Bitcoin
Will the bulls confirm their presence and break above $68K soon?
Bitcoin Price recently triggered the liquidation of $1 billion in short positions and is bouncing back from a crucial support level. According to Crypto World analyst Josh, price remains in a substantial sideways consolidation within a larger uptrend or bull market.
A more bearish trend on higher time frames would only be confirmed if there was a confirmed break below $56,000, which has not happened yet. This means that we are still within a larger uptrend or bull market. A similar period of sideways consolidation occurred about a year ago, where the price held above the previous significant low, formed a slightly higher low, and continued the bull market in the following months.
The technical aspects seem mixed:
For the larger uptrend to continue, the price needs to hold above $56,000 for the next few months. If that happens, the larger bull market will likely persist.
On the 3-day chart of Bitcoin, the RSI is still below 50, historically indicating good buying opportunities for Bitcoin in the long term. The 3-day chart shows one to two green candlestick closes, which could confirm a hidden bullish divergence with higher lows in the price and lower lows in the RSI.
Day to day Bitcoin From the chart, the DXY (US Dollar Index) is still in an uptrend, which is generally bearish for Bitcoin. A bearish reversal in the DXY, confirmed by lower lows or lower highs, would provide further support for an uptrend in Bitcoin.
Important price levels:
Despite this, the price has bounced off the support zone between $60,000 and $61,000 several times over the past week. Even if the price falls below $60,000, there is support between $55,000 and $58,000.
For a confirmed bullish trend reversal in Bitcoin, a breakout above resistance levels around $63,000 to $64,000 and ideally a bearish reversal on the DXY is needed. If the price breaks above $64,000 and holds, it could indicate a stronger bullish trend. More confidence in a bullish continuation would come from a breakout above $68,000.
Read too: What’s next for Ethereum now that Bitcoin has made a bullish statement?
Bitcoin
Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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Bitcoin
Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin
At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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