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- Bitcoin: Potential 10% Drop!!
Bitcoin: Potential 10% Drop!!
Bitcoin is holding steady at $67,000 with a 10% gain month-to-date, but traders warn of a possible 10% price drop ahead.
Joe G & Money Talks
May 19, 2024 • Estimated Reading Time: 8 minutes
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What we will talk about today...
Bitcoin Holds $67K, But Analysis Warns of Potential 10% Drop
Blackrock Bitcoin ETF Attracts 414 Institutional Holders, Sets New Record
Bitcoin Holder Accidentally Sends 90% of BTC to Satoshi Nakamoto
Bitcoin is holding steady at $67,000 with a 10% gain month-to-date, but traders warn of a possible 10% price drop ahead.
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Main Points:
Current Price: Bitcoin is trading at $67,000 with 10% monthly gains.
BTC/USD 4-hour chart. Source: TradingView
Resistance Levels: Major resistance at $72,000; liquidity concentrated around $66,500 and $67,800.
Support Levels: Key support at the 100-day moving average; potential dip to $60,000.
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades
Detailed Insights:
Resistance Analysis: Trader Daan Crypto Trades identifies resistance at $72,000 and intermediate levels at $68,000.
Support Indicators: Bitcoin's 100-day moving average is a critical support level for gauging momentum.
BTC/USD chart with 100MA. Source: Daan Crypto Trades
Bullish Outlook: Rekt Capital sees potential for a continued upward trend with just 1% more upside needed for a bull market continuation.
BTC/USD 1-day chart. Source: Rekt Capital
Conservative View: Credible Crypto predicts a minimum drop to $59-60K, with altcoins potentially suffering more acute losses.
BTC/USD chart. Source: Credible Crypto
Blackrock Bitcoin ETF Attracts 414 Institutional Holders, Sets New Record
Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), has attracted 414 institutional holders in less than three months, a milestone described as "mind-boggling" by a Bloomberg analyst.
Source: Eric Balchunas
Main Points:
Institutional Interest: Blackrock’s IBIT secures 414 institutional holders in under three months.
Record-Breaking: This achievement is unprecedented for new ETFs.
Comparison: Other bitcoin ETFs like Bitwise, Fidelity, and ARK have significantly fewer holders.
Detailed Insights:
Top Holders: Millennium Management leads with 20.8M shares ($844M); Schonfeld Strategic Advisors follows with 6.1M shares ($248M).
Market Impact: IBIT’s bitcoin holdings are 276,190 BTC, valued at over $18 billion.
Inflows: IBIT saw $131.8M in inflows, outpacing competitors.
CEO’s View: Blackrock CEO Larry Fink is bullish on Bitcoin’s long-term viability, calling IBIT the fastest-growing ETF in history.
₿itcoin reached $67,746. +0.17%
♢Ethereum reached $3,095. -1.13%
In a shocking mistake, a Bitcoin holder sent 90% of their BTC to an address linked to Bitcoin's creator, Satoshi Nakamoto.
Someone accidentally sent 90% of their BTC holdings to Satoshi Nakamoto last night.
They were attempting to sacrifice an ordinal for @PupsToken, but accidentally sent almost their entire wallet balance as well - around $7K in BTC.
Stay safe.
Track Satoshi on Arkham:… x.com/i/web/status/1…
— Arkham (@ArkhamIntel)
9:25 AM • May 18, 2024