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Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive

Bitcoin seems on the verge of re-testing previous support levels. The number one cryptocurrency has been experiencing a persistent downside which took it to a multi-year low of around $17,000. Related Reading | Two Months Of Extreme Fear Leaves Crypto In Panic, Bitcoin At $20K Bitcoin has been trying to reclaim previously lost territory, but the selling pressure continues driven by negative news around the crypto space and the shift in monetary policy from the U.S. Federal Reserve (Fed). At the time of writing, BTC’s price trades at $20,000 with a 10% loss in the past week. Analyst Michaël van de Poppe believes BTC’s Price remains in a good position after it was rejected at $21,000. If the cryptocurrency manages to hold above $20,000, there is potentially more fuel for bullish continuation. Via Twitter, the analyst said: Sweep of the lows and holding. As long as $20k holds, it should be fine for a sweep of the previous high at $21K and then a higher high at $23K and potentially $24K are doable. Longs still open. Data provided by Material Indicators (MI) records some support for Bitcoin below $20,000. This suggests the cryptocurrency could drop below its current levels. However, there are around $30 million in bids and orders for Bitcoin around $19,000. This area should operate as critical support in case of further downside. If those levels fail, there are still $40 million in bids orders between $17,800 and $18,000 which could provide an extra layer of support. The order book looks thin below these levels Above current price levels, there are over $20 million in asks orders around $21,000 alone. This level will continue to be a major resistance area and an obstacle for BTC’s price as it consolidates around the area. The analyst at Material Indicators shared the following on the hurdles standing between BTC and future appreciation: This is why we wait for confirmations. Despite the sentiment and the #TradFi gains yesterday, the rally lost momentum before it could test the 200 WMA. Now Fire Charts shows ~$60M in ask liquidity stacked between here and the 200 WMA range. When Will Bitcoin Hit A Price Bottom? In that sense, analysts from MI emphasized that it is impossible to know with certainty when BTC will bottom. However, there are certain clues that could help investors to identify a decline in the bearish trend. Related Reading | Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery For example, BTC’s price usually bottoms and then goes into a long period of consolidation. The analyst stated via Twitter without ruling out another leg down: the market is overdue for a rally, and the fact that moves to or below the 200 WMA have historically led to Bull Markets, we can’t validate that until price reclaims the key moving averages, starting with the 200 Weekly MA.

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Is Bitcoin an Inflation Hedge? BTC and Crypto Market Dip Amid Reports of Rising Cost of Living in the US

A new report by the U.S. Bureau of Labor Statistics shows that inflation is once again on the rise, causing crypto markets and leading digital asset Bitcoin (BTC) to dip. According to the newest Consumer Price Index Summary, which tracks the value of goods and services, overall prices rose 8.6% year-over-year in May, marking the […]

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Crypto News

How VeChain Landed $100 Million UFC Marketing Deal

The VeChain Foundation and the Ultimate Fighting Championship (UFC) announced a multi-year marketing collaboration. The partners claim the deal is a “first of its kind” aimed at “breaking marketing ground” for the blockchain-based organization and the mixed martial arts organization. Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally In that sense, the VeChain Foundation will have an “unprecedented level of integration into key UFC assets”. This will include live events, broadcast features, in-arena promotion, and original content reserved for UFC distribution alone. Data provided by the UFC claims there are over 900 million households in 175 countries with exposure to its mixed martial arts events. If only 1% of these numbers decide to enter the VeChain (VET) ecosystem, the network would see a huge spike in adoption levels. Co-Founder and CEO of VeChain, Sunny Lu, said the following about the partnership: It is a historical moment when VeChain, the Layer 1 public Blockchain with the most enterprise adoption, joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability. This is just the beginning of a multi-year relationship with UFC, and we really look forward to changing the world together. Paul Asencio, UFC Senior Vice President of Global Partnerships acknowledged VeChain’s role in the crypto space and expressed his excitement as they become a major UFC partner. Asencio added: VeChain’s expertise in using real-world blockchain applications to help the public and private sector achieve their carbon-neutral goals is an effort we are proud to support.  We’re looking forward to working with VeChain to leverage UFC’s worldwide popularity to promote a positive message that blockchain technology can be used to protect our environment for future generations. How VeChain Will Benefit From Its UFC Deal According to the release, VeChain will own UFC’s official fighter rankings titleship, this is designed to provide the blockchain with visibility and to attract more users to the network. The ranking will be titled “UFC Ranking Powered by VeChain”. The collaboration will also grant VeChain branded presence inside the UFC Octagon across all of its events. The visibility will extend to Pay-Per-View events, UFC digital, and its social media platform, and its in-venue events. UFC and the blockchain-based nonprofit organization will collaborate to create unique content and to develop corporate activities. UFC athletes will receive financial incentives to act as VeChain ambassadors and further strengthen the network’s visibility and potential adoption levels. The partnership will debut next Saturday, June 11 at the Teixeira vs. Prochazka at the Singapore Indoor Stadium. We look forward to working with @ufc in the years ahead & helping the world discover the power of public #blockchain for initiatives from #Carbon management, #Sustainability, #SDGs and much more.#VeChain will revolutionize the global economy. https://t.co/3O4BvO3rAs $VET — VeChain Foundation (@vechainofficial) June 9, 2022 Related Reading | Why VeChain May Run Out Of Fuel After 90% Rally At the time of writing, VET’s price seems to be slightly reacting to the news as it records a 3% profit on its 4-hour chart.