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Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week

16/05/2022 by Idelto Editor

Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC close to its long-term floor. Overall, bitcoin was trading marginally below $30,000, with ETH hovering slightly above $2,000.

Bitcoin

BTC started the week trading below $30,000 following a volatile weekend of trading, which saw prices mainly consolidate.

Following a rise to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.

Today’s low has seen prices approach the long-term support level of $28,800, following a rebound from this point on Saturday.

Overall, price strength continues to hover in oversold territory, with the 14-day relative strength index (RSI) tracking at 32.44.

This is below a resistance level of 36.40, which was held on Sunday, leading to today’s selloff, as bears re-entered the market.

Should this momentum continue, we will likely see the price floor of $28,800 hit, with a chance of a potential breakout towards $25,000.

Ethereum

The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.

ETH/USD dropped to a bottom of $2,000.09 on Monday, which is around 3.27% lower than yesterday’s peak of $2,147.19

Similar to BTC, today’s drop sees ETH move closer to its price floor, which is near the $1,950 level.

As of writing, prices are trading slightly higher at $2,024.92 following previous lows. However, the 10-day moving average is still pointing to further downwards momentum.

This trend was magnified after the 35.35 resistance level on the 14-day RSI failed to break out during yesterday’s session.

As discussed earlier with bitcoin, we may inevitably see further lows in the coming days, but how low prices will drop will be the key question to ask.

Do you expect ETH to stay above $2,000 this week? Leave your thoughts in the comments below.

Filed Under: Analysis, Bitcoin, BTC, English, ETH, Market Updates, News Bitcoin

Electrifying Live Casino Game XXXtreme Lightning Roulette in Exclusive Early Access

12/05/2022 by Idelto Editor

Electrifying Live Casino Game XXXtreme Lightning Roulette in Exclusive Early Access

Play the brand new XXXtreme version of one of the most popular live casino games at Bitcoin.com Games; Lightning Roulette by Evolution!

Now in Exclusive Early Access with a $ 2,000 Tournament

Live casino games are a prime example of the new generation of casino games you can expect from Bitcoin.com Games. The live casino format is the closest anyone could experience going to a brick-and-mortar casino with real dealers behind the screen. Not only are the dealers well-trained in the craft of conducting live casino games, but their sophisticated personas can also imbue the player’s gaming experience with a touch of luxury found only in the most privileged places in the world.

Bitcoin.com Games has been home to a host of many such live casino games that can be played with cryptocurrencies such as Bitcoin or Bitcoin Cash. A prime example of a massively popular live casino game hosted on our crypto casino is the award-winning Lightning Roulette from the software provider Evolution. Now, carrying forward the tradition of thunderous visuals and electrifying gaming experience, the provider is launching an XXXtreme version of the ever-popular game.

Our crypto casino Bitcoin.com Games is bringing you exclusive early access to the new game – XXXtreme Lightning Roulette, and an opportunity to win cash prizes worth $2,000. This latest addition to the live casino library is touted to be one of the most exhilarating games from the stables of Evolution.

Land Massive Money Multipliers of up to 2,000x Your Bet Amount

XXXtreme Lightning Roulette combines live casino format with a high-payout RNG element to offer a wildly entertaining experience. What makes this new launch so XXXtreme is that you can score between 50x and 500x multipliers with up to ten Lightning and Chain Lightning numbers in total per game round – or score up to 2,000x your bet amount with the exciting Double Strikes feature!

XXXtreme Lightning Roulette is an electrifying new live casino game that features all the elements that made the original so much fun and pushes it to the XXXtreme. Play this new launch and participate in the early access tournament to win cash prizes of up to $1,000, only on Bitcoin.com Games.

What do you think about the XXXtreme Lightning Roulette casino game? Let us know what you think about it in the comments section below.

Filed Under: Bitcoin Casino, Bitcoin Roulette, BTC, Casino, Early Access, English, Games, launch, News Bitcoin, online casino, Promoted, roulette, slots, XXXtreme, XXXtreme Lightning Roulette

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $30,000, Is 55% Below Its Record High

10/05/2022 by Idelto Editor

Bitcoin plunged below $30,000 for the first time in eleven months, as bears continued to run rampant in crypto markets. This move came as Luna Foundation Guard was said to be liquidating close to $1.5 billion worth of BTC. Ethereum also fell to multi-month lows, as prices hovered slightly above $2,200.

