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This Should NOT Be Happening in a Bitcoin & SP500 Bear Market! Crypto April Forecast

Crypto exchange Kraken has sponsored a Formula 1 (F1) sports car featuring a section of the Bitcoin whitepaper, as revealed on Twitter on March 31. 
The post Kraken sponsors F1 car with Bitcoin whitepaper appeared first on CryptoSlate.

Kraken sponsors F1 car with Bitcoin whitepaper

After recovering its bullish momentum, the largest cryptocurrency in the market, Bitcoin (BTC), briefly broke above its key resistance level of $28,700. However, the cryptocurrency retracted and returned to trading within its range formed in the last week between $27,600 and $28,500.  Despite this choppy price action, a recent blog post by Justin Bennett, trader […]

Bitcoin’s Horizontal Levels Show Potential For Bullish Trend

Bitcoin price is trading above $28,000, only roughly $4,000 away from doubling in value since the most recent low. The recent changes in market structure in BTCUSD could indicate a new uptrend is taking form. Find out why below. Bitcoin Price Forms Uptrend, Will It Sustain? Bitcoin has outperformed nearly every other asset in finance in 2023. In recent weeks, it has been sucking the capital out of altcoins due to its seemingly unstoppable power in the face of a banking crisis. Related Reading: Bitcoin Priced In Bank Shares Is The Crypto Chart You Can’t Miss With the top cryptocurrency by market cap trading just under $30,000 per coin, it’s now within striking distance of a key level that could signal that the bottom is in. After a bottom is in, a new bull run forms. According to the BTCUSD price chart, Bitcoin could be on the brink of a new uptrend in the most definitive terms. In fact, an uptrend, in theory, is already active. BTC has been in an uptrend already | BTCUSD on TradingView.com BTCUSD And Defining The Current Crypto Market Trend The Merriam-Webster dictionary refers to an uptrend as any upward turn in economic activity or business. More specifically to technical analysis, an uptrend is a series of higher highs and higher lows. As BTCUSD or any asset follows this sequence of swing highs and swing lows (smaller fluctuations are allowed) the uptrend remains intact. Related Reading: This Bullish Bitcoin Technical Signal Suggests The Bottom Is In When a new lower low or lower high is set, the sequence breaks and market structure now becomes what is referred to as consolidation. If lower lows and lower highs form in a repeated series, then the market is now in a downtrend. It is that simple. Since November 2022, Bitcoin price has set a series of higher highs and higher lows. If this continues, even the most bearish on BTC will have to admit that these conditions, by definition, indicate a new upward trend. #Bitcoin is in an uptrend in the simplest sense of the term. pic.twitter.com/V8QXZtvcMY — Tony "The Bull" (@tonythebullBTC) March 31, 2023 Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Market Structure Points To New Uptrend, Here’s Why

The two partners say using zero-knowledge proofs will allow Bitcoin nodes to sync quickly from anywhere on earth, “even without Internet.”

ZeroSync and Blockstream to Broadcast Bitcoin Zero-Knowledge Proofs From Space

Hugh Gallagher intends to retire effective May 12.

Bitcoin Miner Marathon Digital's CFO to Retire After One Year

Mask Network’s MASK token surged over 68%, becoming the top-performing token for the month. XRP rose 41%.

Crypto Market March Roundup: Bitcoin Rises Amid Banking Uncertainties, Macro Headwinds

The Fed is injecting liquidity and expanding the balance sheet making Bitcoin pump. #shorts

Deep-pocketed crypto investors are suddenly shifting hundreds of millions of dollars worth of Bitcoin (BTC) and XRP as the markets trade sideways. According to new data from whale-surveying platform Whale Alert, crypto whales have abruptly moved over 500 million worth of the top crypto asset by market cap in just 24 hours, the biggest transaction […]
The post Bitcoin and XRP Whales Abruptly Move Over $650,000,000 Worth of Crypto in Just 24 Hours appeared first on The Daily Hodl.

