Bitcoin May Need to Pull Back Before Rallying to $30,000

  • Bitcoin recently lost bullish momentum, trading in the $26,750 – $28,730 range, with $28,000 as critical resistance
  • A potential pullback may lead to a retreat toward the $27,250-$27,500 support and a sharp correction toward $25,000
  • Fed’s interest rate hike put pressure on banks, and escalation of banking crisis may help spur a rally to $30,000

has lost bullish momentum after reclaiming the 2023 trend line with last week’s bounce. This past week, BTC prices reflected increasing volatility.

Among the technical indicators we have been following based on Bitcoin’s February-March pullback, the $26,750 – $28,730 range has been crucial in recent weeks. These are Fibonacci expansion levels.

Lately, BTC has been trading in this range. Since last week, the $26,700 level has been acting as support. And it has made weak attempts to breach the $28,700 level. Meanwhile, $27,500 (Fib 1,414) continues to act as a short-term pivot level.

Bitcoin Daily Chart

Bitcoin’s $28,000 Resistance Critical

Meanwhile, BTC continues to attempt to break above the $28,000 level, and the failure to gain traction in this region is starting to create stress in the BTC market.

Next week, we may see increased selling pressure if the $28,700 level is not breached in weekend trading.

The current trend for Bitcoin continues to be suppressed after breaking into the $27,000 band. If buying interest wanes, this pressure could turn into a sharp correction. The first support zone for a potential pullback is the $27,250-$27,500 area. This support is at the 8-day exponential moving average (EMA) at $27,500, which is the pivot level.

BTC could quickly retreat toward the $25,000 area on a potential breakout. The $25,000 area was a major resistance zone in February, along with the 21-day EMA.

Finally, based on the short-term price action, the $22,800 – $23,000 area will be a key support zone for Bitcoin.

For Bitcoin’s uptrend to be technically triggered, it is important to break $28,700, which I have been highlighting for some time, on volume or weekly close. BTC can rally to $34,000 on high volume if this break occurs.

This week saw the announcement of the most critical Fed in months. And the message regarding the banking crisis that began in the U.S. and spread to Europe at the FOMC meeting was extremely important.

The expectation that the Fed would raise rates by 25 basis points had already been priced in before the decision.

However, after Powell’s speech at the , Bitcoin retreated slightly. The Fed reaffirmed its commitment to its inflation target and put pressure on the banks by continuing to raise interest rates.

Continuing Banking Crisis Could Help Support Bitcoin

On the other hand, Powell said that they have enough tools to support banks. He signaled that the Fed could take steps to expand the bank’s balance sheet if necessary while implementing a tight monetary policy.

Currently, the price is defending the $26,000 support level amid mixed reactions in the Bitcoin market. The banking sector is once again on the agenda.

Today, shares of Deutsche Bank (ETR:) fell by more than 10%, which was interpreted as a further escalation of the crisis in the banking sector.

As at the beginning of the process, all these developments may further increase the demand for Bitcoin-based crypto assets.

With fresh buying interest at the weekly close above $28,700, we may see Bitcoin rally toward the $30,000 band next week. However, failure to break through resistance will trigger a correction to $25,000.

Disclosure: The author doesn’t own any of the securities mentioned.

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Dogecoin upgrade set to revolutionize blockchain accessibility for non-developers – Cryptopolitan

Dogecoin (DOGE), the popular cryptocurrency that began as a joke, is set for a significant upgrade to enhance its user-friendliness and accessibility to non-developers. In a recent tweet, a core developer announced that one of the most significant upgrades would be supporting BIP39 seed phrases, allowing users to generate mnemonic phrases for securing their private keys.

This update is great news for Dogecoin users searching for an easier way to secure their private keys without being a technical expert. With the support for BIP39 seed phrases, users can now generate secure and easy-to-remember phrases that can be used to recover their private keys if they are lost or stolen.

In addition to supporting BIP39 seed phrases, the upcoming Dogecoin update will introduce QR code support, message signing, and support for BIP32/44 and SLIP44 HD addressing for enhanced security and organization. With these features, users can easily and securely send and receive Dogecoin, sign messages to verify ownership and organize their addresses more efficiently.