Bitcoin

Bitcoin fell for a seventh consecutive session, as markets reacted to the news that the Luna Foundation Guard was to deploy $1.5 billion of BTC, as it hoped to regain its $1 UST peg.

The latest decline in BTC/USD saw prices hit an intraday low of $29,944.80 earlier in today’s session, following a peak of $33,312.81 on Monday.

Today’s bottom is the lowest level prices have traded since June 2021, and comes as an increase of bearish pressure led to the $31,625 support point being broken.

Overall, BTC is now trading around 55% lower than its record high in November, with some optimistic that the worst of the selloff has passed.

Looking at the chart, the 14-day RSI is now tracking off the charts at a level of 32, which is close to its lowest level since February.

It is still unclear if we have hit a floor, with $29,500 a potential candidate for price support following the recent drop in value.

Should this be the case, we will likely see a period of consolidation prior to any significant bullish rebounds.

Ethereum

The world’s second-largest cryptocurrency also fell during today’s session, dropping below $2,300 for the first time since January.

ETH/USD hit an intraday low of $2,206.76 earlier on Tuesday, which is its lowest level since January 24, when prices went on to hit a floor of $2,150.

This latest drop comes as yesterday’s support point of $2,350 gave way, following a six-day losing streak.

As of writing, the 14-day Relative Strength Index is reading off the charts, close to a three-month bottom.

Typically, with prices so oversold, traders would likely look at this as an opportunity to buy the dip, however as markets continue to reassess risk assets following the Fed’s rate decision, this may not be the case immediately.

Overall, crypto markets are down by 2.70% as of writing.

Do you believe ETH could go below $2,000 this week? Leave your thoughts in the comments below.

Filed Under: Analysis, Bitcoin, BTC, English, ETH, LUNA, Market Updates, News Bitcoin, UST

2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’

09/05/2022 by Idelto Editor

2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K'

While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written by bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the “greater fools” scenario.

Bitcoin Obituaries List in 2022 Surpasses First 3 Years of So-Called Deaths by Year

During the course of Bitcoin’s 13 years, the leading crypto asset has been deemed ‘dead’ or ‘extremely close to death’ by many journalists, economists, analysts, and financial experts. In fact, these types of opinions happen so much, that the team at 99bitcoins.com curated a list called the “Bitcoin Obituaries.” The data from the website shows bitcoin (BTC) has died 447 times since the list was started in 2010. That particular opinion that said bitcoin was dead was written on December 15, 2010 in a post called: “Why bitcoin can’t be a currency.”

As the years continued, bitcoin obituaries were published more often, and during the bull run of 2017, there was 124 bitcoin obituaries added to the web portal. The following year in 2018, bitcoin died 93 times, and in 2019, only 41 deaths were recorded. 2020 saw a smaller number of bitcoin obituaries, as the year only saw 14 listed on the website. In 2021, bitcoin obituaries picked up the pace again, and the leading crypto asset saw 47 obituaries written about its so-called demise.

In 2022, there’s only been seven bitcoin obituaries recorded, but the year is not over and it has outpaced 2010, 2011, and 2012 by the number of yearly obituaries so far. Bitcoin’s price has experienced a downturn in recent weeks, and it’s quite possible even more bitcoin obituaries will be added this year. The last obituary listed on 99bitcoins.com was written by the British financial journalist and columnist for the Financial Times (FT), John Plender. The post listed as: “Bitcoin Will Run Out of Greater Fools,” quotes Plender’s statements from his April editorial. While Plender does not believe in bitcoin, the FT columnist does think blockchain is a powerful technology.

“There can be no denying the astonishing power of blockchain technology, which is here to last,” Plender writes in his FT editorial. “Yet bitcoin is intangible, risky and incomprehensible to most human beings. While it is increasingly gaining acceptance among professional investors, its performance this year makes it hard to believe it can topple gold from its position as the ultimate bolt hole for frightened money.” The financial journalist adds:

As for the important cultural dimension of the argument, bitcoin, frankincense and myrrh lacks a certain ring. The supply of greater fools will in due course run out.

