Cryptocurrency Market Analysis Amidst Iran-Israel Geopolitical Tensions: Bitcoins and Beyond
Summary:
The article discusses the fluctuations in cryptocurrency due to geopolitical tensions between Iran and Israel. Bitcoin dips below $60,000 were actively purchased, suggesting attempts to establish this level as solid support. Numerous other cryptocurrencies like Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu were also analyzed, shedding light on their current market stand. However, readers are reminded that every trading or investment action comes with its own set of risks and independent research is advised.
Tensions on the geopolitical scene between Iran and Israel led to unstable sag and swell in Bitcoin (BTC) value on April 19. Despite a brief drop under $60,000, the bears were unsuccessful in driving the price further down. This seems to point towards the bulls’ efforts to turn the $60,000 mark into a solid support. CryptoQuant’s principal investigator, Julio Moreno, indicated via an online post that sales pressure may be easing off, as traders registered negligible profit margins around the $60,000 level. He further noted that the “Trader’s realized price” typically serves as a solid support during bullish market phases.
Crypto market data shows a 24-hour activity span between April 16 and April 17, during which Bitcoin holders transferred over 27,700 Bitcoin to accumulation addresses, creating a record high. An accumulation address houses more than 10 Bitcoin with no previous withdrawals.
Cryptocurrency data indicates that Bitcoin is aggressively bought every time its price dips below the $60,775 mark. It's climbing towards the 20-day exponential moving average (EMA) at $66,067, which is expected to face strong resistance. A further fall in price could trigger the formation of a double-top pattern, which may plummet Bitcoin's price to as low as $47,773.
Ether (ETH) has also seen struggles to maintain a low of $2,852 on April 13, with bullish forces eager to buy at dips. The prices are inching towards the 20-day EMA ($3,261).
BNB, or Binance Coin, has been going through a consolidation phase, with the price oscillating between $495 and $635. This movement suggests the bulls and bears are undecided about the future course of action.
Solana (SOL) has been holding steady support at $126, indicating strong buying force from the bulls. However, the price trajectory shows aggressive selling near the resistance line of the channel, suggesting that the SOL/USDT pair may remain within the channel for some time.
XRP has been vacillating between $0.46 and $0.52, suggesting a bullish attempt at recovery.
Dogecoin (DOGE) shows the buyers are making a strong effort to guard the $0.14 support level.
Toncoin (TON) reciprocated with a bounce on hitting the support line of the upward channel pattern on April 18, indicating that vigorous bullish forces continue to oversee this level.
Cardano (ADA) hovered below the $0.46 support level for several days. However, the bulls managed to keep the price afloat above the April 13th low of $0.40.
Avalanche (AVAX) shows that the bulls are attempting to halt its downward spiral, with the zone between $32 and $27 serving as strong support.
Shiba Inu (SHIB) has hovered near $0.000022, indicating an equilibrium between buyers and sellers. It's suggested that if the price falls under $0.000020, the next phase of downward drive could push it towards $0.000017.
This report does not offer investment advice or recommendations. Every financial trading or investment move involves risk, and readers should perform their own research prior to making a decision.
Published At
4/19/2024 8:12:18 PM
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