Bitcoin and XRP Whales Abruptly Move Over $650,000,000 Worth of Crypto in Just 24 Hours

Over the past couple of months, the price of Monero has appreciated significantly. However, in the last week, the altcoin’s price action has dulled out, and XMR has been unable to secure significant gains. Although Monero gained just 1.5% over the last 24 hours, it noted a sharp recovery from the $140 zone to $180 at the beginning of this year, but the bulls could not sustain the recovery. Since recovering from the $130 mark, the coin has been attempting to rise on its chart, but the daily outlook of XMR shows mixed signals. Related Reading: US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable? Although buying strength is positive, it is not significant. Buyers are still in control of the price, and demand is present, which reflects an increase in accumulation. XMR’s price depends on Bitcoin surpassing the $29,000 price to move closer to its immediate resistance. If XMR remains constricted over the next trading sessions, there is a possibility that the bulls may tire out. This would result in a price drop to its local support. The market capitalization of XMR has noted an uptick, displaying demand on the daily chart. Monero Price Analysis: One-Day Chart XMR was trading at $157, with overhead resistance for the coin at $161. The buyers would need a push to help the altcoin breach the above level. However, even if XMR crossed the $161 mark, the bulls would not be secured unless it trades past the $168 price mark. On the flip side, support for XMR rested at $154. The inability to hold the price at that level would drag Monero to $148. The amount of Monero traded in the last session was green, depicting an increase in buying strength on the one-day chart. Technical Analysis As XMR moved above the $154 zone, the altcoin began to note a slight recovery in buying strength. The Relative Strength Index indicated an upswing from the half-line, suggesting buyers were gaining strength on the daily chart. Additionally, the XMR price moved past the 20-Simple Moving Average line, indicating that buyers were in control and driving the price momentum in the market. Furthermore, XMR was above the 50-SMA (green) line, which suggests a chance of continued bullishness. The buying sentiment in the market remained strong as the price action on the chart was positive. The Moving Average Convergence Divergence (MACD) indicator, which indicates the price momentum and change, was positive and displayed green histograms, signaling a buy signal for the coin. Related Reading: XLM: How It Plans To Navigate Bearish Market Sentiment On the other hand, the Awesome Oscillator (AO) reads the price trend, and although there was a recovery in buying strength, the indicator did not reflect the positive change just yet. The indicator portrayed red bars, signifying negative buying strength, although these bars were declining in size. Featured Image From UnSplash, Charts From TradingView.com

Monero Price Stagnates, How Soon Will It Cross This Obstacle?


