Bitcoin Crypto News

TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC could rally if there is a clear move above the $30,600 resistance zone. Bitcoin formed a double bottom pattern near $28,500 and climbed higher. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above $30,600. Bitcoin Price Could Soon Rally Bitcoin price remained well bid above the $28,500 support zone. It seems like there was a double bottom pattern formed above $28,500 before the price started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 resistance zone. However, the bears are still active near the $30,600 resistance zone. The price traded as high as $30,500 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high. On the downside, there is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. It is now trading above the $30,000 level and the 100 hourly simple moving average. An immediate resistance is near the $30,450 level. The next major resistance is near the $30,600 level. Source: BTCUSD on TradingView.com A clear move above the $30,450 and $30,600 resistance levels might start a strong rally in the near term. The next key resistance could be near the $31,500 level, above which the price might rise to $32,500. Fresh Decline in BTC? If bitcoin fails to clear the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,850 level and the trend line. The trend line is near the 50% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high. A clear move below the trend line might send the price towards the $28,500 support. Technical indicators: Hourly MACD – The MACD is now slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $29,850, followed by $29,600. Major Resistance Levels – $30,600, $31,200 and $31,500.

Bitcoin Crypto News

TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC must clear $30,600 to move further into a positive zone. Bitcoin formed a base above $28,500 and started a fresh increase. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above $30,600. Bitcoin Price Is Facing Resistance Bitcoin price found support near the $28,500 zone after a steady decline. A base was formed near $28,600 and started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The bulls even pushed the price above the $30,000 resistance zone. However, they are now facing an uphill task near the $30,600 zone. There is also a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair. A high is formed near $30,721 and the price is now consolidating gains. The price is trading above the 23.6% Fib retracement level of the upward move from the $28,590 swing low to $30,721 high. An immediate resistance is near the $30,400 level. The next major resistance is near the $30,600 level. Source: BTCUSD on TradingView.com A clear move above the $30,400 and $30,600 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $31,500 level, above which the price might gain bullish momentum. Fresh Decline in BTC? If bitcoin fails to gain pace above the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,800 level and the 100 hourly SMA. The next major support sits near the $29,655 level. It is near the 50% Fib retracement level of the upward move from the $28,590 swing low to $30,721 high. A downside break and close below the $29,650 support might start another decline. In the stated case, the price could drop towards the $28,500 level. Technical indicators: Hourly MACD – The MACD is now slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $29,800, followed by $29,650. Major Resistance Levels – $30,600, $31,200 and $31,500.

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Bitcoin, Ethereum, Dogecoin and Two Additional Altcoins Are the Most Decentralized Crypto Assets: Coin Bureau

A popular crypto analyst is naming the top five most decentralized cryptocurrencies. In a new video, Coin Bureau host Guy tells his 2.05 million subscribers that Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC) and Monero (XMR) are the most decentralized cryptos. “There are five layers of decentralization in cryptocurrency: the developer layer, the coin […]

