Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent from its March lows last year. Incidentally, gold, which many consider Bitcoin’s top safe-haven rival, painted a death cross pattern on its daily chart.

A recent run-up in the long-dated Treasury yields, prompted by a sell-off in the US bond markets following investors’ gravitation towards riskier assets, pressured the spot gold prices lower. The precious metal dropped by almost 9 percent from its year-to-date high of $1,959 an ounce.

…all the three Wall Street indexes notched their historic highs. Bitcoin, which tends to behave as a safe-haven amid market uncertainties, joined the risk-on mood after Tesla, Mastercard and BNY showed support in its favor. In particular, Tesla revealed that it now holds $1.5 billion worth of Bitcoin units and plans to use cryptocurrency as a payment mode for its services and products.

On the other hand, mainstream investors dumped gold to seek positions in other commodities. BlackRock, the world’s largest asset manager, revealed in its SEC filings that it sold 2.7 million SPDR Gold Shares and reallocated the proceeds to purchase 1.18 million shares of iShares Silver Trust (SLV).

In January, BlackRock granted two of its funds the ability to invest in bitcoin futures.

Holger Zschäpitz, senior editor of finance at Germany daily Die Welt, noted the possibility of investors dumping their gold positions to seek returns in the Bitcoin market.

— Holger Zschaepitz (@Schuldensuehner) February 17, 2021

In his market outlook to clients published earlier this month, Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, also stressed Bitcoin’s potential to mousetrap gold’s market in the coming sessions. Excerpts:

“In a world going digital, it’s logical to expect more funds to flow toward Bitcoin and away from precious metals. Outflows from gold exchange-traded funds and inflows for products tracking the benchmark crypto support a potential paradigm shift. Volatility metrics also solidify Bitcoin’s price foundation and potential for a 100x resistance threshold vs. gold.”

As bond yields surge higher, anticipations of massive stimulus package rise, and the Federal Reserve continues to stay on its dovish course, investors would most likely prefer to inflate the risk-on market bubble. That could stress gold further to the downside.

“We remain positive on equities,” Bastien Drut, senior strategist at CPR Asset Management, told FT “because although bond yields have room to rise further, the rise in yields and the rise in equities are coming from the same place, which is economic growth.”

Bitcoin, buoyed by its integration into Wall Street firms as a backup to cash, could see further adoption from gold and the US dollar dumpers. Nonetheless, the cryptocurrency has climbed too far too quickly, which amounts to a certain degree of a downside correction.

— Michael A. Gayed, CFA (@leadlagreport) February 16, 2021

The cryptocurrency was trading at $51,011 at the press time.

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Bitcoin (BTC) Price Prediction – March 4

Bitcoin (BTC) price increased considerably but despite the rejection, the bullish structure is still intact.

Resistance Levels: $55,000, $57,000, $59,000

Support Levels: $44,000, $42,000, $40,000

Looking at the daily chart, BTC/USD bears may be actively taking back control as they are seen forcing BTC/USD to bow down to fresh losses. The digital asset is correcting 1.24% lower on the day. At the time of writing, BTC/USD is changing hands at $49,737 after adjusting lower from $51,798 which is an intraday high. In addition, Bitcoin remains vulnerable to losses as long as it continues to stay under bearish movement in as much as the 9-day MA trades under the 21-day MA.

Looking at the coin from a technical angle, one can say that the market price may likely follow the downtrend. For example, the RSI (14) may confirm the bearish movement as it is seen moving below the 55-level. BTC/USD is still at great risk of dropping to levels close to $45,000. Yesterday, the coin moved below $52,000 before finding support at $48,161.

However, bulls are banking on the 9-day moving averages to ensure that in spite of a reversal, the Bitcoin price stays above the $48,000 level. Any further movement below $45,000 may push the coin towards the critical supports of $44,000, $42,000, and $40,000. Meanwhile, following the upward movement may allow the price to hit the nearest resistance levels at $55,000, $57,000, and $59,000 respectively.

BTC/USD is seen crossing below the 9-day and moving averages as the 4-hour chart reveals, the bears are still in control while the bulls are trying to defend the $47,000 support. If not, the $46,000, $41,000, and $40,000 support levels may come into play if the coin focuses on the downward movement.

