Bitcoin prices are hovering within a crucial demand zone that needs to hold for the rally to continue.
This is the view of FXStreet analyst Akash Girimath who also points out that a resurgence of buying pressure pushing the BTC to produce a daily close above will confirm a resumption of an uptrend.
Therefore, according to him, such a move will also cause Etheruem and Ripple to increase as well.
Thus, the analyst points out that the price of Bitcoin entered the demand zone of $63,805 to $67,162 after establishing a new high of $68,778 on 9 November.
“This drop was caused by investors posting profits and is expected to stabilize and reverse soon,” he said.
So for him, uA daily close above $67,162 will confirm the start of a new uptrend and push the BTC to the 161.8% Fibonacci extension level at $77,908.
Thus, he points out that in a highly bullish and long-term scenario, the BTC will likely establish a $100,000 high or the Fibonacci based 261.8% trend.
“On the other hand, if the Bitcoin price doesn’t close above $67,162, but produces a daily close below $63,805, it would indicate that buyers have disappeared. In this scenario, the BTC would revise the immediate support level at $65,000 or the $60,000 barrier in dire cases where buyers may return,” he said.
Ethereum and XRP
So, with respect to Ethereum, the analyst points out that the price of ETH is currently following Bitcoin’s footsteps.
So, he says, a potential increase in buying pressure will push ETH to the psychological hurdle of $5,000.
“In an optimistic scenario, this increase could extend to US$ 6,387, coinciding with the Fibonacci extension level of 161.8%”, he points out.
As for the price of XRP, the analyst points out that it is different from Bitcoin or Ethereum, as it faces an area of resistance ranging from $1.31 to $1.41.
So, according to him, this supply zone is crucial and impedes XRP’s growth.
“Although the XRP price started its rally on Nov. 3, when it exited a symmetrical triangle, it needs to produce a daily close above $1.41 to confirm a move to $1.97 or about $2 ”, points out.
Thus, while the conservative target for the technical formation predicts $2 as likely, an increase in buying pressure could lead to an overshoot, setting the 261.8% Fibonacci extension level at $2.32.
“In this situation, the Ripple price could extend the rally and run at an all-time high, resting at around $3.31,” he concludes.
Read also: In less than 10 days Coritiba sells more than 33,000 of its tokens
Read also: Analyst indicates that high in Ethereum will inaugurate new altseason
Also read: Bitcoin drops to $66,000 and Ethereum, and Solana rises again. Price variation reaches US$ 1,000
Solana set to be the ‘Bitcoin Killer’?
A blockchain with the ability to perform thousands of transactions per second must be the next Bitcoin. Sam Bankman-Fried believes SOL has the potential to become the next Bitcoin since the Solana blockchain can execute 50,000 transactions per second.
Sam Bankman-Fried (SBF), in a recent interview with Kitco, praised Solana for its potential to expand to millions of transactions per second. According to the FTX CEO, this makes Solana a critical component of cryptocurrency acceptance and the next Bitcoin.
The scalability of Solana could aid its evolution into a new Ethereum or Bitcoin.
“I am optimistic about Solana. She has every chance of doing this, which is very interesting, I think.’
Analyst bullish on SOL
Influential investors are positive on Solana, which is helping altcoin gain traction.
With a growth in institutional acceptance, venturefounder, a cryptocurrency analyst, feels that Solana could end up competing with Ethereum.
I was early for #BTC #ETH #DeFi, but I missed #NFT #metaverse #memecoins
After reflection, I realize my fear for unknown prevented me from learning new innovations
A week in crypto is like a year in real life, you gotta keep learning. Now I have skin in the game to learn NFT pic.twitter.com/nbbsFE0pvX— venturefoundΞr (@venturefounder) November 26, 2021
“More Crypto Online” cryptocurrency analysts are positive on Solana. As the cryptocurrency price trend reverses, analysts forecast a price rise to a new all-time high of $305.
During the crypto massacre on Black Friday, the price of Solana fell below $200. The price of the altcoin has recovered and is now trading near $200 at the time of writing. Over the last two months, there has been a surge in institutional intake and capital rotation into Solana.
