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Bitcoin Price Prediction: BTC/USD Breaks Below $9,900; Do or Die For Bitcoin

Bitcoin (BTC) Price Prediction – September 8 Over the past days, Bitcoin (BTC) tried to break above the $10,000 mark but with no success. BTC/USD […]

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Bitcoin (BTC) Price Prediction – September 8

Over the past days, Bitcoin (BTC) tried to break above the $10,000 mark but with no success.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $9,100, $8,900, $8,700

BTCUSD – Daily Chart

Today, BTC/USD is currently losing its balance below the $10,000 support level as traders remained jittery about its recent fall from $10,440. The BTC/USD exchange rate fell to an intraday low of $9,920, down 3.71 percent from its opening rate. The latest sell-off appeared on the backs of a stronger US dollar. The greenback rose 0.32 percent during the early morning London session but couldn’t gain much before sliding back below $10,000.

What to Expect from Bitcoin (BTC)

As long as the technical picture remains intact, Bitcoin bulls will have a fighting chance at reclaiming the support at $10,000. Traders should note that the Bitcoin price is holding below the 9-day and 21-day moving averages. This means that the technical health of Bitcoin is weakening as the bulls are losing the market with a serious downward trend.

However, on the downside, another drop under $9,800 could open with losses likely to increase fast towards $9,500. A lower price for Bitcoin is the only way to create support and bring back buyers into the market. Moreover, the fight to remain above $10,000 will continue to take precedence.

On the upside, a recovery above $10,300 and $10,500 levels could pave the way for another run-up to $11,000, $11,200, and $11,400 respectively. On the flip side, support is expected at $9,100, $8,900, and $8,700. It is apparent that bears have more strength with the RSI (14) printing a bearish session.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, Bitcoin’s price is currently trading around $10,068 and below the 9-day and 21-day moving averages after falling from $10,440 where the coin touched today. From a technical point of view, the trend is in the hands of the sellers.

BTCUSD – 4 Hour Chart

However, the RSI (14) is moving above the 40-level. As long as the downward trend continues, keeping Bitcoin above $10,300 may be a daunting task. In this case, it is best we look at possible support levels, starting at $9,600 and below while the resistance levels lie at $10,500 and above.

Source: https://insidebitcoins.com/news/btc-usd-long-term-trend-ranging-daily-chart-12

Blockchain

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months - Here's What This Means

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The long wait is over, or so it appears as Bitcoin holders prepare to set foot into a green zone after seven months of red hot drought.

The earliest signs of a bullish rebound for Bitcoin were sighted on Glassnode’s on-chain metrics this week. Bitcoin users joyfully watched as the index flipped an unprofitable red-run that had gripped hodlers of the apex crypto-currency since mid-November.

Popular crypto expert, Will Clemente noted this latest bitcoin development as a sequel to last month’s net holders position outlook which showed a large sales of Bitcoin coming from the camp of inpatient short-term holders.

Image

What Does This Imply?

The biggest take from this new index is that patient bitcoin holders may now finally see positive returns on their long-term investments.

It also may show that the market has fully corrected holding positions as was seen last month, where Bitcoin’s dip below the $35,000 resistance frightened many new entrants, including young whales (who held large amounts of bitcoin for less than three months), leading to a massive liquidation drive that transferred coins from young holders to old and experienced holders.

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BTCUSD Chart By TradingView

Who are the catalysts?

It is unclear what exactly may have spruced the ground for a much-needed leap up, but one cannot underestimate the impact of Bitcoin’s recent acceptance by the government of El-Salvador. Having emerged as the first of its kind to tear through the government’s veil of financial legitimacy, the scale of its operation and use may now become more expanded than ever before. This is most likely to spur more citizens and governments of other countries to innovate their financial system around the digital currency with growing national acceptance. 

Others may attribute part of its recent success to Elon Musk’s turncoat claims about Tesla returning to Bitcoin, after ditching the currency in a precarious moment.

But one thing inevitably clear, in the world of crypto influencers is the role of Michael Saylor to keep the masts of bitcoin sailing amidst the troubled waters of last month. From a conference to address energy concerns to an additional injection of $1 billion into bitcoin, the CEO of MicroStrategy has done a lot to build resistance for the apex currency.

