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Bitcoin Eyes $28k With A One-day Breakout

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Btc Rallies

Bitcoin eyes $28,000 after a major breakout from the 1D 50 EMA resistance with a good volume. The Crypto market looks bullish on the low timeframe as major cryptocurrencies and altcoins gain relief bounces.

Market Dumps Ahead Of FOMC Meeting 

The major buzz around the financial market over the past few days was focused on the FOMC. This has led to major cryptocurrencies dropping from key supports and resistance, with the likes of Bitcoin trading at around $20,700 and Ethereum going down to $1,376.

Related Reading: Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision

Before the FOMC meeting, rumors of a hike in rate led to the crypto market bouncing, with BTC rising to $22,000.

On Wednesday, the Federal Open Market Committee (FOMC) raised its interest by 0.75% marking the highest rate increase since the 1980s. The Federal Reserve Chairman Jerome Powell stated, “unusually large increase could be ideal in future meetings and a period of economic slowdown will be vital to bring back price stability.”

Major cryptocurrencies in the market after the news have seen a good response, with BTC trading above $23,100 and approaching a crucial 1D 50 EMA resistance. Leading to many discussions in the market applauding the rally as it could signal more upsides and relieve bounces for altcoins.

Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

“If 75bps gave us this pump, 100bps would send us to ATH surely,” @Livercoin

“Ideal ingredients for a Summer Relief Rally are there:

  • Powell becoming dovish on policy and more data-dependent. 
  • $ETH merge is coming up in September.
  • Serious impact on 3AC, Celsius, and more already priced in.
  • I’m seeing $ETH to $2,400 and $BTC to $28,000-30,000.”  @CryptoMichNL

Bitcoin Breaks One-day 50 EMA With Good Volume

Bitcoin rallies with good volume, surging to a 10% increase earlier today, and if bulls can breakout above $24,300, then we would be up for a relief bounce up to $28,000.

This is a region that BTC has had a tough time breaking after trading for more than a month in a range. 

BTC 1D 50 EMA Breakout | Source: Tradingview.com

If BTC fails to break this major resistance, bulls would likely revisit the $21,000 – $20,700 to build more momentum for a potential breakout. If BTC fails and falls below $20,000, this will be invalidated as bears will have more power over the bulls.

The State Of Bitcoin On The 4H Chart

BTC on the 4H timeframe looks good as it needs to break above a minor resistance of $24,200 to soar higher to the region of $26,800 – $28,000.

BTC On The 4H Chart Approaches $24200 Resistance | Source: Tradingview.com

The overall market sentiment is improving after months of downtrend and loss of interest in the crypto market. The crypto market is in high expectation of the Ethereum merge that will come up soon.

As BTC recovers with other major altcoins, more relief and belief would return to the market.

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Ethereum Fork (EthereumPoW) Proposed Amid the Merge Slated Next Month

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Ethereum Fork (Ethereumpow) Proposed Amid The Merge Slated Next Month

Ethereum fork supporters are getting ready to scrap the crucial EIP-1559. An Ethereum miner has written an open message to the community after receiving support from many industry heavyweights.

Towards the end of the transition towards proof-of-stake (PoS), the Twitter account of the proposed chain-split fork, EthereumPoW, claimed that the formerly “almighty” Ethereum Foundation had given up on “decentralization” as one of its aims.

In a lengthy discussion, backers of the Ethereum fork argued that the Ethereum Foundation was trying to use EIP-1559 to promote a favorable theme at the cost of the miners. They said the “elites” were silencing the miners while in reality, the working class is a political force that should possess some political power and influence for the sake of a more representative government. They further claimed that miners were pressured into participating.

The EthereumPoW group, who call themselves truly decentralized, has guaranteed that the new token will not be pre-mined and that there will be no inflation. The group will continue to prioritize protecting Proof-of-Work and the Nakamoto Consensus process.

In an interview with Bloomberg, Chandler Guo, a renowned Chinese miner, said that numerous Ethereum mining manufacturing businesses had come out to him to begin forking endeavors. Soon after the controversial founder of Tron, Justin Sun, backed the idea of a hard fork, it acquired widespread support.

Although Guo is the driving force behind the proposed fork, it has also received backing from BitMEX, a derivatives platform that just released a futures contract that would allow speculators to trade leveraged ETHPOW.

Circle, another stablecoin platform, has declared its complete support for Ethereum’s POS chain transition. Competitor Tether likewise announced its readiness to support Ethereum’s new blockchain upon its release. However, Chainlink has said explicitly that it would no longer accept Ethereum forks after the planned Merge on September 19th.

The largest cryptocurrency exchange in terms of trading volume, Binance, has said that it would not completely rule out supporting the next contentious fork of Ethereum, ETHPoW.

The “merge” is a protocol update that will occur on or around September 19 and will finalize Ethereum’s upgrading to a proof-of-stake consensus mechanism, and the exchange has declared that it will support the upgrade.

The corporation did, however, mention that it may back “merge resistors” who want to keep using proof of work and launch their own separate network and cryptocurrency. Binance said in a statement released Wednesday that “in case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens.”

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Litecoin Breezes Past $64 Level As LTC Picks Up Speed

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Litecoin

Litecoin (LTC) price shows an extremely bullish trajectory as it aims to breach the $64.02 mark.

  • Litecoin immensely bullish as it targets to breach the $64.02 mark.
  • Support spotted at the $60.87 level.
  • Price facing hurdles at the $64.32 zone.

On the other hand, LTC is facing hurdles at $64.32 as the bulls’ strong upheaval waned a bit. LTC’s price was at $60.87 early today and has even managed to reach a high of $64.32 with the bulls trying to nudge the prices higher.

LTC price has seen a tremendous boost of more than 3.47% as seen overnight and currently trades along the $64 range. Trading volume has also spiked to as much as $404 million in a 24-hour timeframe.

According to CoinMarketCap, LTC is up by 0.49% and currently trading at $64.38 as of this writing.

Litecoin New Target: $70

On a 4-hour timeframe, LTC price is looking very bullish and registering higher highs and higher lows. More so, LTC was able to break past the channel that it was stuck within the past week. Such breach hints at an optimistic market response and development intensifying the dominance of the bulls.

The LTC/USD pair currently trades above the 50 SMA and also the 200 SMA, indicating that the bulls are now on top of the market.

RSI for Litecoin is spotted at 63.83, implying that the market is sliced in between the overbought and oversold territory. More so, LTC’s MACD is extremely bullish indicating that the bulls are in control of the market as of press time.

LTC price shows that the bullish fervor is still strong in the market and can uptick in the coming days. LTC was able to breeze past the $64.02 and now the $64.32 mark which opens up the next target level set at $70.

On the other hand, the support zone is now spotted at $60.87, and if the bears can push the price below this zone, then that could potentially favor a massive sell-off.

LTC To Enjoy Continuous Steady Pace

LTC price analysis shows that the coin is enjoying an upward and bullish momentum with so much wiggle room for positive market sentiment and activities. More so, the 24-hour chart also shows that the market is also generating more gains. 

Now, investors should keep an eye on buying when there are tiny dips in the market because the LTC price is set to go higher in the coming days.

TRON total market cap at $4.35 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart from TradingView.com
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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com
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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge

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Ethereum Classic Price Rallies Than Ethereum