Kategorie: Bitcoin News

The cryptocurrency market has had a positive start to the week, adding more than 2% to its value in the last 24 hours.

The cryptocurrency market ended the previous week with a win and is starting this new week with positive performances. The total cryptocurrency market currently stands at around $920 billion, up by more than 2% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency by market cap, has underperformed over the past 24 hours. BTC is down by less than 1% since the start of the day and continues to trade above the $20k level.

Despite its current poor performance, BTC has maintained its price above the $20k psychological level.

Bitcoin could attempt to surge higher over the coming hours but this could depend on the performance of the broader cryptocurrency market.

Key levels to watch

The BTC/USD 4-hour chart remains neutral as Bitcoin has been underperforming over the past 24 hours. The technical indicators show that Bitcoin is erasing some of its earlier gains.

The MACD line is around the neutral zone, indicating that neither the bulls nor the bears are currently in charge. The 14-day relative strength index of 40 shows that Bitcoin could move closer to the oversold region.

If the bears continue to be in control, BTC could drop below the $20k support level over the next few hours. In the event of an extended bearish performance, BTC could drop below the $19,643 support level.

However, if the bulls regain control, Bitcoin could retest the $21k resistance level in the coming hours. The second major resistance level at $21,983 should limit further upward movement in the short term. 

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Blockchain technology has gained adoption in various sectors of the global economy, beyond cryptocurrencies.

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American activist and whistleblower Chelsea Manning has revealed that she is bullish about blockchain technology. However, she is skeptical about the economic aspect of the technology.

She made her points known during an interview with Decrypt, stating that she has been a fan of Bitcoin for a few years now. According to Manning, her initial thought about Bitcoin is that it is an excellent technology instead of a tool to create wealth.

The activist said she thinks Bitcoin is an experiment in developing cryptographically based networks as a decentralised means of storing information. She stated that;

“I have a great interest in the technology [of blockchain], but the economic aspect, I’m a little bit more skeptical. I just don’t see how something [that] can switch from having some value to not having value very quickly as being a sustainable sort of system.”

Manning added that she believes blockchain technology can be used to revolutionize sharing information electronically, especially when it comes to privacy, protecting the contents of messages, and verifying sources. Her interest began to diminish when Bitcoin became more about money than technology. Manning said;

“I moved away from it because I realized that there’s a lot of people who don’t understand the technical aspects of this, or the security and privacy implications of this technology, but they view this as a brand that’s cool to be a part of.”

Bitcoin is the world’s leading cryptocurrency and has held that position since it was launched in 2009. The cryptocurrency reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then. 

At press time, Bitcoin is trading above the $20k level, down by less than 1% over the last 24 hours. 

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El Salvador became the first country to make Bitcoin a legal tender and is now building a Bitcoin City.

CEO of JAN3, Samson Mow, has revealed that it would take around ten years to finish building the Bitcoin City.

JAN3 entered an agreement with the El Salvador government to build a Bitcoin City. Mow said the construction is going as planned but will take at least a decade before it is completed.

The construction of the Bitcoin City is one of the key projects of Nayib Bukele, the president of El Salvador. President Bukele believes that Bitcoin City is an excellent innovation that will attract investors to reside and settle in the country. 

In an interview, Mow said 

“Bitcoin City is easier to contextualize as a special economic region first than as a place with buildings because that will come later.”

JAN3 is also set to handle the immigration platform for Bitcoin City for the El Salvador government. The immigration platform will be designed to facilitate easy citizenship applications for bitcoiners in the city. Mow said;

“You will have bitcoiners trying to immigrate or apply for citizenship, and they will be uploading documents and all that. It is very important that it be a very secure system and platform.”

In June 2021, El Salvador made history as the first country to pass a law to accept BTC as legal tender. The bill came into law in September last year despite some protests in the country against it. 

The El Salvador government received several warnings from global financial institutions like the World Bank and the International Monetary Fund (IMF) about the risks of adopting Bitcoin as a legal tender. 

