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Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

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  • Bitcoin’s price action as of late has been quite ambiguous, with buyers and sellers largely reaching an impasse as BTC struggles to gain any decisive momentum
  • The crypto did make an attempt to break above $40,000 yesterday, but the selling pressure here was significant and sparked a rejection
  • Its price has since plunged to the $35,000 region, which is where bulls are currently trying to slow its descent and spark a rebound
  • Where the market trends next may depend largely, if not entirely, on whether or not BTC can find any support that slows its ongoing decline
  • If it cuts deeper, BTC could place serious headwinds on the entire market and spark a mass selloff amongst altcoins that slows their momentum and leads to further downside

Bitcoin has seen some intense turbulence today, with bulls losing their edge over the cryptocurrency’s price action and causing it to see a decline to lows of $34,000.

The support here was somewhat significant and helped the entire market see an influx of buy-side pressure that has since allowed for a rebound.

It remains unclear as to whether or not this rebound will be enough for BTC to form a long-term bottom, as one analyst is noting that a move down towards $28,000 could be imminent in the short-term.

Bitcoin Struggles to Slow Descent Following $40,000 Rejection 

At the time of writing, Bitcoin is trading down just under 10% at its current price of $35,300. This marks a notable decline from recent highs of $40,000 that were set yesterday around this time.

Where the entire market trends next will undoubtedly depend largely on whether or not bulls can create any long-term support in the lower $30,000.

A break below here could lead to serious downside for the entire market and potentially mark an end to the crypto’s uptrend.

BTC Could Accelerate Down Towards $28,000 as Selling Pressure Mounts

One trader mused the possibility that Bitcoin’s ongoing decline will cut deep, sending it towards $28,000 before it can find any long-term support.

He notes that this is the next critical support level based on a confluence of various factors.

“The bearish $BTC case projects towards 28k or lower, in that case we just printed some b wave – like I said, price action is ambigious up here,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Bitcoin Jack. Source: BTCUSD on TradingView.

The coming few days should provide some insight into where the entire market will trend in the near-term. Any continued downside seen by Bitcoin could create headwinds that halt the uptrends being seen by many altcoins.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/analysis/btc/bitcoins-bear-case-suggests-move-to-28000-is-a-possibility-in-the-near-term/

Blockchain

John McAfee Following the DOJ Indictment: The Allegations Are Overblown

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A day after being indicted for several criminal offenses, including money laundering schemes and fraud, John McAfee has called the allegations brought by US authorities “overblown.” The former software antivirus creator also defended his ICO promotions and receiving payments with the particular coins.

DOJ Goes After McAfee

The former antivirus tycoon made a name in the cryptocurrency space a few years back with the “Coin of the Day” campaign, in which he promoted certain low-cap alternative coins and somewhat outrageous promises that if BTC didn’t reach $1 million by the end of 2020, he would eat his male genitalia.

While he failed to complete the latter as BTC came a long way from his price prediction, he received a lot of criticism about the promotions. The situation escalated on Friday as the US Department of Justice brought official charges against McAfee and his executive advisor – Jimmy Watson Jr.

The authorities charged both with conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses from two schemes related to the fraudulent promotions.

US Attorney Audrey Strauss said that McAfee and Watson “exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception.”

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“The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

Ultimately, Strauss explained that McAfee, Watson, and the rest of the team “raked in” more than $13 million from investors.

McAfee Responds: Allegations Are Overblown

The “Coin of the Day” campaign, which later turned into “Coin of the Week,” allowed McAfee to post about various crypto tokens that he supposedly believed were undervalued. Having more than one million followers on Twitter, though, every time he posted about a particular coin, people rushed in to purchase it, which skyrocketed the price.

However, this allowed people who were early on to dispose of their assets in a rather profitable way. It led to sharp price corrections and losses for the investors who followed McAfee’s Twitter publications – this is better known as “pump and dump.”

