Chainlink (LINK), the decentralized oracle platform, has recorded significant activity in the cryptocurrency market in the last 24 hours. Large holders have moved 38.64 million LINK as broader consolidation grips the ecosystem. Per data from IntoTheBlock, the Chainlink whale transactions spiked by 671% in 24 hours to register the spike.
Chainlink Whale Accumulation and Price Outlook
IntoTheBlock data shows that this volume represents the 24-hour figure and doubles as the seven-day high. The protocol’s seven-day low stood at 2.31 million. These transactions by Chainlink whales occurred amid the price volatility of LINK in the broader crypto market.
The data’s focus on the movement of these large transactions highlights the increased activity among whales in the market. Although it does not reveal whether they are buying and accumulating or selling and disposing of the asset, it remains of interest to market participants.
Notably, a spike in whale activity impacts an asset’s price outlook. Depending on whether they are buying or selling, their activities could trigger a surge in price or send it crashing. Over $120 million LINK exited exchanges this week, setting the token up for a potential rebound.
In the case of LINK, the asset’s price plunged suddenly as these whales transacted over 38 million tokens. This suggests that many whales might have decided to shed their portfolio following LINK’s rebound to $15.
LINK Consolidation in Motion
As of this writing, the LINK price was $14.91, down 0.92% in 24 hours per CoinMarketCap data. The trading volume dropped by 41.11% to $265.83 million within the same period.
Investors might have pulled back as the price slipped below $15. The decision to step back might have been triggered by LINK’s inability to break the next resistance of $16 amid the whale action.
The asset slipped from $15.53 and formed a cup pattern in the last 30 days. Chainlink plunged to a low of $10.20 before posting its current rebound move. Though the upward rally was slow, LINK sparked hope when it reclaimed $15.
Interestingly, despite the recent movements, LINK has held on strong and found support above $14.15. The asset’s ability to sustain this level could determine whether it might continue its downward slip or not.
What Could Trigger Chainlink Price Rally?
LINK’s price appears to have entered a consolidation phase, and renewed investor interest could catalyze a breakout. In a recent LINK price analysis, market analyst CRYPTOWZRD predicted a $26 rally for the token.
LINK’s Relative Strength Index (RSI) is around the neutral zone, which suggests it is neither overbought nor oversold. This could become a bullish signal if LINK whale accumulation and general market momentum are sustained. If this happens, LINK could climb to trade between $20 and $25 or push for $30 based on ecosystem support.
However, should Chainlink price slip below $13, this could trigger another bearish outlook with the risk of returning to the $10 price floor.
After dropping due to Donald Trump’s tariff plans, which caused an intense market sell-off, Bitcoin is making a strong comeback. It’s now approaching $100,000, its highest level since late February. But fears of a recession could slow down this momentum unless the U.S. and China start talking about tariffs soon. Additionally, the mixed on-chain signals might increase volatility for the $100K level.
Bitcoin’s On-chain Metrics Create Mixed Sentiment
How the tariff talks go could play a big role in whether the economy heads into a recession and in where Bitcoin’s price goes next. Many experts are hoping that trade discussions in May will help calm economic worries. Still, Bitcoin might keep rising even if a recession hits. In the past 24 hours, around $34 million in Bitcoin trades were closed out. Buyers ended $8.5 million in positions, while sellers had to close $25.4 million in bets against Bitcoin.
Bitcoin is getting close to retesting the $100K mark as investor confidence grows. In the last two weeks of April, large investors bought around $4 billion worth of Bitcoin. At the same time, spot Bitcoin and Ethereum ETFs saw strong inflows, with over $3.2 billion entering the market last week. BlackRock’s Bitcoin ETF alone brought in nearly $1.5 billion, its biggest weekly gain this year.
Additionally, Bitcoin’s netflow is currently negative by $39.79 million, meaning more Bitcoin is being moved out of exchanges than into them. This suggests that more investors are choosing to store their Bitcoin in private wallets instead of keeping it on exchanges. It’s a sign that people are holding onto their coins, which can reduce selling pressure and support Bitcoin’s recovery.