Moreover, the update will provide users with the current moon phase Unicode, a fun addition to the Dogecoin experience. This new feature adds to Dogecoin’s quirky and humorous nature, which has always been a significant part of its appeal.

Overall, the upcoming upgrade is a significant step forward for Dogecoin, making it more accessible and user-friendly. These new features will make it easier for people to use and store their Dogecoin, and the enhanced security measures will give users greater peace of mind. With these upgrades, Dogecoin will continue to grow in popularity and cement its place in cryptocurrency.

It is worth noting that Dogecoin has enjoyed renewed interest lately, with its value rising significantly in recent months. This surge in popularity has been attributed to several factors, including endorsements from celebrities and major companies, as well as a growing interest in cryptocurrencies in general. With the upcoming upgrade, more people will likely become interested in Dogecoin, further fueling its growth and popularity.

However, as of this writing, the Memecoin was trading in a bearish sentiment where the price had decreased by approximately 1.48% leading to DOGE to trade at $0.07447.

In conclusion, the upcoming upgrade to Dogecoin is exciting news for users and investors alike. The new features will make it easier and more secure to use and store Dogecoin, while the addition of the moon phase Unicode adds a fun and quirky touch. As Dogecoin continues to gain popularity, we will likely see even more exciting developments.

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Binance Spot Trading Suspended After Most Recent Bitcoin Plunge

Binance, the largest cryptocurrency exchange in the world right now, has decided to temporarily stop spot trading on the platform.

The announcement came after the most popular coin, Bitcoin plunged by 3% on Friday, March 24.

Binance is Currently Resolving Spot Trading Issue

Binance Spot Trading Gets Suspended After Bitcoin Plunges Under $27,300

(Photo : Kanchanara from Unsplash)
The world’s largest crypto exchange has temporarily halted the spot trading on the platform.

According to a recent report by FX Street, Binance is currently on the move to look for the potential reason behind the spot trading issue.


“We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible,” Binance posted on its official Twitter account.

While the company did not detect the nature of the problem, it looked forward to bringing a fix to the issue ASAP.

Binance also tweeted that deposits and withdrawals will be paused as part of the standard operating procedure or SOP.

An hour ago, the company wrote that Engine 1 returned to normal operations online. It added that the team has been “taking hourly snapshots” for the bug. More reconciliations will be made and it might take a longer time before everything goes back online.

TechCrunch reports that the majority of crypto spot volume is under Binance. The company is reportedly handling more than 60% of the volume globally.

Arcane Research notes that the zero commission is the key reason why the shares of Bitcoin spot volume have skyrocketed for the recent quarters by more than 90%.

We expect that new updates will be announced by Binance once there’s progress made in line with spot trading suspension.

Binance’s Involvement in Bitzlato Money Laundering Scam

Earlier this year, Tech Times reported that Binance has appeared to be a frontrunner in one of the biggest illegal money transfers so far.

Crypto trading platform Bitzlato was accused of sending $346 million of “illicit” funds via Binance.

According to the authorities, Binance was one of the receiving parties which got the money from another platform. The incident took place between January 1, 2018 and June 30, 2022.

For the past four years, Binance was often involved in money laundering allegations. As such, law enforcement agencies thought that scammers were conniving with the company to carry out their illegal operations amid restrictions.

Related Article: Binance Wants to Increase Employment by 15-30% in 2023

Bitcoin Price Falls Below $27,300

After Binance announced the temporary suspension of spot trading, Bitcoin slightly plunged below $27,300 from $28,000, according to Coindesk.

Meanwhile, the second largest cryptocurrency on the planet dropped by 2% in trading. Ethereum plunged to $1,751 at the time of writing.

For more cryptocurrency-related articles, make sure to click this link so you won’t miss our up-to-date reports about the most trending tokens and coins right now.

Meanwhile, check our latest report about the best crypto picks for beginners in 2023.

