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Watch these Bitcoin price levels as BTC meets ‘decision point’
Key takeaways:
· Bitcoin failed to break the $98,000 resistance amid increased profit-taking.
· BTC price needs to close above $95,000 on the daily chart for a push to $100,000.
Bitcoin’s BTCUSD price failed to break above resistance at $98,000 on May 3. Since April 22, BTC prices have formed daily candle highs between $93,000 and $97,900, but they could not close above $97,440.
Realized profits above “statistical levels”
Senior researcher at Glassnode, CryptoVizArt.₿, said that Bitcoin’s rally to the $93,000-96,000 range has “pushed the profit-taking volume above the statistical levels.”
In other words, the Realized Profit/Loss ratio shows that the volume of Bitcoin being sold at a profit exceeds historical norms. This suggests heightened selling activity by investors locking in gains, often signaling potential market tops and increased sell-side pressure.
The chart below indicates that “for every dollar realized in loss, more than 9 dollars was realized in profit!”
XRPUSD – Daily
For all those that find Bitcoin as too far away from their reality and are not prone to trade on leverage, here comes something affordable – XRP
XRP has two important Support levels :
1.83500 & 1.64550
Two resistances are now preventing XRP to move higher:
2.22750 & 2.36250
If successful in overcoming these two, road is open for levels around 3.00
An Interesting Insight into Crypto World
Bitcoin mining — Institutions boost investments amid favorable US climate
The Bitcoin mining industry has never been more attractive to institutional investors. Fintech giants are investing in Bitcoin mining rather than just accumulating the asset, all thanks to the favorable regulatory environment in the US and the profitability margin of BTC.
Is Bitcoin mining profitable?
Bitcoin mining is still profitable. CoinShares, a digital asset investment firm, shared that the average cost to mine 1 BTC for US-listed miners reached $55,950 in Q3 2024. Two other popular models — one from MacroMicro and another dubbed the Glassnode Difficulty Regression Model — give different estimates.
On the very same day of Feb. 20, MacroMicro data shows that the average cost to produce 1 BTC hovers above $92,000; Glassnode’s Difficulty Regression Model estimates the cost to mine a single BTC at approximately $34,400, all while the cryptocurrency’s price hit $98,300 on that day.
On a global scale, mining costs differ based on the region. For example, the electricity cost to produce 1 BTC in Ireland is roughly $321,000, but it costs just over $1,300 to mine 1 BTC in Iran. Electricity is only part of the equation — hardware, labor and maintenance costs also play a crucial role.
So it seems that “Production” costs for Bitcoin are still profitable on Global level, but for most developed countries it is already out of reach.
As long as there will be regions where Bitcoin can be profitably produced ( mined ) , it is business as usual, but as costs are growing all over the world, we might come to the point where mining of Bitcoin won’t be acceptable.
And what then – well, then Bitcoin will really Spike Up to levels that are not present even in our wildest dreams…
Here’s what happened in crypto today
Today in crypto, Arizona Governor Katie Hobbs has vetoed a bill that would have allowed the state to hold Bitcoin as part of its official reserves, Apple has eased crypto application rules following a court order, and the US Central Intelligence Agency (CIA) is treating Bitcoin as a national security issue.
Arizona governor vetoes bill to make Bitcoin part of state reserves
The Digital Assets Strategic Reserve bill, which would have permitted Arizona to invest seized funds into Bitcoin (BTC) and create a reserve managed by state officials, was formally struck down on Friday, according to an update on the Arizona State Legislature’s website.
Apple softens crypto app rules, “hugely bullish” for crypto industry
Crypto app developers are now free to direct users to payments outside of Apple’s ecosystem without restrictions or hefty fees, after a United States district judge ruled that Apple violated an injunction in its antitrust legal battle against Epic Games.
Bitcoin is a matter of national security — Deputy CIA director
The US Central Intelligence Agency is increasingly incorporating Bitcoin (BTC) as a tool in its operations, and working with the cryptocurrency is a matter of national security, Michael Ellis, the agency’s deputy director said.
BTCUSD – Bitcoin 4h
Bitocin is on the back foot from late last night.
Resistances: 96.450, 96.995 & 97.550
Supports: 95.925, 95.550 & 95.250
Pressure currently Down, but if / when BTC takes out 96.995 we’ll be going for a new high.
BTC needs to survive today above 95.550 ( to close the day above it) to be able to continue Upwards next day.
Cantor Equity Partner Inc. – CEP
Cantor Equity shares rally as retail investors cheer crypto venture
Crypto meets Investment Banking
Shares of blank-check firm Cantor Equity Partners CEP soared 42% on Friday, extending a scorching rally from the previous session as retail investors flocked to the stock.Over 2,200 users on Stocktwits, a social media platform for retail investors, added the stock to their watchlist after the company announced a $3.6 billion crypto venture on Wednesday.