However, Bitcoin risks a “notable increase” in selling pressure around $100K. Glassnode warns that if Bitcoin’s price keeps rising, long-term holders might start selling. Their profits are now close to 350%, a level where they’ve typically sold in the past. If Bitcoin crosses $100K, it could trigger a wave of selling from these older investors.
What’s Next for BTC Price?
Buyers are breaking through Fib levels and they continue to hold the price above EMA trend lines. Bears are now defending any further surges above $98K as BTC faced a rejection recently. As of writing, BTC price trades at $97,182, surging over 0.7% in the last 24 hours.
The rising 20-day moving average at $96,892 and a strong RSI suggest Bitcoin still has room to move higher. If it breaks above $99,500, the price could quickly jump to the key $100,000 level. Sellers will likely put up a strong fight there, but if buyers succeed, Bitcoin might climb to around $103,000.
On the flip side, sellers may try to drag the price back to the 20-day moving average, which is an important support level. If Bitcoin bounces there, the uptrend stays strong. But if it drops below, it could fall further toward the 50-day average at $92.8K.
The post Bitcoin Flashes Signs of $100K Retest: Can BTC Price Meet Buying Demand? appeared first on Coinpedia Fintech News
After dropping due to Donald Trump’s tariff plans, which caused an intense market sell-off, Bitcoin is making a strong comeback. It’s now approaching $100,000, its highest level since late February. But fears of a recession could slow down this momentum unless the U.S. and China start talking about tariffs soon. Additionally, the mixed on-chain signals …
China’s recent directive for its state-owned banks to decrease reliance on the US dollar has amplified a growing trend among countries seeking alternatives to the dominant reserve assets. In some instances, Bitcoin has emerged as a viable competitor.
BeInCrypto spoke with experts from VanEck, CoinGecko, Gate.io, HashKey Research, and Humanity Protocol to understand Bitcoin’s rise as an alternative to the US dollar and its potential for greater influence in global geopolitics.
The Push for De-Dollarization
Since the 2008 global financial crisis, China has gradually reduced its reliance on the US dollar. The People’s Bank of China (PBOC) has now instructed state-owned banks to reduce dollar purchases amid the heightened trade war with US President Donald Trump.
China is among many nations seeking to lessen its dependence on the dollar. Russia, like its southern neighbor, has received an increasing number of Western sanctions– especially following its invasion of Ukraine.
Furthermore, Rosneft, a major Russian commodities producer, has issued RMB-denominated bonds, indicating a shift towards RBM, the Chinese currency, and a move away from Western currencies due to sanctions.
This global shift away from predominant reserve currencies is not limited to countries affected by Western sanctions. Aiming to increase the Rupee’s international use, India has secured agreements for oil purchases in Indian Rupee (INR) and trade with Malaysia in INR.
The country has also pursued creating a local currency settlement system with nine other central banks.
As more nations consider alternatives to the US dollar’s dominance, Bitcoin has emerged as a functional monetary tool that can serve as an alternative reserve asset.
Why Nations Are Turning to Bitcoin for Trade Independence
Interest in using cryptocurrency for purposes beyond international trade has also grown. In a notable development, China and Russia have reportedly settled some energy transactions using Bitcoin and other digital assets.
“Sovereign adoption of Bitcoin is accelerating this year as demand grows for neutral payments rails that can circumvent USD sanctions,” Matthew Sigel, Head of Digital Assets Research at VanEck, told BeInCrypto.
Two weeks ago, France’s Minister of Digital Affairs proposed using the surplus production of EDF, the country’s state-owned energy giant, to mine Bitcoin.
Last week, Pakistan announced similar plans to allocate part of its surplus electricity to Bitcoin mining and AI data centers.
