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Bitcoin bears need BTC price to go below $27K ahead of Friday's $900M options expiry

The $900 million Bitcoin (BTC) weekly options expiry on May 12 might play a decisive role in determining whether the price will succumb below $27,000.

Bitcoin price rejected again at $30,000

BTC bears will try to take advantage of macroeconomic headwinds, Silk Road coins' FUD, and uncertainty caused by Bitcoin’s transaction fee spike to pull Bitcoin's price down in the next few days.

Bitcoin 4-h price movements during option expiries. Source: TradingView

The BTC/USD pair  broke above $29,800 on May 6, but the tide quickly changed as the resistance proved stronger than anticipated.

The subsequent 8.2% two-day correction tested  $27,400 support, favoring the thesis of sideways trading as investors evaluate the economic crisis dynamic and its potential impact on cryptocurrencies.

Meanwhile, Berkshire Hathaway owner and billionaire investor Warren Buffett is no longer optimistic about the U.S. economy’s growth. Such a pessimistic scenario for the global economy might explain why some Bitcoin traders decided to reduce exposure over the past week, greatly reducing the odds of breaking $30,000.

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Cryptocurrency trading addiction: What to look out for and how it is treated

An often overlooked aspect of the cryptocurrency market’s reputation for volatility is the effect sudden market changes can have on the mental health of traders and investors.

Addiction to day trading, or pathological trading, is already well-known among stocks and commodities traders and has been extensively documented by medical professionals. There are even rehab programs devoted to treating day-trading addiction.

With its possibility of “life-changing” money for those lucky or savvy enough to catch it, the crypto market has generated its fair share of trading addicts.

To get a better understanding of the mechanics of cryptocurrency trading addiction and how to recognize it, Magazine sat down with Tony Marini, senior specialist therapist at Castle Craig Rehab in Scotland, and Aaron Sternlicht, co-founder of New York-based private practice Family Addiction Specialist.

What is cryptocurrency trading addiction?

Sternlicht defines cryptocurrency trading addiction as the “persistent or recurrent pathological compulsion and obsession to engage in the behavior of investing in or trading cryptocurrencies despite negative consequences to personal and/or professional areas such as financial loss, disruption to relationships, career problems, mental health issues, and other such negative consequences.”

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Bitcoin fees plummet 95% as BTC price recovers from US gov’t scare

Bitcoin (BTC) struggled to recover from fresh losses on May 11 as a false alarm over United States government sales spooked markets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analysts deny U.S. government BTC sales

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $27,400 at the time of writing.

The pair had seen a flash sell-off the day prior, briefly taking it to $26,850 after claims that confiscated BTC held by the U.S. government was being sold off.

This was subsequently disproved, but for already sensitive crypto markets, the damage was done.

Among traders, Jackis described the local lows as a “scam” move, while forecasting lower levels to come.

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Ethereum derivatives flirting with bearishness: Mind the $1,820 support

After a brief overshoot above $2,000 on May 6, the Ether price has returned to a tight range between $1,820 and $1,950, which has been the norm for the past three weeks.

According to the latest Ether (ETH) futures and options data, odds favor the Ether price breaking below the $1,820 support, as professional traders have been unwilling to add neutral-to-bullish positions using derivatives contracts.

Ether price in USD, 12-hour chart. Source: TradingView

Not even the memecoin frenzy that boosted Ethereum network demand was able to instill confidence in investors. The average Ethereum transaction fee skyrocketed to $27.70 on May 6, the highest in 12 months, according to BitInfoCharts data. As reported by Cointelegraph, one of the main drivers behind the increase was the insatiable demand for Pepe (PEPE), among other memecoins.

Moreover, the increased gas fees have driven users to layer-2 solutions, which could be interpreted as a weakness. For instance, it causes a decline in the total value locked by removing deposits from the Ethereum chain, especially in decentralized finance applications.

Some analysts believe the $30 million Ether sale by the Ethereum Foundation contributed to ETH being unable to break above $2,000, as nearly 20,000 ETH were sent to the Kraken cryptocurrency exchange. The foundation’s last relevant transfer occurred in November 2021, when the price topped around $4,850 and subsequently declined by 80%.

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Bitcoin cracks $28K on CPI amid warning US inflation ‘highly elevated’

Bitcoin (BTC) ticked higher around the May 10 Wall Street open as United States inflation data beat expectations.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Markets eye June Fed rate hike pause

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD responding instantly to the April Consumer Price Index (CPI) print, up 1.7% on the day.

The pair saw local highs of $28,328 on Bitstamp before consolidating immediately above the $28,000 mark.

The CPI had come in at 4.9% year-on-year, a shade below the expected 5.0%. This gave a clear signal that U.S. inflation was continuing to decrease, once more in line with predictions from both the Federal Reserve and external sources.

“Fed’s data dependency kicking off well, strong jobs data and now inflation as expected... pause in June at this stage,” financial commentator Tedtalksmacro wrote in part of a Twitter response.