Moreover, buyers may need to regroup and hold the support of $48,000, once this is done, traders may expect a cross above the moving averages, and breaking this level may further the king coin to $52,000, $54,000, and $56,000 resistance levels. The RSI (14) is seen moving into the negative side, suggesting a continuous bearish movement.

Despite the King of Crypto holding the crucial $6,000 area, a death cross has formed on the daily chart. In brief: At the time of writing this, all global citizens are taking precautions to safeguard their health and wealth from the devastating effects of COVID19. When we look at our favorite cryptocurrency of Bitcoin, it too is having a hard time maintaining the $6,000 zone of support that it has held onto for a week. BTC is currently trading at $6,108 (Binance rate). Its future in the markets looks very bearish as shall be explained. Further analyzing the daily BTC/USDT chart courtesy of Tradingview.com, we make the following observations. Firstly, a death cross has formed as can be seen with the 50 (white) moving average, crossing the 200 (green) moving average from above. Such an event is used by many chartists to confirm a bear trend. In the case of Bitcoin, the drop on the 12th and 13th of March marked the beginning of this bear trend brought about by the economic effects of the Coronavirus. Secondly, BTC has a resistance around the $6,900 area. This was illustrated in a previous analysis. $3,700 still remains as the strongest support in this period of crypto market uncertainty. $6,000 is also a support zone, but it could break down in the hours to come depending on how the stock markets open tomorrow, Monday, March 30th. Thirdly, the daily MACD also looks bearish with the histograms indicating that buying has reduced. Its moving averages also look set to converge without having a chance go above the baseline to the upside. With the CME futures having expired on Friday the 27th of March, one bearish hurdle has been removed from Bitcoin’s path at least for another month. However, with the Death cross forming on the daily chart, it might be a few more days of bearish market activity for BTC and the entire crypto markets. The only glimmer of hope for bulls might just be the way the stock markets open during regular floor trading in a few hours. If it is a bullish week in the stock markets, BTC might experience a bounce based on its current correlation with the S&P 500. (Feature image courtesy of DDP on Unsplash.) Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The market capitalization of stablecoin Tether (USDT) has crossed the $30 billion mark.

At press time, USDT's market cap stands at about $30.5 billion, meaning there are more than 30 billion USDT in circulation, each pegged to track one U.S. dollar.

Tether has since long been the largest stablecoin in the market, but its popularity has surged even higher in recent months. Why? Because institutions and corporates are buying bitcoin, Tether CTO Paolo Ardoino told The Block.

Ardoino said these large customers prefer buying bitcoin from over-the-counter (OTC) and high-frequency trading (HFT) firms, rather than from a single trading platform, because these firms help avoid moving markets and have better liquidity.

By having accounts at most crypto exchanges, OTC and HFT firms spread the buying pressure, reduce the impact on bitcoin's price, and also complete purchases faster, said Ardoino.

When clients of these firms want to buy bitcoin, they send USD, and then these firms convert USD to USDT to bitcoin. This method is faster and "most convenient," Ardoino told The Block. Indeed, fiat transfers take time to process.

Asia and Europe remain the popular markets for USDT use, Ardoino told The Block, adding that Asia at the moment is "definitely more predominant."

While trading remains the top use case of USDT, Ardoino said Tether will be "working hard" this year on expanding its use cases, focusing on retail adoption of the stablecoin. 

Tether is popular, but it is also controversial. Tether has never produced a full audit of its USD reserves. Tether's general counsel Stuart Hoegner recently said in an interview that the firm would provide a breakdown of its reserves at some point in the near future.

Last week, Tether's sister company Bitfinex said it repaid Tether the remaining $550 million loan, which is at the center of a fraud probe opened by the New York Attorney General's office three years ago. Ardoino said since the loan is no longer present, "that should please many in the crypto community."

© 2021 The Block Crypto, Inc. 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.

