Category Archives: Bitcoin News

Is this another opportunity for Bitcoin bulls

Bitcoin’s gains of 2% over the past week have been quite quiet. Although BTC’s bullish trend was still visible on the charts, there were warning signs that the market was losing momentum. However, a close above $48,000 will negate most of the anxiety. Bitcoin was trading at $46,789 at the time of writing. This is a 1% decrease over the 24 hours.

Bitcoin Daily Chart

After 11 weeks, Bitcoin’s 200-SMA (green), changed to bullish on 9 August. However, buyers didn’t take advantage of this trend. Bulls had another chance at the 61.8% Fibonacci Extension ($45619), which also clashed the long-term moving average. This could cause another spike in the near future.

Failure to do this could lead to serious consequences moving forward. A negative outcome could see BTC reverse its trend towards the 38.2% Fibonacci levels, where it would be susceptible to losing its bullish structure.

Reasoning

Relative Strength Index remained bullish, but it has reached lower peaks at various levels. A bearish divergence can cause a market drop towards the 50% line, which is where the market would be most sensitive.

The MACD was also at the edge of a bearish crossover, which indicated some near-term risks. Momentum was also uncertain on the Awesome Oscillator, which presented no clear direction for the future. Although all three indicators were in comfortable positions, they pointed to risks that were difficult to ignore.

The bears will try to take advantage of any indicators that fall below their respective half-lines. BTC had to close at $48,000 in order to overcome these signals.

Conclusion

BTC didn’t have any lifelines to close above $48,000. RSI showed bearish divergences while MACD, AO and MACD were moving towards a negative outcome. BTC could reach $42,000 if a breakout does not occur in the next few days. Bulls would have to be hard at work to start a new recovery.

Bitcoin retakes $46,000 as rebound continues

After a weekend of high stakes for the crypto industry, the Senate continued to debate the details of its role in the yet-to-be-passed Infrastructure bill. The bitcoin price soared past $46,000 Monday morning.

Bitcoin traded at $46,050.61. According to Coin Metrics, this is the highest Bitcoin price since May 16th, when it reached a peak of $49,770.33. It traded as high as $45,683, which is 4.5% higher than the previous day. Over the weekend, the price of ether broke through $3,000 for the first time since May.

The Senate delayed voting on the infrastructure bill from Sunday night to Tuesday in order to give more time for debate. D.A. said that traders are likely to be more optimistic than ever and that they will prevail. Chris Brendler, Davidson.

The bitcoin community has made more than 35,000 calls to lawmakers and beefed up its lobbying efforts in the past few days. Some notable community figures, including Square CEO Jack Dorsey and Tesla CEO Elon Musk, Coinbase CEO Brian Armstrong, as well surprise crypto advocates such as Gene Simmons, have spoken out on social media to urge lawmakers not to stifle innovation.

Bitcoin hovered around $30,000 for several weeks after falling from May’s highs. Since July, it has been rising steadily.

Fairlead Strategies reports that it has cleared three levels of resistance over the past three weeks: the cloud model, 50-day moving mean, and the 200-day moving median.

Fairlead’s Katie Stockton stated that minor breakouts are a reflection of positive short-term momentum, and better intermediate-term momentum after July’s successful test at support near $30,000 in July. “The next hurdle is just above $51,000. This seems to be a test, given that there are no signs of upside exhaustion.

Bitcoin surges past $40,000; Know if you should invest?

Bitcoin seems to be rebounding after the May price crash. Bitcoin’s price soared by 32 percent this week after a 53% drop between April 16th and July 21. This volatility is worrisome to many investors but it is normal for those who track and invest in cryptocurrency.

Bitcoin price

Bitcoin’s price reached a new record of $42,607 (Rs 31.6000) Sunday morning, a rise that was nearly double the $42,628 mark on May 19. At 9:30 on Sunday morning, Bitcoin’s price hit $42,607 (Rs 31.6 lakh) for the first time since May 19. This is almost 17 percent more than its previous high of $29,599 on June 21. It has also seen a steady increase in its value from $34,624 on Monday to $34,624 on Monday. The price of Bitcoin climbed to $40,000 the following day. Bitcoin’s price has risen by more than 22 percent in the last week.

Bitcoin has rallied since Tesla CEO Elon Musk stated in an online conference hosted by ARKinvest that Tesla may allow bitcoin to be used as payment when bitcoin mining reaches the milestone of over 50% green energy use. Bitcoin prices rose after Musk’s positive statement.

Although the digital unit looks positive, experts warn that Bitcoin and other cryptocurrencies are volatile instruments. There might be significant volatility in the markets soon. Investors should be cautious before making any investments. Partially, Bitcoin’s recent rebound was due to speculations on social media about Amazon’s plans to allow bitcoin as a method of payment.