Gold Bug Peter Schiff Says Sub-$10K Bitcoin Prices Are ‘Highly Likely,’ Schiff’s Recent Poll Shows 54% of 37,000 People Say They Will Still HODL

While bitcoin is not dead, the cryptocurrency still has many detractors like the Iranian-American economist Nouriel Roubini, and the economist and gold bug Peter Schiff. The gold bug Schiff believes bitcoin and other crypto assets will keep falling in value. Schiff recently held a poll on Twitter after he said: “If bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K.” Schiff then added that this means any BTC holder has an important decision to make. “What will you do?” Schiff asked. “You had better decide now so you don’t panic and make a rash spur-of-the-moment decision.”

 

Schiff then left a poll in his Twitter thread that gives people some choices on what they would do. Choice one was “it won’t break below $30K,” which received 19.6% of the 37,000 votes. 54.5% said they would “HODL,” and 15.5% said they would sell and buy lower. Roughly 10.4% of the surveyed participants said they would sell bitcoin and would not rebuy. In Schiff’s eyes bitcoin will always be dead, and he wholeheartedly believes the precious metal gold will continue to soar.

“The 6% weekend drop in bitcoin was in fact a leading indicator of weakness in other risk assets as stock market futures are trading down 1%,” Schiff said on Monday. “Once investors figure out that Fed rate hikes will result in recession but not a significant reduction in inflation, gold will soar,” the bitcoin detractor added.

What do you think about the Bitcoin Obituaries list hosted on 99bitcoins.com and John Plender’s opinion? What do you think about Peter Schiff’s opinion about bitcoin and his recent Twitter poll? Let us know what you think about this subject in the comments section below.

Filed Under: 2017, 2020, 99bitcoins.com, Analysts, Bitcoin, Bitcoin (BTC), bitcoin deaths, bitcoin is dead, Bitcoin Obituaries, BTC, BTC dead, BTC deaths, dead, Dead bitcoin, dead BTC, deaths, Economist, economists, English, Eulogy, Featured, Gold Bug, Journalists, Luminaries, News Bitcoin, Nouriel Roubini, Obituaries, obituary, Peter Schiff, Ponzi Scheme, Pundits, Schiff $10K, Schiff Poll, single-digit deaths, Skeptics

El Salvador Buys The Wild Bitcoin Dip With 500 BTC Purchase

09/05/2022 by Idelto Editor

President Nayib Bukele announced the purchase of another 500 BTC leaving the total reserves of El Salvador at 1,620 BTC valued at $50 million.

  • El Salvador bought the dip with a purchase of 500 BTC.
  • The BTC purchase bolsters the already stacked reserves of El Salvador with a total of 1,620 BTC currently valued just shy of $50 million at time of writing.
  • President Bukele has a proven track record of dip-buying bitcoin during flash crashes.

El Salvador just bought the wild Bitcoin dip today with a 500 BTC purchase, at an average price of $30,744, according to a tweet from President Nayib Bukele.

The total purchase price comes to $15.3 million adding to the growing bitcoin reserves of El Salvador. With a cumulative 1,620 BTC the total reserves currently sit at $49.5 million with the current price of BTC hovering at $30,600, down from the all-time-highs of over $67,000.

As bitcoin is currently experiencing a flash crash and teeters the support of $30,000 the notorious pro-bitcoin president has quite the history of acquiring large amounts of BTC during dip-buying opportunities.

On September 6th, 2021 President Bukele announced to the world that El Salvador purchased 200 BTC and said that “Our brokers will be buying a lot more.” On that day, El Salvador became the first nation-state to put bitcoin on the balance sheet.

The following day, El Salvador announced that Bitcoin would be recognized as legal tender. On the same day, the price of BTC fell from $51,000 to $43,000, where Bukele once again announced that El Salvador had bought the dip for another 150 BTC, bringing the total reserves to 550 BTC.

On September 20th, 2021 President Bukele again bolstered the nation’s bitcoin reserve when BTC dipped to $45,500, down from its $50,000 highs. Through successive dip buys, the nation-state managed to acquire another 150 BTC equalling a reserve of 700 BTC in an announcement from President Bukele.

Then, on October 28th, 2021 President Bukele once again announced a smash-buy of an additional 420 BTC when the price dropped to $58,800, down from its previous highs of $67,000. This brought the total reserves to 1,120 BTC. 

Filed Under: Bitcoin, Bitcoin Magazine, BTC, el salvador, English, Markets, Nayib Bukele, News

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