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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn't Sold Any Bitcoin

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Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.

As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.

BTCUSD
BTCUSD Chart By TradingView

The Bitcoin selloff continues

Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.

Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.

Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar

However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”

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Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.

Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.

However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.

Bitcoin doesn’t need Elon Musk

Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.

In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.

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Source: https://zycrypto.com/amid-rumors-of-dumping-its-btc-holdings-elon-musk-maintains-tesla-hasnt-sold-any-bitcoin/

Blockchain

Crypto Price Analysis & Overview June 25th: Bitcoin, Ethereum, Ripple, Cardano, and Polkadot

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This week was a complete rollercoaster in the cryptocurrency market. Unfortunately, things failed to turn out for the better and the majority is trading in the red.

friday_cryptopost

Bitcoin

Bitcoin is down a steep 11.7% this week as it currently trades beneath $34,000. The cryptocurrency started the week by dropping into support at $31,185 (downside 1.618 Fib Extension) on Monday.

On Tuesday, it took a brief dive beneath $30K for the first time since January 2021. It dropped as low as $28,800 before the buyers regrouped and quickly pushed BTC back higher. In total, BTC did not spend more than 3 hours beneath the $30k level.

Since rebounding above $30K, BTC created the first three consecutive bullish candles since the mid-May price capitulation. It did reach as high as $35,500 today. However, it was unable to close above resistance at $34,760 (downside 1.414 Fib Extension) and has since dropped.

Looking ahead, the first support lies at $33,520. This is followed by $32,465, $31,185 (downside 1.618 Fib Extension), and $30,000. Added support lies at $28,800, $27,750 (January 2021 lows), and $36,840 (downside 1.414 Fib Extension).

On the other side, if the buyers can climb above resistance at $34,760, the first resistance lies at $36,000 (20-day MA). This is followed by $38,000, $39,490 (early-June highs), $40,000 (50-day MA), and $42,000 (January 2021 highs).

btcusd-jun25
BTC/USD Daily Chart. Source: TradingView.

Ethereum

Ethereum fell by a very steep 201 over the week as it trades at $1888 – support provided by the 200-day MA and a .886 Fib. The cryptocurrency fell beneath $2200 on Monday and crashed into the $1888 support.

On the Tuesday spike lower, ETH dropped to $1710 but quickly rebounded to close the daily candle above the 200-day MA. Since then, ETH has been unable to reclaim the $2000 level and has returned to the 200-day MA.

Looking ahead, if the sellers break beneath the 200-day MA, the first support lies at $1710 (mid-March support). This is followed by $1625 (downside 1.272 Fib Extension), $1500, and $1425 (January 2021 highs).

On the other side, the first resistance lies at $2000. This is followed by $2160 (bearish .382 Fib), $2300 (bearish .5 Fib & 20-day MA), $2500 (100-day MA), and $2600.

ethusd-jun25
ETH/USD Daily Chart. Source: TradingView.

ETH is also in trouble against BTC after dropping from 0.063 BTC on Monday and heading beneath 0.06 BTC on Tuesday. It continued to run lower as it broke below support at 0.0569 BTC today.

It is currently trading at 0.056 BTC, but the bearish momentum is still likely to drag it lower in the coming days.

If the sellers push beneath 0.056 BTC, the first support lies at 0.0541 BTC (April 2018 lows & 100-day MA). This is followed by 0.0513 (downside 1.272 Fib Extension), 0.05 BTC, and 0.0473 BTC.

On the other side, the first strong resistance lies at 0.06 BTC. This is followed by 0.0628 BTC, 0.0648 BTC (20-day MA), and 0.068 BTC (50-day MA).

ethbtc-jun25
ETH/BTC Daily Chart. Source: TradingView.

Ripple

XRP fell by an even steeper 25% over the week. The cryptocurrency dropped from $0.781 resistance on Monday to reach $0.6.

It continued on Tuesday to hit the support at $0.55 provided by the 2019 highs and a long-term ascending trend line. It has since attempted to rebound but is struggling to make ground back above $0.7 as it now trades at $0.62.

