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Bitcoin Price Below 100 SMA Could Spark Bearish Reaction

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Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA.

  • Bitcoin started a downside correction after it failed to settle above $25,000.
  • The price is now trading below the $24,500 level and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $23,780 and $23,500 support levels in the short-term.

Bitcoin Price Breaks Support

Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high.

However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below the $24,500 level and the 100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses.

There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. On the upside, an immediate resistance is near the $24,300 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

The next key resistance is near the $24,500 zone. It is near the 50% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps climb above the $25,000 resistance. Any more gains might send the price towards the $25,800 level.

Dips Limited in BTC?

If bitcoin fails to clear the $24,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,780 level.

The next major support now sits near the $23,500 level. A downside break and close below the $23,500 level might spark a sharp decline. In the stated case, the price might drop towards the $22,750 level.

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 just below the 50 level.

Major Support Levels – $23,780, followed by $23,500.

Major Resistance Levels – $24,300, $24,500 and $25,000.

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Deutsche Telekom Launches ETH Validator and Staking Support

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The Ethereum Merge: Decoding The Complete Timeline
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  • StakeWise, a proof-of-stake app, will collaborate with Deutsche Telekom’s MMS.
  • Ethereum’s proof-of-work consensus method was replaced with a proof-of-stake model.

German telecom giant Deutsche Telekom, T-Mobile’s parent firm, has committed to operating a validator to facilitate staking on the Ethereum network.

The news was officially announced by the German telecoms firm on Thursday through a press release. According to the press announcement, “DT’s subsidiary, T-Systems MMS provides the Ethereum Network with infrastructure in the form of validation nodes.”

Validators Entry

StakeWise, a proof-of-stake app, will collaborate with Deutsche Telekom’s MMS to manage a pool. Moreover, users may now take part in staking and transactions without the need for a central validator. Furthermore, this is aligned with Ethereum’s transition to Proof-of-Stake earlier this month, removing the need for miners and instead adding validators.

Dirk Röder, Head of Blockchain Solutions Center at T-Systems MMS says:

“Our cooperation partner StakeWise collects individual Ether tokens from many different owners and merges them into validator nodes. These validator nodes are provided and operated as infrastructure by T-Systems MMS. Staked Ether tokens remain available to the owner in this construct – liquid – and can be used in other Decentralized Finance (DeFi) applications.”

Furthermore, with the new validator, Stakewise anticipates an uptick in Ethereum Network usage and financial transactions. Moreover, also expressing his delight in the new collaboration was Kirill Kutakov, co-founder of StakeWise. 

Kirill stated:

“We are [therefore] pleased that T-Systems MMS, as an infrastructure provider, is giving our protocol more reliability and making the Ethereum ecosystem safer overall.”

In addition, Deutsche Telekom will make more announcements, maybe even revealing a release date. Ethereum’s proof-of-work consensus method was replaced with a proof-of-stake model as part of The Merge, a technological update. Furthermore, Ethereum hopes to reduce its carbon footprint and pave the way for future scalability enhancements with this change.

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DOJ Official Objects to Withdrawal Request by Celsius Network

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Doj Official Objects To Withdrawal Request By Celsius Network
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