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Bitcoin Goes Past $40,000 Again And Here’s What Investors Think

Bitcoin goes past $40,000 again after falling to $30,000 earlier this week and surpassed key support level in a rally eclipsing the short-term price targets by many analysts so let’s take a closer look at the Bitcoin price news today. BTC is up by over 14% in the past 24hours as it bottomed to $30,000 […]

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Bitcoin goes past $40,000 again after falling to $30,000 earlier this week and surpassed key support level in a rally eclipsing the short-term price targets by many analysts so let’s take a closer look at the Bitcoin price news today.

BTC is up by over 14% in the past 24hours as it bottomed to $30,000 earlier this week which later rebounded to $33,000 but now hit $40,000. The cryptocurrency outperformed most other altcoins as the entire capital is once more focused on BTC. The rally in the BTC price comes right after the Grayscale Investments asset fund manager reopened is institutional trusts for the crypto markets and many think that this resulted in a fresh inflow of cash into BTC which is where the recovery comes from.

btcusd
The higher the price of Bitcoin goes, the more attractive it becomes to hackers Source BTCUSD on TradingView.com

Analysts said that BTC could face a strong correction form here and one trader predicted even that 2018’s BTC bottom price to 1.5% accuracy about six months in advance and told his followers that the rally seems corrective:

 “ok, im out of #btc longs here now aswell, this move up feels corrective, whether it be part of a larger consolidation or a B wave up before another nuke down to 28k im not sure, but im happy to take profit here and watch from the sides for a little while.”

Analysts are confident however but the macro trend remains bullish for BTC. As recently reported, Many traders agreed that the pair will continue lower and will form a head and shoulders pattern which is a bearish reversal structure. The pattern’s technical downside target is below $20,000 which is a move that will take BTC down by more than 50% from the record high of $42,000 that was established back at the beginning of January. Other bearish indicators come from the macroeconomic landscape and the US growth prospects challenged opinions about a longer US dollar bear market. After finishing 2020 down by about 6% the dollar recovered by 1.2% in the first week of this year which forced analysts to rethink their long-term bearish bias.

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btc/usd
Bitcoin struggles to move past $35,000. Source BTCUSD on TradingView.com

A day ago, The BTC daily MACD turns red for the first time since bitcoin hit $20,000, recording its biggest red candle in history. Bitcoin started off the year with a sharpest weekly advance and took the asset from $30K to $40K and this number is actually more than double of its former peak since the breakout from $10,000.

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Source: https://www.dcforecasts.com/bitcoin-news/bitcoin-goes-past-40000-again-and-heres-what-investors-think/

Blockchain

What’s in store for SushiSwap in 2021?

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Decentralized exchanges or DEXs have been registering significant activity over the past few months and SushiSwap is right up there with Uniswap. However, the Sushi token has held its own in the market since being criticized for being another scam project.

Over the past few weeks, its performance has spoken for itself but since the collective bearish pull, few questions have again been thrown in its direction.

SUSHI registers contradictory signs

Source: Twitter

As illustrated by glassnode statistics, the transaction volume of Sushi on a 7-day average has reached an all-time high of ~$17.5 million. The transaction volume refers to the volume moved on-chain for Sushi. Higher movement on-chain is indicative of higher activity for the token but at the same time, SUSHI’s median transaction volume has reached a 4-month low, suggesting that the median value of the transaction has dropped substantially in the recent past.

Statistics drawn from Sushiswap’s website indicated that the 24-hour volume at present is around $306 million, which is still far away from its ATH of $1.6 billion registered on 23rd February. The drop in volume has been consistent with the recent pullback but over the past 24-hours, the volume is up 10.34%.

Source: Sushiswap

In contrast, total liquidity has taken a hit over the past 24-hours, dropping 13.52%, declining from $3.64 billion to $3.08 billion.

SushiSwap: Expansion is the way forward?

The on-chain metrics have not meddled with Sushi’s plan as according to Joseph Delong, CTO of Sushi.com. Sushi contracts are now deployed on different platforms which include Binance Smart Chain, Fantom, Polygon, Moonbeam, and xDai chain.