Moving forward, the first strong support lies at $0.6. This is followed by $0.55 (2019 highs), $0.5, $0.478 (this week’s low), and $0.4.

On the other side, the first resistance lies between $0.7 and $0.72 (200-day MA). Above this, resistance is found at $0.781 (bearish .236 Fib), $0.8282 (2020 highs), $0.9, and $1.00.

xrpusd-jun25
XRP/USD Daily Chart. Source: TradingView.

Against bitcoin, XRP set a fresh three-month low this week as it broke beneath the 2200 SAT (100-day MA) support and plummeted beneath the July 2020 lows at 1900 SAT to reach 1760 SAT.

There, the support provided by the 200-day MA and a downside 1.618 Fib Extension allowed XRP to rebound. However, it is still struggling to sustain itself above 1900 SAT.

Looking ahead, the first strong resistance lies at 2000 SAT. This is followed by 2122 SAT (bearish .236 Fib), 2200 SAT (100-day & 20-day MA), and 2425 SAT (bearish .382 Fib).

On the other side, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA), 1550 SAT (November 2020 low), and 1365 SAT (.786 Fib).

xrpbtc-jun25
XRP/BTC Daily Chart. Source: TradingView.

Cardano

ADA dropped by a smaller 9% this week as it trades above $1.30. It had fallen from resistance at the 100-day MA around $1.42 on Monday and dropped as low as $1.00 on Tuesday.

There, it found support at the 200-day MA and quickly recovered back above $1.15 to close the daily candle. Since then, ADA pushed higher but was unable to break the 100-day MA yesterday. It is currently testing a descending trend line that dates back to the May peaks.

Looking ahead, the first resistance lies at $1.42 – provided by the falling trend line, the 20-day MA, and the 100-day MA. This is followed by $1.52 (bearish .382 Fib), $1.60 (50-day MA), and $1.71 (bearish .5 Fib).

On the other side, the first support lies at $1.120. This is followed by $1.15, $1.10, and $1.00 (200-day MA).

adausd-jun25
ADA/USD Daily Chart. Source: TradingView.

ADA is pretty neutral against BTC this week. It did drop beneath support at 3820 SAT (.382 Fib) on Monday and fell as low as 3440 SAT (.5 Fib) on Tuesday. However, the bulls regrouped and allowed the daily candle to close above 3540 SAT (downside 1.272 Fib Extension).

From there, it has pushed back above the 3820 SAT support but is struggling to make ground beyond 4000 SAT.

Looking ahead, the first resistance lies at 4000 SAT (20-day & 50-day MA). This is followed by 4200 SAT, 4400 SAT, 4570 SAT (1.414 Fib Extension), and 4900 SAT (1.618 Fib Extension & June highs).

On the other side, the first support lies at 3820 SAT (.382 Fib). This is followed by 3540 SAT (downside 1.414 Fib Extension), 3440 SAT (.5 Fib), 3200 SAT (100-day MA), and 3060 SAT (.618 Fib).

adabtc-jun25
ADA/BTC Daily Chart. Source: TradingView.

Polkadot

DOT is down by 32% this week as it trades around $15. The coin fell from above $20 on Monday to reach $13 on Tuesday. The buyers did manage to defend support around $14, provided by a .786 Fib Retracement.

Unfortunately, the bulls have been unable to push much past $17 since rebounding, and the market is looking like it will head lower again.

If the sellers push lower, the first support lies at $14 (.786 Fib). This is followed by $13, $10 (.886 Fib), and $6.90 (Sep 2020 highs).

On the other side, the first resistance lies at $17. This is followed by $20 (20-day MA), $22.5, and $25 (200-day MA).

dotusd-jun25
DOT/USD Daily Chart. Source: TradingView.

Dot is also struggling against BTC this week as it dropped beneath the 200-day MA around 54,500 SAT and continued lower to meet support at 45,000 SAT on Tuesday.

Since then, the market has moved sideways, unable to really push higher again.

Looking ahead, the first support beneath 45,000 SAT lies at 44,000 SAT (May lows). This is followed by 40,600 SAT, 40,000 SAT, and 35,770 SAT (.786 Fib).

