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 - NEWSBTC
Here’s Why The Bitcoin Price Crashed After Hitting $125,700 All-Time High Bitcoin’s wonderful rally to a new all-time high of $125,700 on Sunday was met almost immediately by a sharp correction. This sudden pullback, which is expected given the all-time high, saw Bitcoin break below $123,000 in less than two hours after the new record. Interestingly, on-chain data shows a notable increase in whale activity during and after the all-time high to and from exchanges. One such example is a massive $200 million Bitcoin transfer into Binance, a move that appears to have been a calculated profit-taking action by a whale address. Whale Profit-Taking Contributes To Selling Pressure Shortly after Bitcoin hit its record high, blockchain data first revealed by whale transaction tracker Whale Alert on X shows that a whale address identified as “3NVeX” transferred a total of 1,550 BTC, worth nearly $200 million, to Binance in two separate transactions. The first transaction involved the transfer of 800 BTC worth $100 million, followed by another transfer of 750 BTC worth $93.7 million. Related Reading: Bitcoin Price Still On Track To Hit $165,000, JPMorgan Analysts Reveal Timeline The timing of these transfers coincided almost perfectly with the recent price top, and the whale most likely sold into the rally. Once the transfers were completed, the wallet held only about 0.1 BTC, meaning the whale had sold off most of their holdings. According to data from whale transaction tracker Whale Alert shared on X, the number of large Bitcoin transfers to and from exchanges has increased notably over the past few days. Several multi-million-dollar transactions, each exceeding $10 million, have been spotted moving between private wallets and major trading platforms such as Binance and Coinbase. Another notable example is the transfer of 401 BTC worth $50.2 million from an unknown wallet address “1Jip8s” into Coinbase Institutional. Not long after, 401 BTC were sent from an unknown wallet “1E8p4n” into Coinbase Institutional in another separate transaction. Altogether, the sudden wave of high inflows across multiple platforms paints a clear picture of whales locking in profits after Bitcoin’s all-time high. Bitcoin Price Outlook Bitcoin’s price quickly slipped below $123,000 following the whale-triggered selloff, before rebounding to around $122,530. The pullback was relatively modest compared to previous all-time highs, but it nonetheless served as a reminder of how easily large holders can influence price action. Related Reading: Bitcoin Bear Trap Over? Pundit Reveals Where The Market Is At Right Now Despite the brief downturn, the correction may prove healthy for Bitcoin’s rally. It allows overheated momentum to cool off and sets the stage for a more sustainable advance once selling pressure eases. Data from Whale Alerts shows cases of millions of dollars worth of BTC also leaving crypto exchanges for private, unknown wallets. At the time of writing, Bitcoin is trading at $123,380. As long as Bitcoin maintains support above $120,000, its long-term outlook remains bullish, and it may as well create a new all-time high before the week runs out. This also depends on how well Spot Bitcoin ETFs perform this week. Featured image from Pixabay, chart from Tradingview.com
 - BITCOINIST
 - NEWSBTC
XRP Ready For $9 Blast — ‘Break $3.10 And It’s Game Over,’ Says Analyst XRP is pressing against a structurally important ceiling at roughly $3.10, and a clean breach could open the way to $9, according to crypto analyst The Great Mattsby (@matthughes13). In a video analysis published on October 5, the analyst anchors his outlook in multi-cycle Fibonacci extensions, Ichimoku trend support and long-term moving averages, arguing the market is staging an unusually strong basing pattern at historically elevated levels. XRP On The Verge Of A $9 Explosion At the core of Mattsby’s framework is a Fibonacci extension suite calibrated from the December 2013 top to the July 2014 bottom. He highlights the 2.272 extension—around $3.09986—as the decisive resistance that has repeatedly capped monthly closes. Related Reading: XRP On-Chain Activity Signals Imminent Sell-Off — What’s Happening? “XRP is still battling
 this $3.10 zone. This is the 2.272 Fibonacci extension level
 we’ve never seen a monthly candle close above that 309986,” he said, noting that the same extension grid “was the exact 2018 top,” while “extensions below the 1.272 was the bottom in April 2020.” On his read, the confluence lends credibility to the next extension target: “The next level is $9