Bitcoin’s fall below $9,000 has the crypto currency staring at a feared death cross. This is the case if the final 50-day moving average is below its 200-day counterpart. As the name suggests, this is a downward ,'ezslot_2']));The term is used to describe a crossover of the 50-day moving average and the longer-term 200-day moving average. More specifically, it’s used to illustrate when the 50-day moving average moves below the 200-day moving average — technicians often look at this pattern as a bearish sign of what’s to 'ezslot_4']));This would be the first death cross since 2015 for Bitcoin. After the death cross, bitcoin rallied close to $500 by early November that year from around $230.Certainly there are some opposing technical signals that suggest that this may not be such a paralyzing event. The moving 200-day average continues to rise and served as intraday support on Friday. Bitcoin also has higher lows, with the trough being higher in April than in February.Some strategists are saying that the death cross could yield a big sell-off in BTC. However, such fears are likely overstated, as the crossover tends to work as a contrarian indicator – that is, they tend to occur at the end of a big bear move, with prices rallying soon 1']));In fact, it could end up being a bear trap, at least in the short term as the death cross failed to yield a big sell-off in two out of the last three events, and the odds are high that it would end up being a bear trap for the third time.Captain Altcoin is made up of investors and digital currency enthusiasts.We have seen a strong need for better media coverage in the industry as the rise and popularity of digital currency is at an all-time high.We strive to share the most reliable, interesting, and accurate information to our readers.

Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month. The bitcoin-to-dollar daily chart saw the formation of two extremely bearish patterns: Death Cross and Double Top. The former appeared after bitcoin’s short-term moving average slipped below its long-term moving average. Meanwhile, the latter appeared as the price reached a peak two consecutive times with a moderate decline between them. BTC/USD forming death cross and double top on the same day | Source: TradingView.com, Coinbase The chart confirmed the partial formation of Double Top after traders failed to move prices past the $6,900-resistance level second time in two weeks. They plainly liquidated their long positions at local tops to take short-term profits, remaining unsure about how the bitcoin market would play out long-term against the. The bitcoin-to-dollar exchange rate corrected by more than 6 percent from its $6,983-top during the European morning session. The pullback raised the possibilities of a full-fledged Double Top confirmation, now eyeing a confirmation once the price hits the Double Top Support of $5,657, as shown in the chart above. As for Death Cross, the technical indicator’s formation last year led. In 2018, the cryptocurrency plunged by almost 55 percent after the bearish signal flashed in March. As technical indicators print a scary outlook for bitcoin, its long-term supporters are finding the bullish case in macroeconomic narratives. The fast spread of Coronavirus pandemic wiped about $4 trillion off the US stock market since its February’s peak,. The Federal Reserve and the US government took a combined action to cure the market’s outlook. Their solution: cutback interest rates to near zero, launch bond-buying programs and inject $2 trillion into the banking system. Changpeng Zhao, the chief of the world’s leading crypto exchange Binance, the Fed’s emergency stimulus program as good news for bitcoin. The celebrated entrepreneur noted that some portions of the new liquidity could end up in the cryptocurrency market, leading its overall valuation higher. Michael Novogratz, a billionaire investor who oversees crypto merchant bank Galaxy Digital, built upon Mr. Zhao’s comments, stating that “Millenials and Gen Z” would buy bitcoin to safeguard themselves from hundreds of trillions of dollars worth of debt their predecessors – boomers – have left for them. As of the time of this writing, the BTC/USD exchange rate was trading close to $6,500, down almost 3.6 percent from its intraday high. Meanwhile, the overall cryptocurrency market was down $6.36 billion into the day. Bitcoin Paints Two Extremely Bearish Patterns: Death Cross and Double Top was last modified: March 25th, 2020 by Yashu Gola Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN... Tags: if (!window.AdButler))(); Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR

Both bitcoin and the U.S. stock markets are staring at a “death cross” – a widely tracked, bearish chart indicator – having suffered sharp losses over the last five weeks.

For bitcoin (BTC), the pattern is arising as the 50-day moving average (MA) moves to cross below the 200-day MA, likely in the next day or two. If confirmed, it would be the first death cross since Oct. 26, 2019, according to Bitstamp data.

Meanwhile, similar crosses are forming on Wall Street equity indices, the Dow Jones Industrial Average (DJIA) and the S&P 500.