Read Also: Coinbase Shares Dip by 15% Following SEC Warning

Joseph Henry

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Cryptocurrency Price Today: Most Popular Coins Like Bitcoin, Ethereum See Losses As Flare Gains

Bitcoin (BTC) and Ethereum (ETH) — two of the most valued crypto coins — managed to rise above the $25,000 and $1,600 marks, respectively, on early Saturday morning. Other popular altcoins — including the likes of Dogecoin (DOGE), Litecoin (LTC) — landed in the negative as overall prices saw minor gains across the board. Flare (FLR) token emerged to be the biggest gainer, seeing a 24-hour jump of over 6.64 per cent. The Mask Network (MASK), on the other hand, turned out to be the biggest loser. 

At the time of writing, the global crypto market cap stood at $1.15 trillion, registering a 24-hour loss of 2.46 percent.

Bitcoin (BTC) price today

Bitcoin price stood at $27,599.78 seeing a 24-hour loss of 2.34 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.95 lakhs.

Ethereum (ETH) price today

ETH price stood at $1,758.46, marking a 24-hour loss of 3.08 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.53 lakhs.

Dogecoin (DOGE) price today

DOGE registered a 24-hour loss of 1.50 percent as per CoinMarketCap data, currently priced at $0.07567. As per WazirX, Dogecoin price in India stood at Rs 6.5900.

Litecoin (LTC) price today

Litecoin saw a 24-hour loss of 1.12 percent. At the time of writing, it was trading at $92.48. LTC price in India stood at Rs 8,000.00.

Ripple (XRP) price today

XRP price stood at $0.4322, seeing a 24-hour loss of 0.53 percent. As per WazirX, Ripple price stood at Rs 37.2629.

Solana (SOL) price today

Solana price stood at $20.82, marking a 24-hour loss of 5.84 percent. As per WazirX, SOL price in India stood at Rs 1,988.40. 

Top crypto gainers today (March 25)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Flare (FLR)

Price: $0.03429
24-hour gain: 6.64 percent

Huobi Token (HT)

Price: $3.67
24-hour gain: 5.65 percent

Nexo (NEXO)

Price: $0.7374
24-hour gain: 2.93 percent

Toncoin (TON)

Price: $2.10
24-hour gain: 2.05 percent


Price: $0.9821
24-hour gain: 2.04 percent

Top crypto losers today (March 25)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Mask Network (MASK)

Price: $5.67
24-hour loss: 12.25 percent

Immutable (IMX)

Price: $1.10
24-hour loss: 10.59 percent

Stacks (STX)

Price: $1.02
24-hour loss: 10.45 percent

Mina (MINA)

Price: $0.8274
24-hour loss: 10.15 percent

Arbitrum (ARB)

Price: $1.25
24-hour loss: 9.97 percent

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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Why are blockchain, Web3 still male-dominated industries?

A recent Boston Consulting Group (BCG) study, 13% of Web3 founding teams include a female member. However, women founders of Web3 companies are at a staggering low of 7%.

Web3 blockchain technology is estimated to become a $6 trillion industry in 2023, with a compound annual growth rate (CAGR) of 44.6% by 2030. Clearly, the world sees potential in this industry, as reported by Analytics InsightAnd yet, Web3 appears to be a male-dominated segment.

The question is: how far will nations progress in encouraging women’s empowerment via blockchain and Web3? Here’s what statistics suggest.

Apparently, men raise more funds than women founders

The BCG report specified potential reasons for such a wide gender gap. Surprisingly, the main reason was capital. Apparently, Web3 startups founded by men raised more capital compared to mixed and only-women founders.

Thus, the average funding capacity of all three categories stands at:

  • All-men team: $29.2 million
  • Mixed team: $26 million
  • All-women team: $7.8 million

If this is the situation with founders, is the gender gap better or worse among investing teams?

The study stated that only 15% of Web3 investing teams are women. Moreover, 6 out of the 10 major funding entities in the industry don’t comprise even a single woman partner.

These figures raise another question—are women present more in mixed teams or single-gender ones?

Metrics of mixed teams

As per the figures mentioned before, teams comprising both female and male members also have a comparatively good capacity to raise capital in Web3 startups. Although a positive metric, it exposes another issue.

