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Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline
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Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone.
- Bitcoin remains in a bearish zone and it even broke the $31,000 support zone.
- The price is now trading well below $32,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate lower below the $30,500 and $30,000 levels in the near term.
Bitcoin Price Extends Losses

Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline below the $31,200 support zone and it settled well below the 100 hourly simple moving average.

The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.

An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.

The next key resistance is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA.
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Source: BTCUSD on TradingView.com
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A close above the trend line resistance could initiate a decent recovery above $32,000. Besides, a proper break above the $32,000 level may push the price towards $33,000.

More Losses in BTC?

If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level.

The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $30,500, followed by $30,000.

Major Resistance Levels – $31,200, $31,500 and $32,000.
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July 20, 2021
DeFi app KeeperDAO adds smart contract borrowing, liquidation protection

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KeeperDAO, an MEV protection protocol on Ethereum, announced today a major update to its DeFi platform. KeeperDAO has introduced a smart contract-based borrowing and liquidation protection service; that gives borrowers the most profitable way to open or upgrade a borrow position on Compound.

The KeeperDAO borrowing platform is composed of three unique products that form the pillars of their engine: a smart contract NFT that can be used with any activated borrowing platform, a collateral booster that helps stave off unnecessary liquidations, and a wrapped version of an underlying borrowing protocol.

To begin interacting with KeeperDAO’s platform, users mint a Hiding Vault, a modular smart contract NFT that allows them to open or migrate borrow positions from any protocol that KeeperDAO supports.

Feature: Hiding Vaults

Hiding Vaults also allow users to easily transfer positions between different addresses; as well as isolate riskier loans from each other while still using the same Ethereum address. This is a major improvement compared to other liquidation protection services, which spread out the risk across all users, which may result in a user losing funds due to someone else’s risky behavior.

When a loan approaches liquidation, KeeperDAO’s new Just-In-Time Underwriter (JITU) activates. JITU will borrow liquidity from one of KeeperDAO’s deep liquidity pools to protect at-risk Hiding Vault positions.

Providing a temporary loan to buffer a borrower’s position makes the loan appear healthier and prevents an outside liquidation. JITU is able to remove the buffer if the health of the loan improves or the borrower deposits additional collateral. If the loan’s health continues to decline, JITU will perform a liquidation.

The first enabled borrowing protocol for the Hiding Vault is a wrapped version of Compound, which KeeperDAO calls kCompound.

kCompound lets users deposit collateral and borrow assets as they normally would on Compound to create a position, or simply migrate their entire Compound position over to a Hiding Vault. kCompound gives users all the benefits of Compound, including APYs and COMP rewards, while also rewarding open loans with a tertiary yield, paid out in ROOK.

Roadmap Ahead

The KeeperDAO team is also developing borrowing protection for additional protocols beyond kCompound for the Hiding Vault. They recently announced the successful completion of their kAave Solidity Competition. Two community members were able to successfully simulate the liquidation call function in Aave; a key step in the Hiding Vault’s functionality.

KeeperDAO, with their Hiding Vault borrowing engine and gas-free limit order exchange, aims to increase offering back user’s MEV that is created by their trades and loans and will continue to advance the MEV protection space. Moreover, KeeperDAO is currently designing ways for market makers to coordinate in redistributing MEV from miners through their upcoming Coordination Game.

“Prior to KeeperDAO’s inception, there was no solution for Ethereum users losing MEV. We are providing the infrastructure to align incentives between users, keepers, borrowers, DeFi products, and liquidity providers. We are leading the charge in protecting and bringing MEV back to users. So far it is greatly succeeding at improving the quality of life for the ecosystem.”
– Joey Zacherl, Founding Partner at KeeperDAO

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July 19, 2021
Arsenal FC to launch AFC Fan Token on Socios
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English Premier League stalwart Arsenal F.C. is launching a new fan token in partnership with Socios, giving its supporters the ability to influence club decisions and access team-related content.

The partnership makes Socios the main digital meeting place for Arsenal’s fanbase, according to a Monday announcement from Chiliz, the exclusive cryptocurrency of the Socios platform.

By holding AFC Fan Tokens, Arsenal fans will have “countless engagement opportunities” with the club, Chiliz said, including “the chance to influence the club in a series of interactive polls across a variety of decisions every season.”

No timetable was given for the launch of AFC Token, though Chiliz indicated it would become available soon. Fans who are currently signed up for My Arsenal Rewards, a fan-centric rewards program, have the option to receive a free AFC Fan Token.

“We are excited to launch this partnership with Socios.com that will bring our huge global fan base even closer to the club,” said Peter Silverstone, commercial director at Arsenal. “Socios.com are leading the way in blockchain in the sports industry, as we have seen from their relationships with other leading European clubs.”

Related: Argentinian league rebrands to Torneo Socios.com with new partnership

Chiliz has become a popular engagement platform for professional sports teams and leagues. In May of this year, three Formula 1 racing teams announced exclusive fan tokens on the Chiliz blockchain. During the same month, the Ultimate Fighting Championship, better known as UFC, announced it would launch its own blockchain-based fan token.

As Cointelegraph reported, Chiliz is expanding its operations in the United States to pursue more fan-token engagement opportunities. CEO Alexandre Dreyfus told Cointelegraph in March that the organization’s forthcoming New York office will be a launch pad for engagement with local leagues and sporting franchises.