Here’s the Key Level Bitcoin Needs to Reclaim for Bulls to Take Control

  • Bitcoin’s appears to be caught within a firm bear trend, with the cryptocurrency being wholly unable to see any sustained rebounds
  • Each rally over the past week has been firmly rejected, with BTC rallying to highs of $34,500 yesterday before facing a rejection that sent it down towards $30,000 today
  • Where the entire market trends next will undoubtedly depend on whether or not bulls can guard against a dip below $30,000
  • The selling pressure that caused the recent dip is showing few signs of letting up anytime soon and may cause further near-term losses
  • One trader is optimistic, however, noting that bulls could still take back control if they can break above one crucial level

Bitcoin and the entire crypto market have been facing some intense selling pressure as of late that has hampered the uptrend BTC formed throughout the past couple of months.

It remains unclear whether this trend has been invalidated, but bulls certainly have some serious work in front of them if they want to reverse the recent selloff.

One analyst is pointing to $34,500, noting that this is a crucial level that bulls need to break for the market to see further upside. Once claimed, he is setting his sights on a move to $40,000+.

Bitcoin Shows Subtle Signs of Strength as Bulls Absorb Selling Pressure 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $32,000, which marks a notable decline from recent highs of $34,500 set just a couple of days ago.

The selling pressure here was significant and highlights that bears are still in control of the cryptocurrency’s price action.

It dipped down towards $30,000 today and was able to find some significant buying pressure, which is a good sign for bulls.

Here’s the key Level Bulls Need to Target

One analyst explained in a recent tweet that he is closely watching for Bitcoin to see a move past $34,500 in the near-term.

He believes that this could propel it straight to $40,000 in the days ahead.

“BTC: That $34,500 level wasn’t random btw. Perfectly capped upside yesterday. Reclaim that and I think we see 40k+.”

Bitcoin

Image Courtesy of George. Source: BTCUSD on TradingView.

Bulls have their work cut out for them if they want to reverse the recent downwards spiral that has sent Bitcoin to the lower-$30,000 region.

A strong bullish trend reversal here, however, could result in the market seeing massive upside.

Featured image from Unsplash.
Charts from TradingView.

Millions Learn About DeFi From Wheel Of Fortune Contestant

Last night on the Monday night live airing of the popular TV game show Wheel of Fortune, a contestant named Jeremy introduced viewers to DeFi for the first time, while in the same breath mentioning Bitcoin and cryptocurrencies as a whole.

Here’s why this is only the start of decentralized finance tokens generating enough fortune to leave heads spinning, along with a look at how they’ve performed thus far.

Game Show Contestant Teaches Millions Of Americans About Decentralized Finance, Bitcoin, Crypto

As meaningless as it may seem at the surface, when something makes it on primetime television, is has “made it” in general. When Bitcoin and crypto began appearing as an answer on America’s favorite game show Jeopardy, it was undeniably significant due to the sheer audience size alone.

Jeopardy gets upwards of ten million viewers per episode, and it shares a one-hour block on TV with another extremely popular game show, Wheel of Fortune. Wheel of Fortune lets contestants take a spin on a wheel for a chance to win big.

Related Reading | Analyst: Post Bitcoin, Traditional Finance Will Flock To DeFi, Not Ethereum

On last night’s airing, contestant Jeremy revealed to host Pat Sajak that he works in “decentralized finance” or DeFi, as its commonly referred to. He likened the industry to Bitcoin and cryptocurrencies for those who would be more familiar with those terms.

The mere mention of DeFi on TV could lure those with their curiosity piqued to Google much like the uninformed did in reference to Bitcoin in 2017. Today, not as many need to learn about Bitcoin. Could this be the path that DeFi is on? And if so, what could this mean for investors?

 

 

Before And After: DeFi Tokens Take Investors For Spin On Wheel Of Fortune

Altcoin season is here, but it isn’t the same as it has always been. Not all boats are rising with this tide. Instead, there’s a focus of capital flowing into real value versus untested and freshly minted altcoins in 2017.

Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown

DeFi has staying power, and is still very early in terms of what the assets are capable of. Taking just one of the standout DeFi tokens shows in just two month’s time, the fortunes that have been made.

aave defi crypto

Stand out star AAVE has grown 1000% in two months since its November 2020 low | Source: AAVEUSD on TradingView.com

Since the November low in DeFi token AAVE, it has risen 1000% against the dollar. Several other coins from the category have performed equally or nearly as well.

