In May, the US monthly CPI increased by 0.1%, below the expected 0.3%. The annual CPI was announced at 2.4%, up from the previous 2.3%.

Bitcoin is trading at $109,717.

Analysts had expected the May CPI to increase by 2.5% month-over-month and to remain at similar levels year-over-year. The previously released CPI for the prior month was 2.3%.   

We will continue to provide updates with detailed analysis and market reactions.   

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The post US CPI Data Released: What is the Bitcoin Price Now?    appeared first on Coin Engineer.

The current price action of Bitcoin provides critical signals for determining its direction in the coming days. If BTC fails to hold at this level, we could see steeper declines.

What Are the Reasons Behind Bitcoin’s Decline?

Several key factors have contributed to Bitcoin’s recent downturn:

• Macroeconomic Pressures: The U.S. Federal Reserve’s (Fed) interest rate policies and inflation data continue to worry investors. High interest rates lead to exits from risky assets.
• Liquidations in the Futures Market: With Bitcoin’s decline, high-leverage positions have been liquidated, increasing selling pressure.
• Effect of the Downtrend: From a technical perspective, BTC is still moving within a descending trend and has not yet made a strong breakout.

With these factors combined, the loss of the $86,600 level by Bitcoin became inevitable.

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Will the Decline Continue? Critical Support Levels for Bitcoin

Currently, Bitcoin has received a reaction from the lower band of the descending trend, but market conditions indicate that the downward movement may continue. If a lasting support cannot be found in this region, BTC could drop to $83,000.

Critical levels:

• $86,600 → Previous support, now acting as strong resistance.
• $83,000 → Being monitored as a new support zone. If this level breaks, Bitcoin could decline towards $80,000.

If the price gets a strong buying reaction at $83,000, a recovery might be possible. However, new buyers need to enter the market, and Bitcoin must regain strength.

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Significant Decline in Bitcoin Futures!

On-chain analytics platform CryptoQuant revealed in its March 17 “Quicktake” blog post that Bitcoin futures markets have undergone a significant deleveraging event. According to the report, aggregate open interest (OI) dropped by $10 billion between February 20 and March 4.

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Bitcoin (BTC) futures open interest had reached an all-time high of $33 billion on January 17, marking unprecedented levels of market leverage. However, following this peak, a sharp decline in risk appetite and the reduction of leveraged positions led to a significant drop in OI.

A Healthy Market Correction Process!

CryptoQuant analyst Darkfost described the decline as a “natural market reset.” According to the analyst, these types of liquidation periods are essential for maintaining the sustainability of an ongoing bullish trend.

Darkfost said, “Currently, Bitcoin futures open interest has decreased by 14% over a 90-day period. Historically, such deleveraging events have provided favorable opportunities in the short to medium term.”

Crypto Market Faces a ‘Demand Crisis’ Warning!

Another CryptoQuant analyst, Kriptolik, pointed out that derivative markets have become increasingly active since November 2024. However, the rise in stablecoin reserves on derivatives exchanges compared to spot markets indicates a lack of genuine demand in the spot market.

Kriptolik stated, “Despite the significant increase in total stablecoin supply since November 2024, the market and investors have not benefited substantially.” The analyst emphasized that the spot market is currently experiencing a “demand crisis.”

He added, “Until this distribution normalizes, avoiding high-leverage (high-risk) trades may be the most prudent approach.”

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The post Record Position Deleted in Bitcoin Futures in Two Weeks! appeared first on Coin Engineer.

Bitcoin Intraday Key Levels

The BTC/USD pair has gained 3.71% over the past 24 hours and is currently trading at $102,596. Bitcoin (BTC) has broken the $101,545 resistance level, moving into a higher zone. If the uptrend continues, the next resistance level is $105,766. Key support levels are located at $102,599 and $101,545.

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Ethereum (ETH): The ETH/USDT pair has risen by 4.06% in the last 24 hours and is currently trading at $3,189. For Ethereum (ETH), resistance levels are at $3,217 and $3,290, while support levels are at $3,091 and $2,994.