                    
                    Signs of easing inflation could push Bitcoin and select altcoins above their respective overhead resistance levels in the short-term. 
                    Data from the Personal Consumption Expenditures (PCE) index showed an uptick of 0.3% in February, which lower than the 0.5% increase seen in January. Economists had projected a rise of 0.4% and the PCE data suggests that inflation is gradually showing a decreasing trend. Risky assets rallied in response to the data and some analysts expect the Federal Reserve to start cutting rates by the end of the year, The FedWatch Tool shows a 33% probability of a 50 basis point cut by December 2023.The cryptocurrency space is trying to come out of a long bear phase. This has improved sentiment and analysts are focusing on the long-term prospects of cryptocurrencies and blockchain technology. Daily cryptocurrency market performance. Source: Coin360Citi said in its “Money, Tokens and Games” March report that the blockchain-based tokenization of real-world assets could soar to between $4 to $5 trillion by 2030. Although the lack of legal and regulatory framework, and the skepticism of industry players may pose a challenge in the short term, the investment bank believes they will be overcome eventually. Could Bitcoin (BTC) and select altcoins extend their up-move or is it time for the rally to stall? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin price analysisThe bulls propelled Bitcoin above $29,000 on March 30 but the long wick on the candlestick shows that the bears have not yet given up and are selling on rallies. BTC/USDT daily chart. Source: TradingViewWhen a level proves too difficult to cross, usually the price retraces back before making the next attempt. In this case, if the price again fails to cross $29,000, the BTC/USDT pair may pullback to the 20-day exponential moving average ($26,707). A strong bounce off this level will suggest that the sentiment remains positive and traders are buying on dips. That will increase the possibility of a break above $29,185. If buyers succeed in their endeavor, the pair may soar to the $30,000 to $32,500 resistance zone. The first sign of weakness will be a fall below the 20-day EMA. Such a move will suggest that the bulls may be booking profits. That may result in a rest of the breakout level of $25,250. Below this level, the pair could slide to the 200-day simple moving average ($20,342).Ether price analysisEther (ETH) is facing resistance near $1,857, indicating that bears are trying to protect this level with all their might. A positive sign in favor of the bulls is that they have not ceded ground to the bears.ETH/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($1,736) and the RSI in the positive territory enhance the prospects of a break above $1,857. If that happens, the ETH/USDT pair may resume its up-move and reach the overhead resistance zone between $2,000 and $2,200.Contrary to this assumption, if the price trips below the 20-day EMA, it will suggest that the bulls have given up. That could pull the price to the strong support at $1,680. A break below this level could indicate that bears have seized control. The pair may then descend to $1,600 and thereafter to $1,461.BNB price analysisBNB’s (BNB) relief rally is facing selling in the zone between the 20-day EMA ($316) and the downtrend line but the bulls are hanging on.BNB/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is near the midpoint, indicating that the selling pressure may be reducing. The aggressive bears may get trapped if the price rises above the downtrend line. That may result in a short squeeze, which could propel the price to the overhead resistance zone between $338 and $346.Conversely, if the price turns down from the downtrend line and plummets below $305, it will suggest that bears are back in the driver’s seat. The BNB/USDT pair may then drop to the 200-day SMA ($290).XRP price analysisThe long wick on XRP’s (XRP) March 29 candlestick shows that the bears are aggressively defending the resistance at $0.56. XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair formed an inside-day candlestick pattern on March 30, indicating uncertainty among the bulls and the bears. If the price slips below $0.52, the pair may retest the breakout level of $0.49. This is an important level to keep an eye on because a break below it could extend the correction to the 20-day EMA ($0.45).Another possibility is that the price turns up from the current level and breaks above the $0.56 to $0.59 resistance zone. If that happens, the pair may skyrocket to $0.65 and later to $0.80.Cardano price analysis After hesitating for two days, the bulls have pushed Cardano (ADA) above the minor resistance at $0.39. The price has reached the vital resistance at the neckline of the inverse head and shoulders (H&S) pattern.ADA/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($0.36) and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers thrust the price above the neckline, it will complete the reversal setup. The ADA/USDT pair could then surge toward the pattern target of $0.60.On the other hand, if the price turns down from the neckline, the bears will try to sink the pair to the moving averages. This is an important level to keep an eye on because a slide below it could open the gates for a possible fall to $0.30.Dogecoin price analysisDogecoin (DOGE) has been trading near the 20-day EMA ($0.07) for the past few days, indicating indecision among the bulls and the bears.DOGE/USDT daily chart. Source: TradingViewThe flat 20-day EMA and the RSI near the midpoint do not give an advantage either to the bulls or the bears. This uncertainty will clear if the price breaks above the 200-day SMA or plummets below $0.07.If the price rises above the 200-day SMA, the DOGE/USDT pair could pick up momentum and rally toward the $0.10 to $0.11 resistance zone. The bears are likely to defend this zone with vigor. On the downside, a break below $0.07 could result in a retest of the support near $0.06.Polygon price analysisPolygon (MATIC) nudged above the 20-day EMA ($1.12) on March 29 and 30 but the bears held their ground. Sellers will now try to sink the price to the strong support at $1.05.MATIC/USDT daily chart. Source: TradingViewThe 20-day EMA continues to slope down, indicating advantage to bears but the RSI just below the midpoint suggests that the bulls are attempting a comeback. This state of uncertainty may not continue for long.If the price breaks and sustains above the 20-day EMA, the MATIC/USDT pair may attempt a rally to the overhead resistance of $1.30. On the other hand, if the price tumbles below the 200-day SMA ($0.97), the selling could intensify and the pair may nosedive to $0.69. Related: Solana overcomes FTX fiasco — SOL price gains 100% in Q1Solana price analysisBuyers pushed Solana (SOL) above the 20-day EMA ($20.88) on March 29 but the bulls could not clear the overhead hurdle at the downtrend line.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is flat and the RSI is just below the midpoint, indicating a state of equilibrium between the buyers and sellers. The SOL/USDT pair may continue to swing between the support at $18.70 and the downtrend line for a while longer.Usually, when the price gets squeezed between two levels, it is followed by a sharp breakout. If the price breaks below $18.70, the pair could slump to $15.28. Alternatively, a rally above the downtrend line will signal a potential trend change. The pair may then start its northward march toward $39.Polkadot price analysisPolkadot (DOT) broke above the 20-day EMA ($6.13) on March 29 and the bulls thwarted attempts by the bears to pull the price back below the level on March 30.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. The DOT/USDT pair could oscillate between $5.70 and $6.70 for a few days.A break and close above the $6.70 resistance will open the doors for a potential rise to the neckline of the inverse H&S pattern. Contrarily, if the price turns down and slips below $5.70, the pair may decline to $5.15.Litecoin price analysisThe bulls once again defended the 20-day EMA ($87) on March 30, indicating strong demand for Litecoin (LTC) at lower levels.LTC/USDT daily chart. Source: TradingViewBuyers will have to propel the price above $96 to signal that the short-term corrective phase may be over. The LTC/USDT pair will then try to rally to $106 where the bulls are likely to encounter strong resistance from the bears.Alternatively, if the price turns down from the current level or the downtrend line, it will suggest that bears are not willing to give up. That will increase the prospects of a break below the 20-day EMA. The pair may then slump to $75.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.




