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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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  • NFT
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    CryptoPunks Dominate Top Weekly NFT Sales amid Overall Market Sales Volume Surges 34.19% to $133.66 Million

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    Volume Plunges While Transactions Soar

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

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    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

  • Gaming
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    OpenSea’s Rally Acquisition Signals a Shift—But Toward What?

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    A Step-by-Step Guide for Risk-Takers

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Volume Plunges While Transactions Soar

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

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    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

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    Boxed Memecoins as Collectible Toys

    Hype fades as NFT platforms lose users

    Hype fades as NFT platforms lose users

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    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

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    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

  • Gaming
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    OpenSea’s Rally Acquisition Signals a Shift—But Toward What?

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    CARV Joins Anomaly Games to Redefine AI-Led Gaming Interoperability

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    How Dolce & Gabbana Burned NFT Buyers and Evaded Blame

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    Elon Musk’s xAI Launches Waifu Companions for Grok

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

    A Step-by-Step Guide for Risk-Takers

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

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    How It Works and What to Watch Out For

    Crypto Risk Management Strategies for Trading (2025)

    Crypto Risk Management Strategies for Trading (2025)

    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What is Dollar-Cost Averaging (DCA) in Crypto? A Beginner’s Guide

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

    What Is Liquid Staking? How It Works & Why It Matters in Crypto

    A Full Comparison of Layer 2 Solutions

    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin – $75K or $55K? Here’s where BTC will go next

April 29, 2024
in Bitcoin
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Bitcoin – $75K or $55K? Here’s where BTC will go next
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  • Bitcoin formed a smaller range within the range.
  • Bullish conviction has weakened considerably, and selling pressure could soon dominate.

Bitcoin [BTC] continued to trade between $73k and $60.7k, forming a range.

In an earlier analysis, AMBCrypto had reported that bulls need to defend the $64.5k support zone to push above the $66k resistance.

This did not occur, instead, we saw a rejection at $67k and a move to $62.8k. This development came at a time when whale activity and ETF inflows were both slowing down.

Therefore, an argument for continued short-term consolidation was valid.

The larger-picture metrics that fueled BTC growth have declined

In a post on X (formerly Twitter), crypto analyst Whale Panda noted that Bitcoin ETF flows were negative for the third consecutive day on Friday the 26th of April.

Blackrock’s ETF IBIT saw a third day of zero inflows after receiving the largest inflows earlier this month.

Bitcoin ETF Table

Source: Farside Investors

A lack of demand is visible here. Only Grayscale Bitcoin ETF (GBTC) saw consistent outflows, but some others such as ARKB joined it on the 25th of April.

This was a reflection of the lack of bullish conviction after the halving.

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

BTC Whale Activity

Source: Ali_charts on X

Crypto analyst Ali Martinez brought another interesting factor into the conversation. The whale transaction count has been in decline since mid-March.

The price of Bitcoin also lost its higher timeframe bullish impetus during the past month.

See also  Bitcoin: Is a recovery in the works?

What do the futures markets reveal about Bitcoin market sentiment?

Bitcoin Spot Demand and OI

Source: Coinalyze

The Open Interest in Bitcoin has been waning since the 10th of April. This came alongside the price drop below $70k that took BTC to $60k and highlighted bearish sentiment. Speculators were unwilling to go long.

The Funding Rate, which had been very positive in March, was only just over zero in April, once again showing the speculator hesitancy.

The spot CVD climbed higher from 20th March to the 10th of April. This meant buyers were present in the spot market back then, giving price a reason to try to push above $70k.

In the past three weeks, it has been on a relentless downtrend. Therefore, it was likely that we would see BTC trend downward, or stay within a range.

BTC 6-hour Chart

Source: BTC/USDT on TradingView

A short-term range between $66.9k and $59.7k (purple) was spotted. This was at the lower end of the $60k-$73k range that BTC was already trading within.


Is your portfolio green? Check out the BTC Profit Calculator


The mid-range mark at $63.3k was breached over the weekend, and we could see another drop to $60k later this week.

The RSI on the 6-hour chart was below neutral 50 and signaled bearish momentum. Combined with the lack of demand, it appeared likely that another downturn would soon be on us.

Next: Solana-based tokens JUP and JTO hit key milestones: What about SOL?

Tags: 55k75KBitcoinBTCHeres

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