Bitcoin sellers aim to keep BTC below $60.000 amid rising price momentum
Bitcoin (BTC) price momentum is building, but sellers are attempting to keep the market from reclaiming lost ground by concentrating liquidity around the $60,000 mark.
BTC Closes in on $60,000
On July 10, Bitcoin approached the $60,000 threshold as bulls fought to maintain key trendline support. Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached highs of $59,459 on Bitstamp. The Asia trading session saw BTC/USD increase by 1.5%, bouncing from classic “oversold” conditions, as evidenced by the relative strength index (RSI) reaching its lowest levels in ten months.
RSI Rebound and Market Sentiment
Popular trader Daan Crypto Trades noted a bullish divergence on the daily RSI, suggesting a potential high timeframe breakout. Analyst Rekt Capital confirmed that the RSI divergence was unfolding. Daan Crypto Trades highlighted $59,000 as a crucial price level to reclaim, while other traders focused on $58,400 as a critical resistance point near $60,000.
Trader Justin Bennett predicted that reclaiming $58,400 could lead to a retest of $60,000 to $60,700, with outcomes between $60,000 and $58,400 determining Bitcoin’s next move to either $67,000 or $48,000.
Bennett emphasized that upcoming U.S. macroeconomic data, including the Consumer Price Index (CPI) and Producer Price Index (PPI), would be pivotal for Bitcoin’s market performance.
Resistance and Liquidity Dynamics
According to CoinGlass, liquidity at the key $60,000 level remained thin but was building up. This situation marked a significant breakout attempt, with Bitcoin challenging a 1.5-month downtrend. BTC price activity was caught between the 99-day and 200-day moving averages (MAs), with BTC/USD now sandwiched between these averages.
Conclusion
Bitcoin’s price is experiencing upward momentum, but sellers are making efforts to cap it below $60,000. Key indicators like RSI and critical price levels around $59,000 and $58,400 are being closely watched by traders. The upcoming U.S. macroeconomic data will play a crucial role in determining Bitcoin’s short-term price direction.
Meanwhile, Bitcoin battles for control of its moving averages, with liquidity dynamics adding to the complexity of the market’s outlook.
Source: Cointelegraph
Ethereum struggles to keep up with bitcoin: key factors behind 2024 underperformance
Ethereum (ETH) has been underperforming against Bitcoin (BTC) in 2024 due to several factors that are influencing its market dynamics and investor sentiment.
1. Decreasing On-Chain Activity
One significant reason for Ethereum’s underperformance is the decline in its on-chain activity. Data shows that the total value locked (TVL) in Ethereum decentralized applications (DApps) has dropped significantly. For instance, top Ethereum DApps saw a 26.51% drop in transaction volume over the past 30 days, with daily active addresses also declining. This reduction in activity points to lower demand for ETH, affecting its price negatively.
2. Bitcoin’s Market Dominance and Anticipation of Bitcoin Halving
Bitcoin’s market dominance has been increasing, reaching 54%, its highest in the last 30 months. This dominance indicates that investors are more bullish on BTC, partly due to the upcoming Bitcoin halving event scheduled for April 2024. Historically, Bitcoin halving events have led to bull runs in the crypto market. Additionally, the excitement around a potential spot BTC ETF has further boosted Bitcoin’s appeal over Ethereum.
3. Regulatory and Market Sentiment Challenges
Ethereum has faced several regulatory challenges that have hampered its growth. For example, PayPal’s U.S. dollar-pegged stablecoin, PYUSD, which operates on the Ethereum network, is under scrutiny from the U.S. Securities and Exchange Commission. Moreover, the Ethereum ecosystem has faced criticism regarding the decentralization of its financial applications, which has affected investor confidence.
High Gas Fees: Ethereum’s network has struggled with high transaction fees, which have made it less attractive compared to other networks like Solana and Binance Smart Chain, which offer cheaper alternatives.
ETF Approval Delays: The likelihood of a spot Ether ETF being approved in the near term appears slim. Regulatory hesitations and lack of communication from the U.S. SEC have dampened expectations, contributing to Ethereum’s underperformance.
The combination of declining on-chain activity, increasing Bitcoin dominance, regulatory pressures, and high transaction fees has created a challenging environment for Ethereum.
As a result, ETH has struggled to maintain its value relative to BTC, leading to its current underperformance in the market. Investors and stakeholders will need to closely monitor these factors to anticipate future movements in Ethereum’s price and overall market position.
Source: Cointelegraph
Microsoft and Apple Withdraw from OpenAI Board
Recent events have led to significant changes within OpenAI’s board and its relationship with major tech companies, Microsoft and Apple.
On November 17, 2023, OpenAI’s board abruptly dismissed CEO Sam Altman, citing issues with his transparency towards the board. This decision caused substantial internal turmoil, leading to the resignation of several senior executives, including Greg Brockman, President of OpenAI.
The dismissal sparked backlash from OpenAI employees, with 505 out of 700 signing a letter demanding the board’s resignation and Altman’s reinstatement. This internal pressure, combined with external lobbying, notably from Microsoft CEO Satya Nadella, led to Altman’s reinstatement on November 22, 2023.
During Altman’s brief ousting, Microsoft announced it had hired him and Brockman to lead a new advanced AI research team. However, following the reversal of Altman’s firing, Microsoft negotiated a non-voting observer role on OpenAI’s new board, indicating its continued strategic interest and significant investment in OpenAI, totaling $13 billion since 2019.
The new board now includes Bret Taylor (former Salesforce CEO) as Chair, Larry Summers (former U.S. Treasury Secretary), and Adam D’Angelo (CEO of Quora). This reshuffle aims to stabilize OpenAI and enhance its governance following the recent upheavals.
Altman has expressed his commitment to advancing OpenAI’s mission, focusing on improving its research plan, enhancing product offerings, and better serving customers. The new governance structure is intended to provide stability and support for these goals, with Microsoft playing a key advisory role.
These developments highlight the volatility and high stakes in the AI industry. OpenAI’s leadership saga underscores the critical balance between innovation, governance, and stakeholder management. The involvement of tech giants like Microsoft indicates the strategic importance of AI capabilities and the competitive dynamics driving the sector.
The recent changes at OpenAI are expected to steer the company towards a more stable and strategically aligned future, with significant backing from its key partners and a renewed focus on its mission to advance artificial intelligence.
Source: Cointelegraph