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Crypto News Ethereum

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

The Ethereum 2.0 update is generating a lot of buzz and interest, and we’re getting closer to its launch than ever before. Ethereum 2.0 Goes To Testnet Testing for Ethereum’s long-awaited Merge is progressing, though not at the rate that many had hoped. Testing on Ropsten, Ethereum’s largest and primary testnet, which has the closest similarity to the mainnet, is the next key milestone in the Merge testing process. Ropsten testing will be merged on June 8, according to Ethereum client developers. Although there is no official indication on when the Merge will take place on mainnet, it is expected to happen in the second part of this year. On Monday, Ethereum DevOps developer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code, indicating that it is ready for implementation. The Merge is Ethereum’s long-awaited upgrade, in which the current Ethereum Mainnet and the beacon chain PoS system will merge. Because it has a comparable network structure to the Ethereum Mainnet, this testnet is considered the best replication. Developers may now perform realistic deployment testing before making changes to the mainnet. The Ropsten testnet Merge will combine the proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, with a May 30 launch date. It will simulate what will happen when Ethereum and the Beacon Chain merge and the network becomes a PoS network. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Testing how the merge would work on Ethereum’s main public testnet would be one of the final assessments. As a result, the Ropsten public testnet is regarded as the most accurate clone of the Ethereum Mainnet, as it uses a similar network structure and allows developers to test their work in a live environment. Online, community developers have expressed their enthusiasm for the testnet announcement. According to Preston Van Loon, an Ethereum core engineer at Prysmatic Labs: Ropsten testnet is getting merged on June 8! Merging Ropsten is a huge testing milestone towards Ethereum's mainnet merge later this year. 🎉 https://t.co/X7eLIMA72g — prestonvanloon.eth @ Permissionless (@preston_vanloon) May 18, 2022 Price Fails To Hold $2K ETH is dropping inside a falling wedge on a daily time frame (in yellow). It’s worth noting that the wedge bottom is lined with the $1700 horizontal support level (in green), which could signal a trend reversal. As a result, if the bulls can hold the green zone, the price will be more likely to rise towards the $2450 level of static resistance. The price is more likely to begin a protracted regression phase if the bears continue to suppress the market and breach below the green support zone. ETH is trading on dynamic support (in green) against Bitcoin, which has blocked additional price decreases four times in the past. The world’s second-largest cryptocurrency, down 4.1 percent in the last 24 hours to US$1,974, has lost 48% of its value since 2022. ETH/USD trades below $2k. Source: TradingView And crypto investors who bought on November 16, 2017, when the Ethereum price was at an all-time high of US$4,892, will have lost just over 60% of their investment. Ethereum’s market cap has decreased to US$236 billion from well over half a trillion dollars at its height, despite maintaining its number two position. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

Bitcoin extended decline and traded below $29,000 against the US Dollar. BTC must stay above the $28,500 level to avoid a sharp decline in the near term. Bitcoin started a fresh decline from the $30,500 resistance zone. The price is now trading below the $30,000 level and the 100 hourly simple moving average. There was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline if there is a clear move below the $28,500 support zone. Bitcoin Price Is Showing Bearish Signs Bitcoin price failed to clear the $30,500 resistance zone and started a fresh increase. There was a clear move below the $29,500 and $29,000 support levels. Besides, there was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair. The pair is now trading below $30,000 and the 100 hourly simple moving average. It tested the $28,500 support zone. A low is formed near $28,589 and the price is now consolidating losses. An immediate resistance is near the $29,100 level. It is near the 23.6% Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. Source: BTCUSD on TradingView.com The next major resistance is near the $29,650 level. It is near the 50 Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. A clear move above the $29,500 and $29,650 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $30,500 level, above which the price might rise towards $31,200. More Losses in BTC? If bitcoin fails to gain pace above the $29,650 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,800 level. The next major support is near the $28,500 level. A downside break and close below the $28,500 support might start a major decline. In the stated case, the price could drop towards the $27,500 level. Technical indicators: Hourly MACD – The MACD is now slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $28,800, followed by $28,500. Major Resistance Levels – $29,650, $30,000 and $30,500.

Bitcoin Crypto News

TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

Bitcoin is stable above the $29,600 support against the US Dollar. BTC must clear the $31,350 resistance to start a decent increase. Bitcoin is struggling to gain momentum above $30,500 and $30,600. The price is now trading near the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a close above the $31,350 resistance. Bitcoin Price Is Consolidating Bitcoin price found support near the $29,000 zone and started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price climbed above the $30,000 resistance zone. There was a move above the 50% Fib retracement level of the last main decline from the $31,390 swing high to $29,060 low. However, the bulls struggled to stay in action above the $30,500 zone. It faced resistance near the $30,600 level and the 61.8% Fib retracement level of the last main decline from the $31,390 swing high to $29,060 low. Bitcoin is now trading near the $30,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $30,600 level. Source: BTCUSD on TradingView.com The next major resistance is near the $31,350 level. A clear move above the $31,300 and $31,350 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $32,000 level, above which the price might rise towards $33,200. Fresh Drop in BTC? If bitcoin fails to gain pace above the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $29,650 level. The next major support is near the $29,150 level. A downside break and close below the $29,150 support might put pressure on the bulls. In the stated case, the price could decline towards the $28,000 level. Technical indicators: Hourly MACD – The MACD is now slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $29,650, followed by $29,150. Major Resistance Levels – $30,600, $31,350 and $32,000.

