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What If Bears Take Control Over Bitcoin & Ethereum Price This Week!

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Ethereum price currently is experiencing a notable drain with a more than 4% plunge and a similar trend is seen with Bitcoin price. After a significant uptrend for a couple of days, both the assets appear to have fallen into a bearish trap. And hence a significant move is the need of the hour in order to maintain an uptrend. Else BTC price and ETH price could bottom hard to barely expected levels. 

Ethereum Price Should Sustain Above $2400

The ETH price after forming a diamond top, brokedown and plunged below $2500 with the beginning of the fresh day trade. Moreover, the price had formed a huge ‘W-shaped’ pattern in the 4-hour chart but failed to break the neckline. Instead, the price broke down and continued to shed the gains. The continued downtrend could also attract lower levels close to $2300. 

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The price chart displays a death cross been executed as the 200-day and 50-day MA intersects each other resulting in the present-day plunge. However, the selling pressure appears to have eased as the trading volume is reduced. And hence a subsequent surge could be on the way very soon. 

The price should break the downtrend and begin with a subsequent uptrend, else a revisit around $2000 could be imminent. A popular analyst, Micheal de van Poppe predicts the zones between $2325 and $2180 could be fast approaching if the price fails to sustain above $2540. However, the upcoming London hard fork’s successful launch could entirely flip the market.

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Bitcoin Price At Important Levels

Bitcoin price suffered yet another rejection at $40,000 and slides below $39,000. The asset recorded a consecutive uptrend for more than 10 days and raised above $42,000. Woefully, many traders utilized the bitcoin pump as exit liquidity as nearly 2 billion profit was recorded according to Glassnode.

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After multiple rejections, the price appears to have stuck in between $30,000 and $40,000 from the past couple of months. However, $36,000 appear to be the most crucial as these levels were both support and resistance at different points. The price is attempting hard to sustain above $39,000 and if the selling accelerates, $36,000 is the level to be maintained. Else the price could yet again end up hitting the lower support levels. 

On the whole, the coming couple of days could be decisive for Bitcoin and Ethereum price as a flip from the bearish divergence could pave way for a substantial uptrend. Moreover, the much-awaited Ethereum network upgrade- EIP 1559 could impact the ETH price to a large extent. On the other hand, BTC price seems to have to gain huge bullish sentiments. And hence the upcoming week could witness a considerable uptrend for both assets. 

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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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