Bitcoin could see lower levels before returning to a strong uptrend that leads to whales transferring tens of billions of SHIB to exchanges. Here are some outstanding news in the crypto market.
Bitcoin News
A closely followed on-chain analyst thinks that a deeper price drop could eventually become the spark that drives Bitcoin (BTC) to new highs.
In interview Recently on the “What Bitcoin Did” podcast, analyst known as Checkmate said on-chain data shows that BTC has seen a sharp decrease in sell-side pressure since April.
But Checkmate believes that Bitcoin is still having difficulty maintaining an uptrend due to the lack of new demand.
“What we saw during the peak of the ETF, about 30% of it was GBTC but not all of it. We saw a lot of people selling at the top. But at the same time, their spending has really leveled off… Theoretically, BTC could increase in price much easier because there is less selling pressure. But the reality is that the market is still facing many difficulties due to the lack of a new wave of demand.”
Checkmate predicts that Bitcoin will see lower levels to attract investor interest before it can gain momentum to launch the next leg of the bull market.
“Markets often need catalysts… and the top catalyst is lower prices. Bitcoin will likely continue to go down until buyers flood the market, like in March 2020.”
Ethereum News
According to data shared by Coinbase Director – Conor, Ethereum is having the lowest average network fees since 2016.
Of the 10 periods with the lowest average hourly fees on the Ethereum network, nine were recorded this week, all below 3.3 gwei.
At 11:00 on June 30, the average hourly fee on the Ethereum network was only 2.94 gwei, the second lowest in history.
In addition, the Arkham team said they have study wallet address of Ethereum co-founder Vitalik Buterin, whose total ETH holdings currently exceed $800 million, largely coming from the ETH allocation he received during the launch of Ethereum, with approximately 246,730 ETH. He also invested in many projects such as StarkNet.
ETH Price Analysis
Ethereum (ETH) is currently facing a key test as it reaches the key support level of $3,360, a key marker in recent trading sessions. Market participants are watching closely to see if ETH can maintain its position.
The $3,360 level represents a key battleground between bulls and bears. Its outcome could set the tone for Ethereum’s short-term price trajectory. In this article, we will explore the potential price implications of ETH in the event of a rejection or a breach, using technical indicators.
It can be observed on the 4-hour chart that ETH price has dropped to $3,360 and is trading below the 100-day simple moving average (SMA). Currently, the price is moving in the direction of consolidation, slightly above this level.
Source: Tradingview
Additionally, the 4-hour relative strength index (RSI) indicates that ETH price could breach below this support and resume the downtrend as the RSI line drops below 50% and could fall into oversold territory.
Looking at the 1-day chart, we can see that ETH is on the verge of falling below the 100-day SMA. Although the overall trend remains bullish, based on the current price action, it could fall further in the near term.
Source: Tradingview
Finally, the 1-day RSI signals an upcoming downtrend as the signal line has dropped below the 50% threshold and is heading towards the oversold zone. From price analysis and the formation of technical indicators, it can be seen that ETH will continue to fall below the $3,360 support level.
If this turns out to be true, ETH could retest the $3,051 support and even $2,865 if bears take complete control of the market.
However, if ETH is rejected at the $3,360 support, it will start to rise towards the $3,659 resistance. If successful above this level, ETH could move further to test resistance at $3,975 and possibly other higher highs.
Source: Tradingview
Shiba Inu News
According to data shared by blockchain tracker Etherscan, in the past few hours, anonymous whales have transferred tens of billions of SHIB to major US-based cryptocurrency exchanges such as Coinbase and Kraken .
This mysterious SHIB holder transferred 17,314,576,827 SHIB to a wallet marked Coinbase 10 and 24,011,203,422 SHIB to Kraken. The equivalent fiat value of these transactions is $296,079 and $410,591.
These transfers occurred while the second-largest memecoin saw a 3% drop to a price of $0.00001711. As SHIB continued to trade sideways this week, attempting to recover to $0.00002, whales sold their Shiba Inu holdings to prevent further losses.
Dogecoin News
Dogecoin and Shiba Inu have reportedly maintained unimpressive price action, partly due to Bitcoin.
Data from market intelligence platform IntoTheBlock shows that the price correlation of Dogecoin and Shiba Inu with the leading cryptocurrency is almost ‘1’, which “implies an extremely strong positive correlation” between their prices and the price of Bitcoin.
As such, Dogecoin and Shiba Inu have mirrored Bitcoin’s recent lackluster price action. Furthermore, on-chain metrics also point to a bearish outlook for Dogecoin and Shiba Inu, another reason why the top memecoins have maintained subdued price action.
Data from IntoTheBlock shows Dogecoin’s network growth rate is currently on the decline, suggesting that this memecoin is not seeing a wave of new users pouring into the ecosystem. During this period, Dogecoin whales remained quiet, with the number of major transactions staying low, suggesting that investor confidence in the project may not be too great.
The Shiba Inu suffered a similar fate, as its on-chain metrics flashed bearish signals. Data from IntoTheBlock shows that the ‘Concentration’ index is currently falling, meaning that SHIB whales and investors are selling off their tokens rather than accumulating more.
StarkNet News
Recently, data from The Data Nerd shows that a multi-sig address starting with 0x750 transferred 2.5 million STRK tokens (equivalent to about $1.74 million) to Binance, market maker Flow Traders, and new wallet addresses.
Not long ago, this wallet received 5 million STRK from Starknet and transferred 750,000 STRK to Wintermute shortly after.
It is unclear exactly which party this wallet belongs to, but according to many speculations, the multi-sig wallet may be owned by the Starknet team.
Source: The Data Nerd
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Viet Cuong
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