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Tag: Bitcoin

Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle
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Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move.
- Bitcoin is trying to clear the $37,500 and $38,000 resistance levels.
- The price is now trading above $36,500 and the 100 hourly simple moving average.
- There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady upward move if there is a clear move above the $38,000 resistance.
Bitcoin Price Eyes Upside Continuation

Bitcoin price managed to stay above the $35,000 zone and started a recovery wave. BTC climbed above the $36,000 resistance zone to move into a short-term bullish zone.

There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a move above the 23.6% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. It is now consolidating near the $37,000 level and trading well above the 100 hourly simple moving average.

On the upside, an initial resistance is near the $37,400 level. There is also a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair.
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Source: BTCUSD on TradingView.com
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The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start a steady upward move. The next key resistance is near the $49,200 level, above which the bulls might aim a test of $40,000. Any more gains might send bitcoin towards the $41,200 level.

Fresh Decline in BTC?

If bitcoin fails to start a fresh increase above $38,200, it could start another decline. An immediate support on the downside is near the $36,800 zone.

The first major support is seen near the $36,000 zone and the 100 hourly SMA. A downside break below the $36,000 support zone may perhaps start a fresh decline. The next major support is near $35,400, below which the price could revisit $34,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $36,000, followed by $35,400.

Major Resistance Levels – $37,400, $38,000 and $38,200.
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January 26, 2022
Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst
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Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary.

Mike McGlone On Bitcoin And Ethereum

Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum.
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BTC down to $38K | Source: BTCUSD on TradingView.com
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The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction.

“Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.”

This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this.

Other Cryptos May Not Fare Well

Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback.

Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?

McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst.

“The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said.

Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added.
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Featured image from Bitcoin news, chart from TradingView.com
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January 21, 2022
Canadian bitcoin exchange and transfer service Shakepay raises $44M

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Shakepay, a Canadian-based exchange platform for bitcoin (BTC) and ether (ETH), announced it closed $44 million in Series A funding. The round was led by QED Investors, a US-based venture capital firm.

“We love our devoted community of shakers, and this funding is going right to work to bring you more products and services to help you earn, access, and build wealth in bitcoin. In 2021, we grew 381% to more than 900,000 shakers with $6B in total volume and grew our team from around 20 people to 75 across Canada. Just imagine what this funding could mean for 2022 and the future beyond.”
– The Shakepay Team

As part of the capital raise, Matt Burton, Partner at QED Investors, will join Shakepay’s board of directors, alongside founders, Jean Amiouny, CEO, and Roy Breidi, CTO.

Ongoing participation also came from Boost VC and BoxOne Ventures, while Series A newly included participation from Golden Ventures, Broadhaven, Henri Machalani, Mike Murchison, Jevon MacDonald, Mark MacLeod, Dan Debow, Farhan Thawar, and several product leaders from Shopify.

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January 20, 2022
Bitcoin Struggles near $800 Billion Market Cap

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Since the start of 2022, the crypto market cap has been shrinking. Bitcoin is leading the latest market dump. The crypto asset lost nearly 20% of its value in the last 10 days as its market cap dipped below $800 billion.

Bitcoin is not the only digital asset facing a market correction these days. Ethereum’s performance is even worst. ETH plunged heavily over the weekend and reached a low of $3,035 on Saturday. The digital asset has lost almost a quarter of its value since the start of 2022.

Crypto analysts across the market called the correction a natural portfolio adjustment after a substantial bullish rally in 2021. However, some short-term investors are worried about Bitcoin’s lackluster network activity this year.

“With one week of 2022 in the books, crypto market caps have been shrinking quite rapidly. Whale behaviors and on-chain fundamentals haven’t been looking so hot. But during these times, it’s often easy to forget that social sentiment plays a major role in how and when things will turn around,” Santiment noted in its report.

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Bitcoin and Institutions

2021 was a remarkable year for Bitcoin in terms of institutional adoption. With technology giants like Tesla announcing multi-billion dollar investment in the crypto asset, existing BTC holders increased their crypto holdings. In 2022, leading crypto investors are optimistic about the wider adoption of Bitcoin. In a discussion with CNBC last week, Mike Novogratz, CEO of Galaxy Digital, said that many institutions are planning to add Bitcoin to their balance sheets.