Meanwhile, on April 10, New Hampshire’s House passed HB302, a Bitcoin reserve bill, by a 192-179 vote, sending it to the Senate. This development makes New Hampshire the fourth state, after Arizona, Texas, and Oklahoma, to have such a bill pass a legislative chamber.
If HB302 is approved by the Senate and signed into law, the state treasurer could invest up to 10% of the general fund and other authorized funds in precious metals and specific digital assets like Bitcoin.
According to industry experts, this is only the beginning.
VanEck Predicts Bitcoin to Become a Future Reserve Asset
Sigel predicts Bitcoin will become a key medium of exchange by 2025 and, ultimately, one of the world’s reserve currencies.
His forecasts suggest Bitcoin could settle 10% of global international trade and 5% of global domestic trade. This scenario would lead to central banks holding 2.5% of their assets in BTC.
According to him, China’s recent de-dollarization will prompt other nations to follow suit and lessen their reliance on the US dollar.
“China’s de-dollarization efforts are already having second- and third-order effects that create opportunities for alternative assets like Bitcoin. When the world’s second-largest economy actively reduces its exposure to US Treasuries and promotes cross-border trade in yuan or through mechanisms like the mBridge project, it signals to other nations—especially those with strained ties to the West—that the dollar is no longer the only game in town,” Sigel said.
For Zhong Yang Chan, Head of Research at CoinGecko, these efforts could prove catastrophic for the United States’ dominance.
“Broader de-dollarization efforts by China, or other major economies, will threaten the status of the dollar’s global reserve currency status. This could have [a] profound impact on the US and its economy, as this would lead to nations reducing their holdings of US treasuries, which the US relies on to finance its national debt,” he told BeInCrypto.
However, the strength of the US dollar and other dominant currencies has already shown signs of weakening.
A General Wave of Currency Decline
Sigel’s research shows that the four strongest global currencies—the US dollar, Japanese yen, British pound, and European euro—have lost value over time, particularly in cross-border payments.
The decline of these currencies creates a void where Bitcoin can gain traction as a key alternative for international trade settlements.
“This shift isn’t purely about promoting the yuan. It’s also about minimizing vulnerability to US sanctions and the politicization of payment rails like SWIFT. That opens the door for neutral, non-sovereign assets—especially those that are digitally native, decentralized, and liquid,” Sigel added.
This lack of national allegiance also sets Bitcoin apart from traditional currencies.
Bitcoin’s Appeal: A Non-Sovereign Alternative
Unlike fiat money or central bank digital currencies (CBDCs), Bitcoin doesn’t respond to any one nation, which makes it appealing to some countries.
For Terence Kwok, CEO and Founder of Humanity Protocol, recent geopolitical tensions have heightened this belief.
For these same reasons, experts don’t expect Bitcoin to replace fiat currencies fully but rather provide a vital alternative for certain cases.
A Replacement or an Alternative?
While Bitcoin offers several advantages over traditional currencies, Gate.io’s Kevin Lee doesn’t foresee its eventual adoption causing a complete overhaul of the currency reserve system.
Recent data confirms this. The number of Bitcoin transactions has fallen significantly since the last quarter of 2024. Bitcoin registered over 610,684 transactions in November, but that number dropped to 376,369 in April, according to Glassnode data.
The number of Bitcoin active addresses paints a similar picture. In December, the network had nearly 891,623 addresses. Today, that number stands at 609,614.
Bitcoin number of active addresses. Source: Glassnode.
This decline suggests reduced demand for its blockchain in terms of transactions, usage, and adoption, meaning fewer people are actively using it for transfers, business, or Bitcoin-based applications.
Meanwhile, the Bitcoin network must also ensure its infrastructure is efficient enough to meet global demand.
Can Bitcoin Scale for Global Use?
In 2018, Lightning Labs launched the Lightning Network to reduce the cost and time required for cryptocurrency transactions. Currently, the Bitcoin network can only handle around seven transactions per second, while Visa, for example, handles around 65,000.
