Kategorie: Bitcoin News

The cryptocurrency market is having a poor start to the week but could recover and rally higher over the next few days.

The cryptocurrency market is currently trading in the red zone, starting this week in a poor fashion. 

The total market cap still stands above $1.1 trillion despite the broader cryptocurrency market losing more than 2% of its value.

Bitcoin is struggling to defend its position above the $24k support level after losing more than 3% in the last 24 hours. Despite the poor performance, BTC could surge past the $25k resistance level over the next few days.

Bitcoin remains the world’s leading cryptocurrency and has maintained its price above the $20k psychological level in recent weeks. BTC has suffered to move past the $25k resistance level but could attempt to do so over the next few days.

Moving past the $25k resistance level could allow BTC to target the $30k psychological level in the near term.

Key levels to watch

The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the last 24 hours. The technical indicators show that BTC could bounce back from its ongoing slump.

The MACD line remains above the neutral zone, indicating bullish momentum for Bitcoin. The 14-day relative strength index of 48 shows that Bitcoin is still not in the oversold region despite its poor performance.

At press time, BTC is trading at $24,060 per coin. If the bearish trend continues, BTC could drop below the $23,539 support level over the next few hours or days. However, BTC should maintain its position above the $22,900 support level in the near term.

The bulls might regain control of the market and push BTC past the $24,879 resistance level before the end of the day. BTC could comfortably stay above the $25k psychological level in the short term as the general outlook of the market remains bullish.

The post Bitcoin could top the $25k resistance level in the coming days appeared first on CoinJournal.

The cryptocurrency market started the week with low momentum and continues trending sideways mid-week. However, there are cryptos that have a lot to look forward to, that could make gains towards the end of the week. Of the large cryptocurrencies that could do well in the course of the week, here are among the top ones to keep an eye on today.

Bitcoin (BTC)

Bitcoin (BTC) hasn’t had a good week so far, especially with all the news of high inflation coming from all the major economies. However, news coming from Iran could help propel the top crypto within the week. The news indicates that the country has imported its first batch of goods in crypto. This is a big deal as it is a validation for Bitcoin as a means of payment. This is likely to create FOMO around Bitcoin, especially now that Bitcoin is holding strong above $20k.

Ethereum (ETH)

Ethereum (ETH) is one of the cryptocurrencies that have the potential to make big moves in the course of the week. This has a lot to do with news about a possible fork ahead of the Ethereum merge. If such happens, then there could be a rush by investors to buy Ethereum in anticipation of getting some free coins after the merge. At the same time, there is a lot of expectation that after the merge, the value of Ethereum could go up. That’s because it comes with a lot of expectations about a reduction in Ethereum scaling issues and overall Ethereum gas fees. All this, coupled with Ethereum price resilience in the last few days, could see ETH record gains throughout the week.

Axie Infinity (AXS)

Axie Infinity (AXS) completes the list of the top cryptocurrencies that could do well in the course of the week. That’s because AXS is currently trading at a low of 90% from its most recent highs. However, the price is improving, and most investors have seen an improvement in the price recently. Data shows that only 22% of all AXS investors are currently in a loss. As more investors turn profitable, AXS could see FOMO and turn profitable in the week.

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The cryptocurrency market has lost more than 60% of its value over the past few months.

Cypherpunk CEO Jeffrey Gao believes that people can sell Bitcoin and be bullish about the cryptocurrency. 

Bitcoin is down by more than 65% of its value since the start of the year. Bitcoin hit an all-time high of $69k in November 2021 but is currently trading around $23k per coin.

The bear market has seen some investors, including Tesla, sold off some of their bitcoins. Gao said investors can be bullish about Bitcoin and still sell their coins. He said;

“Going forward, that mentality towards risk management while still being bullish over the long term is very important. […] You can be bullish on crypto, but you can still sell out of the market.

Over the longer term, at least at this point in time, I would be more bullish on Bitcoin conservatively than those other tokens. But over the next two or three months, I’m probably more partial towards Ethereum and Solana.”

Gao said although he is bullish about Bitcoin, he is more optimistic about certain altcoins like Ether and Solana (SOL). 

The CEO revealed that Cypherpunk started the liquidation process in early May, prior to the Terra network collapse. He said; 

“By the time that it happened, we probably offloaded about 30% or 40% of the risk. We sold another portion when BTC briefly traded above $30,000 in late May. The final one-third we probably got rid of was sometime in June.”

