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Bitcoin Price Prediction: BTC/USD Trading Rangebound at $40k to $35k

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Bitcoin Price Prediction: Trading is Rangebound– June 2
The $40,000 to $35,000 level has been the major zone where Bitcoin versus the US Dollar trading is rangebound. The crypto’s price as of writing is at around $36,680, a 24-hour increase of 0.62%.

Trades in Ranges: BTC Market
Key Levels:
Resistance levels: $40,000, $45,000, $50,000
Support levels: $30,000, $25,000, $20,000

BTC/USD – Daily Chart

The BTC/USD daily chart now shows that the crypto market trades in a range of around $40,000 to $35,000. Previous moves lower have seen the price quickly bounce off support.

As in the previous sessions, the bearish trend-line remains drawn across the SMAs from the top, as the 50-day SMA indicator is intercepted by the 14-day SMA trend-line.

The Stochastic Oscillators are in the overbought region, seemingly trying to close the hairs a bit above range 80. And that could, at a later session, turn into a dynamic consolidation sign to indicate that the downward pressure isn’t fully exhausted.

Bitcoin price prediction: How long will rangebound trading last?

Considering the technical reading of what the Stochastic Oscillators are now signalling, coupled with the current BTC/USD rangebound trading, the downward pressure is not getting weaker, especially given that bulls have been finding the main resistance of $40,000 difficult to breach over the past couple of sessions. In that respect, decent buy orders would now have to feature at a lower value of around $35,000.

As regards the downsizing movement of the crypto’s valuation, continual pressure has to be mounted at the higher range level of $40,000. However, breaking out of that point is crucial in determining an end to the recent bearish forces that the market has faced.

Bitcoin’s proximity to the $35,000 level means a further breach to the downside could look for support around the $30,000 level.

BTC/USD 4-hour Chart

After a notable downward trend in the medium-term run of the BTC/USD market operations, the crypto’s value now trades in a range around the smaller SMA from around May 24 until the present. The 50-day SMA indicator is located over the 14-day SMA trend-line.

Additionally, the bearish trend-line is drawn down to touch the smaller SMA from above to locate the current trading level of the crypto’s price. The Stochastic Oscillators have positioned between the overbought region and range 40 trying to cross the hairs toward range 80 probably to suggest the possibility of an upswing returning in no time.

All in all, the market resistance level of $40,000 would have to be the most important trading zone determining the change of the market direction between Bitcoin and the US fiat currency.

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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-trades-in-ranges

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Crypto wallet Zumo adds support for Bitcoin SV (BSV) after BTC and ETH

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Zumo, a crypto wallet and payments app, has announced that it can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).

BSV is the third cryptocurrency to be supported by the non-custodial Zumo wallet. Users can also hold or trade Ether and Bitcoin.

Bitcoin Satoshi Vision (BSV) emerged from a hard fork of Bitcoin Cash (BCH); which itself emerged after a hard fork of Bitcoin (BTC). It is an extension of the same original blockchain with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.

The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto; who first published the white paper explaining Bitcoin.

£10,000 worth of Bitcoin SV giveaway to celebrate

To celebrate the arrival of BSV to the wallet, Zumo is launching a giveaway of £10,000 worth of Bitcoin SV. Any UK resident who opens a new wallet with Zumo passes ID verification and makes a £1 deposit between June 25th, 2021 and July 26th, 2021 will be eligible to win the prize of £10,000 in BSV.

“We’re excited about offering BSV to our users. We’re hoping to introduce British crypto investors to BSV; as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”
– Paul Roach, Zumo’s Chief Product Officer

Source: zumo.money

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Source: https://www.cryptoninjas.net/2021/06/25/crypto-wallet-zumo-adds-support-for-bitcoin-sv-bsv-after-btc-and-eth/

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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DeFi protocol Oxygen to get series of audits from Kudelski Security

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Oxygen, a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure, announced today it has signed a strategic agreement under which Kudelski Security, a division of the Kudelski Group in Switzerland, will provide security assessment and architecture support for the platform.

Soon, Kudelski will conduct a series of reviews and audits of Oxygen’s functionality and interfaces. Meanwhile, Kudelski will have an ongoing collaboration with Oxygen to assess future enhancements, changes, or additions to Oxygen’s protocol.

“Institutions and individual investors have a right to expect that they can trust the quality, reliability, and stability of the Oxygen ecosystem. For Oxygen, this partnership provides transparency, promotes absolute confidence that the protocol does precisely what it promises and demonstrates its security; all based on a thorough assessment by a leading global expert in cybersecurity.”
– Viktor Mangazeev, Co-Founder of Oxygen

Audit Focus

Most importantly, the Kudelski Security team will perform a source code assessment, architecture review, and architecture verification of the Oxygen.org finance system.

Firstly, special attention will be focused on the contracts mechanism, finance logic, yields, borrowing, lending, and leverage mechanisms, as well as other related funds safety considerations

Moreover, verification analyses will confirm that formulas, cryptographic/mathematic, etc. in the software faithfully implement the specified intent of the protocol. Testing will also include a dynamic examination of key financial risk scenarios such as edge situations, liquidity events, and more.

“I’m very excited to be working with Oxygen on this series of engagements. It is important to show strategic leadership in promoting cybersecurity. Comparable traditional businesses have years of audits and tests; and the emerging ecosystems must put their best foot forward to build the trust of users and environmental partners.”
– Scott Carlson, Head of Blockchain Security for Kudelski Security

Oxygen is built on the growing and liquid Serum ecosystem; which leverages an on-chain orderbook to match borrowers and lenders to provide fair rates. Currently, Solana processes up to 50,000 transactions per second. Each transaction costs just $0.00001, and Solana plans to further scale these capabilities.

Source: Oxygen.org

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Source: https://www.cryptoninjas.net/2021/06/25/defi-protocol-oxygen-to-get-series-of-audits-from-kudelski-security/

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