Bitcoin has seen some incredibly bearish price action throughout the past few days, with the cryptocurrency’s price declining to lows of $9,900 before being able to find some strong support.
The buying pressure here did prove to be rather significant, as it allowed the token to rally higher and once again stabilize within the lower-$10,000 region.
This mixed price action has done little to offer insight into its near-term trend, but it does appear that BTC is at a pivotal point.
Any sustained dip below $10,000 could cause it to post even further losses, whereas further strength may allow it to establish its $9,900 lows as a long-term bottom.
One analyst is noting that on-chain data seems to suggest that BTC is strong from a fundamental perspective, which may mean that its ongoing descent won’t last for too much longer.
Bitcoin Shows Signs of Weakness as Bulls Struggle to Defend $10,000
At the time of writing Bitcoin is trading down just under 3% at its current price of $10,200. This is around the price at which it has been trading throughout the past few days, as bulls have been vying to hold it above $10,000.
In the near-term, where it trends next may depend largely on whether or not the buying pressure between $9,900 and $10,000 continues holding, as a break below here could be all that is needed for it to rocket significantly higher.
It is important to keep in mind that $9,900 has been visited and defended on multiple occasions throughout the past couple of days.
Each visit to this level has been highly fleeting and following by strong rebounds. This may mean that further upside is imminent in the near-term.
On-Chain Data Shows BTC is Fundamentally Strong
One analyst observed that data surrounding the selloff’s momentum and exchange outflows seems to indicate that this downside movement may soon come to an end.
He believes that Bitcoin may soon “punish” late shorts and rally higher.
“If you’re shorting $BTC anywhere after this short-term 2k dump, you may get surprised soon quite a bit imo. On-chain suggests selloff interest momentum’s decreased sharply to have way more outflows vs inflows. May take out over-leveraged longs, then punish late shorts and reverse,” he said.
Image Courtesy of CryptoBirb.
Unless the region between $9,900 and $10,000 is firmly broken below this weekend, there’s a solid chance that Bitcoin sees further near-term upside.
Featured image from Unsplash.
Bitcoin’s price could drop to $29,000, claims CNBC’s Carter Worth.
In an appearance on the CNBC network’s Fast Money segment on Monday, Carter Worth, chief market technician of Cornerstone Macro, warned that the BTC bottom might be far from in. Bitcoin could drop to $29,000 and still be testing current support in line with past dips, he claimed. Analyzing recent price activity and comparing it to past Bitcoin bottoms, Worth said that current levels at around $45,000 represent the top of a support zone.
$45,000 represents the top of a support zone.
“Were we to go down 55%, we’d be in the lower end of support,” Carter Worth summarized. “I think we’re in support — it’s fighting, but my hunch is it goes lower.” A 55% drop from current all-time highs would mean BTC to bottom out at just above $29,000. For Worth, this is a useful reference point, as 55% marks the average of every major price dip of 30% or more since 2011. However, as Twitter users noted, his calculations include events such as the 80% decline from all-time highs in 2017 — a process that took over a year to unfold.
Elon Musk’s tweets continue to trigger bitcoin prices.
Elon Musk’s tweets once again seem to trigger the price of the leading cryptocurrency bitcoin and other cryptocurrencies. Earlier, Tesla CEO Elon Musk had announced that Tesla has decided to suspend short-lived bitcoin payments for its electric vehicles. The announcement caused bitcoin’s price to fall. However, this was not the only instance that triggered bitcoin prices. Later, Elon Musk replied to a tweet claiming Tesla might sell its bitcoin holdings by saying “indeed,” which started rumors about Tesla selling off its bitcoins holdings. However, Elon Musk later clarified that Tesla had not sold its bitcoin holdings.
FOX Partners with Rick and Morty Co-Creator to Launch NFT Marketplace
Fox Broadcasting Company partnered up with Dan Harmon – co-creator of Rick and Morty – to develop animated series based on blockchain technology. The comedy series, dubbed ‘Krapopolis,’ will introduce the sale of non-fungible tokens illustrating the characters and artwork featured in the show.
Fox Enters The Crypto Community
The American commercial broadcast TV network Fox announced its partnership with ‘Rick and Morty’ co-creator Dan Harmon. The collaboration will aim to develop ”the very first animated series organized entirely on the blockchain.”
The popular comedy series, called ‘Krapopolis,’ will launch NFTs depicting Rick, Morty, and the other main characters of the animation. The show also plans to reward its most devoted fans with tokens that grant ”exclusive social experiences.” However, details are scarce about when exactly the project is set to start.