“If expansion solutions (such as the Lightning Network) fail to become popular, Bitcoin’s ability to process only about 7 transactions per second will be difficult to support global demand. At the same time, as Bitcoin block rewards are gradually halved, the decline in miners’ income may threaten the long-term security of the network,” Guo, Director of HashKey Research explained.
While the confluence of geopolitical shifts and Bitcoin’s inherent characteristics undeniably create a space for its increased adoption as an alternative to the US dollar and even a potential reserve asset, significant hurdles remain.
Achieving mainstream Bitcoin adoption hinges on overcoming scalability, volatility, regulatory hurdles, stablecoin competition, and ensuring network security.
The unfolding panorama suggests Bitcoin will carve out an important role in the global financial system, though a complete overhaul of established norms seems unlikely in the immediate future.
The condition of the crypto market has improved considerably as April comes to an end. Meme coins are expected to start off strong in May as investors seem to be taking these joke tokens a lot more seriously, as seen with Housecoin (HOUSE).
BeInCrypto has analyzed three meme coins for investors to watch and how their interest is cementing in these tokens.
Zerebro (ZEREBRO)
Launch Date – November 2024
Total Circulating Supply – 999.95 Million ZEREBRO
Maximum Supply – 1 Billion ZEREBRO
Fully Diluted Valuation (FDV) – $60.01 Million
ZEREBRO has surged by 30% in the last 24 hours, trading at $0.061. The meme coin is showing strong bullish momentum and looks poised to continue its uptrend.
With the 50-day Exponential Moving Average (EMA) providing solid support, ZEREBRO demonstrates strong technical strength. This support level could help propel the altcoin toward the next major resistance at $0.086. If the altcoin continues to hold above the 50-day EMA, it may continue its upward trajectory with sustained investor interest.
However, profit-taking from investors could trigger a price correction, sending ZEREBRO lower. A drop below the $0.051 support level could lead to further declines toward $0.042. The recent gains could be wiped out if this support is breached, and the bullish outlook would be invalidated.
Pudgy Penguins (PENGU)
Launch Date – December 2024
Total Circulating Supply – 62.86 Billion PENGU
Maximum Supply – 88.88 Billion PENGU
Fully Diluted Valuation (FDV) – $943.05 Million
PENGU has surged by 25% since Sunday, trading at $0.0123, showing strong upward momentum. The meme coin is aiming to breach the $0.0147 resistance. For this to happen, continued strong support from investors is necessary. If momentum continues, PENGU could make its way through this key level to further gains.
A breakout above $0.0147 resistance could set PENGU on a path toward $0.0225, indicating the potential for continued upward movement in the coming days.
A failure to break the $0.0147 resistance would likely trigger a decline in PENGU’s price. If the altcoin falls below $0.0100, it could continue to slide toward the $0.0071 support level. Such a drop would invalidate the current bullish outlook and could lead to a prolonged downturn.
Small Cap Corner – Housecoin (HOUSE)
Launch Date – April 2025
Total Circulating Supply – 998.83 Million HOUSE
Maximum Supply – 998.83 Million HOUSE
Fully Diluted Valuation (FDV) – $66.90 Million
HOUSE has emerged as a surprising contender in the meme coin market, drawing attention with its humorous concept of investing in crypto rather than purchasing real estate. This fresh approach has resonated with investors, and many are actively supporting the token as it gains traction within the crypto community.
Over the past week, HOUSE has skyrocketed by 816%, currently trading at $0.0664. The altcoin is aiming to flip the $0.0666 level into support, a crucial step before targeting the $0.1000 resistance. If successful, this would set the stage for continued growth, potentially drawing more investors into the token.
However, if the novelty of the idea fades or investors decide to lock in profits, HOUSE could see a sharp decline. A fall below $0.0666 could lead to a drop to $0.0170, invalidating the current bullish outlook. Such a correction would likely signal the end of the altcoin’s recent uptrend.