The venture, Twenty One Capital, aims to be a publicly traded bitcoin-holding company that lets investors gain exposure to the cryptocurrency without directly owning it.
“Strategy became a proxy bitcoin play, and many traders are on the lookout for the next one,” said Brett Reeves, head of Go Network and European Sales at crypto infrastructure firm BitGo.
“The significant investment from SoftBank and Tether adds to the credibility and potential appeal for investors.”
Twenty One will be launched in partnership with stablecoin issuer Tether, Japan’s SoftBank and crypto exchange Bitfinex.
Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%
· Bitcoin holds $95,000 as Fed rate cut odds rise to 60% for June 18 and the US economy slumps.
· Breaking $95,000 could push BTC’s price toward $100,000, while dropping below $93,000 may bring the $84,000 back into the picture.
· Key Bitcoin levels to watch remain around the long-term holders’ cost basis.
Bitcoin BTCUSD is once again attempting to break above $95,000 on May 1 as markets price in the possibility of the US Federal Reserve cutting rates sooner than expected.
A contracting economy will likely prompt the Fed to lower rates to stimulate activity sooner rather than later. This reduces yields on traditional assets like bonds, pushing investors toward Bitcoin and risk-on assets.
The odds of a Fed interest rate cut at the June 18 Federal Open Market Committee meeting have increased over the last week, from 57% on April 30 to 60% on May 1.
BTCUSD Daily
Bitcoin sniffing the resistance at 95K
It is important for coin’s health to take it out and advance beyond 95K on midterm.
Pattern is Bullish, and there is a good chance for it to come through.
If bitcoin closes the day like it looks now, probability is high it will test higher tomorrow – but watch 95K….if it holds its ground this might turn into an Irish story – sad and miserable….
Nasdaq composite poised to be chipped at the open
Key points:
· US equity index futures red: Nasdaq 100 down >1.5%
· Mar retail sales MM, Ex-Autos MM > ests; Mortgage index < prior
· Euro STOXX 600 index off ~0.5%
· Dollar down; bitcoin slips; crude up ~1.5%; gold up ~2.5%
· US 10-Year Treasury yield edges up to ~4.34%
NASDAQ COMPOSITE POISED TO BE CHIPPED AT THE OPEN
Ahead of Wednesday’s open, e-mini Nasdaq 100 futures NQ1! are trading down more than 1.5%.
This, with chip darling Nvidia NVDA slumping after the company flagged steep charges from new U.S. curbs on chip exports to China, fuelling worries about the fallout of an escalating trade war.
Technicals NASDAQ
BTCUSD – Bitcoin Weekly
Obvious down trend.
Resistances: 82 K, 87 K & 91 K
Supports: 74 K, 66.500 & 62.500
We can expect a good interest to emerge around 65K already.
On the long run, no one expected to be able to buy it once it went above 70K, but here comes another chance.
It still might dive some more, but I wouldn’t be comfortable buying it if it goes below 62.250 – and I am talking cash here…not margin and leverage.
BTCUSD – Bitcoin Daily
Supports: 83.850, 82.650 & 81.500
Resistances: 85.500, 87.500 & 88.850
Bitcoin is kind of struggling, trying to turn the direction Up again.
For any real move Up we have first to see it above 91K, and that would be just a first step.
For tomorrow, I expect it to make another push Up to challenge resistance at 87.500
GME – GameStop Corp.
GameStop Just Went Full Crypto–And Wall Street Is Panicking
GameStop GME just dropped a bombshell and investors are reeling. The company announced it’s ditching more of its retail footprint and diving headfirst into Bitcoin (BTC-USD), raising $1.3 billion via zero-coupon convertible bonds to buy the cryptocurrency as a treasury reserve asset. Shares initially surged 14% on the buzz, but that excitement didn’t last long. Within 24 hours, the stock nosedived nearly 25% at 2.07pm, giving back all its gains and then some. While retail traders lit up the meme-stock boards, analysts were quick to question whether this pivot is a bold reinvention or a desperate roll of the dice.
Let’s not sugar-coat it: GameStop’s core business is bleeding. Sales fell 28% year-over-year, and it’s closed a quarter of its stores in the past year. Management says the Bitcoin move is about optimizing returns and staying liquid, but the timing raised eyebrows. Crypto markets have already surged 27% since November so why now? Strategy MSTR pulled off a similar playbook in 2020 and saw its stock skyrocket, but it’s sitting on a massive Bitcoin stash and trades at a tighter premium. GameStop? Not quite the same setup, and investors know it.
Where is Roaring Kitty now…meow meow 😀
