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Top Crypto Trader Says He’s Closely Watching These Areas of Interest for Bitcoin, Marks Key Resistance for BTC

A top crypto trader is discussing the key levels Bitcoin must conquer to signal a true recovery. In a new series of tweets, the crypto analyst known in the industry as Altcoin Psycho says that he is wary of Bitcoin’s recovery this weekend – even as Bitcoin surpasses $34,000 on Saturday. “No need to overcomplicate […]

The post Top Crypto Trader Says He’s Closely Watching These Areas of Interest for Bitcoin, Marks Key Resistance for BTC appeared first on The Daily Hodl.

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Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

Strategist Mike McGlone Believes Bitcoin Can Jump to K Resistance vs. K SupportThe senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range. […]

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin LawWhile some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law. Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ […]

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Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst

Top crypto analyst and trader Michaël van de Poppe is discussing key Bitcoin (BTC) price levels as the flagship cryptocurrency consolidates above $33,000. In a new video, Van de Poppe says that although Bitcoin appears to be in a slight bullish period, especially in the wake of news that Tesla and SpaceX hold BTC on […]

The post Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst appeared first on The Daily Hodl.

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Bitcoin price hits $34K as trader forecasts fresh weekend resistance showdown

Bitcoin is likely going to tackle $34,500 today or tomorrow, Michaël van de Poppe says, opening up the road to $36,000 or more.

Bitcoin (BTC) touched $34,000 on July 24 after the latest resistance flip held to propel the market higher.

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

Bitcoin battles $34,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD just hitting the $34,000 on Bitstamp on Saturday before returning to linger around $200 lower.

The past 24 hours were profitable for traders as Bitcoin launched from $32,000 to deliver 4% gains that were holding above $33,800 at the time of writing. 

For Cointelegraph contributor Michaël van de Poppe, it was necessary for the strength to continue and for $32,500 to hold in the event of a retracement.

"Bitcoin breaks through that resistance at $32.5-$32.7K. Holding that for support = likely continuation towards $36K," he forecast in a Twitter update.

"Overall, the next resistance at $34.5K is possibly being reached during the weekend."

Such behavior would not be at all surprising given the wide trading range in which BTC/USD is currently acting — $42,000, the point of all-time highs from February, remains the range ceiling and line in the sand for a definitive bull market continuation.

Fellow trader and analyst Rekt Capital meanwhile highlighted ongoing changes with the 50-week exponential moving average (EMA) as a sign of longer-timeframe bullishness returning.

On the more cautious side, as Cointelegraph reported, $24,000 projections remain should Bitcoin reverse, with one trader eyeing a CME futures gap nearby as possible support.

"We see support at the $22k and 24k level should there be a breakdown below the current support level," trading suite Decentrader added in a fresh market update on Friday.

Ethereum "confirming" breakout

Altcoins meanwhile slowed the pace of their own gains but nontheless retained impressive performance over the week.

Related: Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds

With many of the top fifty cryptocurrencies by market cap seeing weekly returns of 10% or more, confidence was returning to the market.

Ether (ETH), the largest altcoin, traded back above $2,000, hitting ten-day highs.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

"So far, so good towards confirming a breakout here," Rekt Capital said about ETH/USD performance.

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Jack Dorsey Says Bitcoin Will Help Twitter Do Its Job Better – Here’s Why

Twitter CEO Jack Dorsey says that Bitcoin’s potential role in functioning as the internet’s native currency will help the social media company achieve its growth objectives. In a conference call during the release of Twitter’s Q2 2021 financial results, Dorsey spotlights three trends in tech that he believes are important for the future of the […]

The post Jack Dorsey Says Bitcoin Will Help Twitter Do Its Job Better – Here’s Why appeared first on The Daily Hodl.

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Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

The megaphone-shaped pattern reflects growing disagreement between investors over the next Bitcoin trend bias.

Bitcoin's (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern.

Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among investors. As a result, the price forms higher interim peaks and lower interim lows.

Bitcoin appears to be trading inside a similar structure, as shown in the chart below. Nonetheless, the cryptocurrency lacks volatility, one of the key features of the broadening formation pattern.

