Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
Bitcoin holds 200-week average as trader says ‘inflection point’ is here
Bitcoin (BTC) held its most recent gains into May 27 as traders called for a change in “bearish” market sentiment.
Trader awaits “pretty major move” for BTC price
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it entered the weekend at around $26,700.
The week’s macroeconomic data from the United States had ended with a surprise, as a new Personal Consumption Expenditures (PCE) index print showed the economy weathering tighter financial conditions much better than expected.
Markets then began to price in a June interest rate hike from the Federal Reserve, which should form a headwind for risk assets but failed to dampen a BTC price rebound.
Despite the price comeback, however, the mood remained overly cautious for some.
“Retail is so extremely bearish on Bitcoin and Crypto, it’s almost insane,” Michaël van de Poppe, founder and CEO of trading firm Eight, argued.
“People are stuck in the 2022 mindset.”
Popular trader Skew noted Bitcoin’s strong reaction at the 200-week moving average (MA) near $26,000, with more key trend line challenges now in the making.
“Price trying to reclaim 100D MA after nice move up from 200W MA. Price is currently pinned between 4H EMAs & 1D EMAs,” analysis of the 4-hour BTC/USD chart stated the day prior.
“Expecting a pretty major move soon, inflection point is here imo.”
Additional insights concluded that “froth” had cleared from exchanges, along with over $300 million of open interest on the largest-volume exchange, Binance.
Skew is not the only well-known voice calling for a pronounced shift in BTC price behavior next. This week, Checkmate, lead on-chain analyst at Glassnode, predicted: “big moves coming.“
A subsequent overview of some key on-chain metrics presented BTC/USD at a “decision point.“
Bitcoin price still “consolidating”
Fellow trader and analyst Rekt Capital stated that additional strength was still needed to flip the trajectory in the bulls’ favor.
“BTC still in the middle of the red downtrending channel, just consolidating here with the red resistance area above the crucial one to beat if sentiment is to decisively shift in the short-term,” he wrote, referring to a chart of 1-day timeframes.
That chart also showed the bearish head-and-shoulders pattern, something Rekt Capital previously warned could result in a longer-term bearish phase, including a trip toward $20,000.
Magazine: ‘Moral responsibility’: Can blockchain really improve trust in AI?
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
Tue, 18 Apr 2023More
The French arm of Binance is reportedly under investigation by the local authorities on charges of “aggravated money laundering.“
Bakkt reportedly suspended trading of SOL, MATIC and ADA — tokens the U.S. SEC recently deemed securities.
Avraham Eisenberg faces civil lawsuits from the U.S. Commodity Futures Trading Commission, Securities and Exchange Commission and Mango Markets and criminal charges from the DOJ.
The SEC has taken enforcement actions against several crypto firms, a move that has been criticized by many U.S. lawmakers and industry leaders.
In a short promotional video, Nike’s logo for its Web3 platform, “.Swoosh,” features alongside the logos for Epic Games’ Unreal Engine and Fortnite.
A crypto analyst has identified an indicator that could suggest that Cardano’s (ADA) price is set to enjoy a parabolic move. This comes just as the altcoin"/>
Dogecoin’s founder, Shibetoshi Nakamoto has publicly challenged US Senator Elizabeth Warren for her anti-cryptocurrency stance. Adding weight to Nakamoto’s"/>
Information technology platform, Telegoan has made a series of price predictions for the Shiba Inu price, ranging from 2023 up to 2050. "/>