The report indicated that in 78% of cases, women founders of Web3 startups are present in mixed teams, but the same is not present in the case of male founders.

In fact, it’s the exact opposite. There is a 74% chance that a male founder may not be a part of a mixed setup. However, for representation’s sake, including one woman in an all-male team cannot be termed as “mixed.” Neither is it the right kind of women empowerment. Rather, it might just reek of token representation.

The more pertinent question to ask, however, is what can be the reason behind this wide gender gap in Web3 industry? Some say the reason has more to do with women’s investment behavior. Others blame the current use cases of blockchain and Web3 technology.

Digital currency: 2nd most widely-owned asset among women

Latest data by eToro and highlighted by Cointelegraph points to a surprising fact—digital currency is currently the second-most widely-owned asset among women, particularly within the 18-34 age group. Cash, however, remains the leading asset.

This statistic is part of eToro’s latest Retail Investor Beat initiative, which surveyed 10,000 retail investors spread across 13 countries.

Survey data reveals that digital currency ownership among women has been on a steady rise in the past four quarters of FY2022.

  • Q1: 24%
  • Q2: 25%
  • Q3: 29%
  • Q4: 34%

From this increased adoption, it’s safe to assume two things—a, Women have become more interested in digital assets like digital currency, non-fungible tokens (NFTs), etc., and b, Their understanding and awareness of blockchain technology are also on the rise. This is a clear indication that women’s investment behavior is evolving.

Now, let’s consider the issue of use cases.

Current use-cases limited to gaming

The BCG report states, “If you take the gaming and immersive gaming industry as a proxy of what the metaverse could become, the experiences offered in the metaverse will be very gender stereotypical.”

Currently, several use cases of the metaverse, blockchain, and Web3 are being tried and tested. But those about gaming have gained the most amount of traction.

Undeniably, a considerable chunk of women are interested in gaming. But these use cases mostly attract the male gender and signal no women-centric utility. If this situation is improved, more women might climb onto the bandwagon of Web3 technology.

This suggestion can be added to creating a trifecta—more awareness, opportunities, and role models.

Watch: Web3 and BSV Blockchain

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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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Why Are investors choosing Dogetti, Bitcoin, and BNB amid the global banking collapse?

Why Are investors choosing Dogetti, Bitcoin, and BNB amid the global banking collapse?


Investors typically steer clear of risky assets like cryptocurrencies during periods of economic uncertainty. The global crypto market cap increased to $1.18 trillion as the sell-off persisted. The price of the two biggest cryptocurrencies is currently trading in the red, along with other altcoins. The value of the cryptocurrency market has increased over the last week as Bitcoin, Ethereum, and alternative coins like Binance and Solana surged higher. Bitcoin price has abruptly increased as investors, alarmed by the banking crisis, have begun to hoard their funds in cryptocurrencies.
This article will evaluate the positive aspects of Dogetti’s presale features in addition to the price increases for Bitcoin and Binance.

Bitcoin – Rises Above $28,000

The most well-known digital currency in the world, Bitcoin, has recently surged after a string of dreadful news stories about the international banking sector. At the start of the third week of March, BTC is trading for $28,294, up 27% for the week. So far this year, it has a massive 72.16% gain.
With a market capitalization of over $545 billion, Bitcoin has since emerged as the most valuable and popular cryptocurrency. With many merchants and companies accepting it as payment, Bitcoin (BTC) is used as a store of value and a medium of exchange. A multitude of investors buys and sell Bitcoin in the hopes of making a profit. Since its all-time high of almost $65,000 per BTC in 2021, the value of Bitcoin (BTC) has experienced some significant swings. In early 2023, it fell from $26,514 to $19,628.
There are no signs that Bitcoin’s popularity is going down, and its influence on the financial sector is undeniable.