Stabilized Bollinger bands reflect limited price volatility in the Bitcoin market. Source: TradingView.com

Should the pattern play out, the Bitcoin price will undergo a bullish breakout above the structure's upper trendline.

In doing so, it would expect to rise by as much as the maximum height between the broadening formation's upper and lower trendline. The upside setup appears because traders interpret broadening formation as a trend reversal pattern.

But until then, the pattern offers swing trading opportunities to daytraders, i.e., a bounce from the lower trendline tends to present Long opportunities toward the upper trendline, and a pullback from the upper trendline could have traders open short positions toward the lower one.

Again, the Bitcoin price volatility is lower enough to invalidate such intra-range setups.

Falling channel

The most interim resistance level is near the dashed trendline in the Bitcoin chart below.

Bitcoin falling channel setup limits bullish broadening formation's upside outlook. Source: TradingView.com

A close above the dashed trendline expects to have Bitcoin test $35,00 as its next resistance target. On an extended move higher, the potential to hit $40,000 is higher based on the cryptocurrency's recent price patterns.

Conversely, a pullback from the dashed trendline tends to validate a Falling Channel pattern. On the other hand, Bitcoin could retrace its steps lower towards the so-called Broadening Wedge's support trendline (next downside target near $28,500).

Bitcoin price fundamentals

The conflicting Bitcoin setups emerge as bulls continue to defend $30,000 as support while bears enjoy control over the $34,000-$35,000 area. Unfortunately, that has landed BTC price inside a constrained trading range, giving no interim clues about where it wants to head next.

Fundamentals have played a key role in trapping Bitcoin prices. To the upside, inflationary pressures from the traditional finance sector have provided tailwinds to Bitcoin's safe-haven narrative. Meanwhile, the downside is an increasingly global regulatory discontent toward the cryptocurrency sector.

Related: SEC Chairman says cryptocurrency falls under security-based swaps rules

In the last two months, the market has witnessed China banning cryptocurrency trading, India raiding regional crypto exchange WazirX, and the U.K. banning Binance's subsidiary from operating regulated businesses. In addition, Japan and Hong Kong also issued warnings and restrictions against Binance.

Earlier this week, the U.S. state authorities closed crypto company BlockFi's accounts, alleging that the startup sold unregistered securities. The sector also received criticism for increasing carbon footprints via mining, which requires heavy computational power to run blockchains.

"As long as global regulation of cryptocurrencies is not eased, or a resolution is met, I believe it is difficult to gain public trust, and for Bitcoin to scale the heights it reached in early 2021," Adam Todd, Founder, and CEO of Digitex, told Cointelegraph.

JG Collins, head of the Stuyvesant Square Consultancy, also wrote in his Seeking Alpha op-ed that "national economics regulators, state environmental regulators, and municipalities troubled by "mining" raising local electrical rates will sweep cryptos away like a tsunami."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Is Bitcoin’s Big Bounce Just a Head Fake? Veteran Analyst Tone Vays Updates Crypto Forecast

Veteran crypto trader Tone Vays is weighing in on the state of Bitcoin (BTC) and whether or not its recent strength is just a head fake before a bigger leg down. In a new strategy session, the analyst says that he’s open to the possibility that Bitcoin won’t see another low this year. Vays says, […]

The post Is Bitcoin’s Big Bounce Just a Head Fake? Veteran Analyst Tone Vays Updates Crypto Forecast appeared first on The Daily Hodl.

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Chinese Miners Pivot to Alternative Currencies to Keep Operating

Chinese Miners Pivot to Alternative Currencies to Keep OperatingThe Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from […]

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Macro Guru Raoul Pal Says He’s Accumulating New Crypto Asset in Addition to Bitcoin and Ethereum

Macro analyst and former Goldman Sachs executive Raoul Pal says he’s expanding his portfolio beyond Bitcoin and Ethereum. In a new interview on Real Vision, Pal says he’s gravitating toward social platforms with strong network effects. Pal also says he’s devoting some of his net worth to the crypto sports entertainment project Chiliz (CHZ). Chiliz, […]

The post Macro Guru Raoul Pal Says He’s Accumulating New Crypto Asset in Addition to Bitcoin and Ethereum appeared first on The Daily Hodl.

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