumped 5%-10%.
Analyst Says Bottom Is In for Altcoin Markets, Predicts Crypto Rally Following Weak Economic Data
Popular analyst Michaël van de Poppe believes that crypto is gearing up for a marketwide rally amid signs of slowing economic activity.
Van de Poppe tells his 716,300 followers on the social media platform X he’s bullish on crypto after the US labor market missed estimates in April
With unemployment rising to 3.9% and average hourly earnings growing less than expected, the analyst believes that the Fed will be forced to turn on the money printers to support the job market.
“Terrible economic data -> DXY (US dollar index) down, additionally the case for QE (quantitative easing) and rate cuts will increase and therefore risk-on assets rally.
Bitcoin back [above] $61,600.
FOMC (Federal Open Market Committee) was the low for the markets and the altcoin bull market has started.”
Looking at the market capitalization of all altcoins, the trader predicts that the alt market will witness a consolidation period before rallying to fresh all-time highs.
“The total altcoin market capitalization generally has seen the bottom of this correction. I think $880-$920 billion is the area where it’s going to stabilize, before a run towards the all-time high is on the horizon.”
The analyst also says that the return of retail traders is now in sight. He believes they will enter the crypto markets once altcoins print sizeable gains.
“Retail isn’t even in the markets, while Bitcoin is around the all-time highs.
When will they come back?
It will probably be after this summer when altcoins start to lift off.
They hold altcoins, so when they start to turn, they jump back in.
This means you’re still early.”
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Bitcoin and Other Cryptos Set To Begin ‘Slow Grind Higher,’ Says Arthur Hayes – Here Are His Top Altcoin Picks
BitMEX co-founder Arthur Hayes is saying that crypto assets are likely to benefit from the US monetary policy going forward.
In a new essay, Hayes says that the U.S. Treasury and the Federal Reserve are engaging in “stealth money printing policies.”
According to the BitMEX co-founder, the “slow addition of billions of dollars of liquidity each month will dampen negative price movement” for crypto assets.
“While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.”
Hayes says that the recent fall in the prices of crypto assets has offered an excellent opportunity to accumulate.
“I’m buying Solana and doggie coins (memecoins) for momentum trading positions. For longer-term sh*tcoin positions, I’m upping my allocations in Pendle and will identify other tokens that are ‘on sale.’
I will use the rest of May to increase my exposure. And then it’s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.”
The BitMEX founder is an advisor and investor in Pendle (PENDLE), a decentralized finance crypto project that lets users tokenize and sell future yields.
On his Bitcoin (BTC) forecast between now and August, Hayes says,
“A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.”
Bitcoin is trading at $62,726 at time of writing.
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Related: Hong Kong Bitcoin ETFs not enough to absorb US ETF selling pressure
Mr. 100 confirmed as Upbit cold wallet: Crystal Intelligence
Cointelegraph previously confirmed that the “Mr. 100” address belongs to the Upbit exchange, according to wallet forensics analysis from Crystal Intelligence.
The blockchain intelligence firm told Cointelegraph:
“We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service. Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”
All the 14 secondary wallet addresses associated with the main wallet of Mr. 100 have passed Know Your Customer verification on Upbit exchange, wrote pseudonymous on-chain sleuth Mai in a March 15 X response:
“Mr.100 uses a small wallet address to buy $BTC . I find it very similar to what Upbit usually does with altcoins (ETH network). If we follow Upbit’s cash flow, we will see the coincidence.”
The analyst doesn’t expect much more downside action for Bitcoin, based on historical chart patterns.
While going lower seems unlikely, BTC price could consolidate for the next two months due to the challenging macroeconomic environment, according to Jag Kooner, head of derivatives at Bitfinex. He told Cointelegraph:
“We could see a one-to-two-month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side. We expect the positive impact of the halving, which has brought about a reduction in Bitcoin supply, will be seen in later months. At this point, the economy is also expected to be performing better, having achieved a soft landing and avoiding a recession, providing further impetus to crypto assets.”
On the weekly chart, the $52,000 mark acts as the “most important level” to watch, as it’s a high timeframe support-resistance level.
A weekly close above the $52,000 mark would suggest more upside is likely, according to an X post by crypto trader Marco Johanning.
Mr. 100 wallet holdings and P&L. Source: CoinStats
Related: Crypto on track to hit 1B users by end of 2025 — Analyst
Bitcoin price bottom may be in
Bitcoin’s current correction is the longest and deepest retracement of the current cycle, according to popular Bitcoin analyst Rekt Capital, who said in a May 2 video analysis:
“Whenever we’d get close to a 20% downside, that was typically a fantastic buying opportunity before price reversals towards the upside. So if we’re deeper than 20%, it is an even better opportunity than we had this cycle, because the deeper we go the closer we get to a bottoming in Bitcoin’s price action.”
#BTC #news Mr. 100 transactions. Source: Bitinfochart
This represents the wallet’s first Bitcoin purchases since April 19, the day before the 2024 Bitcoin halving.
The given whale address has been continually receiving BTC since November 2022, when the FTX exchange collapsed. The wallet has been adding at least 100 BTC nearly every day since Feb. 14, except for the post-halving period.
Mr. 100 is currently the 12th-largest Bitcoin holder, with over 65,155 BTC, according to Bitinfocharts data.
The address is sitting on $1.4 billion in unrealized profit, up around 33% on its all-time Bitcoin holdings, with an average buying price of $36,572 per BTC. The wallet is currently worth over $3.86 billion.
Mr. 100’ buys the Bitcoin dip for the first time since halving — Is the BTC bottom in?
Mr. 100, an entity previously identified as Upbit, has bought over $147 million worth of Bitcoin for the first time since the halving, suggesting an end to the current retracement.
The Bitcoin whale entity nicknamed “Mr. 100” has bought the Bitcoin
BTC$63,266 dip for the first time since the Bitcoin halving. Meanwhile, multiple market analysts suggest that the local Bitcoin bottom may be in as the price bounces from $56,000 lows.
4,100 BTC added for the first time since Bitcoin halving
The Mr. 100 whale wallet has added over 4,100 BTC worth over $242 million, around the $58,000 mark, according to on-chain data from Bitinfocharts, as noticed by X user HODL15Capital.