Going Forward

As Will Clemente spots the early symptoms of progress, it is expected that many investors who remained skeptical about buying and waiting through the dip, would want to cast in their lots before the entry price soars to the point of eroding leverage.

This means more activity for Bitcoin, more health value upshot, and more reward for those who took Robert Kiyosaki’s advice to ‘buy the dip.’

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/this-bitcoin-hodler-metric-has-just-flipped-green-for-the-first-time-in-8-months-heres-what-this-means/

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Blockchain

Paraguayan Official Confirms: In July We Legislate Bitcoin

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Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well.

  • CryptoPotato reported last week when Rejala Helman said his country planned to start working on an “important project” that included Bitcoin and PayPal
  • Although he provided little-to-no information at the time about the precise nature of the project, the official confirmed it’s coming in a more recent tweet.
  • Commenting on news indicating that one of Paraguay’s largest entertainment organizations has started to accept various digital assets, Rejala Helman emphatically asserted, “This is Paraguay. July we legislate! #Bitcoin.”
  • This comes shortly after Gabriel Silva, a Panamanian congressman, laid out plans to present a bill on cryptocurrency adoption as a legal tender as well.
  • He believes Panama should not trail other nations from the region that have already taken steps to legalize Bitcoin.
  • Naturally, he meant El Salvador. The small country located in Central America has been the leader in terms of BTC adoption.
  • As reported recently, the nation officially voted in favor of a new rule making Bitcoin a legal tender within its borders. El Salvador’s President, Nayib Bukele, further outlined his support for the asset and even urged miners to mine BTC with the thermal energy of the country’s volcanoes.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/paraguayan-official-confirms-in-july-we-legislate-bitcoin/

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Blockchain

U.K’s crypto-users are growing in number, but do they even understand the asset class?

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The United Kingdom’s approach to cryptocurrency regulations has been measured, but it has matured in the post-Brexit financial landscape. Even though the U.K didn’t ban the whole crypto-sector, there were still some hiccups on the way, however. Looking at how things currently stand, did the crypto-community in the U.K evolve?  Here’s a recent study to highlight the same.

The country’s main regulatory body, the FCA, recently published an in-depth report to provide an overview of cryptocurrencies and their use in the U.K. The research note titled “Crypto asset consumer research 2021” incorporated various factors to account for the current market frenzy. As per this report, various attributes recorded an uptick whereas there were a few concerns as well.

Crypto-holdings  

Talking about the former first, around 2.3 million adults in the U.K currently hold crypto-tokens in their portfolios, a significant hike from 1.9 million in 2020. The number of current owners too surged from about 3.9% to 4.4% of adults.

Source: FCA

What’s more, the ownership volume findings too painted a similar picture. As per the study, the average median holdings rose to 300 British pounds ($420) from 260 pounds ($370) in 2020. Out of these holdings, Bitcoin had a majority share, with 82% of the respondents recognizing BTC, compared to 78% last year.

Public awareness

With respect to the latest boom in crypto-developments in the U.K, it’s natural to witness the roaring demand in the crypto-space. This parameter, likewise, noted a surge as 78% of adults were up to date, a significant incline from 2019 and 2020.

Source: FCA

Quite the contrary now.

However, roaring awareness doesn’t always equate to understanding the underlying asset. Such is the case here.

“Only 71% of those who had heard of crypto correctly identified its definition from a list of statements. This was a statistically significant decline of 4% from 2020.”

According to the FCA,

“This suggests there may be a risk of consumers engaging with cryptocurrency without a clear understanding of it.”

Can this be one of the reasons?

Looking further, traditional media (TV, newspapers, radio, etc) are still the most common source (27%) for the U.K residents to take the first step in this domain. Does this imply that many still rely on the different broadcasts to directly jump onto the crypto-frenzy bandwagon instead of understanding its core? Well, certainly the data points in the said direction.

Here’s what Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, said in a recent discussion regarding the same.

“It is important for customers to understand that, because these products are largely unregulated, if something goes wrong they are unlikely to have access to the FSCS (Financial Services Compensation Scheme) or the Financial Ombudsman Service.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/u-ks-crypto-users-are-growing-in-number-but-do-they-even-understand-the-asset-class

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