XRP (XRP): The XRP/USDT pair gained 10.40% in the past day and is trading at $3.0856. Resistance levels for XRP are at $3.1460 and $3.2832, with support zones at $2.8882 and $2.6541 if the downtrend intensifies.

Movement (MOVE): The MOVE/USDT pair increased by 8.13% in the last 24 hours and is currently trading at $0.7162. Resistance levels for MOVE are at $0.7477 and $0.8299, while support zones are $0.6767 and $0.6283.

Tezos (XTZ): The XTZ/USDT pair has climbed 6.10% in the last 24 hours and is trading at $1.094. Resistance levels for XTZ are at $1.129 and $1.189, with support zones at $1.081 and $1.013.

Trending Coins

Over the past 24 hours, the top trending coins in the crypto market include MANTRA (OM), Vine (VINE), and Toshi (TOSHI).

Top gainers:

• Venice Token (VVV)
• DeepBook (DEEP)
• Jupiter (JUP)

Top losers:

• Pudgy Penguins (PENGU)
• Vine (VINE)
• Onyxcoin (XCN)

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, the notable liquidation zone on the upside is at $103,872 with $19.02 million. On the downside, a significant liquidation zone is at $101,772 with $23.92 million.

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The post The Latest on Bitcoin and Cryptocurrencies: 28 January appeared first on Coin Engineer.

The Drop in BTC Price Sends RSI Back to October Levels

Bitcoin’s 5% drop in a single day had a significant impact on the RSI in lower timeframes. On the hourly chart, the RSI dropped from a local high of 81.7 on January 6 to a three-month low of 16.6 the following day.

Such a rapid decline is rarely seen; BTC/USD retraced from “overbought” to “oversold” levels within 24 hours. The last time the index measured this low, BTC/USD was trading at $60,000.

BTC/USD 1-Hour Chart With RSI Data

RSI is an indicator that measures trend strength and includes three key levels for observers: the 30 “oversold” boundary, the 50 midpoint, and the 70 “overbought” threshold.

When the price crosses these levels, depending on the direction, traders can make inferences about the future of a given uptrend or downtrend. During bull markets, Bitcoin often spends extended periods in the “overbought” territory.

With the recent decline, traders quickly predicted that the BTC price would experience an upward correction due to the RSI’s overreaction.

“The 1-hour Bitcoin RSI is at 16 and the 4-hour RSI is almost completely reset,” commentator Bitcoin Munger reported on the X platform while observing inflows to US spot Bitcoin exchange-traded funds (ETFs).

Despite making new local lows on January 8, RSI moved in the opposite direction of the spot price downtrend; this deviation is typically followed by price relief.

“Bitcoin #BTC $BTCUSD has reached the next RSI(5) oversold point on the 6-hour chart…” trader and portfolio manager David Cox continued, analyzing other low-timeframe RSI readings.

BTC/USD 6-Hour Chart With RSI Data

Bitcoin investors are expecting new lows in January, with bearish BTC price targets still circulating ahead of the inauguration of US President-elect Donald Trump.

These targets include a return to the range lows at or just below $90,000, along with deeper corrections to $80,000 or lower.

Adding to the downside forecasts, popular trader Bluntz used Elliott Wave Theory to predict new lows within the next two weeks.

A chart uploaded to the X platform implied that new all-time highs should result once the market rebounds.

BTC/USD 1-Hour Chart With RSI Data

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BTC achieved its highest daily close in history on December 11, with six-figure price action making a strong comeback.

BTC/USDT Daily Chart

BTC/USD recently closed its daily candle at around $101,200. On Bitstamp, this matched the December 8th close, marking the highest recorded closing so far.

Bulls have managed to move away from the local lows of $94,000 seen earlier in the week. “The crucial level in Bitcoin is still defined,” said trader, analyst, and entrepreneur Michaël van de Poppe in his latest analysis on X.

“If the markets stay above that area, it’s likely that we’ll see new ATH’s in the coming days.”

Will Bitcoin Set a New ATH?

BTC/USDT 4-hour chart with RSI data. Source: Michaël van de Poppe/X

Market observers commenting noted that market stability has continued alongside Bitcoin’s recent journey to $100,000 and beyond.