Altcoins Ethereum

Analyst Says Ethereum Rivals Solana (SOL) and Avalanche (AVAX) Could Rip Hard Next Bounce – Here Are His Targets

A popular crypto analyst says that two Ethereum challengers could move hard and fast during the next bounce in digital asset markets. In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred says that Ethereum’s recent touch of the $1,900 level provided a fresh test of a key range low, making it a “decent […]

The post Analyst Says Ethereum Rivals Solana (SOL) and Avalanche (AVAX) Could Rip Hard Next Bounce – Here Are His Targets appeared first on The Daily Hodl.

Bitcoin Crypto News

Institutional Investors Flood Over $300 Million In Bitcoin Fund, BTC To Reverse Above $30k?

Last week saw one of the largest losses of value in the history of cryptocurrency. Bitcoin and the general crypto market crisis was hit by the Terra ecosystem’s collapse. Bitcoin plummeted to under $30,000. Obviously, institutional players took advantage of the circumstance. Investors Flood Bitcoin Institutions reportedly invested $300 Million into exchange-traded Bitcoin funds last week, according to reports. According to CoinShares, the previous week recorded record weekly crypto inflows for the year 2022. The net weekly inflows were $274 million in the previous week. While North American investors pumped $312 million into cryptocurrency last week, European investors saw a $38 million net outflow. According to the CoinShares report: Investors saw the recent UST stable coin de-peg and its associated broad sell-off as a buying opportunity. Bitcoin was the primary benefactor, with inflows totalling US$299m last week, suggesting investors were flocking to the relative safety of the largest digital asset. CoinShares’ head of research, James Butterfill, expressed amazement at the unprecedented volume of bullish investments in Bitcoin funds despite increased market volatility. “It’s the highest weekly total since October 2021, and the 19th highest since records began in 2015,” he said. Source: Coinshares Bitcoin’s price peaked at $69,000 in November of last year, and it has since been on a steady decline, losing more than 50% of its value. The Bitcoin price has dropped by more than 20% since the beginning of May 2022. Related reading | Grayscale Met With The SEC, Tried To Convince Them To Turn The GBTC Into An ETF Would Price Surge? Bitcoin plummeted against the US dollar and hit the $29,000 support level. BTC must settle above the $30,500 resistance to begin a solid rise. Bitcoin dipped below $30,000 after failing to gain traction above $31,000. The price is currently trading above both the $30,000 and the 100 hourly simple moving averages. A break over a connecting negative trend line with resistance near $29,600 was seen on the hourly chart of the BTC/USD pair. The pair could acquire bullish momentum if it closes above the $30,500 resistance. Although the price dipped below $29,500, bulls were active near $29,000. The price has recovered losses after forming a low near $29,060. Above the $29,500 barrier, there was a clear upward movement. The price surpassed the 23.6 percent Fib retracement level of the latest drop from the swing high of $31,390 to the low of $29,060. There is immediate resistance near the $30,300 mark. It’s approaching the 50% Fib retracement level of the latest drop from the swing high of $31,390 to the low of $29,060. A solid close above $30,300 might pave the path for a large gain. BTC/USD trades slightly above $30k. Source: TradingView Around $31,400 is the next major resistance level. In the next sessions, a clear break over the $30,300 and $31,400 resistance levels could kick-start a new upswing. Near $32,500 could be the next big resistance level, after which the price could rise to $34,000. If bitcoin fails to break past the $31,400 barrier mark, it could fall further. On the downside, $29,600 provides immediate support. Around $29,000 is the first substantial support. If the price breaks and closes below the $29,000 support level, it might herald the start of a significant fall. Related reading | TA: Bitcoin Holds Key Support, Why BTC Must Clear This Resistance Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