 So essentially, it’s only a matter of time.” Trend metrics, he argues, have supported the advance without breaking structure. On the monthly timeframe, XRP has “been maintaining and riding [the Ichimoku] conversion line as a support ever since it broke out in November of last year.” He identifies that conversion line near $2.63 and emphasizes that “it has never closed any kind of monthly candle below it.” Related Reading: ‘This Is the Time’—XRP Could Rally 400% As Key Signals Flash Green, Analyst Says On the weekly chart, he points to the 50-week simple moving average—now near $2.37—as still “catching up to price,” one of the few large-cap altcoin charts, in his view, that “has never even touched the 50-week moving average since it broke out.” That gap, he suggests, explains the rhythm of ongoing consolidation while preserving an underlying uptrend. XRP Has Never Done This Before The market structure, Mattsby contends, is constructive: a breakout, retest and series of higher highs and higher lows at elevated levels. On the highest-level view, he frames the price action as a regime shift from resistance to support across cycles. “This is the previous resistance zone
 2021 it was the top. 2017–2018 it was the top—not including the wicks. But now this box we are actually just flipping it to support, building a base on top of it,” he said. He called that flip “the most bullish thing ever on any chart,” adding, “This has never happened for XRP.” Mattsby repeatedly returns to the same trigger: a decisive monthly close through the $3.10 area. “We should be excited because once this $3.10 gets broken, it’s going to go higher, right? It’s going to go to probably $9, maybe even higher, maybe $13, maybe more,” he said. While he allows for “more weeks of consolidation” and even a liquidity sweep into the “$2.80s, $2.70s,” he argues those moves would be noise within a larger uptrend defined by compression against the $3.10 lid and the stair-step advance of trend supports. “It’s not if, it is when. Because this is a super bullish chart,” he said, urging viewers to “Watch $3.10
 Once that breaks, the true excitement can begin.” In practice, the roadmap he lays out is simple: protect the long-term trend markers while the 50-week average closes the distance, keep monthly structure above the Ichimoku conversion line near $2.63, and respect the historical importance of the $3.10 extension. A monthly close through that level would, in his framework, confirm the next Fibonacci waypoint at $9. “One of these weeks we might be able to see a bullish engulfing candle just breaking through multiple levels and just continuing higher,” he said. Until then, he characterizes the price action as a high-level base “building
 for almost a whole year,” an atypically strong setup for XRP across its multi-cycle history. At press time, XRP traded at $2.99. Featured image created with DALL.E, chart from TradingView.com
 - CoinDesk
 - Cointelegraph
 - BITCOINIST
 - NEWSBTC
Here’s Why The Bitcoin Price Crashed After Hitting $125,700 All-Time High Bitcoin’s wonderful rally to a new all-time high of $125,700 on Sunday was met almost immediately by a sharp correction. This sudden pullback, which is expected given the all-time high, saw Bitcoin break below $123,000 in less than two hours after the new record. Interestingly, on-chain data shows a notable increase in whale activity during and after the all-time high to and from exchanges. One such example is a massive $200 million Bitcoin transfer into Binance, a move that appears to have been a calculated profit-taking action by a whale address. Whale Profit-Taking Contributes To Selling Pressure Shortly after Bitcoin hit its record high, blockchain data first revealed by whale transaction tracker Whale Alert on X shows that a whale address identified as “3NVeX” transferred a total of 1,550 BTC, worth nearly $200 million, to Binance in two separate transactions. The first transaction involved the transfer of 800 BTC worth $100 million, followed by another transfer of 750 BTC worth $93.7 million. Related Reading: Bitcoin Price Still On Track To Hit $165,000, JPMorgan Analysts Reveal Timeline The timing of these transfers coincided almost perfectly with the recent price top, and the whale most likely sold into the rally. Once the transfers were completed, the wallet held only about 0.1 BTC, meaning the whale had sold off most of their holdings. According to data from whale transaction tracker Whale Alert shared on X, the number of large Bitcoin transfers to and from exchanges has increased notably over the past few days. Several multi-million-dollar transactions, each exceeding $10 million, have been spotted moving between private wallets and major trading platforms such as Binance and Coinbase. Another notable example is the transfer of 401 BTC worth $50.2 million from an unknown wallet address “1Jip8s” into Coinbase Institutional. Not long after, 401 BTC were sent from an unknown wallet “1E8p4n” into Coinbase Institutional in another separate transaction. Altogether, the sudden wave of high inflows across multiple platforms paints a clear picture of whales locking in profits after Bitcoin’s all-time high. Bitcoin Price Outlook Bitcoin’s price quickly slipped below $123,000 following the whale-triggered selloff, before rebounding to around $122,530. The pullback was relatively modest compared to previous all-time highs, but it nonetheless served as a reminder of how easily