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[NEWS BLOG]: Bitcoin Vulnerable To A Nasty Drop Unless It Claims $7K
Bitcoin Facing Hurdles
In the past few sessions, bitcoin remained well bid above the $6,400 support area against the US Dollar. BTC price even climbed above the $6,800 resistance and settled above the 100 hourly simple moving average.
However, the bulls seem to be struggling near the $7,000 resistance area. There is likely a double top pattern forming with resistance near $7,000. The last swing high was formed near $6,989 before the price corrected lower.
There was a break below the 23.6% Fib retracement level of the main rise from the $5,750 swing low to $6,989 high. On the downside, the - read more.
OTHER RELATED NEWS
Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
Bitcoin’s recent price action comes as a breath of fresh air for crypto traders, which had to deal with BTC flatlining in the $9,000s for around two and a half months. The leading crypto asset is attempting to pass the local highs of $11,500 as this article is being written.
Despite the strength of the breakout, Bitcoin’s macro volatility indicators remain at historically low levels. This may suggest, according to Bitazu Capital’s Mohit Sorout, that BTC has room to rally to the upside as ongoing volatility seems to be favoring bulls.
This latest rally in the crypto market has brought - read more.
Bitcoin Plays With USD 9,000, While Virus Fears Weigh on Stocks
Bitcoin (BTC) is once again trading around USD 9,000, while the risk-off sentiment has hit stock markets across the globe hard in recent days.
At pixel time (10:35 UTC), BTC trades at c. USD 9,010 and is up by 4% in the past 24 hours and the past week. Earlier today, the price reached USD 9,100 before dropping to almost USD 8,900 and moving back to USD 9,000.
Also, while the U.S. S&P 500 stock index has sold off about 2.2% over the past three days, the number one cryptocurrency is up by about 8% over the same time period.
Although - read more.
Tencent to Build Virtual Bank After Hong Kong Regulator Approves License
Chinese internet giant Tencent is set to open a blockchain-based virtual bank after the Hong Kong Securities and Futures Commission (SFC) approved a new license.
Speaking at the World Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain chief Yige Cai said the company’s virtual bank received the SFC’s green-light. Moving forward, the company will assemble a team to support the blockchain-based banking platform, according to Chinese media site Sina Finance.
“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” Cai said in his speech - read more.