Price analysis 3/31: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC


                    
                    The project has marketed Sango Coin to interested parties by offering pathways to CAR citizenship through investments.
                    The organization following the launch of the Central African Republic’s Sango Coin has announced a delay of its listing “just for a few weeks,” citing legal and regulatory obstacles. In a March 31 message on its Telegram channel, the Sango Project said the government of the Central African Republic, or CAR, had made “significant progress” in establishing laws and regulations which will allow its cryptocurrency Sango Coin to be listed on crypto exchanges. However, according to the project, the Sango Coin listing will be postpone for a few weeks before the frameworks are finalized. “There are also some other new surprises that will come along with these laws,” said Sango Project. “Rest assured that this delay is necessary to ensure that Sango is fully compliant with all relevant regulations and that our products are launched in the most secure and responsible manner possible.”Short Sango updateThe government task force is working to change the laws in order to integrate #SANGO.Cycle 3 is live.✅All #SANGO that wasn’t bought in the sale cycles will be burned.We are currently working on distributing all the prizes of the Sango $1M Contest https://t.co/scDF4g8EKF— Sango (@sangoproject) January 20, 2023

The token listing was one of the goals of Project Sango, a crypto hub proposed in the CAR in May 2022. The initiative followed the CAR government passing legislation allowing its citizens to use Bitcoin (BTC) as legal tender alongside the CFA franc.Related: Bitcoin, Sango Coin and the Central African RepublicSince the token and crypto hub were launched in July 2022, the project has marketed Sango Coin to interested parties by offering pathways to CAR citizenship through investments — a strategy reportedly declared unconstitutional by the country’s court system in August. Sango Project announced in December that the listing would be delayed due to market conditions. According to its website, the project plans to list the tokens at a price of $0.45.Magazine: What it’s actually like to use Bitcoin in El Salvador

Central African Republic's Sango Project announces delay of token listing

After being in the negative for the past three quarters, the popular Bitcoin bet that MicroStrategy has been offering appears to be on its way back towards becoming profitable. With Bitcoin maximalist Michael Saylor at the helm of the business, the cloud-based technology company has acquired 138,955 BTC over the course of the past three 
The post Michael Saylor’s $4 Bn Bitcoin Gamble Is Slowly But Steadily Inching Towards Profitability appeared first on CoinGape.

Michael Saylor’s $4 Bn Bitcoin Gamble Is Slowly But Steadily Inching Towards Profitability


                    
                    The CFTC-linked self-regulatory organization (SRO) has disclosure rules for members engaging in activities with BTC and ETH; now, standards of conduct are being added.
                    The National Futures Association (NFA), the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018.The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organization explained to secretary of the Commodity Futures Trading Commission (CFTC) Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval.  The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it an analogous status to FINRA with the Securities and Exchange Commission.Related: Hoskinson pitches software-enabled crypto self-regulation to CongressCurrently, the NFA only imposes disclosure requirements on its members engaged in spot digital asset commodity activities with digital assets, which are detailed in a single document. When the new rule comes into effect on May 31, members will be subject to guidance on fraud, principles of trade and employee supervision. The rule applies only to Bitcoin (BTC) and Ether (ETH), as they alone “have related commodity interests certified by a registered entity for listing under Part 40 of CFTC Regulations.”@CFTCpham applauds the National Futures Association (CFTC-designated SRO for derivatives industry) for establishing supervision and disclosure requirements for the trading of digital commodities. ✅ Importantly, the NFA (and Pham) reinforce ETH’s https://t.co/uu0Vc3WD7F…— Alexander Grieve (@AlexanderGrieve) March 31, 2023

