Bitcoin is struggling below the $45,000 resistance against the US Dollar. BTC must stay above $43,180 to avoid a sharp decline in the near term. Bitcoin is showing a few bearish signs below $45,000 and $44,500. The price is trading above $43,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bearish momentum if there is a clear move below $43,180. Bitcoin Price Stuck Below $45K Bitcoin price failed to test the $45,000 resistance and started a downside correction. BTC declined below the $44,000 support level to move into a short-term consolidation phase. There was a break below the 23.6% Fib retracement level of the upward move from the $41,574 swing low to $44,770 high. However, the price is still trading above $43,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair. Recently, the price dipped below the $43,250 level, but it was supported above the $43,000 level. Bitcoin is now consolidating near the $44,000 level. Source: BTCUSD on TradingView.com On the upside, an initial resistance for the bulls is near the $44,450 level. The next key resistance is near the $44,800 level or the $44,700 high. The main resistance is still near $45,000. A clear move above the $45,000 resistance zone might start a decent increase. The next major resistance is near $45,500, above which the price might rise towards the $46,800 level. More Losses in BTC? If bitcoin fails to continue higher above the $44,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,800 zone and the trend line. The next major support is seen near the $43,180 level. It is near the 50% Fib retracement level of the upward move from the $41,574 swing low to $44,770 high. If there is a downside break below the $43,180 support zone, the price might gain bearish momentum for a move to $42,400. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level. Major Support Levels – $43,800, followed by $43,180. Major Resistance Levels – $44,400, $44,800 and $45,000.
Despite the recent sluggishness of XRP, the token is performing significantly better compared to other coins. The bulls successfully defended the $0.3 support and tried to reverse the trend by breaching above the crucial resistance. As the price has not fallen following a false breakout, this indicates that the bulls may be stronger than the bears. Thus, the volume has increased, which is a positive indicator. As of this writing, XRP is trading at $0.364, up 12% in the last seven days, data by Coingecko show, Monday. Suggested Reading | CEL Token Seen Making A Recovery Despite Celsius Going Bankrupt Image – The Coin Republic XRP Straight Green Candles Ripple has registered three consecutive green daily candles, and purchasers were able to increase the price by 15 percent till Friday evening. The primary concern, though, is whether this rally is sufficient enough to halt the intermediate-term bearish trend. On a daily scale, buyers drove the price towards the short-term horizontal resistance at $0.4, attempting for a third time to breach the key breakthrough. The 14-day RSI indicator entered positive territory and surged past the baseline at this time. This means that the bulls are now more dominant than they were previously. Ripple has not been able to achieve a higher daily high for a quite a long time. Since May this year, sellers have kept the bulls from surpassing the previous peak (in yellow). Imge – TradingView.com In order to begin a trend reversal, XRP must first establish a higher high above $0.4. In this instance, bearish momentum could eventually begin to diminish. The bulls should then barrel past the horizontal barrier between $0.50 and $0.55 (in blue) before retesting the falling trendline (in red). Overcoming the red static barrier that has been shading the price for a considerable amount of time might be a very bullish indicator for the token. Global Crypto Market Cap Up 1.35% According to data from CoinMarketCap at the time of writing, the worldwide market capitalization of cryptocurrencies increased by 1.35 percent during the previous 24 hours, reaching approximately $980 billion. XRP total market cap at $17.6 billion on the daily chart | Source: TradingView.com The 24-hour volume of the worldwide cryptocurrency market declined 1.7% to $61 billion, while the 24-hour volume of DeFi was $5.55 billion, representing 9.0% of the global crypto market. The volume of all stablecoins was $55.63 billion, or 90.72 percent of the 24-hour volume of the whole crypto market. Currently, XRP is seeing resistance at the 50-day moving average. If there is a breakthrough, it will mark the first time since March 9 this year. Prior to a potential reversal, however, the price must first consolidate above the key resistance between $0.48 and $0.52. Suggested Reading | ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE Featured image from The Merkle News, chart from TradingView.com
CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it. Bitcoin Is The Only Scarce Asset Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe. Related Reading | Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin. Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches. “I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained. BTC declines below $40,000 | Source: BTCUSD on TradingView.com His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined. Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts “I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued. Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, putting the firm in profit territory. Featured image from Coingape, chart from TradingView.com