Binance – Stays In Uptrend

The BNB price has been getting higher over the last few days from the $265 support level. Similar to Bitcoin and Ethereum, the price moved into a positive zone after clearing the $280 resistance level. The price of the Binance coin is depicting uptrend indicators above the $330 mark. It is trading at $339, up more than 14% in the past week. When events causing economic instability occurred, Binance made its $1 billion emergency fund available to help keep the price of Bitcoin, Ethereum, Binance Coin, and other tokens high.
Based on daily trading volume, Binance is the largest cryptocurrency exchange in the crypto world. Binance seeks to establish cryptocurrency exchanges as a major force in global finance. For its users, Binance has a vast ecosystem of features. The projects that make up the Binance network—Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research, all use blockchain technology to usher in a new era of finance.

Dogetti – The Ultimate Dog-Themed Crypto with Community-Driven Approach

Dogetti (DETI), a new meme coin in the crypto sector, has so far been successful in its goal of building a strong community to transfer wealth to Dogetti family members. Through its presale track record, it is successfully connecting with its target audience. The second phase of DETI’s presale campaign is open and saw the sale of 7.5 billion DETI tokens so far, shocking the cryptocurrency community by raising $600k.
The exciting Dogetti NFTs and DogettiDAO features of the Dogetti Ecosystem will soon be unveiled. Dogetti NFTs are one-of-a-kind, collectible digital assets that signify having a special virtual companion. Users of these NFTs can adopt their Dogetti puppy, can breed, develop, and then trade other Dogetti NFTs for fiat or cryptocurrencies. For holders, this presents an entirely novel realm of possibilities, enabling them to not only accumulate and own these digital assets but also to make money off of them.
In addition to fostering transparency and accountability in the project’s decision-making process, DogettiDAO offers family members a highly effective platform to influence the project’s vision and earn rewards for their engagement.
The Dogetti website offers the most recent bonus code for buying DETI. The one-time secret family code, “DON50,” is only available for a short period of time and allows buyers to receive 50% more tokens.




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Cryptocurrencies, the guru Do Kwon arrested. “He started the banking crisis” Latest News

Do Kwon arrested in Montenegro, the banking crisis may have started from him

The US Judiciary Indicts South Korean Do Kwon, Founder of Cryptocurrency Terra, Accused of Lying to Investors Who Lost Nearly $40 Billion last year, according to documents seen by AFP. Kwon was arrested in Montenegro in possession of “false documents” and will face eight charges. He was the subject of an Interpol red notice. Attention. It’s not a trivial story. According to Corriere della Sera, “Do Kwon could be a sort of “patient zero” of the crisis that has been experiencing on the financial markets in recent weeks. It is in those months of collapse of the financial system built around cryptocurrencies that it can at least partially be sought one of the possible fuses that triggered the crisis of recent weeks”.

According to the indictment, Kwon “deliberately deceived investors on numerous aspects”. The man was arrested Thursday in Montenegro, together with his financial director Hon Chang Joon, according to reports from the interior minister of the Balkan country. “Montenegrin police have arrested a person suspected of being one of the most wanted fugitives in the world, South Korean Do Kwon, co-founder and CEO of Terraform Labs,” Filip Adzic announced on Twitter. The two were arrested at the airport in the capital, Podgorica, in possession of “false documents” while trying to board a plane to Dubai with false Belgian and Costa Rican passports, with an arrest warrant issued by their country of origin pending. “We are awaiting official confirmation of their identity,” said Filip Adzic.

In September, Interpol had issued an alert to locate him, at the request of South Korean prosecutors. Prosecutors had asked the South Korean Foreign Ministry to revoke his passport, saying Do Kwon was a “fugitive”. The US stock market regulator and regulator, the SEC, launched proceedings in mid-February against Do Kwon for “orchestrating a multibillion-dollar cryptoasset fraud”.

Seoul will ask Montenegro to extradite Do Kwon

South Korea to seek extradition of crypto entrepreneur Do Kwon, after Terraform founder was arrested in Montenegro and charged with fraud in US. Kwon, whose full name is Kwon Do-hyung, has been charged with fraud over the dramatic collapse of his company Terraform Lab last year, which wiped out an estimated $40 billion of investor money and rocked global crypto markets . The 31-year-old was arrested at Podgorica airport in Montenegro on a South Korean warrant. Soon after, the United States charged him with eight counts, including securities fraud and wire fraud, following a lawsuit filed by the US Securities and Exchange Commission. In South Korea, where Kwon is wanted for violating the capital markets law, the authorities have confirmed they will request his extradition. “South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” Kim Hee-kyung, spokesman for the South District Prosecutor’s Office in Seoul, told AFP.

