[ad_1] In a recent analysis of the Bitcoin price, seasoned crypto analyst Rekt Capital discussed the looming presence of a potential double top formation on the weekly chart. The scenario paints a picture of impending volatility, with both bullish and bearish narratives emerging from this often foreboding pattern. “The BTC Double Top still remains intact,” tweeted Rekt Capital, emphasizing the technical structure’s significance. He continues, “Weekly Bearish Divergence lends additional bearish confluence to this structure as well. More, the bear div is developing a new lower high (dotted green) relative to its primary downtrend (solid green).” However, BTC would need to…
Author: Jake Simmons
[ad_1] Since the Bitcoin price reached a new yearly high of $31,840 last week, only to invalidate the bullish breakout within a few hours and fall towards $30,000, there has been a strange tranquility in the market. Already since June 23, BTC has been in the trading range between $29,800 and $31,300, with every breakout attempt to the upside and downside having failed within a very short period of time. However, one of the most prominent technical indicators, the Bollinger Bands, predict that this calm may soon be over. Created by the esteemed trader John Bollinger, these bands provide invaluable…
[ad_1] The Bitcoin price tagged a new yearly high yesterday at $31,840, leaving market participants wondering about the driving forces behind this bullish momentum. The Power of Economic Indicators One of the crucial factors contributing to Bitcoin’s upward trajectory was the release of the United States Producer Price Index (PPI) data. The latest figures revealed a significant slowdown in inflation, with PPI YoY dropping to 0.1% in June, surpassing expectations and marking the smallest pace since August 2020. Notably, the Core PPI YoY came in at 2.4%, slightly below the estimated 2.6%, reinforcing the notion of a diminishing inflationary environment.…
[ad_1] As the highly anticipated US Consumer Price Index (CPI) data for June is set to be released today at 8:30 am EST, the Bitcoin (BTC) market finds itself at a crucial crossroads. With inflation concerns lingering and the Federal Reserve’s next moves under scrutiny, market participants eagerly await the impact of the CPI figures on BTC’s price trajectory. The expectations are as follows: Headline y/y at 3.1% (last 4.0%) Headline m/m at 0.3% (last 0.1%) Core CPI y/y of 5.0% (last 5.3%) Core CPI m/m of 0.3% (last 0.4%) The Fed’s Battle Against Inflation In recent months, inflationary pressures…
[ad_1] The Bitcoin market is once again in turmoil, and the reason is an old acquaintance: no, not the US Federal Reserve, but the worries and rumors about Tether’s stablecoin, USDT. Anyone who has been active in the Bitcoin and crypto market for a while knows that rumors about USDT’s lack of backing are part of every bear market. And this bear market seems to mean it particularly “well” as the Tether FUD is now making a reappearance in this cycle. As NewsBTC reported earlier today, USDT has slightly lost its peg to the US dollar as the Curve 3Pool…
[ad_1] The Bitcoin and crypto markets are up today, despite the fact that the initial reaction to yesterday’s FOMC of the US Federal Reserve (Fed) was rather bearish. During the meeting, the Bitcoin price dropped from $28,800 to $28,250 as the market reacted to the extremely hawkish comments made by Jerome Powell. The Fed Chairman avoided confirming that yesterday’s rate hike was the last one in this cycle, despite multiple requests from journalists. He also stressed that there is no room for rate cuts this year in the Fed’s current scenarios. On the other hand, in its rate hike statement,…
[ad_1] Bitcoin bears have gained control over the last few weeks, at least in the short term, and the battle seems to be on. After Bitcoin failed again at the $30,000 level on Sunday as part of a “weekend pump,” the bears are pushing towards $27,000. As of press time, Bitcoin was hovering around $28,000, having already tested key support at $27,800 yesterday evening (EST). The long-term trend continues to be clearly in favor of the Bitcoin bulls, for which a price above $25,000 speaks. However, in the short term, the key is to defend the $27,800 level to avoid a…
[ad_1] Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, has shared an exciting message with the SHIB community in the official Shibarium Telegram group today. It comes at a time when the SHIB price is facing a make-or-break moment, as NewsBTC reported yesterday. Exciting Updates For The Shiba Inu Community? The lead developer was responding to a user of the group who pointed out that the last Medium update on the ongoing development of the layer 2 network was made a while ago. Kusama responded that the project is progressing rapidly and that members of the Shiba Inu community…
[ad_1] John Hyatt, Senior Wealth Reporter at Forbes, has published an investigative report on the business practices of Ripple, and the company doesn’t really come out well. Specifically, it’s about the purchases and sales of XRP and how Ripple allegedly whitewashes its numbers to market its core business. Cross-border payments with and without XRP are known to be the core business of Ripple, with only one line of business really making money, the one with XRP, according to Hyatt. Because of this, the company is keen on good marketing that sells the rapid growth of its XRP-based On-Demand Liquidity (ODL)…
[ad_1] Both Shiba Inu and the Shibarium beta testnet called Puppynet are currently showcasing very strong numbers. Puppynet in particular is currently recording an incredibly rapid growth. As Bitcoinist reported, the testnet was just relaunched on March 24 and has already recorded over 100,000 wallet addresses within the first week. And this growth continues to show no boundaries. As of yesterday, Shibarium has broken the mark of over 2.5 million transactions. In addition, over 373,696 wallet addresses have already been created. With an average block time, 328,985 blocks have been produced. Yesterday alone, April 11, 890,399 transactions were processed in…