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Bitcoin Drops Below $100,000: The End Or Beginning Of The Crypto Bull Market?

Bitcoin, the titan of the cryptocurrency world with a market cap hovering around $1.9 trillion, has experienced a significant downturn, dipping below the psychological threshold of $100,000. This flash dump, occurring over just three days, has left many investors and analysts questioning whether this marks the end of the current bull market or signals a healthy correction within an ongoing bullish trend. Temporary Setback Or Trend Reversal? The price action has been particularly notable this week, with Bitcoin breaking through the $100,000 support level, which had held strong for eight consecutive days. Market analysts point to several factors contributing to this decline. One significant influence is the market makers’ strategy, which involved driving the price upward to encourage traders to open long positions at around $98,000, thereby increasing liquidity. Related Reading: Is This The Bottom? Experts Weigh In On Bitcoin 13% Dip And Potential Recovery After exhausting this liquidity, market makers strategically used Federal Reserve Chairman Jerome Powell’s speech as a catalyst to drive a downward price movement, effectively filling the price inefficiencies at $93,744 (50%) and $90,513 (100%). Analysts explained, “The Bitcoin drop was necessary as there were inefficiencies below the price that needed to be filled, which are $93,744 for 50% and $90,513 for 100%. The inefficiency rule states that traders must fill either 50% or 100% of the inefficiency.” They added that market makers “purposely took the price upward to induce traders to open long positions, thereby increasing the liquidity at $98,000. Exhausted market makers decided to wipe out the liquidity at $98,800 and used Powell’s speech as a catalyst to fuel the downward movement.” Experts now predict a bounce to $101,000 before either a pullback or a continuation of the trend, as the $93,788-$92,200 range currently acts as robust support. This zone has seen significant buy orders, aligning with the 50% inefficiency recently filled. A bounce from this level appears inevitable. BlackRock And Institutional Moves Signal Confidence In Bitcoin Amid the volatility, BlackRock, one of the world’s leading asset management firms, has made headlines for its substantial investments in Bitcoin. According to insights from Arkham Intelligence, BlackRock has not only net bought Bitcoin while other ETFs were selling but has also amassed a considerable amount, now holding 122.6K BTC. This makes BlackRock the 11th largest holder of Bitcoin, controlling roughly 0.6% of the circulating supply. Related Reading: Bitcoin Crashes: Here’s Where The Nearest On-Chain Support Is Their aggressive accumulation, including a recent $1.5 billion purchase, contrasts sharply with the broader market’s net selling of $785 million in BTC this week. BlackRock’s actions have sparked discussions on platforms like X, with many applauding or humorously noting their transition from traditional assets to digital currencies. Additionally, BlackRock’s involvement in the crypto market was underscored by their BUIDL Fund receiving $100 million USDC, signaling a strategic pivot towards digital assets. Such a heavyweight in finance could interpret this move as a vote of confidence in the long-term viability of cryptocurrencies, potentially influencing market sentiment and dynamics. Market Sentiment: Fear Or Opportunity? The market’s current sentiment, as measured by the Fear and Greed Index, remains in the ‘greed’ zone at 62, indicating minimal fear among investors. Instead, the dip below $100,000 is viewed by many as a buying opportunity, with expectations of an imminent recovery. Analysts predict a bounce back to around $101,000 before any significant pullback or continuation of the current trend, supported by robust buying at the $93,788-$92,200 range, which aligns with the recently filled 50% inefficiency level. Featured image from iStock, chart from Tradingview.com The Daily Hodl

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SUI Shows Strong Bullish Comeback: Breakout Above $4.98 In Sight

SUI has shown a remarkable bullish comeback, overcoming earlier setbacks with impressive strength. The cryptocurrency has steadily gained ground, attracting attention. As the price approaches the critical $4.98 resistance, the potential for a breakout looms. A successful move above this level could trigger a new phase of bullish momentum, setting the stage for the token to achieve new highs. Specifically, the $4.98 has been a key barrier in recent trading, and breaking through it would be a significant achievement for SUI. With strong market sentiment building, a breakthrough may inspire more buying pressure, pushing the price even higher. As the asset moves close to this crucial level, the possibility of new record highs becomes increasingly likely, making SUI one of the critical cryptocurrencies to watch in the coming days. SUI Bulls Take Charge Toward $4.98 Threshold SUI is currently demonstrating impressive bullish momentum as its price steadily climbs toward the critical $4.98 resistance level. This price action signals a strong comeback for the token, with bulls steadily regaining control after previous bearish pressure. The $4.98 threshold has emerged as a key point of interest since it represents a potential breakout zone that could drive the price higher toward new highs. Related Reading: SUI The Rising Star: Analyst Foresees Over $25 Breakthrough A successful breach above the $4.98 level would confirm the continuation of the positive trend and attract additional buying interest. This could lead to a shift in market sentiment, with buyers asserting dominance and possibly pushing the price toward the next resistance levels. A Break Above $4.98 Could Signal More Upside SUI’s price has successfully risen above the 100-day Simple Moving Average (SMA), a significant technical milestone that signals a shift in market sentiment. Significantly, this rise above the 100-day SMA indicates that the token may be entering a new bullish phase, as the price action is now trading above a key moving average that has historically acted as support or resistance. It reflects a growing market optimism and signs of stability, raising the potential for a continued upward trend. Also, the Relative Strength Index (RSI) confirms strong upbeat strength for SUI, rising above the 50% threshold to 59%. This suggests that buying pressure is outpacing selling, signaling a shift in the market and a reversal of the recent downtrend. With the RSI in a neutral-to-bullish zone, there is room for further upside if the momentum continues, supporting the case for continued price gains and a break above $4.98. Related Reading: SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend? In conclusion, if SUI’s price breaks above the $4.98 level, it could lead to the formation of new highs, implying a strong continuation of the uptrend. However, failure to breach this resistance may result in a consolidation phase or a pullback, suggesting that sellers could still have control over the market and limiting upside potential. Featured image from Shutterstock, chart from Tradingview.com The Daily Hodl