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William Clemente III tips Bitcoin will hit six figures toward end of 2024: Hall of Flame

Will Clemente III ditched school to become a crypto analyst and says Bitcoin has a strong chance of hitting six figures toward the end of 2024.

Bitcoin eyes $28K push as traders demand CPI day BTC price volatility

Bitcoin (BTC) tracked $27,500 on May 10 as markets geared up for what should be a positive United States inflation print.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

CPI set for months of decline

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered in a narrow trading range ahead of the April Consumer Price Index (CPI) release.

A classic volatility catalyst for risk assets, CPI forms one of the key metrics the Federal Reserve considers when changing interest rates.

The next change is a full month away, but government and private-sector metrics predict declining inflation to persist and even accelerate in the coming months.

“A little bit of stagnation now, but into the coming two to three months, we’re likely to see a gradual decline, and actually a pretty steep decline, in inflation,” financial commentator Tedtalksmacro said in part of YouTube analysis on May 9.

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Bitcoin traders offer downside targets as BTC price risks sub-$25K dip

Bitcoin (BTC) treaded water below $28,000 on May 9 as markets prepared for macroeconomic data releases.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin stays muted on eve of CPI

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting near $27,700 at the day’s Wall Street open.

The pair had seen deeper losses the day prior, with a tap of $27,300 so far marking the local bottom.

Traders hoped that May 10 would provide some much-needed volatility in the form of the United States Consumer Price Index (CPI) print for April.

“Bitcoin still trending downwards, as $27,800 now becomes resistance. I’m expecting a sweep lower again, and then we’re ready to long your longs in anticipation of CPI,” Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers in an update.

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$3.4B of Bitcoin in a popcorn tin: The Silk Road hacker’s story

The Silk Road hacker lived the high life for a decade with his stolen billions — but was caught due to a transfer of pocket change.

Warren Buffett dumps $13.3B in stocks — A warning sign for Bitcoin and risk-assets?

Warren Buffett moving into cash suggests that he's bracing for a possible collapse in risk-on asset prices. With Bitcoin (BTC) up 70% year-to-date and correlated with equities, should BTC investors also prepare for a potential stock market crash? 

Buffett says "incredible period" is over

Warren Buffett's Berkshire Hathaway dumped $13.30 billion worth of equities and increased exposure in cash and U.S. Treasuries in Q1, its latest quarterly earnings report shows. Meanwhile, it channeled $4.4 billion toward purchasing its own stock and $2.9 billion on the shares of other publicly-traded companies.

The market considers Berkshire Hathaway's performance as a key indicator to gauge the U.S. economy's health, given the firm's holdings range from American railroad to electric utilities and retail businesses.

But the 92-year old investor, who has credited the U.S. economy's growth for the success of Berkshire Hathaway in the past, is no longer optimistic.

“The majority of our businesses will report lower earnings this year than last year,” Buffett said last weekend at an event. The “incredible period” for the US economy has been coming to an end over the past six months, he added.

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Does Bitcoin price risk losing $28K with BTC futures premium at 2-month lows?

For the past 17 days, Bitcoin (BTC) price has been trading within a narrow 8.5% range from $27,250 to $29,550, causing the 40-day volatility metric to drop below 40%. This wasn't restricted to cryptocurrencies as the S&P500 index's historical volatility has reached 17%, its lowest level since December 2021.

But will $28,000 become the new resistance? Not according to the latest Bitcoin futures and options data. Nevertheless, macroeconomic conditions remain the main driver for risk markets’ price fluctuations in the near to medium terms.

BTC price flattens as investors lose risk appetite

A myriad of reasons could be given to explain the relatively low price oscillations in risk markets, including the expectation of a recession, investors unwilling to place new bets until the U.S. Federal Reserve ends its rate hikes, or increased demand (and focus) on fixed income trades.

The problem is that no one can prove what has been causing investors to restrict their risk appetite and drive Bitcoin’s price sideways. Many fear that commercial real estate is a growing concern, which could trigger major turbulence ahead—including Warren Buffett, the multi-billionaire fund manager.

While some believe that the U.S. debt ceiling discussion and the banking crisis could further cement the U.S. dollar’s weakening, Buffett does not foresee alternatives. The finance mogul is a long-term critic of the precious metal gold, as his investment thesis prioritizes yield-providing assets.

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Bitcoin options: How to play it when BTC price moves up or down 10%

Here’s how Bitcoin (BTC) traders can profit whether its price move up or down 10% within 55 days.

Bitcoin options: Bracing for volatility

Traditional market analysts have started calling for a volatility spike due to the United States government debt discussion.

Moreover, signs of stress coming from the banking sector surprised investors after the U.S. Dollar Index (DXY), which measures the U.S. dollar against a basket of foreign currencies, reached its lowest level in 12 months at 101 on May 4.

Stock market and macro analyst Markets & Mayhem posted a chart from Deutsche Bank that correlates historical government spending and debt concerns with spikes in the stock market volatility.

U.S. Treasury Secretary Janet Yellen has warned that the government may run out of cash by June if Congress fails to raise the debt ceiling. According to the BBC, President Joe Biden has called a meeting of congressional leaders on the issue for May 9.

