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Bitcoin: 2nd week of side trading. Solana + 197% in the last month

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Bitcoin’s price continued to trade sideways on Saturday and Sunday as it has done for the past two weeks. Solana at + 197%.

BTC is + 68.62% in the period since July 20, which is the bottom of its drop, but despite the massive rise in price over the past 60 days, BTC is still -24.7% from its all-time high at the time of writing. 

The “Fear and Greed Index”, a popular indicator for market participants’ sentiment of greed, is reading 73 and is +1 from yesterday’s reading.

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Traders who believe there will be further upside will disagree with ArashBanakar ‘s chart analysis below . 

While Bitcoin’s bullish pattern is still intact, he believes a correction to the $ 40k sub level may be imminent.

As you can see, BTC found local support resistance at $ 46.5k, but it also has more support below that level at .382 [$ 44k]. 

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Below this level the bulls would be interested in maintaining the resistance at $ 42k, otherwise a return trip to the $ 30k level could occur.

bitcoin solana

The bulls should be feeling pretty good for the current situation, however, with the bears unable to break $ 46.5k for more than a week.

 This could eventually lead to bearish exhaustion and absorption of the remaining supply just below $ 50k.

The BTC price range for the past 24 hours is $ 48,026- $ 49,639 and the 7-day price range is $ 46,774- $ 50,311. The average price of Bitcoin over the past 30 days is $ 45,193. 

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Bitcoin closed the daily / weekly candle on Sunday at $ 48,800 and -0.23% for the Sunday candle. BTC also closed the weekly time scale in red digits for the first time in seven weeks.

Solana analysis

Solana’s price action distances itself from the rest of the industry and the asset reached several new all-time highs over the weekend. The new all-time high of SOL is $ 97.72.

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Over the past 30 days Solana is + 196.8% against the US dollar, + 139% against BTC and + 118.4% against ETH.

So where will Solana go from here? Is it set for a nice retracement or can traders expect more upside?

bitcoin solana

The previous 1D chart of KhaniTechnical’s shows how powerful the ascending structure is on Solana. With such strong SOL movement in recent months, this is a risky entry level, but the upside on the chart shows prices greater than $ 200 if this pattern works.

The bears need to push the price below $ 90, a local support resistance for the bulls, before they can gain any momentum. Meanwhile the bulls will want to eclipse the $ 100 to ease concerns of the rally stopping at significant psychological resistance.

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Solana’s 24-hour price range is $ 91.37- $ 97.72 and the 7-day price range is $ 67.25- $ 97.72. The 52-week range for SOL is $ 1.20- $ 97.72. 

The average price of SOL over the past 30 days is $ 53.89. 

Solana closed the daily / weekly candle on Sunday with a value of $ 94.04 and in the red. 

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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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