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Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline

Bitcoin price struggled to gain momentum above $10,400 against the US Dollar. BTC is currently trading near the $10,000 support and remains at a risk of a sharp decline. Bitcoin is currently struggling to stay above the $10,000 and $9,900 support levels. The price is now facing a major hurdle near $10,200 and the 100 […]

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Bitcoin price struggled to gain momentum above $10,400 against the US Dollar. BTC is currently trading near the $10,000 support and remains at a risk of a sharp decline.

  • Bitcoin is currently struggling to stay above the $10,000 and $9,900 support levels.
  • The price is now facing a major hurdle near $10,200 and the 100 hourly simple moving average.
  • There is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if it settles below the recent swing low at $9,860.

Bitcoin Price Remains At Risk

Yesterday, we saw a few positive signs above $10,200 for bitcoin price against the US Dollar. However, BTC struggled to gain bullish momentum above the $10,300 and $10,400 levels.

It declined below the $10,200 support and settled below the 100 hourly simple moving average. It is now struggling to stay above the $10,000 and $9,900 support levels. An initial resistance on the upside is near the $10,120 level.

The 50% Fib retracement level of the recent decline from the $10,419 high to $9,855 low is also acting as a resistance. More importantly, there is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC/USD pair.

Bitcoin

Bitcoin price trades near $10,000. Source: TradingView.com

The main resistance is near the $10,200 level and the 100 hourly SMA. It coincides with the 61.8% Fib retracement level of the recent decline from the $10,419 high to $9,855 low.

To avoid a sharp decline, the price must break the channel resistance and then gain strength above the $10,200 level. The next major resistance is near the $10,400 level, above which the bulls might attempt a clear break above the $10,500 resistance.

Sharp Decline in BTC?

If bitcoin fails to clear the $10,200 resistance, there is a risk of a massive decline. The main breakdown support is near the $9,900 and $9,850 levels.

A close below the $9,850 support could start a sharp decline. In the stated case, the price might decline heavily towards the $9,500 and $9,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Levels – $9,900, followed by $9,850.

Major Resistance Levels – $10,150, $10,200 and $10,400.

Source: https://www.newsbtc.com/2020/09/09/do-or-die-for-bitcoin-bulls-2/?utm_source=rss&utm_medium=rss&utm_campaign=do-or-die-for-bitcoin-bulls-2

Blockchain

Concordium Completes $15M Private Sale Round Following Successful MVP Testnet

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[PRESS RELEASE – Please Read Disclaimer]

Zug, Switzerland, 9th March, 2021, // ChainWire // Privacy-centric blockchain Concordium has finalized its MVP testnet and concluded a private sale of tokens to fund further development. The company secured $15M in additional funding for the Public and permissionless compliance-ready privacy-centric blockchain.

Late February Concordium announced joint venture cooperation between Concordium and Geely Group, a Fortune 500 company and automotive technology firm. The partnership will focus on building blockchain-based services on Concordium’s enterprise-focused chain.

Concordium recently completed Testnet 4, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads. The successful testnet led to the release of Concordium smart contracts functionality based on RustLang, with a select group of community members participating in stress-testing the network. Test deployments for smart contracts included gaming, crowdfunding, time-stamping, and voting.

Concordium CEO Lone Fonss Schroder said: “The interest of the community, from RustLang developers, VCs, system integrators, family offices, crypto service providers, and private persons, has been amazing. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”

Concordium will bring its blockchain technology for broad use, which also appeals to enterprises with protocol-level ID protected by zero-knowledge proofs and stable transaction costs to support predictable, fast, and secure transactions. Its core scientific team is made up of renowned researchers Dr. Torben Pedersen, creator of the Pedersen commitment, and Prof. Ivan Damgård, father of the Merkel-Damgård Construct.

Concordium, which is on course for a mainnet launch in Q2, aims to solve the long-standing blockchain-for-enterprise problem by addressing it in a novel way with a unique software stack based on peer-reviewed and demonstrated advanced identity and privacy technologies providing speed, security and counterpart transparency.

The Concordium team intends to announce its post-mainnet roadmap in the coming days.

About Concordium

Concordium is a next-generation, broad-focused, decentralized blockchain and the first to introduce built-in ID at the protocol level. Concordium’s core features solve the shortcomings of classic blockchains by allowing identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy. The technology supports encrypted payments with software that upholds future regulatory compliance demands for transactions made on the blockchain. Concordium employs a team of dedicated cryptographers and business experts to further its vision. Protocols are science-proofed by peer reviews and developed in cooperation with Concordium Blockchain Research Center Aarhus, Aarhus University, and other global leading universities, such as ETH Zürich, a world-leading computer science university, and the Indian Institute of Science.

