Crypto
Bitcoin flashes doom signals; Expect 'much lower' prices
Bitcoin’s (BTC) price drop has accelerated, with the cryptocurrency slipping below $60,000 at some point in the last 24 hours, and analysts are projecting further losses.
Technical indicators suggest that the maiden cryptocurrency is flashing a series of concerning signals pointing to a significant decline in value.
In a TradingView post on August 4, crypto trading expert Alan Santana noted that Bitcoin is likely heading for much lower levels before it can expect new highs or significant growth.
One of Santana’s most alarming indicators is the bearish divergence on Bitcoin’s weekly Relative Strength Index (RSI). Bitcoin is exhibiting a striking divergence that has been developing over three years.
Specifically, the RSI made a lower high in 2024 than in 2021, despite Bitcoin’s price showing higher highs during the same period. This discrepancy between price action and RSI is a classic bearish signal, suggesting that the underlying momentum driving Bitcoin’s price upward has weakened considerably.
Adding to the bearish outlook, Bitcoin’s weekly RSI is trending downward, with a reading of 50.6. This is significant as it indicates that the long-term RSI is about to turn bearish for the first time since August 2023.
More notably, coming from a major high, this bearish shift in the RSI is the first since November 2021. According to the expert, such a development typically precedes a prolonged downturn, reflecting a loss of bullish momentum and the potential for substantial price declines.
“Doom signal? It is only doom if you are not prepared. On top of the bearish divergence we have Bitcoin’s weekly RSI trending full down with a reading of 50.6. This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth,” the expert stated.
Bitcoin’s key levels to watch
At the moment, Bitcoin’s price appears to form a descending triangle pattern, a bearish formation that often precedes further declines. Critical support levels to watch include the 0.618 Fibonacci retracement level around $37,795 and the 200-week moving average, which could act as potential downside targets.
Additionally, decreasing volume on upward price movements suggests weakening buying interest, adding to the bearish case.
At the same time, another analyst, Rekt Capital, in an X post on August 3, also noted that the current Bitcoin RSI readings will likely dictate the extent of additional downside.
“Bitcoin is getting really close to this RSI Higher Low trendline. It will dictate the extent of additional downside,” the expert said.
It’s worth noting that Bitcoin also took a hit following troubling signs in the United States economy. Indeed, investors will be looking at strategies implemented by the Federal Reserve to rescue the economy, as this will dictate Bitcoin’s trajectory.
Bitcoin price analysis
At press time, Bitcoin was trading at $60,868, having plunged 1.5% in the last 24 hours. On the weekly timeframe, Bitcoin is down over 10%.
Overall, Bitcoin looks bearish, and the bulls’ ability to sustain the price above the $60,000 support will be key to reducing any further losses.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Kraken Valued at $13 Billion After Deutsche Börse Stake
Deutsche Börse has taken a minority stake in crypto exchange Kraken, marking one of the clearest signs yet of Europe’s largest market operator deepening its exposure to digital assets.
The German exchange group said it invested $200 million in Payward, Kraken’s parent company, securing roughly a 1.5% fully diluted ownership. The transaction values Kraken at about $13.3 billion, according to reporting by Bloomberg.
The move builds on an existing relationship between the two firms and signals a broader push to integrate traditional financial infrastructure with crypto markets. The partnership is expected to focus on regulated offerings, including tokenized assets and derivatives, while improving liquidity for institutional clients.
As part of the collaboration, Kraken will integrate with 360T, Deutsche Börse’s foreign exchange trading platform. The connection is designed to provide Kraken users with access to bank-grade foreign exchange liquidity, potentially streamlining the conversion between fiat currencies and digital assets.
The companies also plan to expand the use of Kraken Embed, a service that allows institutions to offer crypto trading and custody under their own brands. The initiative targets banks, fintech firms, and asset managers seeking to enter the digital asset space without building infrastructure from scratch.
Further developments are expected, subject to regulatory approval. These include enabling trading of derivatives listed on Eurex, Deutsche Börse’s derivatives exchange, through Kraken’s platform.
The investment underscores a growing convergence between established financial institutions and the crypto sector. For Kraken, the backing from Deutsche Börse provides capital and strategic alignment with one of Europe’s most influential financial market operators. For Deutsche Börse, the stake offers a direct foothold in a global crypto platform at a time when competition for digital asset infrastructure is intensifying.
The deal also reflects a broader trend of legacy financial firms moving beyond exploratory partnerships toward equity investments in crypto companies. By combining trading, custody, and tokenization capabilities, both firms are positioning themselves to capture a larger share of institutional flows into digital assets.
Key Takeaways:
- Alameda moved $16 million worth of SOL to a wallet linked with repayment efforts, signaling ongoing FTX creditor payouts.
- Alameda still holds 3.5 million SOL ($294 million), meaning supply overhang may impact solana markets.
- FTX-era asset releases since 2022 suggest continued distributions could shape liquidity next.
Alameda Unstakes SOL, Signals Ongoing Creditor Distributions
Alameda Research has transferred roughly $16 million worth of solana ( SOL) tokens after unstaking the assets, in a move that points to continued creditor repayments tied to the collapse of FTX.
Blockchain data tracked by Arkham Intelligence shows the tokens were sent to an address previously associated with distribution efforts. The transaction follows a similar pattern observed in recent months, where unstaked assets were routed to wallets linked to reimbursing creditors.
While there has been no official confirmation that the latest transfer will be distributed immediately, the repetition of this process suggests it forms part of a structured repayment strategy rather than a one-off movement.
Unstaking allows previously locked tokens in proof-of- stake networks to be withdrawn and made liquid. In this case, it enables Alameda to free up assets that can be redirected toward obligations stemming from FTX’s bankruptcy proceedings.
The latest transfer comes about a month after a comparable transaction, when Alameda moved a similar tranche of SOL to the same destination address. That earlier move reinforced expectations that such transfers are tied to ongoing creditor payouts.
Despite the asset sales, Alameda retains a substantial position in solana. The firm still holds approximately 3.5 million SOL, valued at around $294 million, according to Arkham data.
Solana remains one of the largest digital assets by market value, with a capitalization of about $47 billion. The token has traded near $82 in recent sessions, significantly below its peak of $293 reached early last year.
Alameda, founded in 2017 by Sam Bankman-Fried, was once a dominant trading firm in the crypto market. It played a central role in providing liquidity across exchanges and operated extensively in spot and derivatives markets.
Its fortunes shifted dramatically following the collapse of FTX in late 2022, which triggered a wave of insolvencies and legal proceedings. Since then, asset recovery and creditor repayment have been central to the restructuring process.
The steady movement of funds such as SOL highlights the scale and complexity of unwinding Alameda’s positions. Each transfer offers a signal, albeit indirect, of progress in returning value to creditors.
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