Texas&#8217; move towards a Bitcoin reserve could bolster its financial resilience, setting a precedent for other states to consider similar strategies. The post Texas&#8217; Bitcoin reserve bill heads to key reading before final floor vote appeared first on Crypto Briefing.

Texas’ Bitcoin reserve bill heads to key reading before final floor vote

CME&#8217;s launch of XRP futures amid legal uncertainties highlights growing 
institutional interest in crypto derivatives, impacting market dynamics.
The post CME Group set to launch XRP futures on Monday amid legal setback for 
SEC and Ripple appeared first on Crypto Briefing.

CME Group set to launch XRP futures on Monday amid legal setback for SEC and Ripple

Technical analyst CRYPTOWZRD shared his latest take on Chainlink (LINK)’s 
price action in a recent post on X, pointing out that the asset ended the day 
with a neutral, indecisive close. While the session lacked a clear directional 
push, he noted that this kind of pause often precedes a sharper move. 
CRYPTOWZRD plans to monitor the intraday chart tomorrow for a potential 
reversal setup above the $15.85 mark, which he views as the first sign of 
bullish intent. However, a sustained move above $16.80 would offer a more 
confirmed breakout and a stronger long opportunity, indicating buyers are 
beginning to take control. Can Chainlink Break Free From Current Stagnation? 
In his latest analysis, CRYPTOWZRD pointed out that LINK and LINKBTC closed 
today’s session indecisively, with daily candles reflecting weakness in the 
price action. While the lack of a clear direction is notable, both assets will 
need to see a surge in buying pressure from these levels in order to establish 
a new bullish trend. Related Reading: Chainlink Flashes Daily Buy Signal – 
Breakout Next? Particularly for LINKBTC, CRYPTOWZRD suggested that a potential 
push higher could materialize as Bitcoin dominance nears its resistance 
target. This rise in Bitcoin dominance could provide the necessary tailwind 
for LINK to gain momentum and transition into a bullish phase in tandem with 
broader market movement. For LINK, the $16 level has become an important 
support zone as a bullish reversal from this area would add impulsive price 
action, potentially driving Chainlink toward the $19.50 resistance target in 
the near term. If Chainlink breaks decisively above $19.50, CRYPTOWZRD 
anticipates a more substantial rally that could propel the asset towards the 
$30 resistance level. However, these bullish outcomes hinge on a consistent 
upside pressure and a healthy price structure to support the move. At this 
juncture, the market is waiting for the formation of the next trade setup, 
whether it be a strong reversal off support or a clean breakout above 
resistance, to provide momentum for the next significant move. Watch For 
Breakout Or Consolidation In conclusion, the analyst observed that today’s 
intraday chart was characterized by choppy and slow price action, with no 
clear direction established. Given the lack of momentum, the expectation is 
heightened volatility as the market works through these levels. However, the 
price needs to break decisively above the $16.80 intraday resistance level to 
trigger a solid long entry. Related Reading: Chainlink Just Retested Key 
Support – Here’s Where Price Could Be Headed Next That said, there is also the 
possibility that price may move sideways in the near term, consolidating 
within a range. If that occurs, $15.85 will act as the key intraday support 
target, where the market could find temporary stability before deciding its 
next move. With the current indecisiveness in the market, the best course of 
action is to wait for a well-formed chart pattern or a clear setup that 
provides a high-probability trade entry. Featured image from Adobe Stock, 
chart from Tradingview.com

Chainlink In The Mist — A $15.85 Reversal May Clear The Path

Bitcoin is still trading around the $103,000 mark, although the upward 
momentum it started in May has exhibited a slowdown in the past seven days. 
Although a short-term volatility is currently playing out, the long-term 
outlook is undoubtedly bullish. Related Reading: Analysis: Crypto Heats Up As 
$35 Billion Enters Market In Under A Month Some analysts are looking to long- 
term cycle indicators for direction. One such tool, the Golden Ratio 
Multiplier, which called the Bitcoin top in 2021, has resurfaced with another 
interesting top for the current Bitcoin cycle. Golden Ratio Multiplier 
Identified 2021 Top, Now Points To New Peak Taking to a post on social media 
platform X, popular crypto analyst CryptoCon highlighted the reliability of 
the Golden Ratio Multiplier in predicting Bitcoin&#8217;s price top in each cycle. 
The Golden Ratio Multiplier is a logarithmic model that incorporates 
Fibonacci-derived multipliers to anticipate Bitcoin’s macro trends. Notably, 
this metric was among the few to accurately call the April 2021 cycle top in 
real time, the same as the 2017 and 2013 price tops. This cycle, the model has 
already flagged a significant peak in March 2024, although the crypto analyst 
interpreted this not as the final high but as a mid-top. CryptoCon explained 
that Bitcoin’s price action has already hit Level 4 of the multiplier chart 
this cycle, but this isn’t the final peak. “We’ve already hit our cycle top 
level this cycle once, but this was for the cycle mid-top in March 2024, which 
means we’re bound to do it again,” he wrote. The Level 5 band now sits around 
$160,000 and continues to trend upward. Drawing a parallel to past cycles, 
CryptoCon noted that the structure of the current cycle shows strong 
similarities to the 2015 to 2017 period, when Bitcoin saw a gradual build-up 
followed by an explosive breakout. Based on this comparison, the current 
market phase is seen as equivalent to April 2017, right before Bitcoin went on 
a rally in the months that followed. Golden Multiplier Ratio Suggests $160k Is 
Next Major Target The chart accompanying CryptoCon’s post paints a familiar 
picture with the Golden Multiplier Ratio. Each band, ranging from Level 1 to 
Level 10, is based on a multiplier level derived from the 350-day moving 
average. Bitcoin has topped at various levels: Level 10 in 2011, Level 9 and 8 
in 2013, Level 7 in 2017, and Level 6 in 2021. The current cycle’s peak should 
most likely be Level 5, but the Bitcoin price is yet to get there. Related 
Reading: ‘Judgment Day Is Coming’—XRP Set To Explode, Analyst Warns Should the 
market continue to respect this structure, Bitcoin could be preparing for a 
rally toward the Level 5 mark of $160,000 sometime later in the year, which 
could mark the final high of this cycle. The current range around $103,000 may 
well be the calm before the final breakout. &#8220;Slower buildup, then all at 
once,&#8221; the analyst said. At the time of writing, Bitcoin was trading at 
$102,971. Featured image from Unsplash, chart from TradingView

Golden Ratio Multiplier Called Bitcoin Top In 2021 – Here’s What It’s Saying Now

De-dollarization is exploding across Eurasia as 93% of EAEU trade now flows 
through national currencies, signaling a decisive pivot from the U.S. dollar 
and reshaping global finance. Russia Says 93% of EAEU Trade Now in National 
Currencies as Dollar Use Crumbles A rising trend of de-dollarization is 
reshaping trade across Eurasia, as national currencies increasingly […]

Russia’s EAEU Trade Reaches 93% De-Dollarization in Blow to US Dollar Dominance

Arthur Hayes predicts an unstoppable surge for bitcoin as collapsing U.S. 
treasuries and capital repatriation fuel a global flight into BTC, targeting 
$1 million. Arthur Hayes: Capital Repatriation and Treasury Collapse Will Push 
Bitcoin to $1 Million Arthur Hayes, chief investment officer of Maelstrom and 
co-founder of crypto exchange Bitmex, shared his latest macroeconomic outlook 
[…]