Latest news with #CoinDesk
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17 hours ago
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TON Rises 2% as Short-Term Uptrend Pattern Emerges
Toncoin (TON) is demonstrating bullish momentum on the short-term, with price action forming a solid uptrend pattern and significant volume support, according to CoinDesk Research's technical analysis model. The token is up 1.5% in the last 24 hours. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, exchange coins and memecoins — lost 0.4% over the same period. Technical Analysis • Higher lows established at $2.80, $2.81 and $2.83, confirming uptrend structure. • Resistance breakthrough at $2.85 on exceptional volume. • Strong support at $2.82 confirmed during multiple retests. • A 0.71% gain to $2.86 with decisive breakout. • Peak volume exceeded 69,000 units, confirming strong buying pressure. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
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17 hours ago
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AVAX Breaks Out of Consolidation Phase
Avalanche's token AVAX recently broke out of a consolidation phase, establishing strong support levels, according to CoinDesk Research's technical analysis model. The token is up 0.8% in the last 24 hours. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, exchange coins and memecoins — lost 0.4% over the same period. Technical Analysis • AVAX demonstrated resilient price action during the 24-hour period, establishing a small uptrend. • After initial consolidation between $17.13-$17.35, AVAX broke out with significant volume, forming strong support at $17.07 confirmed by above-average volume during reversal. • The asset established higher lows throughout the period, with resistance at $17.63 tested multiple times, suggesting accumulation phase completion and potential for continued upward momentum. • AVAX displayed significant volatility with a strong recovery pattern, rising from $17.37 to $17.45 (0.50% gain). • After an initial uptrend to $17.46, AVAX experienced a correction to $17.36, forming a double bottom pattern before staging a rally with increasing volume. • The final minutes showed price bouncing back from $17.37 to $17.46, suggesting renewed buying interest and potential continuation of the broader uptrend. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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17 hours ago
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Bitcoin's Double Top Warrants Caution, But a Full-Blown Price Crash Seems Unlikely: Sygnum Bank
Bitcoin's BTC double top prospects above $100,000 warrant caution, but a full-blown 2022-style crash looks unlikely unless an unexpected black swan hits, according to digital asset banking group Sygnum's Head of Investment Research Katalin Tischhauser. "The crypto market is strongly sentiment-driven as fundamental valuations are challenging; therefore, technical analysis signals such as the double top warrant caution. That said, a full-blown crash needs a catalyst like the Terra collapse of 2022 or the FTX blowup. Barring a similar black swan, we could see a prolonged bull cycle, based on the current political and regulatory support and sticky institutional capital flowing in," Tischhauser told CoinDesk in an interview. Bitcoin has spent 50 days mainly trading back and forth between $110,000 and $100,000, signaling an exhaustion of the uptrend near the highs reached in January this year. That has prompted several observers, including veteran technical analyst Peter Brandt, to consider the possibility of the BTC trend flipping bearish with a double-top pattern. The double top comprises two consecutive peaks at approximately the same price – near $110K in BTC's case – with a trendline drawn through the low point between these peaks. The low point in BTC's case is the early April slide to $75,000. Analysts are concerned that a potential double top breakdown, involving a downturn from $110,000 and a drop below $75,000, could lead to a crash to around $27,000. Yes, you read that right. Such a crash would mean a 75% slide from the peaks. Technical patterns, such as the double top, often become self-fulfilling prophecies – once traders spot the pattern, their collective action reinforces the expected outcome. So, it's natural for prospects of double top above $100,000 to cause some caution and price drop. However, technicals alone seldom cause a price crash of 75%. For instance, BTC's crash from $70,000 to $16,000 over the 12 months to November 2022 happened as the Fed's rate hike cycle exposed asset classes like crypto where excess speculation had built up, setting the stage for the demise of the Terra blockchain and the FTX exchange. Both events caused massive wealth destruction. The latest rally, however, is driven mainly by institutional flows rather than the story or pretence that DeFi is better than traditional finance or Ethereum is the new world computer, as Bloomberg's Joe Weisenthal noted last