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BITCOIN
📉 Bitcoin Correction Still In Play 

Word On The Street: A Bitcoin correction dropping below the $50,000 psychological level could happen as early as this weekend.

The details:

• Bitcoin's price, currently at $54,525, may face more sell-offs as large-scale holders, commonly known as whales, begin to secure profits.

• One such whale recently sold 100 BTC, worth over $5.3 million, locking in more than $206,000 in profit.

• “836,000 addresses bought ~402,800 BTC ($21B) at a price between $51,113 and $54,303. These addresses are likely to sell near the breakeven.”

Why it matters: Bitfinex analysts have echoed the concern that Bitcoin could dip below $50,000 before initiating a more significant bullish run.

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Other News

Japan’s major banks back new stablecoin project for global trade. Project Pax, backed by Japan’s top banks, seeks to streamline cross-border transactions using stablecoins, addressing inefficiencies identified by the G20.

Ethereum Foundation's Main Wallet Down to About $650M. As recently as March 2022 – when the price of Ethereum's native cryptocurrency, ether (ETH), was higher – the foundation's treasury held about $1.3 billion of ETH.

Durov announces disabling personal geolocation from Telegram. Telegram’s “People Nearby” feature has been suspected of being a way for state authorities to locate and track dissidents.

Coinbase, Robinhood Upgraded by Barclays Analyst. Both stocks opened the day higher after the British bank published its upgrade overnight.

Traders Corner (Premium)

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Solana Technical Analysis (Free)

• Polkadot Technical Analysis (Paid)

• TON coin Technical Analysis (Paid)

TRADERS CORNER
☀️ Solana Technical Analysis

Solana is $127.64, sitting very close to the VWAP line of $127.68, indicating that the market is showing balanced momentum. The price is slightly below the midline of the Bollinger Bands, which suggests a neutral-to-bearish stance in the short term. The Bollinger Bands are narrow, reflecting low volatility in the price action.

Trend Analysis:

Solana's price action has been relatively stable, showing sideways movement over the last few periods. The price is consolidating just above $127, following a recent bounce from lower support levels. The Bollinger Bands are tightening, indicating the potential for an upcoming breakout. As the price hovers near the VWAP, market participants are waiting for a catalyst to either push it higher or lower.

Support and Resistance:

- Support: The $126.94 level, located near the lower Bollinger Band, is the immediate support. This level has been tested recently and could hold during a potential pullback. Below that, the next significant support would be around $125, where the market showed buying interest during the previous downtrend.

- Resistance: The immediate resistance is located around $129, which corresponds to the upper Bollinger Band. If the price breaks through this level, we could see further upward movement toward $132, a psychological resistance level.

Scenarios:

- Bullish: If Solana's price can sustain a break above $129 with strong volume, it could lead to a test of $132 in the near term. The upward momentum would likely increase if buyers continue to push the price past the upper Bollinger Band, confirming a bullish trend.

- Bearish: If the price fails to maintain its position above the VWAP and breaches the $126.94 support level, we could see a downside move toward $125. A break below this level could open the door for further selling pressure, potentially pushing the price down to $120.

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