Furthermore, Fox revealed it will launch the new NFT company ”Blockchain Creative labs”, which is expected to connect with ”Krapopolis” and other shows in the near future.
Charlie Collier – Fox Entertainment CEO – outlined the company’s inovation and revealed his intention to add advertising partners to it:
”Not to go too far today, but as an adviser-centric, artist-first, and animation-obsessed company, Fox will lead advertisers into the world of blockchain-powered tokens, including the NFTs.”
The Rise of NFTs
The mass craze around non-fungible tokens has been a hot topic lately. Many celebrities and famous sportsmen such as Tyson Fury, Floyd Mayweather, and Eminem launched their own NFT collections. Moreover, the seven-time Super Bowl champion Tom Brady revealed his intentions to launch his own NFT platform, called Autograph.
One of the most iconic sci-fi movies, Star Wars, also joined the NFT bandwagon. As CryptoPotato reported at the beginning of May, the fans of the franchise will have the chance to interact with more than 800 collectibles built as NFTs called StarColls.
The project aimed to commemorate the legendary series and outlined a ”new era for Star Wars memorabilia collecting when two forces like Star Wars collectibles and blockchain technology merge.”
Somewhat expectedly, the early registration for the Star Wars NFTs started on May the 4th. The fans of George Lucas’ iconic invention know the significance of this date, as it became the ”informal commemorative day” celebrating the saga.
Featured Image Courtesy of HighSnobiety
BlockSwap Network Partners Algorand To Build Next-Gen DeFi Project AlgoSaver
[PRESS RELEASE – George Town, Cayman Islands, 18th May 2021]
BlockSwap Network is pleased to announce a strong partnership and collaboration with Algorand. Through this collaborative effort, both teams will bring forth the AlgoSaver solution. Introducing a sustainable saving market for mainstream users offering 7% on USD deposits is a significant milestone for both teams.
The partnership between Algorand and BlockSwap Network is possible through the Algorand EU Accelerator. Of the 200 projects entering this accelerator, only 11 were able to complete the process. BlockSwap Network is one of those 11 companies, allowing the team to build new products and solutions to improve mainstream adoption of cryptocurrency.
By completing the EU Accelerator, BlockSwap Network will launch the AlgoSaver testnet in July 2021. AlgoSaver offers a sustainable savings market for mainstream users with a 7% APY on USD. That rate is far more competitive than what users can earn through traditional bank accounts or the majority of mainstream investment options. Additionally, ALGO liquidity providers can earn 200% on their staked tokens by providing liquidity to the Open Saver smart contract suite.
“I am thrilled to see Algorand acquire a key infrastructure play as a result of the EU Accelerator — Algosaver will bring a fixed yield market and enable universal savings to our entire ecosystem” Addie Wagenknecht — Algorand Foundation Global Program Manager.
Eterna Capital Partner Mattia Mrvosevic comments: “With Blockswap, users can finally unlock liquidity tied up in staking and by tapping into AlgoSaver, users get to actually invest in a fixed yield product in Algorand. In a world where 2 billion people still lack access to financial services, BlockSwap’s vision of fostering universal basic savings is key to making society more inclusive.
The Open Saver smart contract suite will serve as a Universal Basic Saving solution to let anyone earn a 7% USD yield from their native currency in a frictionless manner. With its liquid staked asset and tradeable tranches of yield bonds classifications, open Saver makes it easy for capital market players to deploy their capital.
The completion of the Algorand EU Accelerator has helped BlockSwap Network raise over $6 million in funding. The team completed several investment rounds, a Balancer LBP event for fair price discovery, and a liquidity provider incentive on Uniswap, the largest decentralized exchange in the world. Additionally, the team has recently launched its CommunityNet initiative to let users test the products under the BlockSwap Network umbrella. Two hundred fifty million BSN CommunityNet tokens will be distributed during this event, which is redeemable 1:1 on the mainnet.
The success of BlockSwap Network would not be possible without a strong community. The project has over 20,000 followers on Twitter and Telegram. With the help of its growing community, BlockSwap Network can keep pushing the boundaries of decentralized finance. Their upcoming product will make DeFi a lot more appealing to mainstream users looking to put their money to work.
About BlockSwap Network
BlockSwap Network makes proof-of-staking benefits accessible to everyone as a stable yield source, incentivizing existing staking operators and PoS token holders by insulating everyday users from dealing with crypto asset volatility and its staking process’s complexities.
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