Ethereum, the primary cryptocurrency network most DeFi tokens are built upon, also has brought investors significant returns thus far in 2021.

The trend in DeFi is only beginning, and with a max supply much less than Bitcoin’s, tokens like AAVE have a lot more to climb before its all said and done.

Featured image from Deposit Photos, Charts from TradingView.com

Pragmatism: The true key to unlocking crypto mass adoption

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DeFi revival pushes Celo, Venus (XVS) and Fantom (FTM) price higher

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Former Goldman Sachs CEO: If I Were a Regulator, I’d Be Hyperventilating at the Success of Bitcoin

Former Goldman Sachs CEO: If I Were a Regulator, I’d Be Hyperventilating at the Success of Bitcoin

Former Goldman Sachs CEO Lloyd Blankfein has offered his view on the future of bitcoin. He said if he were a regulator, he would be “hyperventilating” at the success of bitcoin right now and he would be arming himself to deal with it.

Lloyd Blankfein Shares His View on the Future of Bitcoin

Former Goldman Sachs CEO Lloyd Blankfein discussed bitcoin on CNBC Monday. He was asked about how he sees the future of bitcoin and other cryptocurrencies considering that BTC appears to be going mainstream as big firms are now getting involved.

“It could work,” Blankfein admitted. He then explained that “at the end of the day, currency is supposed to accomplish a couple of things. It’s supposed to be a medium of exchange and a store of value.”

He described bitcoin as “a store of value that can move 10% in a day, that if you lose the code or you lose the slip of paper, it’s lost forever, or if somebody takes it from you, how will you know. So the store of value element is a little bit tough.” As for the prospect of bitcoin being a medium of exchange, he asserted: “here’s a problem, you don’t know whether or not you’re paying the North Koreans or Al Qaeda or the Revolutionary Guard.”

Nonetheless, he said: “At the end of the day, if it ever got big enough to be substantial and a real medium of exchange, how could the regulators so focused as they are on anti-money laundering” not step in and do something about it. He believes that there are good reasons for monitoring who is getting paid in the financial system. “Going back to 9/11, we found out that following the money is the way you can anticipate and maybe prevent certain crimes and of course everybody talks about the illicit use of bitcoin,” the former Goldman Sachs CEO opined.

In conclusion, Blankfein reiterated that “like a lot of things, this could be workable but it will undermine the freedom and liberty and kind of lack of transparency that people like about it in the first place so that’s the conundrum that bitcoin will have to deal itself out.” The ex-Goldman Sachs CEO elaborated:

If I were a regulator, I would be kind of hyperventilating at the success of it at the moment and I’d be arming myself to deal with it.

What do you think about Lloyd Blankfein’s view on bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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‘Coin Signals’ Trader Arrested on $5M Crypto Fund Fraud Charges

The Federal Bureau of Investigation (FBI) on Tuesday arrested Rhode Island cryptocurrency trader Jeremy Spence on allegations that his “Coin Signals” crypto funds bilked investors of $5 million between November 2017 and April 2019.

The 24-year-old proprietor of at least three crypto funds allegedly ran their value into the ground, losing millions of dollars for 170 investors. Spence tried to hide his losses by funneling over $2 million of newcomers’ bitcoin and ethereum positions to old-timers in a “Ponzi-like” fashion, according to a complaint unsealed Tuesday in federal court.

He also fabricated account balances to show Coin Signals investors in the green, prosecutors allege. Spence once falsely told his investors they were up 148% in a single month, according to the complaint.

In doing so, prosecutors allege Spence committed commodities fraud and wire fraud. Those charges could add up to 30 years in federal prison if prosecutors secure a conviction and maximum allowable sentence.

Spence’s crypto funds have landed him in hot water before. In 2018, crypto lawyer David Silver of Silver Miller Law filed a civil suit over the trader’s alleged Ponzi scheme on behalf of 22 Coin Signals investors. Miller secured a summary judgment and $2.9 million in damages against Spence in mid-December.

“We are pleased that after nearly two years, the government has finally indicted Mr. Spence to hold him accountable to his many victims, Silver told CoinDesk. “The real question remains, where is the stolen bitcoin? My clients would prefer a return of their bitcoin more than the unsatisfied $3,000,000 Judgment.”

Injecting Apple-like ‘quality-control’ into DeFi is what we need

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