Connect with us

Bitcoin

Bitcoin Price Prediction: BTC Double Bottom Pattern Aims for A 7% Rise To $60K

Published

on


Bitcoin price is exchanging hands 2.24% higher than Tuesday’s intra-day low around $55,310. The BTC have been focused on undoing losses that gripped the entire market last week. But the attempts were curtailed by the $60,000 psychological level on November 21. This has seen the BTC price drop again towards the $55,300 support wall creating a double-bottom chart pattern.

Bitcoin Price To Reclaim The Crucial $60K Support

BTC/USD is hovering in the red at $56,533 and appears to have formed a double-bottom pattern on the four-hour chart after the sell-off was halted at $55,310. This level is embraced by the November 19 intra-day low. A double-bottom is an exceptionally bullish chart pattern that often results in a trend reversal.

Note that this pattern forms when an asset tests a support level twice without breaking below it. The two bottoms are usually separated by a moderate peak as shown on the BTC/USD four-hour chart.

Advertisement

A breakout from this technical pattern will be confirmed when the Bitcoin price jumps over the resistance level equal to the peak at $60,224. If BTC reaches this level, it would have surged approximately 7% from the current price rising above the all-important $60,000 psychological level..

BTC/USD Four-Hour Chart Live Chart

Bitcoin price Four-Hour Chart

This bullish narrative is reinforced by the Moving Average Convergence Divergence (MACD) that sent a bullish signal on the four-hour chart. This occurred yesterday when the MACD line (blue) crossed over the signal line. The uptrend will gain more momentum once the MACD crosses the neutral line into the positive region.

Note that a daily closure above the Bitcoin’s immediate barrier at $56,862 is crucial to sustaining the anticipated upward breakout.

Advertisement

Can BTC’s Upward Breakout Be Invalidated?

It is worth noting that the uptrend will be invalidated if the RSI retraces back towards the oversold zone. Closing the day under the $56,000 support level will also curtail the recovery efforts and trigger another sell-off, resulting in another correction towards the November 19 low at $55,310.

News Source

Advertisement

Bitcoin

El Salvador’s President Has A few Words For Bank Of England’s Chief

Published

on

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.

Advertisement

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.”

Advertisement

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.

Advertisement

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $54,667.

News Source

Advertisement
Continue Reading

Bitcoin

Bitcoin skeptic Saule Omarova to be rejected as Biden’s nominee for OCC in win for crypto

Published

on

  • 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:

Advertisement

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:

Advertisement

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.

News Source

Continue Reading

Bitcoin

Institutional investors are fleeing Bitcoin for altcoins, report reveals

Published

on

  • The report revealed that in November, Bitcoin AUM dropped by close to 10 percent across the board, the largest drop since July.
  • Ethereum saw a 5.4 percent rise as other altcoins shot up 10 percent, but daily volumes for both Bitcoin and altcoins have dropped significantly in November.

Bitcoin started November at $62,000, and even though it set a new all-time high mid-month at over $68,000, it has lost momentum and is now trading below $55,000. This drop seems to have spooked even the institutional investors, with a new report showing that Bitcoin held in professional management products dropped by close to 10 percent while Ethereum and other altcoins saw a rise. BTC products also saw a negative return in the month while Solana and Litecoin led the gains.

Titled the ‘Digital Asset Management Review,’ the report by CryptoCompare looked at the institutional investors in cryptocurrencies and what they were leaning towards in November.

Overall, digital asset management products saw a fall in assets under management (AUM) in November of 5.5 percent from $74.7 billion to $70 billion. The average daily volumes were also down 13 percent to an average of $732 million. This remains 50 percent below this year’s record high of $1.5 billion back in January.

Bitcoin takes the hit, altcoins gain

Looking closely at the numbers show that Bitcoin was the big loser in November. Bitcoin AUM fell by 9.5 percent to $48.7 billion. This was the highest month-on-month decline since July.

Advertisement

Altcoins were the beneficiaries of the money flowing out of Bitcoin. Ethereum AUM was up 5.4 percent to $16.6 billion, with other cryptocurrencies seeing a 10.4 percent rise to $2.6 billion.

The Grayscale Bitcoin Trust (GBTC) is still the dominant product in the market, commanding 78 percent of the BTC market share at $38.1 billion. Nonetheless, it also dropped by 10.1 percent this month. Its Ethereum product holds $12.9 billion of the altcoin and was up 3.6 percent this month.

Advertisement

ETC Group’s BTCE held $1.5 billion, Purpose Bitcoin ETF held $1.4 billion and 3iQ CoinShares Bitcoin ETF held $1.2 billion.

The trading volume also took a hit in November, the report shows. The Grayscale Bitcoin Trust took the largest hit, seeing daily volumes plummet 26 percent to $289 million. It also saw its share of trust product volume drop to 51 percent, down from 63 percent in October.

Aside from volume and AUM, Bitcoin has been vastly outdone by altcoins in profitability. Grayscale had a -10.2 percent return, ETC Group had a -13 percent return and Valour’s BTCZERO product had a -6.6 percent return.

Advertisement

Altcoin, on the other hand, saw some great returns, with Solana and Litecoin leading the way. 21Shares ASOL (a Solana-based product) returned 22 percent while Grayscale’s LTCN (a Litecoin-based product), returned 14.9 percent.

News Source

Advertisement
Continue Reading