Over the past weekend, prominent trader Josh Olszewicz shared his insights on Bitcoin’s potential bearish reversal. By analyzing a 1D Bitcoin chart, Olszewicz pointed out key indicators to watch for. The “conversion line” and “base line” form a cloud that can be either red or green. If the price of Bitcoin falls below the Kijun line, it signals a bearish trend. Olszewicz highlighted a Kijun tap, suggesting a potential shift in Bitcoin’s price dynamics. Despite the possibility of a recovery, the trader’s analysis of the “triple top” structure hints at a bearish outlook. As of this writing, Bitcoin is priced at $64,328, according to CoinMarketCap data.
Shibarium’s Surge in Activity
Shibarium, Shiba Inu’s layer-2 solution, experienced a significant increase in activity over the weekend. Daily transactions surged from 288,690 to 347,460 on Saturday, April 13, as reported by Shibariumscan website data. This spike continued to grow, reaching 419,520 transactions, showcasing a notable shift in the Shiba Inu network’s activity. The rise in transactional volume coincided with a rise in active accounts, which surged to 14,321, marking a 218.33% increase from the previous day. Additionally, the number of new accounts spiked by 173% to 9,439, reflecting growing interest within the community.
Robinhood’s Dogecoin Withdrawal
On April 13, Robinhood witnessed a substantial withdrawal of Dogecoin, according to Whale Alert data. The platform saw the transfer of several hundred million Dogecoin, corresponding with a 19% drop in DOGE’s price. Market analysts speculated that anonymous whales took advantage of the price dip to make significant moves in the market. Three large transactions, totaling 324 million DOGE, were executed, with the majority withdrawn from Robinhood for potential long-term storage or sale. The value of the 324 million Dogecoin amounted to $49.9 million in fiat currency at the time of the transactions.
The cryptocurrency market saw notable developments over the weekend, with Bitcoin signaling a potential bearish reversal, Shibarium experiencing a surge in activity, and Robinhood witnessing significant Dogecoin transactions. These events emphasize the dynamic nature of the crypto space and the importance of staying informed about market trends and indicators. Investors and traders alike should continue to monitor these stories and conduct thorough research before making any financial decisions in the volatile crypto market.