On the other side, the first strong resistance lies at 50,000 SAT. This is followed by 52,700 SAT, 55,000 SAT (200-day & 20-day MA), and 60,000 SAT.

dotbtc-jun25
DOT/BTC Daily Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-price-analysis-overview-june-25th-bitcoin-ethereum-ripple-cardano-and-polkadot/

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MEHH Token Offering Scalable Digital Payment Solution to Merchants

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[PRESS RELEASE – Please Read Disclaimer]

Scalable solution, a blockchain company enabling cryptocurrency payments for merchants to receive or send instant payments.

Cryptocurrency is becoming a next-generation payment choice among merchants and customers. Every day, more and more people are using connected devices to make payments. The adoption of digital currency is not limited to laptops but also reaches across the industry like tablets, phones, IoT devices, and smartwatches.

The demand for digital tokens is rapidly increasing. Amalgamate of innovative and secure digital payment mode will help merchants to stay ahead in the game.

Merchants can now take advantage of MEHH Token to expand their horizons and grow their user base around the world. Just with a single integration, now merchants can add MEHH tokens to their existing application or exchange platform.

Value Proposition for Merchants and Customers

MEHH Token is built on a decentralized Ethereum Blockchain Technology. Its permissionless network allows merchants to accept digital payments. Our token delivers the following value proposition to owners:

Merchants:

  • Revise quick payment in MEHH token
  • Reduce the risk of the data breach
  • Foster customer trust
  • No debt and high liquidity
  • Low free and fast transaction speed

Customers:

  • Easy access to make payments
  • Offers smooth payment experiences
  • Secure transactions
  • Convenient to move, exchange, or withdraw
  • Extremely Low free and fast transaction speed

Our mission is to support the vision of enabling digital payments for merchants and customers. By allowing each partner to receive and send payment across the network, the MEHH token ensures instant transfer and safe transaction. We designed these capabilities to redefine the way merchants send or receive payments and transform the Fintech industry by developing a platform that makes a positive impact.

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Source: https://cryptopotato.com/mehh-token-offering-scalable-digital-payment-solution-to-merchants/

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Bitcoin Cash: Is another drawdown likely?

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bitcoin Cash suffered a major setback after its price declined by 80% from its 12 May swing high of $1,642. An additional 50% drop dragged it below its 19 May swing low of $470, but BCH finally cushioned its losses at $390. Broader market relief over the last couple of days pushed BCH north of $470 once again, but the price was still in a sensitive position, at the time of writing.

Bitcoin Cash 4-hour chart

Source: BCH/USD, TradingView

A fall below BCH’s 19 May swing low of $470 had pushed the price towards $390 – A level last seen in late January. Having recovered from monthly lows on the back of broader market recovery, the 4-hour 20-SMA flipped bullish once again but the formation of an up-channel meant that bulls must be wary of another breakdown.

Reasoning

While BCH did break below the key level of $470, the region stole the spotlight once again. The 20-SMA and lower trendline of BCH’s down-channel both clashed with the aforementioned support level. Moreover, the Visible Range’s Point of Control lay at this very mark as interest for BCH was at its peak at $470 over the stated timeframe.

However, a look at BCH’s indicators pointed to some downside over the coming sessions. The Relative Strength Index failed to breach 50 as weakness persisted in the market. The MACD line closed in on the Signal line while its histogram noted receding bullish momentum.

The Stochastic RSI even indicated overbought conditions and headed back towards the neutral zone. If bulls fail to hold on to the press time-support, the price could drop towards its 28 February swing low of $430, where some stability can be expected.

Levels to watch out for 

Entry: $468

Take-profit: $430

Stop-loss: $500

Risk/reward: 1.19x

Conclusion 

Bitcoin Cash’s indicators noted some bearishness in the market and the price can move south from its press time value. This might open up a short opportunity for traders. Entry can be set just below Visible Range’s POC at $469, and take profit at its 28 February swing low of $430.


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Source: https://ambcrypto.com/bitcoin-cash-is-another-drawdown-likely

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