year. Since their debut on the Nasdaq in January 2024, the 11 spot bitcoin exchange-traded funds (ETFs) have registered net inflows of over $48 billion, per data tracked by Farside Investors. Meanwhile, BTC's adoption as a corporate Treasury asset has picked up the pace, adding to the bull momentum. As of the time of writing, 141 public companies held 841,693 BTC, according to The flows-driven nature of the latest bull run makes it more resilient than the previous bull markets, according to Tischhauser. "Institutions implement rigorous due diligence and risk assessment before they add a new asset class like bitcoin to the model portfolio. But when they do, the eventual allocation is for the long term. This trend of sticky institutional allocation is just beginning, and the resulting demand will continue to provide price support for some time to come," Tischhauser told CoinDesk. Tischhauser explained that these investment vehicles are sucking out liquidity, skewing the demand-supply dynamics in favour of a continued uptrend. "These investment vehicles are sucking liquidity out of the market, which means, every time a new big-ticket investor hits the market with bids, this is addressing less and less supply, and the bullish impact on prices becomes more pronounced," Tischhauser noted. The bearish double-top crash scenario appears plausible to many observers, as we are in the post-halving year, which has historically marked bull market tops, paving the way for year-long bear markets. Halving is a programmed code in Bitcoin's blockchain that reduces the pace of BTC supply expansion by 50% every four years. The last halving occurred in April 2024 and reduced the per-block BTC reward to 3.125 BTC from 6.25 BTC. However, the halving cycle may not unfold as expected, as sticky institutional adoption has a greater bearing on price than miners. Moreover, BTC sold by miners, who regulatory offload coins earned to fund operational costs, now accounts for a tiny percentage of the average daily trading volume. "The change in market leadership means the four-year halving cycle may not play out religiously as it did before. Earlier, most BTC holders were miners, and the BTC issued per year was a huge percentage of the outstanding bitcoin supply. So, selling pressure from miners mattered greatly to the market price. Now, the BTC mined is 0.05-0.1% of the average BTC daily trading volume and halving this supply has no impact on the supply/demand balance in the market. So the halving cycle may be dead," Tischhauser said.
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17 hours ago
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Bitcoin Miner Revenue Drops to 2-Month Low, but Selling Pressure Remains Absent: CryptoQuant
Bitcoin BTC miner revenues have slid to their lowest levels in two months, but there's still no sign of forced selling, even as profitability falls. Daily mining revenue dropped to $34 million on June 22, the weakest since April and among the lowest levels over the past year, CryptoQuant said in a weekly report shared with CoinDesk. The drop comes as transaction fees decline and bitcoin hovers near local lows, reducing overall incentives for miners to stay online. Hashrate has dipped 3.5% since June 16, marking the most significant pullback in network computing power since July 2024. While modest, it reflects mounting pressure on miners already grappling with tighter margins following the halving. Yet the expected wave of miner capitulation hasn't materialized. Outflows from miner wallets have remained muted, sliding from 23,000 BTC per day in February to around 6,000 BTC currently — with no exchange transfer spikes recorded. Even wallets tied to Satoshi-era miners, often a bellwether for long-term sentiment, have barely budged: just 150 BTC sold so far in 2025, compared to nearly 10,000 BTC offloaded in 2024. Satoshi-era miners refer to network participants who mined their coins during the very early days of the Bitcoin network, typically between 2009 and 2011, when Satoshi Nakamoto, Bitcoin's pseudonymous creator, was still active on online forums. Meanwhile, data shows miner reserves are growing. Addresses holding between 100 and 1,000 BTC — typically operated by mid-sized mining entities — have added 4,000 BTC since March, pushing balances to their highest levels since November 2024. The takeaway is miners are playing the long game, either anticipating a rebound or preferring to burn through cash rather than sell at current prices. 'This further suggests there's no selling pressure coming from miners at these price levels,' CryptoQuant concluded.
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17 hours ago
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Is Coinbase's Rally Overextended?
Shares in Coinbase are nearing an overvaluation threshold, prompting research firm 10x to recommend a short position in the stock versus a long in bitcoin. Is short COIN/long BTC the way to go? CoinDesk's Jennifer Sanasie breaks it down on 'Chart of the Day,' presented by