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Blockchain can make invoice financing secure and safer for MSMEs

Technology for MSMEs: Blockchain has the potential to improve security, enhance efficiency and reduce costs when it comes to receivable financing. This could particularly be good news for MSMEs that face significant hurdles in accessing credit. Let us see how. 

Improved security

As per RBI, online fraud cases amounted Rs 128 crore to businesses in  the year 2022. An increasing trend that is seen is smaller businesses are frequently becoming the target of cyberattacks as they cannot afford comprehensive security solutions. Here blockchain can help these businesses as it  involves decentralised transaction records, so the data cannot be manipulated for any fraud.

Also Read: SMEs are losing confidence as sales decline and profits shrink: ASSOCHAM and D&B survey

Blockchain consists of numerous blocks of data, which in turn are stored across nodes. Data that is stored across a network of nodes is more difficult to hack into than data that is stored at a central location. Even if fraudsters hack into some nodes and alter the data, it would give rise to suspicion as the data would differ from other copies across the network. The ability to automatically identify suspect data helps to streamline the receivables transactions. There is no need to manually track or navigate paper trails and emails.

Enhancing efficiency

Another area where it can help is in reducing paper work. Each transaction in trade finance requires authentication and that can give rise to a lot of paperwork and delays. However, blockchain uses digital tokens. Each participant in the supply chain is issued a token to authenticate the movement of goods. In this process, it becomes harder to steal or hack such tokens compared to paper or digital files. It also allows all parties to track and receive information about traded goods, monitor the process and verify completion of steps in real time. This reduces risk to the lender and brings about transparency. 

All involved parties can thus remain aligned and be in a position to access the most up to date information. Here is where smart contracts can play an important role. Smart contracts are developed on blockchain to automate one-time or recurring transactions without any human intervention. Since they are built into blockchain to execute contracts with pre-set conditions, these contracts can be carried out as soon as the conditions are met, there are no required follow-ups or delays, or the requirement of third-party trusted entities to do follow-ups. 

Also Read: No proposal to implement MSME rating system: MSME ministry

A 2019 report on fintech by the Department of Economic Affairs, Ministry of Finance, said that blockchain technology is helping solve the problem of double discounting and transparency of invoices in trade finance through RBI’s Trade Receivables Discounting System (TReDS) scheme, thereby reducing the cost of credit, as all transactions on the ledger are verified and transparent.

At the same time, it also provides confidence to the financier that there is very less probability of invoice-related fraud. Also, there are multiple issues that are associated with receivable financing, namely falsified receivables, multiple invoices secured against the same collateral and so on. Use of blockchain can increase transparency, security, and allow for real time merchant tracking.

Reduced costs

A large number of intermediaries and corresponding administrative costs affect MSMEs the most as it makes MSME financing less attractive to banks. Improved security and enhanced efficiency essentially help to lower costs. With increased efficiency, parties can engage in greater volumes of deals with more clients, while a stronger security means that fewer of these deals have a chance to be compromised. When it comes to trade receivables, a lot of time can be wasted in reconciling the data of the supplier with that of the buyer. When all parties concerned have access to a single source of information, the need to constantly verify and reconcile transactions is reduced and this further helps in lowering costs. 

Anurag Chaturvedi is the CTO of M1xchange. Views expressed are the author’s own.

Subscribe to Financial Express SME (FE Aspire) newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises 

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Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

The surge of the largest cryptocurrency in the market, Bitcoin (BTC), has caught the attention of investors and analysts, with many drawing parallels to BTC’s performance in Q1 2021. While the similarities are striking, some experts caution against assuming that history may repeat itself. 

According to the market watcher Maartunn, Bitcoin’s current price action is showing similarities to its performance in Q1 2021. 