The death cross is a long-term bear market signal, according to technical analysis theory. Despite the scary name, it’s based on backward-looking moving average data and is the product of a recent notable price drop.

For example, the impending bitcoin death cross is preceded by the decline from $10,500 to $4,000 in the four weeks to March 13. The massive sell-off has caused the 50-day average to turn lower and drop to the 200-day average.

Similarly, the Dow has tanked by more than 35 percent over the last five weeks and is likely to witness its death cross on Monday.

It should be noted that, as a lagging indicator, the death cross often traps sellers on the wrong side of the market, as seen on the historical bitcoin chart below.

As the averages closed in on the death cross on Oct. 25, 2019, the cryptocurrency picked up a strong bid and rose from $6,500 to $10,350 in less than 48 hours.

Another such cross, confirmed at the end of March 2018, was followed by a rise from $6,500 to $9,950.

That said, with the global markets still in panic mode courtesy of the coronavirus outbreak, the latest death cross may not turn out to be a contrary indicator. Amid fears of a recession, investors are treating bitcoin as a source of liquidity rather than a safe haven, as had been anticipated by many.

“Another turbulent week can be expected for Asia markets as more countries lock down in the fight against COVID-19. The West is not looking too great either,” Toby Wu, senior analyst at investment platform eToro, told CoinDesk.

Futures on the S&P 500 fell by 5 percent early Monday, triggering a limit down, while stocks in Asia cratered after the U.S. Senate failed to advance its coronavirus rescue package, bolstering recession fears. At press time, S&P 500 futures are down 3 percent and major European indices are flashing red.

As a result, bitcoin is likely to remain on the defensive. The top cryptocurrency by market value is currently trading at $5,840, representing a 6.57 percent drop on a 24-hour basis, according to CoinDesk’s Bitcoin Price Index.

Bitcoin is trading within the range of the big doji candle created on March 20 for the fourth straight day, a sign of indecision in the market place.

Acceptance under the candle low of $5,670 would imply an end to the corrective bounce from recent lows under $4,000 and shift risk in favor of a drop to $5,000.

That looks likely, as the 12-hour chart shows the cryptocurrency has dived out of an ascending channel.

A move above $6,460 (March 21 high) is needed to alleviate the bearish pressures and open the doors to $7,000.

Disclosure: The author holds no cryptocurrency at the time of writing.

Chainlink has seen some mixed price action as of late, with bulls unable to gain a decisive edge over bears as the entire market turns lower.

LINK isn’t the only cryptocurrency that has been struggling to gain any bull-favoring momentum, as most other cryptocurrencies have also seen some intense selling pressure that has slowed their growth and erased some of their recent gains.

For instance, Bitcoin is currently stuck below $18,000 as sellers try to revert its trend into their favor. They have yet to do this successfully, and it could still decline quite a way before it loses its macro bullishness.

However, altcoins have been struck particularly hard by the recent market-wide decline, with Chainlink now moving to the lower boundary of a pitchfork channel that has been formed and respected throughout the past year.

One trader is also noting that the cryptocurrency appears to be forming what could be the first “death cross” seen since 2018, which spells some serious trouble for its short-term outlook.

Just as LINK rose significantly in the years following 2018, this doesn’t mean that its macro-outlook will be changed by this technical development.

At the time of writing, Chainlink is trading down just under 2% at its current price of $11.68. This is around the price at which it has been trading throughout the past few days.

Bitcoin has been causing the entire market to face some intense weakness over the past few days and weeks, with its recent break below $19,000, causing it to see intense inflows of selling pressure that ultimately led it as low as $17,600.

Similarly, LINK has also shed some of its value, down from multi-week highs of nearly $16.00, set a few days ago.

One trader explained in a recent tweet that Chainlink is now posting its first “death cross” seen in years.

This grim technical sign also comes as the cryptocurrency nears the lower-boundary of a long-held channel that it has been caught within throughout the past year.

Because Chainlink is closely tracking Bitcoin and the rest of the crypto market, where it trends in the mid-term should depend largely on the benchmark cryptocurrency’s price action.

Chainlink has seen some mixed price action as of late, with bulls unable to gain a decisive edge over bears as the entire market turns lower.

