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TA: Bitcoin Settles Above 100 SMA, Why BTC Could Retest $60K

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Bitcoin price started a fresh increase and it cleared the $58,250 resistance against the US Dollar. BTC is now showing positive signs and it might soon revisit $60,000.

  • Bitcoin started a fresh increase above the $58,000 and $58,250 resistance levels.
  • The price is now trading nicely above $58,250 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $58,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now consolidating above the 100 hourly SMA and it might continue higher towards $60,000.

Bitcoin Price Breaks Key Resistance

Bitcoin formed a support base above the $57,000 level and recently started a fresh increase. BTC broke a couple of key hurdles near $57,500 and $58,250 to move into a positive zone.

There was a break above the $58,500 resistance zone and the 100 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near $58,650 on the hourly chart of the BTC/USD pair.

The pair settled nicely above the $58,250 level and the 100 hourly SMA. It traded as high as $59,467 and it is currently consolidating gains. It is trading just below the 23.6% Fib retracement level of the recent wave from the $56,810 low to $59,467 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

An initial support is near the $58,500 level and the 100 hourly simple moving average. An immediate resistance is near the $59,000 level, followed by the $59,467 high.

The main resistance is still near the $60,000 level. If there is an upside break above $60,000, there are chances of a steady increase towards the $62,000 zone in the near term.

Dips Limited in BTC?

If bitcoin fails to climb above $59,000 and $59,500, there could be a downside correction. The first major support on the downside is near the $58,500 level and the 100 hourly SMA.

The next major support is near the $58,250 level (the recent breakout zone). It is close to the 50% Fib retracement level of the recent wave from the $56,810 low to $59,467 high. Any more losses might lead the price towards the $57,500 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

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

Major Support Levels – $58,500, followed by $58,250.

Major Resistance Levels – $59,000, $59,500 and $60,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-settles-above-100-sma/

Blockchain

European Hedge Fund Brevan Howard to Invest $84 Million In Cryptocurrencies

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It should be no surprise that more traditional corporations join the crypto fever by investing in bitcoin or adopting blockchain technology. Brevan Howard, a European hedge fund, is the latest asset manager to join the movement.

Bloomberg reported that the asset manager is preparing to invest $84,000,000 in digital assets, representing 1.5% of its $5.6 billion hedge fund. Jonny Steindorff and Tucker Waterman, co-founders of crypto investment firm Distributed Global, will oversee the initial allocation.

Betting on Several Cryptos

According to a person familiar with the matter, the fund will have a diverse portfolio by focusing on several crypto assets besides bitcoin and ether. Its co-founder, Alan Howard, has vast experience in the field, investing in cryptocurrencies and backing the crypto funds of US-based One River Asset Management.

Howard is now expanding his investments following a year of record gains. He now joins the likes of Paul Tudor Jones and Stanley Druckenmiller, well-known hedge fund managers who have turned into prominent bitcoin supporters, calling BTC a better store of value against declining fiat than gold.

A Hedge Against Fiat

The US government has taken measures to fight the pandemic with a 1.9 trillion COVID-19 relief package – the most recent one. Several analysts in the field have warned about a possible state of inflation for the US Dollar as the Federal Reserve is printing large sums of paper money.


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As reported, Druckenmiller joined Jones by investing in Bitcoin. During an interview on CNBC, he admitted that he’s long on BTC, adding that the crypto could become a better store of value against that scenario.

“I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value,” — said Druckenmiller

Last year, Jones started buying bitcoin when the COVID-19 hit the global markets in March. His hedge fund, the Tudor Investment Corporation, has been investing part of its capital in bitcoin futures.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/european-hedge-fund-brevan-howard-to-invest-84-million-in-cryptocurrencies/

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DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap

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The price of Dogecoin has surged seemingly without any push from prominent figures on social media or major developments in the project. 

According to data from CoinMarketCap, the price of Dogecoin (DOGE) is more than $0.18 at time of publication, with a market capitalization of roughly $23.8 billion. The token’s most recent rally had its price surge more than 63% over the last 24 hours, passing both Uniswap (UNI) and Litecoin (LTC) and become the 8th largest cryptocurrency by market cap.

More retail outlets have adopted the currency as a form of payment in recent days. On Tuesday, a popular Miami nightclub announced it would be accepting DOGE upon reopening as payment for tables, drinks, and merchandise.

Dallas Mavericks owner and DOGE proponent Mark Cuban also reported the basketball team’s store had sold more than 122,000 DOGE worth of merchandise — more than $16,000 at the time of publication — since first accepting the token in March. Cuban said the team “will never sell 1 single Doge ever.”

Though Tesla CEO and DOGE enthusiast Elon Musk has tweeted one of his memes amid the token’s price surge, the recent rally may simply reflect the climate around the crypto market. Mainstream media attention was largely focused on Coinbase’s COIN stock being listed on the Nasdaq this week as both the price of Bitcoin (BTC) and Ether (ETH) reached new all-time highs.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/doge-passes-uniswap-and-litecoin-to-become-8th-largest-cryptocurrency-by-market-cap

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Two surprising topics are currently more pressing to BlackRock’s institutional clients than Bitcoin

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Two surprising topics are currently more pressing to BlackRock's institutional clients than Bitcoin

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Institutions exhilarated to dabble with cryptocurrencies, but not enough to go all in. The continuous Bitcoin purchases from institutions are enough to place one under the impression that interest rates from these firms have hit the roof, but BlackRock’s Larry Fink finds that to be misleading to a large extent.

His reason being that from his firsthand experience, institutional clients are thrilled about cryptocurrencies, but not interested enough to go all the way through.

Institutions Care More About Climate Change, Inflation

This is not the case for every institution as we’ve seen in the past months, but a fair share of the big dogs are not consciously hunting for the bone. Fink tells CNBC’s SquawkBox that from his pool of clients at Blackrock, where $9 trillion in assets are under management, climate change and inflation are the leading topics that institutions are interested in discussing.

Ironically, these days, with the economical crisis plaguing most part of the world, inflation and cryptocurrencies are often mentioned under the same breath, but with Fink saying “Our broad-based client relationships, we’ve had very little interconnectivity on the conversation on crypto other than a fascination,” that reasoning might be flawed.

Although Fink stands to be corrected, he brings his own analysis to the table nonetheless. “We’re studying it,” he says. “We make money on it, but I’m not here to tell you that we’re seeing broad-based interest by institutions worldwide. Maybe they’re talking to somebody else, so I don’t want to suggest that we have perfect information.” He added.

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These institutions that Fink talks about may fall into the pool of institutions that analysts had previously claimed would not be influenced by their counterparts to buy Bitcoin.

Don’t close the books yet, there’s enough room for change

There are more than a handful of institutions in the United States, and over the past months, only a select few have made their way into the cryptocurrency market. But even though the crypto-market can only boast of the minority, the result of their arrival has been impeccable.

For one, Bitcoin at $64k is in part, a result of institutional accumulation. Tesla, Morgan Stanley and Goldman Sachs have been three of the highest profiled institutions to adopt Bitcoin in some form.

Ruling out the possibility that more institutions will become crypto-fans in the future will be inaccurate, as history has shown that the bigger players’ delayed arrival may be the result of risk management. For some, the stability in Bitcoin’s price could be the most important factor. For others seeing more hands hold could seal the deal. Regardless of what and how long it takes to float their boat, the wait has proven to be worth it time and time again.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/two-surprising-topics-are-currently-more-pressing-to-blackrocks-institutional-clients-than-bitcoin/

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