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‘Ethical’ SBF game axed, Web3 games sign-up process sucks, Tomb Chaser: Web3 Gamer

FTX’s kiss of death for Storybook Brawl, Scratch Lord creators make MMA game for Animoca, and why is Web3 game onboarding so awful?

Binance ‘FUD’ meets CPI — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week at the center of new crypto industry drama as the highest fees in two years pressure price action.

Downside volatility is greeting traders thanks to a full mempool, and explanations point the finger at multiple parties.

The largest exchange, Binance, is adding to the confusion, pausing BTC withdrawals several times over what it calls network “congestion.”

Amid the turmoil, BTC/USD is showing signs of strain, breaking down from $28,000 to threaten an exit of its broader trading range.

The events mark a flustered start to a week full of potential BTC price volatility catalysts. These come in the form of macroeconomic data releases, including the Consumer Price Index and Q1 earnings reports.

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The Ethereum Foundation just sold $30M in Ether — But will ETH price fall this time?

On May 6, Ethereum Foundation transferred nearly $30 million in Ether (ETH) to the Kraken cryptocurrency exchange, causing jitters in the market about a potential selloff event.

ETH price fell 4.8% to $1,900 on the day, but the decline has been negligible so far amid a wider recovery trend.

ETH price holding key support

Ether's price recovered modestly to $1,920 on May 7 after testing its 50-day exponential moving average (50-day EMA; the red wave) near $1,850 as support a day ago.

Moreover, the price volatility dropped on Kraken in the said period, per the contracting Bollinger Bands Width in the chart below. That further shows traders' calm amid the Ethereum Foundation transfer.

Notably, the 50-day EMA has capped Ether's downside attempts so far in 2023, barring the early March selloff that saw the price briefly falling below the red wave. Meanwhile, testing it as support has prompted the ETH price to pursue a breakout above $2,000.

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Watch these Bitcoin price levels next as BTC dips 3% in choppy weekend

Bitcoin (BTC) saw fresh volatility on May 6 as low-liquidity weekend trading tested the mettle of its trading range.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin "in limbo" despite volatili

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding over $1,000, or 3%, in a matter of hours on the day.

The largest cryptocurrency saw livelier conditions typical of weekend trading while remaining unable to exit a broader corridor in place for many weeks.

Amid a lack of ammuniation to either clear $30,000 resistance or drop toward key trend lines near $25,000, BTC/USD frustrated market participants.

“Bitcoin really is in limbo right now and doesn't know what to do .. I am back out of a position and just waiting again for one side of this range to break to re enter,” popular trader Crypto Tony told Twitter followers.

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Memecoin sends BTC fees to the moon, miner profits top $50B and more: Hodler’s Digest, April 30-May 6

Memecoin hype fuels Bitcoin transaction costs, BTC miners block rewards surpass $50 billion and AI’s “Godfather” warns of technology dangers.

Bitcoin trader eyes $63K BTC price for new Bollinger bands 'breakout'

Bitcoin (BTC) could be set for historic gains thanks to a simple trend line breakout, a popular trader hopes.

In a Twitter discussion on May 5, Titan of Crypto flagged a rare bull signal on the Bollinger Bands indicator for the Bitcoin monthly chart.

Bitcoin price may see "inexorable breakout"

BTC price action currently impacts sentiment in different ways across various timeframes. While observers are unsure about short-term moves, zooming out, consensus remains that Bitcoin’s upside mostly lies ahead as the block subsidy halving approaches.

When it comes to tracking what comes next, however, it may be enough to look at halving cycles past — specifically, volatility.

As Titan of Crypto notes, Bollinger Bands on monthly timeframes are setting up a repeat of a breakout event that has occurred only once in each cycle.

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SUI price drops 70% from market debut top amid excessive supply concerns

The price of Sui (SUI) has dropped sharply after its market debut across leading cryptocurrency exchanges.

On May 5, the SUI price was $1.26 per token, down about 70% from its record high of around $4, established two days ago on Binance.

Interestingly, on other exchanges like Kraken, the token’s market top was $1.60 or lower, suggesting it was in “price discovery” mode after the launch.

SUI/USD daily price chart. Source: TradingView

Still, SUI maintains its overall market gains, up nearly 1,200% from its market debut.

Early SUI price fundamentals

SUI’s initial uptrend drew support from traders who view Sui — a new entry into the long list of layer-1 blockchain projects — as potentially more scalable than its rivals.

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Bitcoin price sets new May high above $29.5K as traders eye breakout

Bitcoin (BTC) eyed a reclaim of further lost ground on May 5 as $30,000 remained in play. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price action rebounds from stocks slump

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it spiked to $29,529 on Bitstamp — a new May high.

The pair had dipped with United States equities at the Wall Street open the day prior, but the weakness was short-lived as $29,000 support returned.

Ongoing market jitters from the U.S. banking crisis, now impacting several regional banks, continued to shape observer sentiment.

“100% of all regional banks in the United States have their stocks in the red today, for the first time ever,” crypto media account Whalewire noted on Twitter.

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