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Analysis of Bitcoin, Ethereum, and Chainlink prices

BTC and ETH both reached new all-time highs this week, with Chainlink’s LINK looking to build on recent gains and could see a period of consolidation above $30. According to CoinGecko data, the price of Bitcoin has fallen by 3.9% and 4.2%, respectively. Chainlink (LINK), which is up 2.5% at the time of writing, is…

BTC and ETH both reached new all-time highs this week, with Chainlink’s LINK looking to build on recent gains and could see a period of consolidation above $30.

According to CoinGecko data, the price of Bitcoin has fallen by 3.9% and 4.2%, respectively. Chainlink (LINK), which is up 2.5% at the time of writing, is among a handful of altcoins in the top 20 by market cap to remain in the green after Thursday’s sharp drops for BTC and ETH.

BTC and ETH. LINK price analysis

The correction for BTC has seen it drop from its ATH of $67,277 and ETH from $4,361, both landmark price levels reached on 21 October 2021.

Bitcoin is trading around $63,450, while Ethereum bulls are battling downside pressure with the target being to stay above $4,000.

Looking at the BTC daily chart, we see the crypto has bounced off support at $62,197. To suggest that bulls are still in control, the RSI is resetting towards overbought territory. A strong bounce from here could take Bitcoin towards $70k and potentially $90k before the end of historically bullish Q4.

The key to Ethereum’s success is for bulls not to drop below the support level. The bullish outlook for ETH/USD suggests another attempt at a new ATH if bulls retake control above the $4,160 supply zone.

In this case, the $4,400 area is a legitimate target, with runs to $5k or higher likely within the coming days.

The candle, however, shows a bearish presence here and any dips could provide buy opportunities around the demand zone at $3,875 and 20 EMA line around $3,728.

ETH/USD daily chart. Source: TradingView

LINK/USD is changing hands around $29.56. Michael van de Poppe, crypto analyst, says that DeFi and Oracle tokens will outperform when the market gains the next upward momentum.

The analyst says the sector has lagged the top coins, with capital rotation likely to flip sentiment in the two sub-sectors.

LINK/USD daily charts Source: TradingView

LINK price has bounced off a major support line around $24. 70 and is currently above both the 20 EMA and 50 SMA lines. Bullish momentum is also indicated by the daily RSI. Moreover, increased buy-side volumes suggest demand in light of positive news from Associated Press about Chainlink oracles.

On the upside, LINK could break above $30. 00 and see gains towards $35. 00 (green line). On the flip side, key support lies around $26. 00 and $24.00.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Bitcoin

Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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