Nevertheless, McAfee, who is currently in a Spanish prison, offered his side of the story earlier today. He believes that the coins didn’t plummet in value because of an alleged scheme. Instead, he blamed it on the year-long bear market that the crypto market faced in 2018.

Furthermore, McAfee claimed that he and his team kept most coins they received as payments for the promotions and called the allegations “overblown.”

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Source: https://cryptopotato.com/john-mcafee-following-the-doj-indictment-the-allegations-are-overblown/

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Blockchain

Binance Coin Price Analysis: 06 March

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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

With the market stabilizing following the sudden bout of volatility, Binance Coin [BNB] too is working towards attaining a stable ground on the price charts. Although the alt has been moving within a wide range lately, a visible downtrend was visible too.

At the time of writing, BNB was valued at $221.74 with a market capitalization of $35.03 billion.

Binance Coin [BNB] 4-hour chart

Source: BNBUSD on TradingView

Binance Coin’s 4-hour chart [BNB] showed that the altcoin’s price has been moving between $214 and $267 since the beginning of the month. A surge pushed the value of the digital asset above the $214-price level, after which it tested the resistance once, before retracing.

The digital asset may be moving towards testing the support at $214 once again, but may not drop under this level.

Reasoning

The Awesome Oscillator suggested that the market momentum had shifted towards the negative side. Therefore, a price swing will not be sustainable at this time. Meanwhile, the Bollinger Bands seemed to be indicating a less volatile market than before. The Signal line and the 50 moving average have, however, moved above the price bars, underlining the downward trending price. At press time, they were acting as resistance to the value of BNB.

The Relative Strength Index moved away from equilibrium as sellers entered the market. The selling pressure was pushing the digital asset towards the oversold category, however, a lack of momentum may help it remain close to equilibrium.

Conclusion

Binance Coin’s press time market trend highlighted consolidation with a bearish outlook. The market may continue to test the support at $214 but might retrace since the momentum in the market was low. Meanwhile, the lack of volatility may also prevent a sudden change in the price trend.


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Source: https://ambcrypto.com/binance-coin-price-analysis-06-march

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Basketball billionaires form NBA blockchain use case committee

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Blockchain tech may soon become an integral part of the world’s largest basketball league. 

According to a report from Sportico yesterday, a group of some of the wealthiest and most powerful National Basketball Association team owners are forming a committee to investigate blockchain use cases for the NBA.

Called the Blockchain Advisory Subcommittee, members include Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive and Ryan Sweeney. According to Sportico, the goal of the subcommittee is to “explore ways to integrate blockchain across the league’s business.”

Two obvious possible use cases include ticketing and collectibles. Blockchain-based ticketing has made significant strides and now has an active userbase, and Mark cuban in particular has been vocal about his support for using blockchain to enable his team to reap profits from secondhand sales and scalping.

Likewise, blockchain-based collectibles have found an unusually snug product-market fit with the NBA’s highlights and stat-obsessed fans. Flow blockchain’s NBA Topshot tradable highlight project has raked in over a quarter billion in sales. Additionally, the company counts multiple NBA players as investors.

However, Cuban said in a statement to Sportico that the committee was not founded as a response to the exploding popularity of NBA Topshot, and is instead focused on broader applications of blockchain technology.

Cuban is by now a familiar name to members of the crypto community. Despite a past history of disparaging digital currencies, he’s now embraced them — especially Ethereum-native protocols and tools like NFTs. After a halfhearted NFT release, on-chain sleuths found his address and discovered the billionaire owns a number of DeFi protocol tokens.

Additionally, according to a recent Tweet his decision to accept Dogecoin for Mavericks tickets and merch appears to have been a success:

Fans might also recognize Vivek Ranadive, the owner of the Sacramento Kings. After buying the team in 2013, he advanced a number of tech-centric and radical ideas, including playing 4-on-5 defense and setting up an app to let fans vote on the next play. When it comes to blockchain, he was also one of the first to accept crypto for tickets, and set up a mining facility in a Kings arena.

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Source: https://cointelegraph.com/news/basketball-billionaires-form-nba-blockchain-use-case-committee

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