Bitcoin Price Resumes Uptrend as The Bulls Aim The Key $25K Barrier

Bitcoin price started another increase above the $23,000 resistance. BTC is rising and the bulls might aim a test of the $25,000 resistance zone.

Bitcoin is gaining pace above the $23,500 resistance zone.
The price is trading above $23,000 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further towards $25,000 if it stays above the $23,450 support zone.

Bitcoin Price Starts Increase

Bitcoin price remained well bid above the $22,500 support zone. BTC formed a base and started a fresh increase above the $23,000 resistance zone.

The bulls were able to pump the price above the $23,200 resistance and the 100 hourly simple moving average. The price even cleared the $23,500 resistance zone and traded to a new yearly high at $23,950. During the increase, there was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair.

It is now consolidating below the 23.6% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. Bitcoin price is also trading above $23,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance is near the $23,800 level. The next major resistance is near the $24,200 zone, above which the price might start a strong increase. In the stated case, the price may perhaps rise towards the $25,000 level. The next resistance could be near the $25,500 level. Any more gains might send btc price towards the $26,000 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,800 resistance, it could start a downside correction. An immediate support on the downside is near the $23,650 zone.

The next major support is near the $23,450 zone or the 50% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. A downside break below the $23,450 level might send the price towards the $23,150 level. Any more losses might send the price to $22,650 in the near term.

Technical indicators:

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

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

Major Support Levels – $23,450, followed by $23,200.

Major Resistance Levels – $23,800, $23,950 and $24,200.

from NewsBTC https://ift.tt/eWrSswc
via IFTTT

Comments

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering. Prominent Bitcoin ( BTC ) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350. A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq pla...

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...

Chinese banks tell staff to recruit up to 300 new digital yuan users each

Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year. Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year. According to a translation of a June 6 article from Shenlian Caijing, employees of top banks such as the Industrial and Commercial Bank of China and the Bank of Communications, along with four other state-owned banks, have been instructed to promote digital yuan wallets to an average of 200 to 300 people a year. To entice new users, employees are able to offer an odd variety of small gifts, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas, and tissues.” The banks have included the task of promoting the central bank digital currency (CBDC) on employee evaluations, with the number of CBDC wallet recruits determining each branch's end of year bonuses. Essentially the banks have deployed an incentive scheme ...

Crypto Coin Search

Search This Blog