3 hours ago
A closely followed crypto analyst is turning bearish on Bitcoin, warning that BTC may plummet into the $90,000 range. In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that Bitcoin is bumping into resistance at the $106,061 level on the four-hour chart and is likely going to have a pullback. “Hopefully, you’ve avoided getting bullish at resistance. Still looking for $98,600, followed by $91,800, and still short BTC.” Source: Justin Bennett/X The analyst also warns that Bitcoin’s price action appears to be having a correlation with the performance of the S&P 500 and that the equities may correct after hitting a range high. “If BTC’s price action has you confused, check the S&P for clues. Sweep one side, then sweep the other, and range until proven otherwise.” Source: Justin Bennett/X Bennett also shares a chart showing how BTC and the S&P 500 appear to be moving in tandem. Source: Justin Bennett/X While Bennett is short-term bearish on BTC, pseudonymous trader Pentoshi tells his 850,000 followers on the social media platform X that he is bullish on Bitcoin as it continues to find support in the $100,000 range. “BTC [to] $120,000. Think it’s had every chance to sell off, and it hasn’t so higher first.” He also notes that investor demand for spot Bitcoin exchange-traded funds (ETFs) remains strong, suggesting bullish sentiment. “[On Thursday] the ETFs continued to buy, both BTC and ETH heavily. Eventually, sellers get absorbed, and people lose their coins. There are times when they are buying, and price isn’t going up, but eventually the demand overwhelms supply. Sure, demand will eventually dry up. But it hasn’t been the case yet. Price stops going up and people question everything. I’ll say it again, it’s not a straight line to the destination, but we will get there eventually.” Bitcoin is trading for $102,549 at time of writing, down 2.1% in the last 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Bitcoin Heading Lower Amid Massive Resistance at Critical Level, According to Trader – Here Are His Targets appeared first on The Daily Hodl .
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
SHIB Burns Skyrocket 2,085%, Price Reacts With Surprise Fall
One of key SHIB metrics has skyrocketed to four-digit value The Daily Hodl
Solana price could rise above $350 if the SEC approves ETF; DTX tops trending charts
Investors are hungry for more regarding the U.S. Securities and Exchange Commission’s (SEC) decision on a proposed Solana ETF (exchange-traded fund). After Bitcoin and Ethereum ETFs set a precedent, the market is now waiting for the approval of the Solana ETF as the next major digital asset to receive institutional backing. If the SEC regulators give a green light, the SOL price could ignite a powerful rally, pushing above the $350 resistance level. Moreover, DTX Exchange is emerging in the blockchain domain and rapidly gaining momentum, providing traders and investors access to the new age of the financial markets. Impact Of Solana ETF On SOL Price Solana (SOL) has been one of the best-performing cryptos of the last year. Solana continued that momentum in January when the SOL price reached an ATH of $294. However, Solana has since experienced a market correction, with the SOL price retracting to $239. However, the path to approval of the Solana ETFs is not without its hurdles. The latest reports show that the SEC will not accept the initial filings for Solana ETFs, citing minor issues. But the crypto industry is hopeful that the new administration and the shift in SEC leadership could lead to changes and a boost for the SOL price. Solana’s increasing adoption in decentralized finance (DeFi) and non-fungible token (NFT) markets means that institutional investors are considering SOL as a prime candidate for investment. With SOL dominating the DEX volumes for DeFi projects, many analysts are confident that the Solana ETF will get approved this year. Some speculate that the SOL price could test the $350 resistance level if the Solana ETFs do receive approval. DTX Exchange: A Rising Star in the Crypto Trading Space While the market mulls whether the SOL price will reach $350, DTX Exchange (DTX) continues to rise as the leader in the crypto trading field. DTX Exchange is unlike other trading platforms; it serves as a bridge between traditional finances (TradFi) and decentralized finance (DeFi). With such a cutting-edge approach, users are able to trade over 120,000 asset classes, ranging from stocks, ETFs, forex, and cryptocurrencies, within a single ecosystem. Already, the $13.3 million raised in early fundraising, DTX’s ICO has garnered interest from a number of investors betting that DTX Exchange will transform the trading landscape. While there are many speculative altcoins, the DTX token has a specific use case and provides traders the ability to conduct transactions involving various assets at low costs and high efficiency. Currently offered at $0.16, DTX tokens will get listed on CoinBase and Binance at a listing price of $0.20. Conclusion In the short term, whether the SEC approves a Solana ETF or not, the high pace with which institutional recognition is being granted to cryptocurrencies is evident. DTX Exchange is a prime beneficiary of the evolving financial space and will benefit from Solana’s price increase to $350. For investors looking to buy into newly emerging crypto, SOL and DTX should remain on the radar as the next crypto wave of adoption follows. Find out more information about DTX Exchange (DTX) by visiting the links below: Buy Presale Visit DTX Website Join The DTX Community Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here . The Daily Hodl
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