Crypto News 04/14: Bitcoin needs to break the psychological barrier of $85,000 to pave the way for a potential bullish trend along with news about ETH, SOL, USDT, Scam & Hack

From the observation that Bitcoin needs to break the psychological threshold of $85,000 to pave the way for a potential price increase, New York is considering allowing the use of cryptocurrencies for state payments. Here are some highlights from the crypto market.

Bitcoin News

The price of Bitcoin continues to fall below the psychological threshold of $85,000, unable to surpass this important level for the past two months.

Although it has created some momentum, the leading cryptocurrency remains stagnant, increasing pressure on long-term holders (LTH).

The Long/Short MVRV differential, an important metric used to assess market sentiment, indicates a worrying trend for LTH. This indicator recently hit a two-year low, showing that the profits of long-term holders are at their lowest since March 2023. This change suggests that market conditions are increasingly unfavorable for LTH.

When the price of Bitcoin does not recover, short-term holders (STH) are starting to dominate, taking advantage of price fluctuations. Meanwhile, long-term holders (LTH), facing declining profits, are delaying additional purchases or holdings.

Bitcoin's Long/Short MVRV Differential | Source: SantimentThe overall momentum of Bitcoin also reflects bearish signals. The change in net position of HODLers further reinforces this narrative, as the indicator shows that LTHs have sold a significant portion of their holdings in the past two weeks. In total, these sell-offs amount to over 6,596 BTC, worth more than 550 million USD.

A lack of confidence can slow down the recovery process of Bitcoin and contribute to the continued stagnation of its price. In turn, this can limit market activity and exacerbate the ongoing recession.

The change in the net position of Bitcoin HODLers | Source: GlassnodeBTC is currently trading around $84,900, hovering just above the key support level of $82,619. The price is still stuck below the important resistance level of $85,000, which could add further pressure if the leading asset fails to break above this level.

If BTC loses support at the level of $82,619, it is likely that the price will drop to the next psychological support level of $80,000.

If the downtrend continues, the price could drop further, with $78,841 emerging as an important level to watch. Losing this support will mark a larger downturn, confirming the weakness of the market and increasing the bearish outlook for Bitcoin.

BTC Price Analysis | Source: TradingViewHowever, if BTC can break and hold the support level of $85,000, the price may recover, pushing the leading asset towards $86,848. Continuous growth above $85,000 will invalidate the current downtrend and pave the way for a potential rally up to $89,800, restoring confidence for investors.

Billionaire Dalio prefers "hard" assets like Bitcoin over government bonds

American billionaire Ray Dalio, founder of the investment firm Bridgewater Associates and one of the greatest hedge fund managers in history, recently issued a shocking warning to the investment community when he appeared on NBC's Meet the Press.

He stated that the United States is facing something "worse than an economic recession." According to Dalio, the global monetary order is "collapsing," while the world is experiencing similar upheavals to the Great Depression of the 1930s.

Dalio emphasized that the current trade wars and tariff disputes are merely "side effects" of a cyclical breakdown that has occurred many times in the past. He also expressed concern about the increasingly uncontrollable public debt in the U.S. and China. Recently, Dalio stated that he prefers "hard" assets like Bitcoin over government bonds.

With the forecast that the US GDP will decline by nearly 3% in Q1 2025, many other macro investors like Mike Novogratz have also expressed similar views and believe that the Federal Reserve (Fed) will be forced to shift to a looser policy, including interest rate cuts.

ETH and SOL News

The price of Solana (SOL) has increased by over 10% in the past week, while ETH recorded a corresponding decrease, pushing the SOL/ETH exchange rate to a record high.

According to data from TradingView, the SOL/ETH exchange rate reached a new record high of 0.082 on April 13, an increase of over 35% compared to August 2024 when the rate was still around 0.06.

SOL/ETH Chart – 4h | Source: TradingViewThe SOL/ETH exchange rate is an index that compares the value of 1 Solana token (SOL) against 1 Ethereum token (ETH). Simply put, this rate tells users how many SOL tokens are needed to purchase one ETH token.

At the same time, the ETH/BTC exchange rate also continued to fall deeply to 0.019, marking the lowest level since January 2020. Over the past 6 months, ETH has lost 47% of its value against BTC, raising concerns about Ethereum's competitiveness as money is diverted to Bitcoin and Solana.

USDT News

In a case involving digital assets, the local court has sentenced 9 Chinese citizens for orchestrating a scam that defrauded more than 66,800 Indian victims out of approximately 6 million USD (517 million rupees) through USDT.

The ruling issued by the Heze Economic Development Zone People's Court in Shandong Province revealed sophisticated operations using overseas servers, setting up fake identities, and manipulating content on social media to deceive users into investing in a fake crypto platform called SENEE.

This case highlights concerns surrounding the misuse of Tether (USDT) in international financial scams and the increasing frequency of India becoming a target for such scams due to its large digitally connected population.

The Chinese government has begun tightening control over cross-border crypto scams that operate using domestic infrastructure.

Scam & Hack News

Criminals are exploiting fake McAfee pop-ups to scam residents in Pinellas County, Florida, by remotely accessing personal computers without authorization.

After gaining control, the scammers manipulated the victims to transfer money through Bitcoin ATMs, buy gold bars, or withdraw large amounts of cash, with a recent incident causing financial losses of over $530,000.

The Pinellas County Sheriff's Office warns against sharing sensitive information online or over the phone and urges residents to report any suspicious interactions.

Fake pop-up scams (small dialog boxes automatically pop up when users open their browser or visit a website), especially from trusted brands, are being used to target individuals. Police officials emphasize that: "Citizens should not provide personal information or account information over the phone or computer."

Other news

New York considers allowing the use of Bitcoin and Ethereum for state payments

A proposed bill, introduced by Rep. Clyde Vanel, aims to update existing laws so that more state departments can accept crypto as a valid form of payment.

Called the A7788 Bill of the Council, the proposal outlines how New Yorkers can use certain selected cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to pay for government-related expenses. This includes taxes, fines, fees, and even rent for public agencies.

To cover the technical costs associated with accepting digital currencies, the bill would allow the state to impose a small service fee. However, this fee should not be higher than the actual cost of processing the transaction, such as blockchain fees or third-party processing fees.

You can see the coin price here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.

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Viet Cuong

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