LINK isn’t the only cryptocurrency that has been struggling to gain any bull-favoring momentum, as most other cryptocurrencies have also seen some intense selling pressure that has slowed their growth and erased some of their recent gains.

For instance, Bitcoin is currently stuck below $18,000 as sellers try to revert its trend into their favor. They have yet to do this successfully, and it could still decline quite a way before it loses its macro bullishness.

However, altcoins have been struck particularly hard by the recent market-wide decline, with Chainlink now moving to the lower boundary of a pitchfork channel that has been formed and respected throughout the past year.

One trader is also noting that the cryptocurrency appears to be forming what could be the first “death cross” seen since 2018, which spells some serious trouble for its short-term outlook.

Just as LINK rose significantly in the years following 2018, this doesn’t mean that its macro-outlook will be changed by this technical development.

At the time of writing, Chainlink is trading down just under 2% at its current price of $11.68. This is around the price at which it has been trading throughout the past few days.

Bitcoin has been causing the entire market to face some intense weakness over the past few days and weeks, with its recent break below $19,000, causing it to see intense inflows of selling pressure that ultimately led it as low as $17,600.

Similarly, LINK has also shed some of its value, down from multi-week highs of nearly $16.00, set a few days ago.

One trader explained in a recent tweet that Chainlink is now posting its first “death cross” seen in years.

This grim technical sign also comes as the cryptocurrency nears the lower-boundary of a long-held channel that it has been caught within throughout the past year.

Because Chainlink is closely tracking Bitcoin and the rest of the crypto market, where it trends in the mid-term should depend largely on the benchmark cryptocurrency’s price action.

Bitcoin [BTC] has been strongly holding above the $10,000 levels. The traders are at crossroads on whether the breakout would be bullish or bearish. Anthony Grisanti, founder of GRZ energy and CME futures trader rung bearish alarms, he said in an ,I actually think it heads lower from here It couldnt hold the 50-Day or the 50-Day Moving Avergae. Now, were on the verge of a death cross where the 21-Day is going to cross underneath the 50-Day moving average.$10,000 has become an important psychological support level and the low volume could lead to a massive move on either side.The support levels according to his analysis were $9500, $9200, with $8500 being the ultimate support. Nevertheless, while the technicals for a futures trader are bearish, the fundamentals on Bitcoin [BTC] is still strong. The impending global economic crisis along with the unrest in Hong Kong, Argentina, and around the world continue acting as a positive impetus to Bitcoin.Ethereum and Altcoin Bearish, Still? On the altcoin front, even the fundamentals were weakened recently as their economic value and utility have been challenged. Ethereum [ETH] and Litecoin [LTC] are still trading about 100% higher from their lows in December 2018. However, the technicals are beginning to sound bigger alarms for altcoins at the moment.Ameba , a crypto-trader tweeted called the near approaching death cross on the USD scale. He ,ETHUSD about to give us an EMA50 and 200 death cross on the daily unless some serious pump happens between today and tomorrow. This would line up quite nicely with the 4hr H&S being printed.Moreover, Ameba also cautioned about the head and shoulders pattern that is forming on the 4-Hour chart. As , Peter Brandt hadalso suggested that the pattern could be playing. However, confirmation on the bearish patterns is still pending.Bitcoin [BTC] and altcoins have decoupled their price movements lately. This is starting to reflect on the Technicals as well. Sawcruhteez, crypto-trader who reciprocated with the death cross analysis ,Longing $BTC and hedging with $alt shorts makes all the sense in the world over the upcoming weeks / months.However, developments around altcoins and positive regulatory decisions could soon change the outlook. Moreover, crypto whales have been known to feed on popular market sentiments. Hence, the swing traders will keep a close watch to the future movements.Bull or Bear: What is your position on Bitcoin and altcoins in the short term? Please share your views with us. The post Analysts Sound Death Cross Alarms on Bitcoin and Ethereum Here are the Levels to watch appeared first on Coingape.

