Bitcoin price fell more than 25% during the global market crash on August 5. However, new signals suggest that this decline could be a bear trap, and prices could head back to new all-time highs in 2024.Bitcoin’s Downward Momentum WeakensBitcoin (BTC) price is showing signs of a bullish divergence on the weekly chart.More specifically, the price of BTC has been forming lower lows since July. On the other hand, the weekly Relative Strength Index (RSI) has been forming higher lows. This divergence indicates that the downside momentum is weakening and a potential upside reversal could be imminent.BTC/USD Weekly Price Chart.…
Author: Crypto Flexs
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Bitcoin (BTC) and Ethereum (ETH) have recovered 21% and 18% respectively from their lows following the crash on August 4. But Aurelie Barthere, senior research analyst at Nansen, told CryptoSlate that the worst may not be over yet. She explained:“BTC (and ETH) have hit a local bottom, but the daily trend still looks negative. The 50-day moving average is trying to break below the 200-day moving average.”Barthere added that this creates a technical pattern known as a “death cross,” which typically precedes a price decline.Therefore, to avoid a bearish signal on the chart, analyst Nansen explains that BTC needs to…
Marathon Digital Holdings announced its intention to issue $250 million of convertible preferred notes in a private placement to qualified institutional buyers.The company plans to use the net proceeds from the sale to acquire additional Bitcoin and for general corporate purposes.Services provided by Marathon are subject to market and other conditions, meaning there is no guarantee that they will be completed within the planned terms, regardless of intent.The bonds are unsecured preferred bonds with interest paid semiannually on March and September 1 each year, starting from next year. These bonds mature on September 1, 2031, unless repurchased earlier.Marathon Digital’s intention…
Zooko Wilcox, founder of privacy coin Zcash, has joined Shielded Labs and is looking to accelerate the protocol’s upgrade to a hybrid proof-of-stake system.In an August 10 blog post, Zooko Wilcox, founder of Zcash and now head of new product at Shielded Labs, said that after eight years of using proof-of-work mining, the privacy currency needs to upgrade to a hybrid proof-of-stake system.He noted that the PoW consensus and the creation of new ZEC coins have put downward pressure on the price, but “this pressure is expected to ease as the rate of new coin creation slows.”The two major planned…
The Bitcoin price on August 12, 2024 is $59,777, with a 24-hour price range of $57,814 to $61,054. The cryptocurrency has a market cap of $1.16 trillion, with a 24-hour volume of $29.81 billion. As Bitcoin navigates this difficult environment, technical indicators show continued bearish momentum, testing the resolve of bullish investors. Bitcoin 1 hour (…)
Felix Pinkston Aug 9, 2024 03:45 Gala Games is launching a limited time rebate offer on the Finley ProtoVOX costume, giving you $100 in $GALA back. Act fast before it’s gone. Gala Games has announced a new limited-time discount opportunity focused on the Finley ProtoVOX Outfit. The offer is part of preparations for the V1 release of their highly anticipated VOX mobile crafting and strategy game, Project Cerberus, according to Gala News. New Rebate Sale The Finley ProtoVOX Skin NFT will be available for a limited time on the Gala Games store. Buyers will…
Bitcoin continues its tumultuous August with volatility set to increase as it starts the week by dropping below $60,000.Bitcoin (BTC) price action, which showed a dramatic recovery after crashing to a six-month low, is trying to regain its bullish momentum.Who will be in control going forward?The stage is already set for a fierce battle between bulls and bears, but there are plenty of factors that could drive volatility and provide some surprises.The most important of these comes from outside the crypto world in the form of US macroeconomic data.Amid the debate over how the Federal Reserve will handle global market…
Ethereum price has started a downward correction in the $2,700 zone. ETH is currently consolidating and struggling to stay above the $2,500 support level. Ethereum started a downward correction below the $2,650 and $2,620 levels. The price is trading below $2,650 and the 100 hourly simple moving average. The bullish trend line connecting the support level at $2,620 has broken down on the hourly chart of ETH/USD based on data provided by Kraken. The pair could rally again if it stays above the $2,550 support zone. Ethereum Price Declines and Revisits $2,550 Ethereum price struggled to extend its uptrend above…
Kamala Harris’ odds of winning the upcoming presidential election have surpassed Donald Trump’s on decentralized prediction market platform Polymarket over the weekend.Harris’s multiplication The odds of winning the November election rose to 52% today at Polymarket, while Trump’s odds of winning have fallen from 70% in mid-July to 46%. Harris reversed Trump’s odds on Saturday.The US election results remain the biggest prediction market The platform’s trading volume has now exceeded $572 million.Harris’ team Started contacting As cryptocurrencies become part of the cryptocurrency industry, election debate Over the past few monthsAnd her pro-cryptocurrency rival, Trump, has echoed this. his support Bitcoin…
A widely known cryptocurrency analyst has updated his outlook for Bitcoin (BTC) and Ethereum (ETH), while also expressing a bullish outlook for large-cap altcoins. In a new thread, anonymous cryptocurrency trader Credible Crypto told his 408,700 followers on social media platform X that XRP, the token used to power Ripple Labs’ payments platform, is about to have an “inevitable massive surge” now that its legal troubles are behind it. According to Credible Crypto, XRP is now set for explosive growth after its legal battle with the U.S. Securities and Exchange Commission (SEC) ended with a $125 million fine. “The question…