Friday, May 24, 2024

A digital currency stuck.


© Alpha Films – Dominance continued to dominate the performance of major cryptocurrency Bitcoin this weekend, with Bitcoin unable to break through key resistance levels.

However, expectations for the continuation of the positive trend and the success of Bitcoin to break the current levels are still valid, with Bitcoin returning to the all-time high of 23 thousand dollars, which was lost last weekend, and there are even those who consider it the opportunity of a lifetime. Crypto mining in uae is a process of verifying and adding transaction records to the public ledger (blockchain).

Opportunity of a lifetime

On the other hand, famous crypto expert Michael van de Poppe believes that Bitcoin has reached very attractive price levels.

Like the formation of the BTC and $USD pairs, I still think this is an opportunity of a lifetime, Michael Van de Pape said, which is an asset for the next bull cycle, down 85% from the previous ATH.

30 thousand dollars

The popular CROW trading account hits highs, revealing only $30K profit plans until Bitcoin continues to make higher highs and lower lows.

“The weekend was all about range trading because of fake selling,” said crypto trader Tony.

“I like to limit and trade accordingly. Limits are useful in spotting real breakouts or fake balls, and you can trade both.”

relative strength

Returning to the on-chain data, Plan B, which developed the stock-to-flow family of Bitcoin price models, again indicated that the RSI was inverse.

The Relative Strength Index (RSI) is a fundamental measure of how overbought or oversold Bitcoin is relatively at a given price, and it hit an all-time low in June.

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Plan B suggests that the RSI may now signal the end of the bear market in 2022.

Meanwhile, Plan B admitted that the BTC pair was still “significantly below” the daily estimate of $83,475 inflows in the commodity on August 6.

Now Bitcoin

On August 5, Wikipedia closed at a record high of $23,000, while it closed yesterday at $22,960,000 on Saturday, followed by Sunday trading at $23,200 and $22,900.

Bitcoin is currently falling in the range of 1% at the level of $ 23.01 thousand, while falling less than 3% in a week, on the contrary, Bitcoin rises by 6% during trading in a month.

Bitcoin is down 25% in sixty days, 31% in ninety days, and 52% since the start of the year, and is down 67% from its all-time high of $70,000, while its market cap is $440 billion. .

Bitcoin is trapped

Data from TradingView showed BTC/USD rising back above its stable trading range, and after several attempts above the $23.5K range resistance, the pair appeared stuck, but hopes for a continuation of the rally were already there.

“We expect more volatility throughout the week,” said a source tracking the Material Indicators series as part of its latest Twitter update.

Material Indicators added, “If a bear market rally manages to push Bitcoin above 25,000, there won’t be much friction in the 26-28K range, but losing the trendline will be bad for happy hopes and dreams.”

According to forecasts, $28,000 is 20% higher than the current spot price, which represents the highest level in about two months, and physical indicators include a chart showing a trend line noted around the actual current price of bitcoin at $22,000.

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The chart showed that the bid support has increased below the spot, while key resistance remains at $24.5K.


Michael Sailer, head of MicroStrategy for Bitcoin, has left his role as CEO to focus on corporate strategy and investing in Bitcoin, indicating widespread interest in software and crypto-related businesses.

Bitcoin is facing critical resistance levels at $24k, failure to break above the Bitcoin resistance level and a break below $18k will pave the way for a move towards $14k if those levels are lost amid expectations of a possible price rebound.

Anthony Scaramucci, founder and managing partner of Skybridge Capital, said the industry’s worst recessionary moments are over after the collapse caused by the bankruptcies of Three Arrows, Celsius and Voyager.

Scaramucci notes: Based on our fair market value metrics based on adoption, portfolio size, use cases and portfolio growth, we believe the current fair market value of the coin is approximately $40,000.

The article does not express a recommendation or recommendation, but monitoring market fluctuations, trading in digital currencies involves high risks, knowing that it is not entirely subject to financial authorities, including the risk of losing some or all of the investment amount. and markets.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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