Crypto Shuttle News

Tag: Bitcoin

  • Ethereum Show Positive Signs, Why ETH Could Outperform Bitcoin

    Ethereum Show Positive Signs, Why ETH Could Outperform Bitcoin

    [ad_1]

    Ethereum remained stable above $4,050 against the US Dollar. ETH could gain bullish momentum once it clears the $4,325 and $4,350 resistance levels.

    • Ethereum is showing a few positive signs above the $4,200 level.
    • The price is now trading above $4,200 and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend gains if there is a clear break above the $4,350 resistance zone.

    Ethereum Price Is Recovering

    Ethereum remained strong above the $4,050 support level, unlike bitcoin. ETH price formed a base and started a steady recovery wave above the $4,120 resistance zone.

    There was a clear break above the $4,200 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD.

    The pair climbed higher above the $4,300 resistance zone and formed a high near $4,386. It is now correcting gains below the $4,300 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,026 swing low to $4,386 high.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    Ether price is now trading above $4,200 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,300 level.

    The first major resistance is near the $4,350 level. A close above the $4,300 and $4,350 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,450 level. Any more gains could lift the price towards the $4,500 barrier in the near term.

    Fresh Drop in ETH?

    If ethereum fails to start a fresh increase above the $4,350 level, it could start a fresh decline. An initial support on the downside is near the $4,220 level. There is also a connecting bullish trend line near $4,220 on the same chart.

    The first key support is now forming near the $4,200 level. It is close to the 50% Fib retracement level of the upward move from the $4,026 swing low to $4,386 high. A downside break below the $4,200 support might push the price further lower.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now near the 50 level.

    Major Support Level – $4,200

    Major Resistance Level – $4,350

    [ad_2]

    Source link

  • How Salvadorans Will Use Bitcoin To Pay For Their Bills: Bitrefill Launches Payment Service

    How Salvadorans Will Use Bitcoin To Pay For Their Bills: Bitrefill Launches Payment Service

    [ad_1]

    Bitrefill, the startup that offers Bitcoin-funded prepaid cards for different services worldwide, launched a new bill-payment service that allows Salvadorans to pay for multiple basic needs using Bitcoin. The company made the announcement during the three-day conference Adopting Bitcoin carried in El Salvador, which brought together “the Bitcoin and Lightning community”.

    Bitcoin has been a legal tender in El Salvador since September 7th, but many businesses were not sticking to the requirement of accomodating the digital coin as a payment method into their operations, Bitrefill’s CEO noted. Some have even stated they rather lose sales. Bitrefill aims to offer a solution for businesses so they can easily adapt to using Bitcoin and ease their current worries.

    Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President

    Bitrefill’s bill-payment method will allow Salvadorians to pay for 150 different services using Bitcoin, including internet, water, insurance, loans, taxes, mortgage, social security services, university expenses, and others. They also allowed payments overseas. 12 services are available at the moment on the website, and they will be adding the rest over the next few weeks.

    The platform will be using Bitcoins Lightning Network and on-chain transactions, which allows low fees. “El Salvador can now live entire on Bitcoin”, stated the company.

    The feature is offered in alliance with Puntoexpress, a local payment platform. The payment process was simplified for the users so they only need to provide an email address to redeem a voucher code and receipt.

    El Salvador, A Bitcoin Land

    Bitrefill reported they have processed 187,000 purchases in El Salvador during 2021, and 88% come from the country’s capital, San Salvador. There was a peak of 20,000 payments in September when the ‘Bitcoin law’ went into effect.

    The majority of Salvadorians reportedly use the Chivo digital wallet, an app created by the government, as the preferred payment method for Bitrefill purchases.

    Bitrefill’s CEO, Sergej Kotliar, stated that they now have headquarters established in El Salvador, a manager in the country, and they are hiring for all roles to cover the company’s needs. He shared his strategy is to be directly involved in the country by being present and maintaining contact with people who provide him with different approaches and information that the company can use to design other services.

    The CEO thinks El Salvador could become an example model that other countries could follow. The company also stated in a tweet:

    The most important part is that the 80% of unbanked people can now pay for almost everything online, products, services, bills, from the comfort of their home (or their relatives in the USA).

    El Salvador’s adoption of Bitcoin has been a bumpy road. However, the Chivo Wallet surpasses 2.2 million users a few weeks after its launch, gaining around 8,500 new users per hour and reaching 3 million later on. The citizens received $30 each as an incentive for downloading the app, but some reported to Reuters they had problems using it and making withdrawals.

    The government remains optimistic, although challenges lay ahead. We are yet to see if innovation and good strategies can help close the gap between the government’s vision and the tension around Salvadorians.

    Related Reading | El Salvador Calls Another Bitcoin Dip With $25 Million Purchase

    Bitcoin
    Bitcoin trading at $60,714 in the daily chart | Source: BTCUSD on TradingView.com

    [ad_2]

    Source link

  • Bitcoin price seesaws beneath $60K as anticipation builds for fresh BTC ‘short squeeze’

    Bitcoin price seesaws beneath $60K as anticipation builds for fresh BTC ‘short squeeze’

    [ad_1]

    Bitcoin (BTC) chopped and changed on Nov. 18 but held a critical support level to preserve the chance of new all-time highs.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    $90,000 remains on the table

    Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged between $59,000 and $60,000 Thursday, seeing $1,000 swings in minutes.

    With the pair’s overall range becoming ever narrower, talk turned to a potential “short squeeze” entering to push its spot price to new, higher levels.

    “Based on the Futures Market structure, the funding rate and OI momentum trends are forming a perfect setting for a ‘Short-Squeeze’ scenario,” one contributor to on-chain analytics firm CryptoQuant argued Wednesday.

    “Then the question is, what price range would act as a support level?”

    A similar event occurred at the end of September when Bitcoin suddenly surged into a week of almost unchecked gains, which topped out at $55,000.

    For popular trader Crypto Ed, the chances were there that the $58,400 lows of recent days may be a more definitive floor.

    “Maybe a bit early to post as the bottom might not be in yet, but I’m getting excited when checking next targets which don’t seem to be that far away!” he ventured Wednesday.

    “In case I’m right with bottom in already or around $57k, the target is more or less the same….. $90.000 and a little bit.”

    BTC/USD scenario. Source: Crypto Ed/Twitter

    Analyst warns of investor complacency

    Such price targets have become increasingly controversial as Bitcoin’s bull run stalls below $70,000, with less than two weeks left to hit PlanB’s “worst-case scenario” November close of $98,000.

    Related: Bitcoin holders who bought at $20K refuse to sell BTC at all-time highs — Latest data

    This week, PlanB reiterated the difference between that prediction and his stock-to-flow Bitcoin price models, with a failure to hit it leaving the latter intact.

    For the short term, however, some considered the market still unprepared to support a fresh BTC price run-up.

    Highlighting a lack of “fear” in sentiment, trader and analyst Rekt Capital was sober on the likelihood of a full-on trend reversal.

    “Doesn’t seem that BTC investors are fearful enough towards price for this retrace to be over just yet,” he warned.

    “It is Extreme Fear that precedes maximum financial opportunity, not neutrality.”

    The Crypto Fear & Greed Index stood at 54/100 Thursday — “neutral” territory — having reached local highs of 84/100 on Nov. 9.

    Crypto Fear & Greed Index. Source: Alternative.me