Bitcoin (BTC) was coming down from a fresh uptick on July 19 amid rumors United States authorities were preparing to investigate derivatives giant BitMEX.Market visualization. Source: Coin360Politics and investigations weigh on Bitcoin Data from Coin360 showed BTC/USD targeting $10,000 support at press time Friday, having risen as high as $10,750 in the past 24 hours.On Thursday, as the U.S. Congress met to debate the impact of Facebooks Libra digital currency, the focus shifted briefly to differentiating Bitcoin from Libra on a technical level.This appeared to boost sentiment, with BTC/USD jumping higher after hitting lows of $9,330. Volatility nonetheless remains high, with the pair regularly moving by hundreds of dollars in minutes.Bitcoin 7-day price chart. Courtesy of Coin360Now, reports that U.S. authorities will probe BitMEX over flouting a ban on residents using its platform appeared to pile fresh pressure on Bitcoin, deflating previous gains.For investor and trader Josh Rager, the current conditions are a cause for concern. Previous support levels for Bitcoin monthly at $10,759 and daily $10,850 have now become resistance as the price falls.This is the first level that BTC needs to reclaim for bullish continuation, he summarized.Bitcoin prices technical death cross Going forward, analysts urged caution. Despite recent weeks forming a rare bearish landscape after months of upwards momentum, complacency is unwarranted, popular trader Filb Filb told Cointelegraph. While there was a very nice move overnight, there is a huge amount of work to do before we can say bitcoin is bullish, he said. Filb Filb noted in particular a technical event, which should spell downward pressure, specifically a crossing over of the 50-day and 200-day moving average.We are still putting in lower highs and lower lows and face a large amount of resistance above, particularly having not yet regained the monthly open and having death crosses above on the 4-hour 50/200 MAs, he added.For altcoins, Bitcoins earlier move higher was still playing out across markets, with most tokens seeing modest gains over the past 24 hours. Ether (ETH), the largest altcoin by market cap, moved upwards by 1.4% to trade at $219, having previously slid down to $200 support. Ether 7-day price chart. Courtesy of Coin360Others fared better, with Litecoin (LTC), Tron (TRX) and Neo (NEO) all managing around 7% improvements on the day.Keep track of top crypto markets in real time here

Apple Inc.’s stock flashed a bearish “death cross” for the first time in three years — suggesting that a major selloff could be around the corner. Meanwhile, the bitcoin price climbed more than 10% on December 20 ahead of a possible “Santa rally,” as Coinbase president Asiff Hirji suggested.The comparison is apt because the cryptocurrency market and tech stocks tend to move in tandem. In fact, the recent downturn in the tech sector was partially blamed for the bitcoin bear market.“As growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin,” Fundstrat co-founder Tom Lee said in November. “The downturn in FAANG is hurting those owning bitcoin.”Today, Apple stock plunged to a 10-month low amid reports that a German court had ordered it to stop selling some of its older iPhones because they infringed a Qualcomm patent, MarketWatch reported.Adding to Apple’s woes was a new projection by Rosenblatt Securities that Apple may slash “another 4 million iPhones” from its production plans due to slowing demand.Apple has now became the fifth and final FAANG stock to produce a death cross, which is a chart pattern indicating that a major selloff looms on the horizon. FAANG is an acronym for the five best-performing tech stocks in the stock market: Facebook, Apple, Amazon, Netflix and Alphabet’s Google.The death cross — which is considered a fairly accurate predictor of bear markets — appears when a stock’s short-term moving average crosses below its long-term moving average.By all accounts, the bearish FAANG performance should spell near-term doom for the crypto market, but will it? Maybe not, if the past few months are any indicator.Despite the crypto bear market, bitcoin has outperformed Apple since January 2018, even though Apple and the tech sector hit record highs during an unprecedented bull run in the US stock market.If this is how bitcoin performs during a down market, what’s going to happen when the bulls take over — as many market insiders predict will happen in 2019?Downturn or Not, Bitcoin Has Still Outperformed Apple Since Last January https://t.co/qzib2F5xLCJeremy Allaire, the co-founder and CEO of Circle, says bitcoin will surge over the next three years as institutional investors hop aboard the crypto bandwagon and mainstream adoption grows.Regardless of its daily price movements, Allaire said bitcoin has a “very significant role” to play as a scarce, non-sovereign store of value.Moreover, Allaire says the tokenization of financial assets is a growing trend that will gain traction in the near future — and that will ensure that crypto survives and thrives.“We have a phrase: the Tokenization of Everything,” he said. “We think cryptographic tokens are going to represent every form of financial asset in the world. There will be millions of them in years.”Bitcoin Price Will Soar over Next Three Years: Circle CEO Jeremy Allaire https://t.co/cJAQFUEzrj