When the company posted a job posting for a lead in digital currency and blockchain products on July 22, speculations began. The e-commerce giant refuted all reports. “Notwithstanding our interest, the speculation surrounding our specific plans to use cryptocurrencies is false.” A spokesperson for Amazon stated that they are still focused on exploring the possibilities of what this might look like for Amazon customers who shop on Amazon.

Do you want to invest in Bitcoin right now?

Experts warn that investors shouldn’t be influenced by the price increase last week. Cryptocurrency is highly volatile, so first-time investors need to be cautious. It is crucial that you spend some time learning about bitcoin before investing your money. Start small amounts of money, starting at Rs 100. Experts recommend averaging strategies if you plan to invest large amounts. No one can predict the market, and it is better for you.

Crypto experts advise that retail investors only invest the money they can afford to lose. Avoid gambling when investing in Bitcoins, as the market is volatile. To reduce risk, diversify your investments across multiple cryptocurrency exchanges. You should not invest more than 5% of your portfolio into cryptocurrencies.

Bitcoin rallies after Elon Musk says Tesla is ‘most likely’ to resume accepting it

Bitcoin’s value has risen after Elon Musk stated that Tesla, his electric car manufacturer, would “most likely” resume accepting cryptocurrency.

This is the latest move by the tech entrepreneur. After Tesla had previously stated that it would accept Bitcoin to purchase vehicles, but then it announced that it would no longer do so in May.

Bitcoin rose 8.8% to $32,000 in the comments on Wednesday after it suffered more volatility this week, when it fell below $30,000.

Tesla’s decision to Stop accepting Bitcoin Concerns about the way the cryptocurrency is ‘mined’Using large amounts of fossil fuel-derived energy.

Musk was positive when he spoke at a conference about the reasons for the move.

He stated that he wanted to do more research to confirm that renewable energy usage is at least 50% and that there is a trend towards rising that number. If so, Tesla would accept Bitcoin again.

“Most likely, Tesla would accept Bitcoin again.

Tesla’s mission aims to accelerate the development of sustainable energy.

“We cannot be the company that does this and not do the appropriate diligence regarding the energy consumption of Bitcoin.

Bitcoin experienced a significant increase in value in the early part of this year, but it was unable to reach $65,000 after peaking at $65,000. This is due to Tesla’s shifting stance and the growing volatility.threat from regulation in China.

Financial Conduct Authority figureslast month showedAn estimated 2.3 million UK adults are now holding cryptoassets like Bitcoin, despite warnings about the risks.

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

The company bit Digital (Nasdaq : BTBT), announced that it was moving 14,500 bitcoin miners from China to the U.S. on July 13. This information is based on an unaudited report that explains the company’s bitcoin production and mining activities during Q2 2021.

Bit Digital reported that the company owned 32,500 miners, which produce approximately 1.92 Exahash per Second (EH/s), of hashpower. Bit Digital highlighted that the company participated in fleet positioning and sold certain older mining rig models. It also offered opportunities to purchase newer machines.

Bit Digital saw a small increase in miner sales and plans to use $5.4 million of funds to purchase ‘newer vintage miners’. Bit Digital bought 3,515 mining equipment through the spot market in Q2 and plans to purchase more with additional capital.

Bit Digital stated in an unaudited report that the company earned 562.9 Bitcoins in the second quarter 2021. The accelerated migration program resulted in a decrease in the number of miners being offline during transit to North America or awaiting installation. Also, miner sales and dispositions contributed to the reduction in the quarter. Bit Digital’s finance report states that bitcoin’s Treasury holdings increased to 588.4.

Bit Digital Dislcoses Moves 14,500 Bitcoin Miners from China to the US

Bit Digital states at the end that Bit Digital has been migrating miners from North America since October 2020. Bit Digital stated that a larger percentage of the company’s fleet was offline in this quarter than the previous quarter due to more miners in transit to North America or awaiting installation there. According to Bit Digital, the statement continued:

The company sent 14,500 miners to America during the quarter. The company plans to finish the migration of its remaining China-based miners into North America in the third quarter 2021.

This news comes following the latest update of the Cambridge Bitcoin Electricity Consumption Indice (CBECI). It shows that 46% of Bitcoin hashrate is located in China. This estimate is lower than the 2020 statistics which had indicated that China captured approximately 65% of network hashrate. However, the CBECI bitcoin mining map only records data until April 2021. Statistics clearly demonstrate that, although Bit Digital stated it began migration plans in October 2020 and many other companies did the same.