Maartunn suggests that while it doesn’t necessarily mean that it will repeat itself, it’s important not to ignore the similarities between the current market conditions and those in Q1 2021, which could lead to increased volatility. 

Bitcoin’s price action similarities in 2021 and 2023 before a bull run. Source: Maartunn on Twitter.

Bitcoin’s Bull Run Will Be Delayed?

According to what the market watcher Martunn has spotted in Q1 2021 and 2023 in response to another analyst, CryptoCon, a small, short-term correction in Bitcoin price may be necessary to fuel the current bull run. 

This is common in Bitcoin’s cycles and typically happens after the price breaks above the 50 exponential moving average (EMA). After this break, Bitcoin typically experiences one retest during the entire bull run. 

Retests of key support levels, such as those seen in Q1 2021 and potentially in 2023, are viewed as a healthy and necessary correction that can support years of gains for Bitcoin. CryptoCon believes that a correction in Bitcoin’s price could benefit the cryptocurrency’s long-term growth and the similarities between these periods. 

By establishing a more sustainable trajectory, a correction could help to promote a more stable and sustainable market for BTC.

Bitcoin retests support before it rallies in the previous cycles. Source: CryptoCon on Twitter.

Key Supports For BTC In Case Of A Pullback 

In the event of a pullback in Bitcoin’s price, it will be crucial for bulls to defend the levels of $24,000 and $25,000 to prevent further decline. This range has been an important accumulation zone for buying more Bitcoin in the current uptrend, which could help extend the rally and enable the cryptocurrency to break through the $30,000 level with strength.

However, In the event of a sell-off in Bitcoin’s price, where the cryptocurrency continues to decline below the $24,000 mark, it will be important for bulls to hold the lower levels of $21,000 and $19,000. 

These levels are considered crucial support floors that could prevent a further decline in Bitcoin’s price in a worst-case scenario. 

As of writing, Bitcoin’s price has remained relatively stable recently, trading at around $27,900. Despite this, Bitcoin is still hovering near an important resistance level at the $28,600 mark, which is seen as a major hurdle to clear before the cryptocurrency can breach the $30,000 level.

Overall, a short-term correction in Bitcoin’s price action should not be cause for alarm but rather seen as a normal and necessary part of the cryptocurrency’s market cycles.

Bitcoin is trading in a small range between $27,800 and $28,200 on the 1-day chart. Source: BTCUSDT on

Chart from Tradingview.

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How a little-known cryptocurrency highlights the WA government’s Perth Mint problems

In the long and complicated timeline of issues at the Perth Mint, something very innocuous that happened in August 2019 took on much greater significance this week.

Gathered in a conference room in the last week of that month were the board of Gold Corporation, which runs the Mint, including chair Sam Walsh, then-CEO Richard Hayes, and the government’s representative on the board, Richard Wilson, alongside six other board members.

Together, they signed off on the Perth Mint starting to work with a company that would develop its now ill-fated cryptocurrency.

The group could hardly have known at the time, but their decisions have sparked even more interest in the mint, as the fate of the Perth Mint Gold Token (PMGT) kept questions about the taxpayer-owned refinery burning for another week, both in parliament and in the media.

Jumping into crypto

Two months after that meeting, the PMGT was launched by Singaporean tech company Trovio.

Two golden triangles on a transparent white background
Marketing used on the Perth Mint Gold Token website, described as issued by Trovio in collaboration with the Perth Mint Australia.(Supplied:

It bears the mint’s branding and is guaranteed by the gold stored in its vaults, but the mint has been trying to keep it at arm’s length this week by explaining that despite that, it was not its product.

At the time it was let out into the world, a media release quoted Mr Hayes as being “delighted” to work with Trovio to “promote gold as a mainstream asset”.

But despite the publicity of the good news at the time, nobody felt it important enough to bring to the attention of Premier Mark McGowan, who was then the minister responsible for the mint.

Fast forward three-and-a-bit years and the Premier is no longer responsible for the $22 billion behemoth of a refinery, having handed over ministerial oversight to Bill Johnston in 2021.

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