Bitcoin

bulls mounted a fresh challenge to a crucial resistance level as traders looked forward to U.S. inflation data.

The top cryptocurrency rose to $122,056, testing the 1.618% Fibonacci extension originating from the 2018 bear market low and the 2022 bear market low. The 1.618% extension is derived from the “golden ratio,” a revered mathematical constant in finance, which is widely found in nature and art. Many believe it also influences human psychology and market movements.

This is the bulls’ second attempt to scale the key resistance levels. They previously penetrated the same last month, but failed to sustain gains, which ultimately led to a price pullback to lows under $112,000.

A successful hold above the “golden ratio” would cement expectations for a rally toward $140,000, the most popular call option strike on the crypto derivatives exchange Deribit. As of writing, the $140,000 call boasted a notional open interest of over $3 billion, according to data source Deribit Metrics.

However, if the bulls fail to hold their ground for a second time, it would suggest the buying pressure is insufficient, potentially yielding a deeper correction.

As of writing, BTC changed hands at $122,000, having hit a high of $122,171 during the early Asian trading hours, according to CoinDesk data.

Focus on U.S. inflation

Data due Tuesday is expected to show that the impact of Trump’s tariffs crept into inflation in July, lifting price pressures in the economy.

The core consumer price index, which strips out volatile food and energy costs, is likely to have risen 0.3% in July, according to the median projection in a Bloomberg survey of economists. In June, the core CPI increased by 0.2% from the previous month.

A hotter-than-expected inflation print may trigger market volatility, but it is unlikely to deter the Fed from cutting rates in September, according to Marc Chandler, chief market strategist at Bannockburn Global Forex. In other words, the dollar’s downtrend could continue after the CPI report, boding well for risk assets, including cryptocurrencies.

“With U.S. interest rates still at the lower end of their ranges, despite a soft reception at the U.S. refunding last week, we suspect the market is vulnerable to what may prove to be the third consecutive monthly increase in the year-over-year headline and core CPI. After the report, we suspect the dollar’s downtrend can resume,” Chandler said in the market report on Sunday.

He explained that July’s weak jobs report was a significant turning point that raised bets for a Fed rate cut, ending the dollar’s counter-trend recovery rally.

Read more: Ether Volatility Spikes on Rally as Bitcoin Edges Back Toward Record Highs

Chicago media ran stories today about a police officer there who was shot and killed while pursuing a fleeing suspect. They name the 36-year-old officer, a woman with a young daughter, who chased the suspect on foot. They quote a senior officer saying she was protecting lives and lost her own as a hero who wanted to make Chicago safer.

She was a four-year department veteran on duty with a 6th District tactical team, they report, stopping a man they understood to be armed. They relate the suspect’s flight into a nearby apartment, and an armed confrontation commencing with those within. One pointed a rifle at them and officer Krystal Rivera was shot: “Shots fired at police,” one officer “screamed.” Rivera was rushed to local hospital, but died.

“This is the risk our officers take every single day,” Police Superintendent Larry Snelling is quoted saying. Two suspects were arrested. Three firearms were recovered at the scene. One story closes on a poignant quote from Mayor Brandon Johnson: “Her young, energetic and bold approach toward keeping us safe is the memory we will honor.”

Hundreds of words. Dozens of paragraphs. But nowhere do any of these reporters state who is thought to have shot and killed Krystal Rivera. Police are usually enthusiastic about naming them, especially when they are in custody.

The story is an unusually extreme example of what some call “the exonerative tense” in reportage about bad things that happen in the presence of police. When it comes to the moment where the key act would be described, such stories retreat into the passive voice, law enforcement jargon and peculiar omission: guns are discharged, individuals are impacted, subjects become unresponsive. It reflects the language of police reports and press releases, adopted verbatim by newswriters and editors eager to please departments that are often their key sources.

A clue is offered in the PBS story: “The Civilian Office of Police Accountability is also investigating the incident.” I’m sure they are.

Note how my post never states that Rivera was shot and killed by another cop? You likely think it does. It’s an intentional technique and it works. But I don’t know if that’s really what happened. We can only hope the police soon have local media post what did.

Strategy co-founder Michael Saylor has publicly expressed interest in discussing Bitcoin on the world’s most-listened-to podcast, The Joe Rogan Experience.

“Hey @joerogan, let’s talk about Bitcoin,” Saylor said in a May 31 X post in response to a Joe Rogan fan account asking, “Who’s one guest you’d love to see Joe Rogan interview that he hasn’t had on yet?”

Saylor’s post triggered excitement among the Bitcoin community 

Saylor’s post prompted speculation within the Bitcoin (BTC) community. Popular Bitcoiner, The Bitcoin Therapist, said, “This interview will shatter the internet.”

Crypto analyst Kook told their 164,200 X followers that “Saylor is going to Bitcoin pill Joe Rogan.” Meanwhile, crypto commentator Brandon MacDougal said, “For the first time ever, I’ll be watching a Joe Rogan podcast if Saylor is there.” 