The Litecoin price line crossed the $45.20 mark on the 29th of May, while the cryptocurrency traded between a day’s range of $44.18 — $45.25. Litecoin has a market capitalization of $2,893,787,006 US Dollars while the cryptocurrency is enjoying the seventh position on the charts despite having fallen from the number four position before halving last year. Litecoin Price Chart by Trading View var jnews_module_45096_0_5ed740eea6ec1 = ; Next Post Subscribe Connect withI allow to create an accountWhen you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.DisagreeAgreeI allow to create an accountWhen you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.DisagreeAgree 1 Comment Oldest Newest Most Voted Inline FeedbacksView all comments Max Kokensparger 4 days ago Max here- Thanks so much for referencing my analysis. I caught this article from another trading view user who sent it to me! The golden cross pattern(right circle on LTC chart), I accidentally labeled the death cross pattern(which is the left circle on chart). Thought I would correct myself, outlook on price action does not change though. (= Last edited 4 days ago by Max Kokensparger 0 Reply News Guides Bitcoin News Blockchain News Ethereum News Industry News Research News Scam News Regulation News Exchange News Bitcoin Price Ethereum Price Bitcoin Cash Price Cardano Price Dash Price Stay Connected Facebook Twitter Telegram Youtube Company About Contact Write for us Advertise with us Cookie Policy Comment Policy Editorial Policy Crypto Portfolio Tracker Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