CFTC commissioner Caroline Pham released a statement praising the new rule:“This is a clear example of using existing authority to ensure that there are customer protections in place, because registration with the NFA requires that firms and individuals comply with NFA rules.”The NFA “can modify this rule in the future to include other digital asset commodities” besides BTC and ETH, Pham added. She noted that NFA rules on foreign exchange preceded the CFTC’s authority granted by Congress to regulate that market by five years. “I believe it is common sense to start with what we have and what works in order to extend our regulatory framework over spot digital asset commodity markets,” she added.Magazine: All rise for the robot judge: AI and blockchain could transform the courtroom

National Futures Association adds rules for members handling digital assets

In March 2023, Bitcoin’s average and median-sized fees jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoin worth $4.2 million have been added to fees. Bitcoin […]

Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in March

Blink’s name and features reflect the project’s desire to be used by Bitcoin communities across the world.

Bitcoin Beach Wallet Renamed To Blink In Addition To Changes Aimed At Making The App Global


                    
                    An unprecedented number of BTC margin longs recently closed at Bitfinex, leaving analysts searching for explanations. 
                    Since May 2022, the Bitcoin (BTC) margin markets on the Bitfinex exchange have been plagued by an unusually high open interest of over $2.7 billion. This information alone should raise a red flag, especially in light of Bitcoin's price decline from $39,000 to less than $25,000 during the same period.Traders seeking to leverage their cryptocurrency position had borrowed over 105,000 Bitcoin. Currently, the cause of this anomaly is unknown, as well as the number of entities involved in the trade.Cheap borrowing favors high demandBitfinex's sub-0.1% annual rate may be a contributing factor to the size of the Bitcoin lending market. To date, this has been the norm and it creates enormous incentives for borrowing, even if there is no current need. There are few traders who would turn down such a ridiculously inexpensive leverage opportunity.Margin borrowing can be used to take advantage of arbitrage opportunities, where a trader exploits price discrepancies between different markets. For example, borrowing Bitcoin on margin allows a trader to take a long position in one market and a short in another, profiting from the price difference.To understand how Bitcoin borrowing can be used to profit on derivatives markets, including those outside of Bitfinex, one must understand the distinction between futures contracts and margin markets. The margin is not a derivative contract, so the trade occurs on the same order book as spot trading. In addition, unlike futures, margin longs and shorts are not always in balance.For example, after purchasing 10 Bitcoin using margin, the coins can be withdrawn from the exchange. Naturally, the trade, which is typically based on stablecoins, requires some form of collateral or a margin deposit. If the borrower fails to return the position, the exchange will liquidate the margin in order to repay the lender.Additionally, the borrower must pay interest on the BTC acquired with a margin. The operational procedures vary between centralized and decentralized exchanges, but the lender typically determines the interest rate and duration of offers.There was a 12,000 BTC margin decline in a single tradeHistorically, Bitfinex margin traders have been known to move large margin positions quickly, indicating the participation of whales and large arbitrage desks. In the most recent instance, on March 25, those investors reduced their long positions by 12,000 BTC in minutes.Bitfinex BTC margin longs, in BTC contracts. Source: TradingViewNotice how significant the decrease was, despite the fact that it had no effect on the Bitcoin price. This supports the theory that such margin trades are market-neutral because the borrower is not leveraging their positions with the proceeds. Most likely, there is some arbitrage involving derivatives instruments.Traders should cross-reference the data with other exchanges to confirm that the anomaly affects the entire market, given that each exchange has distinct risks, norms, liquidity and availability.OKX, for example, provides an indicator for margin lending based on the stablecoin/BTC ratio. Traders can increase their exposure on OKX by borrowing stablecoins to purchase Bitcoin. Bitcoin borrowers, on the other hand, can only wager on the price decline.OKX stablecoin/BTC margin lending ratio. Source: OKXThe above chart shows that OKX traders' margin lending ratio has been stable for the past week near 30, indicating that professional traders' long-to-short bets have not changed. This data supports the theory that Bitfinex's decline is due to an arbitrage close unrelated to Bitcoin price movement.Related: US government plans to sell 41K Bitcoin connected to Silk RoadRecent crypto bank closures could have triggered the movementAnother possibility for the sudden decrease in margin demand is the $4 billion in deposits associated with the now defunct Signature Bank and its digital banking business. Crypto clients were told to close their accounts by April, according to a Bloomberg report. While New York Community Bancorp (NYCB) purchased the majority of Signature Bank's deposits and loans on March 19, the deal with the FDIC did not include crypto-related accounts.If those whales are forced to close their banking accounts, they will most likely reduce their arbitrage positions, including those in margin markets. For the time being, all assumptions are speculative, but one thing is certain: the 12,000 BTC long margin reduction at Bitfinex had no effect on Bitcoin prices.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