TA: Bitcoin Holds Key Support, Why BTC Must Clear This Resistance

Bitcoin corrected lower and tested the $29,000 support against the US Dollar. BTC must settle above the $30,500 resistance to start a decent increase. Bitcoin failed to gain pace above $31,000 and corrected lower below $30,000. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a close above the $30,500 resistance. Bitcoin Price Faces Hurdles Bitcoin price started a downside correction from the $31,500 zone. BTC traded below the $30,000 support zone and the 100 hourly simple moving average. There was a move below the $29,500 level, but the bulls were active near the $29,000 zone. A low is formed near $29,060 and the price is now recovering losses. There was a clear move above the $29,500 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $31,390 swing high to $29,060 low. Bitcoin is now trading above the $30,000 level and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $29,600 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $30,300 level. It is near the 50% Fib retracement level of the recent decline from the $31,390 swing high to $29,060 low. A successful close above the $30,300 level could open the doors for a decent increase. Source: BTCUSD on TradingView.com The next major resistance is near the $31,400 level. A clear move above the $30,300 and $31,400 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise towards $34,000. Fresh Decline in BTC? If bitcoin fails to gain pace above the $31,400 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $29,600 level. The first major support is near the $29,000 level. A downside break and close below the $29,000 support might start a major decline. In the stated case, the price could decline towards the $89,000 level. Technical indicators: Hourly MACD – The MACD is now slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $29,600, followed by $29,000. Major Resistance Levels – $30,500, $31,400 and $32,500.

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EU Parliament Pushes For Restriction Of Services From Crypto Firms Operating From Tax Haven Countries

EU Is Set To Vote On Whether Or Not It Intends To Ban Bitcoin And Ethereum

For most lawmakers, the crypto markets are uncharted territories, and as such, it is not surprising that they often choose to err on the side of caution. Consequently, The journey to comprehensive crypto regulation has been a bumpy ride. New information has revealed that the European Commission has reservations against a ban on crypto firms […]

Crypto News Ethereum

TA: Ethereum Reclaims $2K, Why Upsides Could Be Limited Above $2.2K

Ethereum found support near $1,700 against the US Dollar. ETH started a recovery wave and climbed above the key $2,000 resistance zone. Ethereum started a decent recovery wave above the $1,900 and $2,000 levels. The price is still trading below $2,150 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate higher if it clears $2,150 and $2,200 in the near term. Ethereum Price Breaks $2K Ethereum extended losses below the key $2,000 support zone. ETH even broke the $1,800 level before the bulls took a stand near the $1,700 level. A low was formed near $1,700 and the price started a fresh increase. There was a clear move above the $1,800 and $1,900 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD. Ether price is now trading just above the 50% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. However, it is still trading below $2,150 and the 100 hourly simple moving average. The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,200 level. It is close to the 61.8% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. A close above the $2,200 level could open the doors for a decent increase. Source: ETHUSD on TradingView.com In the stated case, ether price might rise towards the $2,400 resistance. An intermediate resistance may perhaps be near the $2,350 level. Fresh Drop in ETH? If ethereum fails to recover above the $2,200 resistance, it could start a fresh decline. An initial support on the downside is near the $2,000 zone. The next major support is near the $1,870 level. A close below the $1,870 level might restart downtrend. In the stated case, the price could dive towards the $1,700 level. The next major support might be near the $1,620 and $1,600 levels in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,870 Major Resistance Level – $2,200

Bitcoin Crypto News

TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

Bitcoin dived towards the $25,000 support zone against the US Dollar. BTC is now recovering and might eye an upside break above the key $30,000 resistance zone. Bitcoin found support above $25,000 and started an upside correction. The price is still trading below $30,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $30,000 barrier to move into a positive zone and started a real recovery. Bitcoin Price Starts Recovery Bitcoin price remained in a bearish zone below the $30,000 support zone. BTC extended its decline and traded below the $28,000 level. There was a spike below the $26,000 level and the price traded to a new multi-month low at $25,332. A base was formed above $25,000 and the price started a fresh upward move. There was a clear move above the $26,500 and $27,500 resistance levels. The price climbed above the 50% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low. However, it is still trading below $30,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,500 zone and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low. Source: BTCUSD on TradingView.com A clear move above the $30,000 and $30,500 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $31,500 level, above which the price might rise above $32,000. Fresh Decline in BTC? If bitcoin fails to clear the $30,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level. The next major support is seen near the $27,650 level. A downside break and close below the $27,650 support might accelerate losses. The next major support could be $26,200, below which the bears might aim a move towards the $25,500 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $28,200, followed by $27,650. Major Resistance Levels – $30,000, $30,500 and $31,500.