Bitcoin (BTC) is trading at $6,670 representing a 1% gain in the last 24 hours but a gain of 14.66% off the weekly open at $5,815. Looking at performance relative to its peers, Ether (ETH) and XRP both underperformed versus Bitcoin last week against the U.S. dollar and have continued to do so.  As a result, Bitcoin dominance is up 1.5% and pushing to reclaim 68% as there has been a general flight to safety in Bitcoin, although dominance is still down some 4% for the highs of the year at around 70%. Cryptocurrency market 7-day view. Source: Coin360 BTCUSD 3 Day chart. Source: Tradingview Bitcoin is trading up against what is a fundamental decision point at $6.8K. This is previous support now acting as resistance and the top of a high volume node which is dissected by a diagonal resistance trend line, which dates back to mid-2019.  Reclaiming $6.5K has been a sign of strength by the bulls who catapulted Bitcoin higher off the 200-week moving average in the mid $5Ks. Looking at the big picture, a meaningful break out of the $6.8K resistance would see Bitcoin first attack $7,200 — the 50% retracement of the 2020 lows to highs — but above that stands formidable resistance.   There is a so-called “death cross” taking place today overhead at $8300 where the 50-day moving average is crossing below the 200-day moving average, which is a crowded cluster of other former support levels, namely the 100-day and the 20-week moving averages. Alongside this is the 61.8% Fibonacci retracement level at $8K and yearly pivot at $8,100 and a high volume node, implying that it will be a real challenge for the bulls to break beyond this point.   BTCUSD 3 Day chart. Source: Tradingview The 3-day Bitcoin chart helps illustrate the persistently high volume being transacted by the bulls, albeit declining in its momentum, the volume at the 200-week moving average has resulted in the OBV printing the biggest surge to the upside in recent times and is indicative of real support around the mid $5Ks. BTCUSD 4-hour chart. Source: Tradingview The 4-hour Bitcoin chart shows a strong trend pressing Bitcoin up against the $6.8K resistance level with the structure arguably being in a rising wedge pattern, which is typically bearish when accompanied by decreasing volume as is apparent here. The RSI is also showing bearish divergence which adds to the bearish case.  If the bulls are unable to regain the $6,800 level, the 200-week moving average is lying below at around $5,500 on a high volume node, which was previously front run in the last attempt to break $6,800. Should the bulls find their feet again, diagonal support will be found at $6,250. Typically in Bitcoin’s history, we have seen a rally into the death crosses and depreciation into a golden cross.  If the bulls can break the $6,800 level, there is a high probability of selling pressure around $8K due to the confluence of previously lost support now likely to act as resistance. The Crypto fear and Greed index, which is a metric deriving the sentiment in the market from various inputs, shows unsurprisingly that the market remains in extreme fear meaning that there is likely to be more market volatility on the way.   The last time that fear was at these lows for any amount of time was in December 2018 at the lows of the 2018 bear market and interestingly also at the 200-week moving average. The 200-week moving average was ultimately a magnet for a retest although price never quite made it and was front ran, which was a good indicator the bottom was in. It is possible we are setting up for the same scenario again here. Bitcoin Fear And Greed Index Source: Fear and Greed Index The futures market also gives an insight into what the expectation is for the price of Bitcoin with contracts ending in June currently trading in backwardation with a discount from spot prices of around 1%. However, there is an expectation of some recovery and higher valuation for the September contract close.  Bitcoin Futures Prices Source: Skew Perpetual swap funding also remains negative in the market, meaning that in order to achieve a synthetic cash position on a perpetual swap exchange, market participants are effectively paying an interest rate.  Historically, there has been an inverse relationship between negative funding and propensity for the market to turn bullish so this may indicate that eventually those paying to be in a short position for longer periods while price remains flat above the 200 WMA will naturally be squeezed out.  BTCUSD 15 Minute BItmex Funding chart. Source: Tradingview With global uncertainty reaching all-time highs at present and with the commitment from central banks to provide “unlimited” liquidity in the form of debt, Bitcoin finds itself at ground zero in terms of its purpose for its creation.   While global assets are depreciating in real terms, Bitcoin’s inflationary supply is due to be cut in half in May and once the dust settles on the global markets, it may be that there is a flow of idle dollars into the Bitcoin market.  This macroeconomic backdrop could prove to be very beneficial to the price of Bitcoin. The key challenge is to maintain the 200-week moving average and miner’s revenue above production cost, which is presently the case.   Assuming the 200-week moving average will be retained and $8K will be the resistance expected, Bitcoin may find itself trading sideways between the $6K and $8K for some time before a decisive move. The backdrop couldn’t be a better time to talk about the halving and in a few weeks that will present itself as being an imminent event that could be the catalyst to take Bitcoin back above resistance; time will tell with 49 days remaining until Bitcoin reward halving. More info here

suffered yet another price drop earlier today, with the bears pulling the price of the coin down from $6,700 to $6,050 in under 8 hours. This drop in price was accompanied by a simultaneous increase in [OI] on , among other things. The ~10% drop in Bitcoin’s price on 28 March contributed to liquidations of longs worth $34 million on BitMEX and 13.1 BTC on Bitfinex. Source: As mentioned in a , Bitcoin’s price was due for a drop due to the formation of a rising wedge on the charts. Based on that article, more drops might still be underway. Perhaps, a drop below $6,000, and maybe even towards $5,500. Source: on TradingView The basis for BTCUSD sharply fell off the track twice, positively before 28 March and negatively at 3:16 UTC. The negative dip in the basis was due to the plunge in price on v. BitMEX, causing an imbalance. Source: Further, the Open Interest also saw a considerable surge from $370 million to $400 million overnight, something that could also explain the sudden activity in the king coin’s price. Source: This dip in price, as mentioned above, was long overdue. Further price movement will be interesting as this will decide how the upcoming halving will play out. The dip on 13 March was brutal for Bitcoin, however, the plunge seen in the stock market was history’s most sudden dip; a 34% dip so far has made matters worse for global economies. The simultaneous drop was due to the correlation of the with Bitcoin. However, since then, the correlation has been severed and Bitcoin is back to being its original self. Sponsored Further, since the fateful day of 13 March, institutional investors seem to have run away from the cryptocurrency markets; as the and OI have dried up to record levels. Additionally, the formation of the death cross for Bitcoin spot prices implies a rather bearish scenario for the coin in the near future. Related Topics: Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.