Bitcoin Heads Towards Doom; Are BTC Sellers Winning the Battle?

Bitcoin Heads Towards Doom; Are BTC Sellers Winning the Battle?
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Bitcoin showcased tremendous buying strength and potential during its recent push back from July 27. This action was short-lived as each attempt to breach key resistance levels based on previous pivot points and sellers are destroying the moving average. As its market capitalization nears USD 500 billion, selling action gets stronger as if whales have hedge bets on BTC remaining under the $24,000 mark. 

Bitcoin’s first show of strength would be to trade above the May 2022 lows of $25,455. The emergence from this level would provide enough strength to buyers to take the value beyond the important moving averages and towards a higher target. The only shortcoming is the lack of buying rallies at the current resistance zone. Even the candle formations are strengthening the idea of another breakdown for Bitcoin, which would essentially mean a dark cloud for the entire cryptocurrency valuations. 

Bitcoin price action shows dual possibilities: a positive breakout and another retracement to recent support levels of $20,000. Key levels are covered and explained in the price analysis below. However, if you need detailed predictions for the token, you can click here

Bitcoin gained tremendously from its lows of June 2022. The profits got erased because of resistance, but despite higher selling action, the volatility is quite marginal, which indicates the buyer’s support for the price action. RSI is holding the sentiment between 50 to 60. It’s fairly neutral as per the sentiment, but buyers expect a repetition of the July 27 breakout buying trend. MACD is close to creating a bearish crossover, but strong buying action can create a bullish action. 

Even on long-duration weekly charts, the BTC candle pattern is not strong enough to engulf the gains made on July 31, 2022. The broader trendline seems to be much more positive on weekly charts. The chart confirms the current week’s price action as the first clear and decisive positive candle. As such, the probability of a breakout towards a positive direction focused on the intent of reaching $24500 will restart soon.

Crypto Daily - Crypto And Financial News 11/08/2022 Ripple Buying Celsius?
japan eu eth/usd
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In Todays Headline TV CryptoDaily News: BitPay partners Cardlytics for cash back rewards. BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card. Cardlytics, a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives cash back on purchases. Hackers have stolen $1.4 billion this year using crypto bridges. Crypto bridges, which link blockchain networks together, have become major targets for cybercriminals. A total of around $1.4 billion has been lost to breaches on cross-chain bridges this year, according to figures from blockchain analytics firm Chainalysis. Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets. San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. BTC/USD exploded 2.9% in the last session. The Bitcoin-Dollar pair exploded 2.9% in the last session. The Stochastic indicator is giving a negative signal. Support is at 22289.6667 and resistance at 24337.6667. The Stochastic indicator is giving a negative signal. ETH/USD skyrocketed 7.5% in the last session. The Ethereum-Dollar pair skyrocketed 7.5% in the last session. According to the CCI, we are in an overbought market. Support is at 1599.2733 and resistance at 1841.3733. The CCI points to an overbought market. XRP/USD skyrocketed 2.6% in the last session. The Ripple-Dollar pair skyrocketed 2.6% in the last session. The MACD is giving a negative signal. Support is at 0.3499 and resistance at 0.3887. The MACD is currently in negative territory. LTC/USD skyrocketed 4.3% in the last session. The Litecoin-Dollar pair gained 4.3% in the last session after rising as much as 5.2% during the session. The Stochastic-RSI is giving a negative signal. Support is at 55.5833 and resistance at 64.6433. The Stochastic-RSI is currently in negative territory. Daily Economic Calendar: IE Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. The Irish Consumer Price Index will be released at 10:00 GMT, Japan's Foreign Investment in Japan Stocks at 23:50 GMT, the US Continuing Jobless Claims at 12:30 GMT. JP Foreign Investment in Japanese Stocks Securities investment referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. US Continuing Jobless Claims The Counting Jobless Claims measure the number of individuals who are unemployed and are currently receiving unemployment benefits. JP Foreign Bond Investment The Foreign Bond Investment refers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. Japan's Foreign Bond Investment will be released at 23:50 GMT, the US Initial Jobless Claims at 12:30 GMT, the Irish HICP at 10:00 GMT. US Initial Jobless Claims The Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. IE HICP The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI). Disclaimer: 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.

BlackRock announces the launch of a new private spot Bitcoin trust
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The move comes one week after its partnership with Coinbase to provide institutional clients with crypto trading access.