Despite that, El Salvador launched its Chivo wallet to enable its citizens to buy and exchange cryptocurrencies. 

El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!

Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze

— Nayib Bukele (@nayibbukele) July 1, 2022

The El Salvador government has also been buying bitcoins. In July, President Bukele took advantage of the bear market and bought  80 bitcoin for $19,000, which amounts to $1.52 million.

The post Bitcoin City construction will take around ten years, says JAN3 CEO appeared first on CoinJournal.

The cryptocurrency market has performed excellently over the past 24 hours, erasing some of the losses recorded over the weekend. 

The cryptocurrency market has been performing well since the start of the week. The market has added nearly 6% to its value in the last 24 hours, with the total market cap now standing above the $900 billion mark. 

The performance comes after a poor end to last week, where the total market cap dropped to around $800 billion.

Bitcoin, the world’s largest cryptocurrency by market cap, is outperforming the broader market at the moment. Bitcoin has added nearly 6% to its value in the last 24 hours and now trades above $20k per coin.

Breaking the $20k psychological level is an important step for BTC as the cryptocurrency has been struggling in recent days. Last week, Bitcoin dropped below $18k for the second time in a month.

However, BTC has recovered well and could target the $21k resistance level if the rally is sustained.

Key levels to watch

The BTC/USD 4-hour chart is positive as Bitcoin has been performing well since the start of the week. The technical indicators show that BTC could rally higher if the bulls remain in control.

The MACD line is around the neutral zone and could move into the positive region if the rally continues. The 14-day relative strength index of 63 shows that Bitcoin could soon enter the overbought region if the market conditions improve. 

At press time, BTC trades above $20,200. If the rally continues, BTC could surge past the $21k resistance level before the end of the day. However, it would need the support of the broader market to move above the $22,199 resistance level in the near term.

We are still in a bear market, and Bitcoin could lose its $20k support if it doesn’t break past the $21k resistance level soon. Unless there is an extended bearish run, BTC should stay above the $18,564 support level in the short term.

The post Bitcoin eyes the $21k resistance level after surpassing $20k again appeared first on CoinJournal.

• Bitcoin trades at above $19,000 in a bear market and support area

• 200-day moving average joined resistance for Bitcoin

• A breakout of the inside bar pattern could accelerate bear weakness

Bitcoin BTC/USD is trading at 19,580. At the current price, the world’s largest cryptocurrency sits at support. However, Bitcoin may crash below the support as more bearish indicators emerge. Fundamentals and market sentiment also weigh on the price of Bitcoin.

The price of Bitcoin has been so far pegged on the state of the economy. Rising inflation is a bear trigger for Bitcoin. Inflation ignites faster action by central banks to tighten policy. On Thursday, data showed that the Fed’s key inflation gauge rose by 4.7% in May. Despite being lower than estimates of 4.8%, the rate was at levels only seen in the 1980s. 

In its comments, the Fed has hinted at faster rate hikes to tame the costly inflation. Markets anticipate up to a 75 basis point rate hike in July. The faster rate action would be bearish for Bitcoin. Current technical indicators suggest another bear leg is on the horizon.

 The 200-day moving average offers Bitcoin resistance for the first time

Source – TradingView

The weekly chart gives the long-term trend of Bitcoin. The 200-day moving average joined resistance for the cryptocurrency at key support. An RSI reading of 25 may suggest the cryptocurrency is oversold. Nonetheless, this does not mean the bear’s weakness is over. A short-term appreciation in price may be met with a sharp downturn. 

Bitcoin also forms an inside bar pattern at the key support. We need to see whether the weekly candlestick breaks below. A breakout of the inside bar to the downside and below the support will heighten the bear market. The next support is around 11,661.

Concluding thoughts

The 200-day moving average has joined Bitcoin resistance for the first time. The price faces bear pressure at the support. An inside bar breaking out to the downside will weaken the cryptocurrency further.

The post Key breakout to accelerate Bitcoin weakness as price slips below 200-day MA appeared first on CoinJournal.