Why did 12K Bitcoin margin longs close at Bitfinex, and why didn’t it impact BTC price?

Justin Sun, the founder of the Tron network, has recently found himself in the midst of several adversities and challenges. Sun has been the subject of close scrutiny ever since the U.S. SEC brought charges against him for fraud and market manipulation, which resulted in the loss of his diplomatic status as Grenada’s Ambassador to 
The post Justin Sun Has A Proposal For The U.S. Govt; Offers To Buy 41K BTC At Heavy Discount appeared first on CoinGape.

Justin Sun Has A Proposal For The U.S. Govt; Offers To Buy 41K BTC At Heavy Discount

Bitcoin is experiencing a non-stop rally while trading sentiment moves from fear to greed with each new level conquered. While many are still waiting for a price drop to jump into the action, others have rushed into the market fueling the current price action.  Over the past week, Bitcoin has been moving sideways. As of Thursday, the asset experienced a spike to trade above $29,000 before eventually slipping below $28,000 as a retracement. Meanwhile, at the time of writing, the asset seems to be gearing for a rally up by 0.4%. Related Reading: Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact Bitcoin To Tap $30,000 Region Before Slowdown Bitcoin seems poised to eventually tap into the $30,000 region and beyond sooner or later. However, it is worth noting that this specific price mark could be where Bitcoin starts slowing down from its prolonged rally.  The asset’s price shows two major highs. One can be found around the $30,000 region, while the other is just above the $40,000 region.  In the daily timeframe, the asset is looking to tap into the liquidity of the major high at the $30,000 zone as it is closer to that level. Should Bitcoin eventually tap into that zone, we could see a major slowdown in the rally before resuming the bullish momentum.  This is because on every price chart, the liquidity of a major high as being taken there is always either a significant retracement or a prolonged range. This dynamic hints at accumulation from investors before a push that results in a bullish move or an expansion to the upside. In addition, major highs also provide a take-profit opportunity for larger investors who might not be in it long-term. This means several large investors would have put a set take profit on their long position for Bitcoin, which will be triggered if Bitcoin should ever tap into the $30,000 zone.  In that sense, Bitcoin could trend sideways or plummet into previous support if large investors decide to take profits on their positions. Related Reading: Bitcoin Investors Remain Greedy Despite Low Momentum, Why? BTC Price Action  Following BTC’s rebound amid the US banking crisis, it has continuously risen in the past 7 days. The asset has moved from $28,000 as of March 24 to trade at $24,463 at the time of writing after a price spike above $29,000 yesterday. Bitcoin currently has a 24-hour trading volume of $21.7 billion, with a market capitalization of $549 billion. Interestingly, the asset’s market cap hasn’t moved much over the past 7 days. Its market cap was still valued at $542 billion last week Friday. Featured image from Shutterstock, Chart from TradingView

Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

A widely followed cryptocurrency analyst says Bitcoin’s (BTC) dominance in the crypto markets is about to intensify, spelling trouble for altcoins. The pseudonymous analyst Kaleo warns his 570,900 Twitter followers that time is running out to move their altcoin investments into Bitcoin before the performance of alts worsens. Kaleo is predicting BTC’s dominance, based on the […]
The post ‘Bleeding’ of Altcoins Against Bitcoin To Accelerate Once BTC Hits This Level, Warns Popular Crypto Analyst appeared first on The Daily Hodl.