The industry is currently speculating that the move has been inspired by the current surging gas fees on Ethereum. While Ethereum is on pace to settle over $1.6 trillion in terms of transactions in Q1 2021, many projects continue to look at other scaling solutions for growth.

While Sushi will possibly continue to gain more on-chain volume from Ethereum than other platforms, its expansion to other blockchains can be taken as a sign of flexibility in terms of keeping the activity consistent for deployment.

Source: Trading View

Chart analysis suggested that the asset has dealt well during the bearish onslaught and a renewed bullish momentum may allow Sushi to scale towards a new ATH before the end of March 2021. Currently, moving above the 50-moving average, a bullish breakout could be on the cards for the token over the next few days.


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Source: https://ambcrypto.com/whats-in-store-for-sushiswap-in-2021

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Blockchain

Charted: Uniswap’s UNI Enters Top 10, Why It Could Soon Test $42

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Uniswap’s UNI climbed over 10% and it even broke the $34.00 resistance against the US Dollar. A new all-time high is formed near $34.60 and the price is likely to rise further.

  • UNI gained pace above the $30.00 and $32.00 resistance levels against the US dollar.
  • The price is trading nicely above $34.00 and the 100 simple moving average (4-hours).
  • There was a break above a key connecting bearish trend line at $28.00 on the 4-hours chart of the UNI/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards the $36.50 and $40.00 levels in the near term.

Uniswap’s UNI Breaks $34

After a sharp downside correction from well above $30.00, UNI found support near the $20.00 level. It traded as low as $18.68 and it recently started a fresh increase. It broke many hurdles near $25.00 to enter a positive zone.

There was a clear break above the $28.00 resistance and the 100 simple moving average (4-hours). There was also a break above a key connecting bearish trend line at $28.00 on the 4-hours chart of the UNI/USD pair. The bulls even pushed the price above the $32.00 resistance.

Uniswap’s UNI

Source: UNIUSD on TradingView.com

A new all-time high is formed near $34.50 and it seems like the price could rise further. An immediate resistance is near the $36.50 level. It is close to the 1.236 Fib retracement level of the downward move from the $33.17 high to $18.68 low.

The next key resistance is near the $40.00 level. The next major stop for the bulls could be $42.00. It is near the 1.618 Fib retracement level of the downward move from the $33.17 high to $18.68 low.

Dips Supported?

If UNI price fails to settle above the $35.00 zone, it could correct lower. The first major support is near the $32.50 and $32.00 levels.

The main support is now forming near the $30.00 zone. A downside break below the $30.00 support might open the doors for a push towards the $27.50 support. Any more losses may possibly lead the price towards the $25.00 zone.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 70 level.

Major Support Levels – $32.50, $30.00 and $27.50.

Major Resistance Levels – $35.00, $36.50 and $40.00.

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Source: https://www.newsbtc.com/analysis/uni/uniswaps-uni-enters-top-10/

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The number of BTC held on exchanges crashed 20% in 12 months

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Data from on-chain crypto information aggregator Glassnode indicates the number of Bitcoin held on centralized exchanges has fallen by roughly 20% in 12 months.

The data suggests investors are accumulating BTC and withdrawing them from exchanges into cold storage, creating a supply crunch.

On March 6, Glassnode also shared data revealing that coins purchased during 2021 were not moved at a loss during the late February dip, according to on-chain analysis.

The firm’s “Hodlwaves” metric, which measures the time since coins were last moved on-chain, also points to increasing accumulation activity.  Hodlwaves data published on Feb. 22 indicated 57% of Bitcoin’s supply has not moved in more than one year. However, more than one-third of said BTC have not moved in more than five years, suggesting that a significant portion of the coins may have been lost.

The increasing popularity of decentralized exchanges and DeFi yield protocols may also be driving the diminishing supply of BTC on centralized exchanges.

Evidencing strong demand for Bitcoin in the DeFi ecosystem, the total value locked, or TVL, of BTC tokenization protocol Wrapped Bitcoin has increased by more than $1 billion since the start of March, according to DeFi Llama.

Wrapped Bitcoin TVL: DeFi Llama

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Source: https://cointelegraph.com/news/the-number-of-btc-held-on-exchanges-crashed-20-in-12-months

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