“Bitcoin quietly achieved its highest daily close ever,” wrote Charles Edwards, founder of the quantitative Bitcoin and digital asset fund Capriole Investments, in a December 12th X post.

“Meanwhile funding rates are below normal, leverage still wiped and ETFs are seeing day after day of relentless inflows.”

Edwards referred to the clearing of leveraged positions resulting from the sudden market volatility seen this week and last.

Short positions felt the pressure during the rebound, and according to data from CoinGlass, 24-hour crypto liquidations reached a total of $270 million at the time of writing.

Liquidations Chart

Speculation on Bitcoin Futures

Bitcoin Futures Basis Comparison. Source: Zaheer Ebtikar/X

Zaheer Ebtikar, co-founder of the crypto fund Split Capital, shared additional data supporting the lack of excessive market risk. He noted that while Bitcoin approaches all-time highs, the futures basis remains unusually low.

Zaheer Ebtikar wrote, “I can’t explain to you how absolutely insane this image is.”

He shared this with his X followers, alongside an explanatory chart. The futures basis refers to the difference between spot and futures market prices, measured as a percentage of the spot price.

In Bitcoin bull markets, when all-time highs are reached, this difference can reach 30% or more, reflecting increased speculation about future BTC price growth.

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The post Bitcoin 15% Futures Basis Point Described as ‘Insane’! appeared first on Coin Engineer.

After the rise in Bitcoin yesterday, we observe a formation of a short-term descending triangle. If this formation breaks upwards, we can see an increase up to $27,500. However, if there is a downward break, declines to $26,400 may be possible.

‣ Important Developments Today:

• Ripple Will Celebrate Victory.
• Annual Inflation Rate in the European Region to be Announced at 15:30. (Expectation %4.60 – Previous %5.20)
• Last day for the users having asset loss at FTX exchange to present their proofs.

Latest Status in Cryptocurrencies – September 29

‣ Bitcoin (BTC) BTC/USD pair is trading at 27,072 dollars, up 0.11% at the time of writing. BTC Resistance levels are between 26,800 dollars – 28,200 dollars, while support levels are between 25,400 dollars – 25,000 dollars.

‣ Ethereum (ETH) ETH/USDT pair is trading at 1678 dollars, up 1.53% at the time of writing. ETH Resistance levels are between 1694 dollars – 1731 dollars, while support levels are between 1550 dollars – 1465 dollars.

‣ Dydx (DYDX) DYDX/USD pair is trading at 1.95 dollars, up 1.35% at the time of writing. DYDX Resistance levels are between 2.01 dollars – 2.06 dollars, while support levels are between 1.92 dollars – 1.86 dollars.

‣ Solana (SOL) SOL/USD pair is trading at 20.16 dollars, up 0.90% at the time of writing. SOL Resistance levels are between 20.55 dollars – 22.0 dollars, while support levels are between 19.35 dollars – 18.60 dollars.

‣ Liquity (LQTY) LQTY/USD pair is trading at 0.93 dollars, up 3.20% at the time of writing. LQTY Resistance levels are between 1.01 dollars – 1.10 dollars, while support levels are between 0.90 dollars – 0.87 dollars.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates instantly.

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In recent days, when we examine the Bitcoin graph, we see that the price is stuck in a narrow range between $26,000 and $26,850. If there is an upward break, Bitcoin could show new movements between $26,850 and $28,100. However, if there is a downward break, Bitcoin may fluctuate between $26,000 and $24,900.

Important Updates Today:
– Gross Domestic Product (GDP) will be announced at 15:30. (Expectation %2,20 – Previous %2,00)
– Fed Chairman Powell will speak at 23:00.

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Latest Status in Cryptocurrencies – September 28

Bitcoin (BTC) The BTC/USD pair is currently trading at $26,420, up 0.20% at the time of writing. For BTC, resistance levels are $26,800 – $28,200, while support levels are $25,400 – $25,000.

Ethereum (ETH) The ETH/USDT pair is currently trading at $1,618, up 1.28% at the time of writing. For ETH, resistance levels are $1,694 – $1,731, while support levels are $1,550 – $1,465.