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Source: https://cryptopotato.com/concordium-completes-15m-private-sale-round-following-successful-mvp-testnet/

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Seychelles’ FSA issues notice cautioning against use of Huobi services

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Huobi, one of the market’s most-popular crypto-exchanges and one synonymous with Seychelles, is in the news today after the archipelago’s Financial Services Authority clarified that it has never supervised or regulated the exchange in question. This is an interesting development, especially since Huobi, with a daily trading volume of over $29 billion at press time, has often been perceived as being headquartered in Seychelles.

Via a notice issued today, the agency informed investors that Huobi Global Limited does not hold any license issued by the FSA to undertake any activity related to online trading of virtual assets.

“The FSA strongly urges investors and members of the public to exercise caution in respect to the services offered by the above mentioned IBC and any other company providing such services,” it said, with IBC bearing reference to Huobi’s International Business Company number.

What’s odd and interesting here is that according to the crypto-platform, Huobi Global Limited “is a company incorporated in the Republic of Seychelles under the laws of the Republic of Seychelles.” In fact, its User Agreement “in its entirety is a contract concluded under the laws of the Republic of Seychelles, and relevant laws of the Republic of Seychelles shall apply to its establishment, interpretation, content, and enforcement.”

Also, Seychelles’ actions are uncannily similar to Malta’s handling of Binance in 2020.

On 21 February 2020, the Malta Financial Services Authority (MFSA) issued a similar statement to investors stating that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.

To this date, there is much ambiguity around the cryptocurrency exchange’s “real headquarters” since Binance Holding Company has reportedly been established in the Cayman Islands, with several other offices across the globe.

“We have offices in Malta for customer services, and some compliance people there, but it’s not the headquarters per se. It’s the spiritual headquarters,” Ted Lin, Binance’s Chief Growth Officer had said in an old interview.

After multiple attempts to extract information regarding where exactly the company’s headquarters are, Binance CEO CZ had gone on record to state that Binance has multiple offices across different cities with staff across 50 countries.

“It’s not that we don’t want to admit it, it’s not that we want to obfuscate it or we want to kind of hide it. We’re not hiding, we’re in the open,” he had said. According to CZ, Binance is a new type of organization that doesn’t need registered bank accounts and postal addresses.

Here, it’s worth noting that some have speculated that Seychelles FSA’s actions in this regard may force Huobi to relocate its official place of business to an entirely new geography. At the time of writing, Huobi was yet to come out with a statement regarding the development in question.


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Source: https://ambcrypto.com/seychelles-fsa-issues-notice-cautioning-against-use-of-huobi-services

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Bitcoin whales ‘bought the dip’ as orders for $100K or more hit all-time highs

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Bitcoin (BTC) whales and institutions alike have made the most of the recent BTC price “dip” by buying big, data suggests.

In an update on March 9, on-chain analytics service Material Indicators noted that buy orders of $100,000 and higher on Binance — the biggest cryptocurrency exchange by volume worldwide — are reaching all-time highs.

Big Bitcoin buyers don’t hesitate

In stark contrast to orders worth less than $100,000, larger buys are more frequent than ever before in Bitcoin’s history. 

Smaller allocations have plummeted in 2021, matching an existing narrative that institutions are scooping up liquidity on exchanges which surfaced during the recent bull run.

“The $100k – $1M class is now also about to make a new ATH,” Material Indicators commented on Twitter alongside a chart.

“Meaning, they bought the dip.”

BTC/USD vs. order volume chart. Source: Material Indicators/ Twitter

Material Indicators previously voiced concerns about this week’s price rise, arguing that whales could “sell into” the surge, producing a repeat of the run to $58,000 all-time highs and subsequent 25% correction.

While this has so far not come to pass, analysts also noted that macroeconomic factors were also having a different impact to that which was expected.

Whale orders declined after news that the United States’ $1.9 trillion stimulus package had passed the Senate, while China providing support to tech stocks had the opposite effect. As Cointelegraph reported, tech had led a dramatic change of fortunes on equities markets.

$54,500 surge followed major Coinbase buy

Later, meanwhile, another batch of nearly 12,000 BTC left professional trading platform Coinbase Pro as an example of major BTC allocations continuing at current prices.

“That happened just before the recent surge in price. Nice coincidence,” quant analyst Lex Moskovski commented on data from fellow on-chain analytics resource Glassnode.

BTC/USD hit two-week highs of $54,500 earlier on Tuesday.

BTC/USD vs. Coinbase outflows chart. Source: Glassnode/ Twitter

Zooming out, the increasing institutional involvement around Bitcoin could fuel its entry as a standard for investors alongside traditional plays.

“We do think it will behave, actually, I would say more like the fixed income markets, believe it or not,” Cathie Wood, founder and CEO of ARK Investment Management, told CNBC this week.

Binance orderbooks show the next major BTC/USDT resistances for the bulls are around $58,000 — the all-time high — and $59,500.

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Source: https://cointelegraph.com/news/bitcoin-whales-bought-the-dip-as-orders-for-100k-or-more-hit-all-time-highs

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