At the time of writing, SOL is trading at $196.63, up 0.6% in the last 24 hours.the resistance on the upside is at $199.94. However in case of a decline, the support on the downside is at $190.68.
El Salvador’s President Has A few Words For Bank Of England’s Chief
El Salvador’s President has a few words for Bank of England’s chief who recently expressed worries about the country’s Bitcoin adoption.
Check out his relevant tweet below.
Bank of England is “worried” about El Salvador’s adoption of #Bitcoin?
I guess Bank of England’s interest in the well-being of our people is genuine.
I mean, they have always cared about our people. Always.
Gotta love Bank of England 😍https://t.co/qsQNdw8h7L— Nayib Bukele 🇸🇻 (@nayibbukele) November 27, 2021
A commenter said: “Before bitcoin nobody around the world cared about El Salvador now there are competing interests either supporting or attacking El Salvador. El Salvador is now relevant.”
Someone else posted this: “Exactly what i been saying! My family is from el salvador, and my whole life not a single soul i ever met here in the U.S even knew about the country, and if they did, they only heard of it because of gang affiliation… nothing else. Bukele is making waves!!!”
On the other hand, a follower said: “The Bank of England’s Point of Concern: “….It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.” Seems a legitimate worry.”
Bitcoin adoption concerning?
CryptoSlate notes the fact that Bailey said the move to adopt Bitcoin within a dual currency system was concerning, while also adding that volatility would impact most detrimentally.
This isn’t the first time that Bailey warned of the “dangers” of crypto.
Back in May, Bailey said cryptos have no intrinsic value and that investors should be prepared to lose all their money.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $54,667.
Bitcoin skeptic Saule Omarova to be rejected as Biden’s nominee for OCC in win for crypto
- Saule Omarova was nominated to head OCC and it looked bleak for the future of cryptocurrencies as she is an outspoken critic of Bitcoin.
- New reports reveal that some Democratic senators in U.S Congress will reject her, and with all Republicans united against her, she will most likely not assume office.
Saule Omarova, a Bitcoin critic who was nominated for one of the most important financial regulatory jobs in the U.S, is looking unlikely to go through Senate confirmation. According to new reports, some Democratic Senators have rejected the Biden pick, particularly opposing her hardline stance against big banks. With Republican Senators all against her, she looks unlikely to be the next Comptroller of the Currency.
Omarova was nominated by the White House in September to take over from the Acting OCC, Michael Hsu. As CNF reported at the time, the cryptocurrency community joined the banking fraternity to ask questions of what would be of her reign. Omarova is an outspoken critic of the big banks, having consistently criticized government bailouts. She has also suggested that the Federal Reserve should be allowed to serve Americans, effectively wiping out the commercial banks.
For cryptocurrencies, the future looked just as bleak. She has previously stated that she believes they “benefit mainly the dysfunctional financial system we already have.”
In her Senate grilling two weeks ago, she held on to her anti-Bitcoin views. Responding to crypto-friendly Senator Cynthia Lummis‘ question on whether Bitcoin threatens national security, she stated:
I’m not an expert on Bitcoin but I’d worry if all our financial transactions were up to some blockchain system where various actors who might actually be located in other countries, not particularly friendly to us, control the functioning of the system.
Omarova to be rejected
According to reports in Washington, Omarova is set to be rejected in Senate. Already, virtually all Republican senators have said they will reject her. Many of them have even attacked her on personal terms, as well as her ‘socialist-leaning’ beliefs.
Axios reports that five Democratic Senators have joined the anti-Omarova bandwagon as well. The five told Ohio Senator Sherrod Brown, who heads the Senate Banking Committee of their dissent. If they vote against her, the Kazakhstan-born academic will stand virtually no chance as the house is almost divided in half between Republicans and Democrats.
However, despite the opposition, the White House continues to back her publicly. A White House official told Axios:
The White House continues to strongly support her historic nomination. Saule Omarova is eminently qualified for this position. She has been treated unfairly since her nomination with unacceptable red-baiting from Republicans like it’s the McCarthy era.