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Bitcoin (BTC) bulls focus on $45,000 after closing daily candle above the 200-day EMA

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  • Bitcoin is on a winning streak after gaining around 8 percent and getting back to $40,000.
  • Lark Davis notes that Bitcoin has just closed its daily candle above the 200-day EMA signaling more gains to come.

Bitcoin (BTC) has staged a quick rebound after slipping from the $40K position at the start of the week. It has recently been fuelled by rumours of Amazon accepting Bitcoin for payment later in the year and Elon Musk’s Bitcoin talk with Twitter’s Jack Dorsey and ARK Invest’s Cathie Wood in which Musk confirmed that Tesla was likely to accept Bitcoin as payment again.

Early in the week, Bitcoin was able to reach $40K but lost this position after Amazon denied that it has plans to accept Bitcoin for payments. After the initial shock, Bitcoin is back to winning ways. According to our data, Bitcoin has in the last 24 hours gained as much as 8 percent to get back to the $40K levels. This pushes its weekly gains to nearly 30 percent.

The crypto king has further managed to pull with it the rest of the market. The total market cap has risen by roughly 5 percent in the last 24 hours to top $1.5 trillion.

Bitcoin (BTC) eyes $45,000

The digital asset seems to have garnered some positive momentum that is likely to see it test local highs. Analysts including Lark Davis, see Bitcoin adding to its recent gains and reaching as high as $45K in the short term. According to the pundit, the asset has managed to close its daily candle above the 200-day EMA.

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On-chain data has shown that large holders have continued to accumulate since the May crash. Santiment shows that in the last five weeks, holders with between 100 and 10,000 BTC have accumulated roughly 130,000 coins. Of this, roughly 40,000 have come in the last 5 days as holders double their efforts. These holders are key to the long-term play with large holders less likely to be swayed by short-term price changes. But although $45K is in sight, without some major developments, BTC is likely to struggle to break above the $50K psychological level.

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Moreover, for the first time since the China crackdown, Bitcoin difficulty is expected to rise. This signifies an increase in hashrate after a drastic drop. The last few weeks have allowed Chinese miners to relocate, and other competing miners to expand their operations. As many experts have noted, this development is a good thing for the long term Bitcoin set-up as it encourages decentralization.

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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