Rogan has frequently discussed crypto and Bitcoin on his podcast and has made several pro-Bitcoin comments over the years. In an October 2023 episode with OpenAI co-founder Sam Altman, Rogan said that Bitcoin fascinates him the most of all cryptocurrencies.

“The real fascinating crypto is Bitcoin. That’s the one that I think has the most likely possibility of becoming a universal viable currency. It’s limited in the amount that it can be,” Rogan said.

“I love the fact that it’s been implemented,” he added.

Although Rogan has yet to respond to Saylor’s post, featuring a guest from the Bitcoin industry wouldn’t be unfamiliar territory. Even in Bitcoin’s early days, Rogan gave the topic airtime on his podcast.

Between 2014 and 2016, Bitcoin entrepreneur Andreas Antonopoulos made several appearances on Rogan’s podcast when Bitcoin was still trading below $1,000.

Related: Ethereum’s ‘own Saylor’ SharpLink Gaming plans $1B ETH purchase

Saylor’s firm Strategy, holds 580,250 Bitcoin, worth $60.47 billion, according to Saylor Tracker. 

Saylor recently speculated why Bitcoin’s price is not yet $150,000. He said holders without a long-term outlook have been selling off while a new cohort of investors are beginning to enter the market.

“I think we’re going through a rotation right now,” Saylor said on the Coin Stories podcast with Natalie Brunell on May 9.

Magazine: Coinbase hack shows the law probably won’t protect you: Here’s why

]]> https://earlybirdsinvest.com/saylor-shoots-his-shot-for-joe-rogan-spot-lets-talk-about-bitcoin/feed/ 0 39459 https://earlybirdsinvest.com/xrp-bulls-need-this-break-for-a-shot-at-6/ https://earlybirdsinvest.com/xrp-bulls-need-this-break-for-a-shot-at-6/#respond Sat, 22 Feb 2025 07:19:33 +0000 https://earlybirdsinvest.com/xrp-bulls-need-this-break-for-a-shot-at-6/

Crypto analyst Egrag Crypto (@egragcrypto) has outlined both short-term and long-term trajectories for XRP, pinpointing potential upside targets that range from $4–$6 in the near term to $33–$60 over the long haul. The shared chart focuses on historical resistance levels, Fibonacci extension points, and a multi-phase Parabolic Arc formation.

XRP Eyes $6—But This Key Level Stands In The Way

Egrag Crypto’s chart shows XRP trading near $2.67, coming off a notable bullish surge but now contending with a red horizontal band between roughly $2.75 and $3.00. The upper boundary at $3.00 holds dual significance: it marks a psychologically important level and also corresponds to a critical area from previous cycle peaks. A monthly close above this line would strongly suggest a bullish continuation, potentially setting the stage for a move toward the next Fibonacci extension marks.

“XRP current price action is trading at $2.67, showing a strong bullish move but facing resistance at the red horizontal zone (~$2.75-$2.83-$2.910 and $3.00),” Egrag states. The analyst particularly highlights Fib 1.414 near $4.30 and Fib 1.618 around $6.40 as the next barriers if $3.00 is decisively broken. A volume surge would strengthen the bullish case and provide extra confirmation for the run to unfold.

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Failure to overtake $3.00, however, could trigger a correction back into the $1.90–$2.00 support region identified by earlier candle closes. Egrag Crypto notes that if $1.90 fails to hold, a more extensive drop toward $0.90–$1.00 could ensue, which the analyst labels as a potential “Black Swan” scenario likely driven by broader market turmoil rather than XRP-specific weakness.

Egrag writes: “Breaking below $1.90 could shift sentiment to bearish, introducing downside risks toward the $0.90-$1.00 range. This would signal a potential Black Swan event across all markets! Such a collapse would be a challenging prelude before the ignition stage for XRP. Honestly, I don’t favor this scenario, as it would be stressful for all of us, including many OGs. Could the upcoming fort knox auditing be the catalyst for this Black Swan.”

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In the long term, the chart presents three sweeping parabolic arcs—colored yellow, green, and blue—which suggest that XRP may be building a broad-scale bullish structure. Price targets in the $33–$60 range reflect these arcs and channel extensions, though much hinges on whether a monthly close above $3.00 can usher in sustained momentum.

Beyond the $6.40 level at Fib 1.618, Egrag Crypto identifies additional Fibonacci-related checkpoints, such as $8, $13, $27, and $67 (Fib 1.888). These higher levels would remain speculative until XRP clears the nearer hurdles and demonstrates stable volume influx and price structure. “Volume and momentum confirmation would be crucial in the[se] coming phases,” he adds.

While the path forward depends on technical breakouts, Egrag Crypto underscores that near-term movement around $3.00 will be pivotal for setting the tone. A successful break above resistance could confirm targets in the $4–$6 window, and eventually open the door to the lofty parabolic objectives.

At press time, XRP traded at $2.6198.

Featured image created with DALL.E, chart from TradingView.com