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TA: Bitcoin Corrects From Record High, Dips Remain Attractive

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Bitcoin broke the $65,000 resistance and traded to a new all-time high against the US Dollar. BTC is correcting gains, but dips could remain attractive near $63,000.

  • Bitcoin gained pace above the $65,000 and $65,500 resistance levels.
  • The price is now trading above $63,000 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but dips might remain limited below $62,000 in the near term.

Bitcoin Price Remains In Uptrend

Bitcoin price extended its increase above the $63,500 resistance zone. BTC broke the key $65,000 resistance zone and settled above the 100 hourly simple moving average.

It even spiked above the $65,500 resistance and traded to a new all-time high at $66,982. It is currently correcting lower and trading below the $66,000 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high.

An immediate support is near the $64,200 level. There is also a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $65,200 level. The first key resistance is near the $65,500 level. A clear break above the $65,500 resistance could open the doors for more upsides. The next major resistance sits near the $66,800 level, above which the price might rise towards the $68,000 level. Any more gains could lead the price towards the $68,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $65,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.

The first major support is now forming near the $64,150 level. It is near the 50% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high. The main support is near the trend line and $63,400, below which the price might decline towards the $63,000 support and the 100 hourly SMA.

Technical indicators:

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

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

Major Support Levels – $64,150, followed by $63,400.

Major Resistance Levels – $65,500, $66,800 and $68,000.

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NFTs Have Revolutionized Art, But the Metaverse is Propelling the Change

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NFTs Have Revolutionized Art, But the Metaverse is Propelling the Change

Since the dawn of time, art has been relatively subjective and yet one of the most prized possessions for humans. Whether they are paintings or sculptures, books or vinyl records, owning art as opposed to consuming art is viewed as astute and royal. Psychologically, it gives the owner a feeling of power to own a unique and rare art piece, and thus from exclusive painting exhibitions to limited book sales, people generally storm in with the hopes of getting involved.

For years, exhibitions have been an essential source of selling paintings or sculptures to the end-users. However, the new wave of digital transformation has changed the industry. NFTs or Non-Fungible Tokens have tied the crypto and art worlds together, allowing collectors ownership of digital art. NFTs work as a non-interchangeable unit of data stored on the blockchain. NFTs became a clear expansion of the industry, offering an adjunct to traditional art, thanks to its unique characteristic of transparency and ownership.

The latest advent of the metaverse has transformed how digital art, through NFTs can be traded and displayed. While NFTs started as digital art, combining it with the metaverse means NFTs now serve as a digital asset that can be displayed in virtual reality, such as virtual art galleries, museums, or even incorporated into the scenery of any virtual landscape. In addition to the aesthetic component, the smart contract functionalities of NFTs can also facilitate the sale of real estate in the metaverse. For instance, RTFKT – a shoemaker in the metaverse, has designed limited edition digital sneakers that can be worn virtually.

The metaverse is a new world with endless possibilities, which means ownership of land is becoming more prevalent. Real estate in the metaverse opens a world of possibilities for entrepreneurs looking to expand their businesses, increase their network of customers, and showcase their products in a different manner. As more businesses are moving from traditional retail and e-commerce into the metaverse, ownership of property and land is becoming more and more important.

YUNOMETA is an eclectic collectible series of NFTs, a marketplace, and a virtual mall that provides users with an experience pioneering the e-commerce virtual revolution. To provide users with a seamless experience, YUNOMETA provides interoperability between various blockchains to help users explore, access, and share information easily.

The metaverse has allowed for true globalization of the art industry, and that change has created a domino effect, impacting several other creative industries, such as fashion, architecture, music, and entertainment. The combination of NFTs with the metaverse has propelled art into a new dimension with endless possibilities

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Current Market Condition Similar to Deadly Black Swan Event?

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Bitcoin (BTC) Prices Hold Steady After a Severe Turmoil
  • Market sentiment calls for BTC future movements to be characterized by losses.
  • Black swan events are very damaging to the financial markets.

A black swan occurrence is very rare, but when it does occur, it has enormous ramifications. A former Wall Street trader and lecturer, Nassim Nicholas Taleb, was the first to use the phrase “black swan.”

A “black swan event,” as Taleb coined it, is an occurrence that is hard to foresee yet has disastrous effects, as described in his book from 2007. According to Taleb, a black swan is an event so rare that even the likelihood of its occurrence is unknown. Black swan events are very damaging to the financial markets, resulting in widespread destruction with infamously unexpected effects.

2008 Global Financial Crisis

One of the most well-known examples of a black swan event in finance is the 2008 global financial crisis, triggered by the sudden and devastating collapse of a previously booming housing market. Market sentiment calls for Bitcoin’s future movements to be characterized by losses, not gains, due to concerns about impending U.S. regulation.

On Friday, Bitcoin (BTC) came up against the $37,500 barrier as the consensus grew that a significant drop was imminent. After remarks from the U.S. Federal Reserve, BTC/USD rebounded from a drop to a local low of $35,500, although earlier highs escaped bulls. The market looked to anticipate a new probe of the $30,000 support area as the funding rates continued to go into negative territory.

The legislative upheaval that would follow a discussion about the environmental effect of mining is reminiscent of the problematic road a Congressional Bill took last year, which saw intense resistance over its handling of crypto for tax reasons.

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Ethereum Whales Collectively Buy $88M Worth Shiba Inu (SHIB)

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Ethereum Whales Collectively Buy $88M Worth Shiba Inu (SHIB)