Gao pointed out that the broader cryptocurrency market has witnessed forced liquidations, with some of the leading institutions like Voyager, Three Arrows Capital and Celsius getting involved in operations that lacked risk management. 

The Cypherpunk CEO lamented that the absence or near absence of risk management is what really separates the crypto industry from the other mature financial markets. 

The total cryptocurrency market cap remains above $1 trillion, down from the all-time high of $3 trillion recorded in November 2021.

The post You can sell Bitcoin and still be bullish, says Cypherpunk CEO appeared first on CoinJournal.

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming.

The cryptocurrency market is trading in the green zone again. The market has added less than 1% to its value in the last 24 hours, and the total market cap stays above $1.1 trillion.

The broader market is experiencing a mixed performance, with some coins and tokens currently trading in the red zone while others are performing positively. 

Bitcoin is up by 0.38% in the last 24 hours. The leading cryptocurrency didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Over the past seven days, Bitcoin has added nearly 5% to its value. This has allowed the leading cryptocurrency to maintain its position above the $20k psychological level.

However, the bulls would need to push higher to enable Bitcoin to move towards the $25k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has been performing well over the past few days. The technical indicators show that the bulls are currently in charge of the market.

The MACD line crossed the neutral zone into the positive territory as Bitcoin rallied higher. Thus, indicating positive momentum for the leading cryptocurrency. 

The 14-day relative strength index of 60 shows that Bitcoin is above the neutral level. If the bulls remain in charge, Bitcoin could enter the overbought region in the coming days or weeks.

At press time, Bitcoin is trading around $23,860 per coin. BTC could surge past the $24k resistance level before the end of the day if the bulls remain in control.

However, it would need to support of the broader cryptocurrency market to move past last month’s high of $24,693 and head towards the $25k psychological level.

The bears might still regain control and push BTC below the $23k support level. However, BTC should comfortably stay above the $22,132 support level in the short term.

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There has been a lot of negative news around cryptocurrencies in the last few months. Despite this, cryptocurrencies have rebounded, and through the first week of August, the total market capitalization has remained steady above the $1 trillion mark. There is also a lot of good news that could also see the whole cryptocurrency market rally throughout the month. 

One of them is that BlackRock, one of the most significant investment funds, is getting into crypto. The institution with more than $1 trillion in assets under management is looking to partner with Coinbase. The partnership aims to create a platform through which institutional investors who form part of BlackRock’s client base can enter the crypto market. Not only is this bullish news for the whole crypto market, but it also creates a perfect opportunity for several large-cap cryptocurrencies to rally within the month. That’s because big money tends to focus on large-cap cryptocurrencies. 

If you are looking to bet on large-cap cryptocurrencies, here are a few you would want to keep in mind throughout the month.

Ethereum (ETH)

Ethereum (ETH) is one of the top altcoins that have the potential to rally in August if the BlackRock news positively impacts the market. That’s because, besides the market news, Ethereum has a lot going on. One of them is the upcoming merge that will finally see Ethereum run as Eth 2.0. That aside, Ethereum is one of the cryptocurrencies that BlackRock’s institutional money is likely to buy. That’s because it happens to be one of the most secure cryptocurrencies after Bitcoin. Ethereum is already outpacing Bitcoin in August, so there is a strong chance that the momentum could continue.

Cardano (ADA)

Cardano (ADA) is one of the cryptocurrencies that could see its price move as the BlackRock news filters into the market. One thing that makes Cardano attractive to investors is that it is highly decentralized. After the recent issues affecting high-profile cryptocurrencies, the odds are that decentralization will take centre stage in cryptocurrency investments going into the future. Besides its attractiveness to institutional money, the Cardano developer team has announced some significant upgrades in the short term. This could also play a role in giving Cardano momentum in August.

Bitcoin (BTC)

Bitcoin (BTC), being the largest cryptocurrency, is an obvious choice for institutional money. As such, now that BlackRock is interested in the crypto market, Bitcoin can reap big. Bitcoin is already showing positive signs. 

After dropping below $20k not so long ago, it has bounced back and is now holding steady above $22k throughout August. There is also data showing that the majority of the Bitcoin in existence today has been taken off exchanges making the number one crypto highly illiquid.

As such, if institutional investors such as BlackRock take an interest in Bitcoin, its value could go up significantly. Even a tiny order could take BTC to unexpected prices within the month.

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