Binance Coin (BNB) The BNB/USD pair is currently trading at $213, up 0.47% at the time of writing. For BNB, resistance levels are $215.5 – $220.1, while support levels are $208.2 – $204.2.

Ocean (OCEAN) The OCEAN/USD pair is currently trading at $0.316, up 1.00% at the time of writing. For OCEAN, resistance levels are $0.33 – $0.338, while support levels are $22.8 – $15.4.

Origin Protocol (OGN) The OGN/USD pair is currently trading at $0.091, up 2.58% at the time of writing. For OGN, resistance levels are $0.10 – $0.12, while support levels are $0.084 – $0.071.

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Bitcoin is currently still pushing its resistance at the 26,100 level. Today at 17:00 Gary Gensler is speaking. If Gensler starts using harsh language about cryptocurrencies in this speech, also Bitcoin could break this resistance. Likely, we shouldn’t expect positive development from this speech. It is useful to wait for the important resistance levels of Bitcoin to be broken for trading.

‣ Important Developments to Occur Today:

Gery Gensler, the Chairman of the SEC, will testify in the House of Representatives at 17:00.

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The Latest Status in Cryptocurrencies –  September 27

‣ Bitcoin (BTC) At the time of writing, the BTC/USD pair is trading at 26.252 dollars, up 0.12%. Resistance levels for BTC are in the 26.800 dollars – 28.200 dollars range while support levels are in the 25.400 dollars – 25.000 dollars range.

‣ Ethereum (ETH) At the time of writing, the ETH/USDT pair is trading at 1592 dollars, down 0.10%. Resistance levels for ETH are in the 1694 dollars – 1731 dollars range while support levels are in the 1550 dollars – 1465 dollars range.

‣ Near (NEAR) At the time of writing, the NEAR/USD pair is trading at 1.07 dollars, down 0.34%. Resistance levels for NEAR are in the 1.22 dollars – 1.36 dollars range while support levels are in the 1.04 dollars – 0.79 dollars range.

‣ Dash (DASH) At the time of writing, the DASH/USD pair is trading at 26.6 dollars, up 0.28%. Resistance levels for DASH are in the 27.1 dollars – 32.9 dollars range while support levels are in the 22.8 dollars – 15.4 dollars range.

‣ Api3 (API3) At the time of writing, the API3/USD pair is trading at 1.16 dollars, up 6.35%. Resistance levels for API3 are in the 1.31 dollars – 1.43 dollars range while support levels are in the 1.02 dollars – 0.85 dollars range.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

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Yesterday, Bitcoin experienced a slight increase, reaching $26,400 and is currently consolidating at these levels. If this price range is broken upwards, we may see a further rise towards $27,000 levels. On the contrary, a retreat from here could lead to a drop back to the $25,000 levels.

‣ Today’s Important Events:

At 9:00 PM, FOMC member Bowman will give a speech.

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The Latest Status in Cryptocurrencies – September 26

‣ Bitcoin (BTC) At the time of writing, BTC/USD pair is trading at $26,290 with a 0.09% decrease. Resistance levels for BTC are in the range of $26,800 to $28,200, while support levels are in the range of $25,400 to $25,000.

‣ Ethereum (ETH) At the time of writing, ETH/USDT pair is trading at $1,591 with a 0.17% increase. Resistance levels for ETH are in the range of $1,694 to $1,731, wihle support levels are in the range of $1,550 to $1,465.

‣ Optimism (OP) At the time of writing, OP/USD pair is trading at $1.26 with a 1.07% increase. Resistance levels for OP are in the range of $1.34 to $1.43, while support levels are in the range of $1.23 to $1.17.

‣ Arbitrum (ARB) At the time of writing, ARB/USD pair is trading at $0.81 with a 1.33% increase. Resistance levels for ARB are in the range of $0.83 to $0.89, while support levels are in the range of $0.79 to $0.74.

‣ ApeCoin (APE) At the time of writing, APE/USD pair is trading at $1.14 with a 2.45% increase. Resistance levels for APE are in the range of $1.17 to $1.33, while support levels are in the range of $1.11 to $1.08.

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