Bitcoin (BTC) traded below chart support at 30,000.00 on Tuesday, down to 28,800.01. This weakness occurred due to the formation of a death cross over the weekend. This will be shown on the daily chart below.

The death cross occurred when the 50-day simple moving average fell below the 200-day SMA. These levels are well above its annual value level at 18,798.71, which is the downside risk.

The downside accelerated when bitcoin failed to hold its semiannual pivot at 35,643.29 on Monday. This week’s pivot at 33,214.67 was a magnet that provided the near-term stability. The June 23 high is at 34,854.46 so far.

The daily chart for bitcoin clearly shows the formation of the death cross. The blue line is the declining 50-day simple moving average at 41,019.08. The green line is the rising 200-day SMA at 43,194.68. The hori ... Read more »

Category: News | Views: 153 | Added by: danyagames2007 | Date: 24.06.2021 | Comments (0)

The trajectory of the bitcoin price this year started to take a sharp turn in the wake of criticism from billionaire entrepreneur Elon Musk. Now another set of billionaires — Tyler and Cameron Winklevoss — are doing their part to shift the narrative. Musk shined a spotlight on bitcoin’s carbon footprint back in May and the price has been on a downward trajectory ever since.

Carbon Credit Push
The Winklevoss twins through the cryptocurrency exchange they founded, Gemini, have reportedly acquired USD 4 million in carbon credits as a way to counterbalance the bitcoin held in custody at the exchange, according to a report on Bloomberg. They’ve chosen a Delaware-based non-profit organization called Climate V ... Read more »

Category: News | Views: 185 | Added by: danyagames2007 | Date: 24.06.2021 | Comments (0)

But for bitcoin BTCUSD, 2.75% and other crypto assets, like ethereum ETHUSD, 2.17% and dogecoin DOGEUSD, 9.48%, the easy breezes of summer are far away

The cryptocurrency market is down significantly on the week, having lost $1 trillion of market capitalization from its peak of $2.5 trillion in early May, said a group of analysts led by Nikolaos Panigirtzoglou at investment bank JPMorgan JPM, +0.61%.  

Panigirtzoglou and his team have our call of the day, giving bitcoin a fair value of $23,000 to $35,000 over the medium term, based on the relationship between its volatility and gold’s, as the crypto faces new headwinds.

The signal of the newest major challenge bitcoin faces, according to the team at ... Read more »

Category: News | Views: 170 | Added by: danyagames2007 | Date: 24.06.2021 | Comments (0)

We have been warning for some time that bitcoin is in a bear market. 

Bear markets are not good environments in which to be long, bitcoin bear markets especially so. 

But bear markets do also end, and if you can nail the low, you can make out like a bandit.

I can see one scenario in which yesterday was the low. I can also see one in which we head lower. 

Let me outline them both to you – and you can decide, along with the rest of the market, which is the most probable.

Here’s the bullish scenario for bitcoin
We’ll start with the price action itself. $64,000 was the high for bitcoin; we hit that back in April. Then bitcoin fell over 50% in just a few weeks, hittin ... Read more »

Category: News | Views: 143 | Added by: danyagames2007 | Date: 24.06.2021 | Comments (0)

With China cracking down on cryptocurrencies, it may soon become much easier — and more profitable — to mine bitcoin.

Last month, Beijing called for measures to stamp out bitcoin mining amid concerns over its environmental impact. This has already resulted in crypto miners fleeing China for other regions, like North America.

China’s crackdown intensified over the weekend, with authorities in the hydropower-rich Chinese province of Sichuan ordering crypto miners to shut down operations.

According to reports, more than 90% of China’s bitcoin mining capacity is estimated to be closed. It is thought that between 65% to 75% of all global bitcoin mining takes place in China.

Though it may no ... Read more »

Category: News | Views: 215 | Added by: danyagames2007 | Date: 24.06.2021 | Comments (0)

“Big Short” investor Michael Burry remains relentlessly bearish on Bitcoin.

In his recent tweet, he writes that “trapped bulls” often fall for the latest support.

His warning comes after Bitcoin’s recovery from recent lows hit the pause button.

After bulls managed to push the cryptocurrency to almost $35,000, bears have now regained control.  

The largest cryptocurrency is currently changing hands at $32,691 on the Bitstamp exchange.

Earlier this week, Bitcoin crashed over 20 percent to a five-month low of $28,600.

Last week, Burry—who rose to prominence after predicting the 2008 housing bubble—warned investors about the “mother of all crash ... Read more »

Category: News | Views: 138 | Added by: danyagames2007 | Date: 24.06.2021 | Comments (0)