“We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term. I know big institutions that are going through their process to put positions on. They’re going to see those as attractive levels to buy. On the charts, $38,000, $40,000 feel like where we should bottom,” Novogratz explained.

Since the start of 2022, the crypto market cap has been shrinking. Bitcoin is leading the latest market dump. The crypto asset lost nearly 20% of its value in the last 10 days as its market cap dipped below $800 billion.

Bitcoin is not the only digital asset facing a market correction these days. Ethereum’s performance is even worst. ETH plunged heavily over the weekend and reached a low of $3,035 on Saturday. The digital asset has lost almost a quarter of its value since the start of 2022.

Crypto analysts across the market called the correction a natural portfolio adjustment after a substantial bullish rally in 2021. However, some short-term investors are worried about Bitcoin’s lackluster network activity this year.

“With one week of 2022 in the books, crypto market caps have been shrinking quite rapidly. Whale behaviors and on-chain fundamentals haven’t been looking so hot. But during these times, it’s often easy to forget that social sentiment plays a major role in how and when things will turn around,” Santiment noted in its report.

Related content

Bitcoin and Institutions

2021 was a remarkable year for Bitcoin in terms of institutional adoption. With technology giants like Tesla announcing multi-billion dollar investment in the crypto asset, existing BTC holders increased their crypto holdings. In 2022, leading crypto investors are optimistic about the wider adoption of Bitcoin. In a discussion with CNBC last week, Mike Novogratz, CEO of Galaxy Digital, said that many institutions are planning to add Bitcoin to their balance sheets.

“We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term. I know big institutions that are going through their process to put positions on. They’re going to see those as attractive levels to buy. On the charts, $38,000, $40,000 feel like where we should bottom,” Novogratz explained.

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January 10, 2022
Bitcoin Holds Key Support, What Could Trigger Strong Recovery
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Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.
- Bitcoin is trading in a bearish zone below the $48,000 resistance level.
- The price is trading below $47,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start a strong recovery wave if it stays above the $45,500 support zone.
Bitcoin Price Eyes Recovery

Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline.

There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.

Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.

An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.
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Source: BTCUSD on TradingView.com
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A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.

More Losses In BTC?

If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500.

A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $46,000, followed by $45,500.

Major Resistance Levels – $46,500, $47,000 and $47,500.
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January 5, 2022
Bitcoin mining manufacturer Canaan expands footprint in Kazakhstan
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Bitcoin (BTC) mining hardware manufacturer Canaan Inc is expanding its footprint in Kazakhstan after signing new strategic partnerships with multiple crypto mining firms in the country.

The Nasdaq-listed company announced Tuesday that it had deployed 10,300 AvalonMiner units in Kazakhstan as of Dec. 31, 2021, finalizing phase one of its deployment in the central Asian country. Canaan is partnering with local firms as part of its business expansion plans outside of China. However, the company declined to list any of its local partners.

Although Canaan is based in Hangzhou, China, the company is eyeing expansion outside of its home country following Beijing’s wholesale crackdown on crypto mining in 2021. Zhang Nangeng, Canaan’s CEO, spoke out against the mining ban during an earnings call in July, telling investors that crypto miners make better use of stranded electricity, and contribute positively to employment and the local economy.

With China snuffing out the crypto mining industry, neighboring Kazakhstan has rushed to fill the void, offering displaced miners cheap and plentiful coal. By June 2021, the world’s fifth-largest mining pool had set up shop in Kazakhstan. The following month, Kazakhstan accounted for nearly a fifth of the world’s Bitcoin mining output.

Related: Kazakhstan to decide whether to launch CBDC by late 2022

China’s ban on Bitcoin mining resulted in a sharp drop in network hash rate, but that has quickly reversed after displaced miners established new bases of operations. Following a six-month recovery, the Bitcoin network’s hash rate reached a new all-time high on Jan. 2.

#Bitcoin hash-rate smashed a new all-time high yesterday! pic.twitter.com/TzEGE3sNRF

— Bitcoin Archive (@BTC_Archive) January 3, 2022

As for Canaan, the company recorded stellar growth in 2021, with net revenues hitting post-IPO highs. The company’s net revenues totaled $204.5 million in the third quarter, up 708.2% over the same period a year earlier, according to unaudited financial results that were posted in November.