large holders can influence price action. Related Reading: Bitcoin Bear Trap Over? Pundit Reveals Where The Market Is At Right Now Despite the brief downturn, the correction may prove healthy for Bitcoin’s rally. It allows overheated momentum to cool off and sets the stage for a more sustainable advance once selling pressure eases. Data from Whale Alerts shows cases of millions of dollars worth of BTC also leaving crypto exchanges for private, unknown wallets. At the time of writing, Bitcoin is trading at $123,380. As long as Bitcoin maintains support above $120,000, its long-term outlook remains bullish, and it may as well create a new all-time high before the week runs out. This also depends on how well Spot Bitcoin ETFs perform this week. Featured image from Pixabay, chart from Tradingview.com
 - BITCOINIST
 - Cointelegraph
 - CoinDesk
 - NEWSBTC
XRP Ready For $9 Blast — ‘Break $3.10 And It’s Game Over,’ Says Analyst XRP is pressing against a structurally important ceiling at roughly $3.10, and a clean breach could open the way to $9, according to crypto analyst The Great Mattsby (@matthughes13). In a video analysis published on October 5, the analyst anchors his outlook in multi-cycle Fibonacci extensions, Ichimoku trend support and long-term moving averages, arguing the market is staging an unusually strong basing pattern at historically elevated levels. XRP On The Verge Of A $9 Explosion At the core of Mattsby’s framework is a Fibonacci extension suite calibrated from the December 2013 top to the July 2014 bottom. He highlights the 2.272 extension—around $3.09986—as the decisive resistance that has repeatedly capped monthly closes. Related Reading: XRP On-Chain Activity Signals Imminent Sell-Off — What’s Happening? “XRP is still battling
 this $3.10 zone. This is the 2.272 Fibonacci extension level
 we’ve never seen a monthly candle close above that 309986,” he said, noting that the same extension grid “was the exact 2018 top,” while “extensions below the 1.272 was the bottom in April 2020.” On his read, the confluence lends credibility to the next extension target: “The next level is $9
 So essentially, it’s only a matter of time.” Trend metrics, he argues, have supported the advance without breaking structure. On the monthly timeframe, XRP has “been maintaining and riding [the Ichimoku] conversion line as a support ever since it broke out in November of last year.” He identifies that conversion line near $2.63 and emphasizes that “it has never closed any kind of monthly candle below it.” Related Reading: ‘This Is the Time’—XRP Could Rally 400% As Key Signals Flash Green, Analyst Says On the weekly chart, he points to the 50-week simple moving average—now near $2.37—as still “catching up to price,” one of the few large-cap altcoin charts, in his view, that “has never even touched the 50-week moving average since it broke out.” That gap, he suggests, explains the rhythm of ongoing consolidation while preserving an underlying uptrend. XRP Has Never Done This Before The market structure, Mattsby contends, is constructive: a breakout, retest and series of higher highs and higher lows at elevated levels. On the highest-level view, he frames the price action as a regime shift from resistance to support across cycles. “This is the previous resistance zone
 2021 it was the top. 2017–2018 it was the top—not including the wicks. But now this box we are actually just flipping it to support, building a base on top of it,” he said. He called that flip “the most bullish thing ever on any chart,” adding, “This has never happened for XRP.” Mattsby repeatedly returns to the same trigger: a decisive monthly close through the $3.10 area. “We should be excited because once this $3.10 gets broken, it’s going to go higher, right? It’s going to go to probably $9, maybe even higher, maybe $13, maybe more,” he said. While he allows for “more weeks of consolidation” and even a liquidity sweep into the “$2.80s, $2.70s,” he argues those moves would be noise within a larger uptrend defined by compression against the $3.10 lid and the stair-step advance of trend supports. “It’s not if, it is when. Because this is a super bullish chart,” he said, urging viewers to “Watch $3.10
 Once that breaks, the true excitement can begin.” In practice, the roadmap he lays out is simple: protect the long-term trend markers while the 50-week average closes the distance, keep monthly structure above the Ichimoku conversion line near $2.63, and respect the historical importance of the $3.10 extension. A monthly close through that level would, in his framework, confirm the next Fibonacci waypoint at $9. “One of these weeks we might be able to see a bullish engulfing candle just breaking through multiple levels and just continuing higher,” he said. Until then, he characterizes the price action as a high-level base “building
 for almost a whole year,” an atypically strong setup for XRP across its multi-cycle history. At press time, XRP traded at $2.99. Featured image created with DALL.E, chart from TradingView.com