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Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

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Bitcoin Price
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Bitcoin price peeped above the $24,000 price level after falling from the $25,000 mark few trading sessions ago.

Over the past week Bitcoin secured a 6% gain and on the daily chart the coin fell by 1%. This had pointed towards a sign of consolidation.

Bitcoin price had formed higher highs and high lows which are an indication of bullishness on the chart.

Incase the king coin manages to remain above the $24,000 mark for a substantial period of time, it can aim at $27,000 over the upcoming trading sessions.

In case the coin loses momentum, it can fall to $23,000 level. Technical outlook for the king coin pointed towards the continued bullishness which meant that buying strength hadn’t faded away from the market.

For Bitcoin price to hold onto present price momentum, a continued buying strength will prove necessary.

The global cryptocurrency market cap today was at $1.2 Trillion, with a 1.6% fall in last 24 hours. With consistent buying strength, Bitcoin will experience a tough resistance at the $27,000 level.

Bitcoin Price Analysis: One Day Chart

Bitcoin was priced at $24,100 on the one day chart | Source: BTCUSD on TradingView

BTC was trading at $24,100 at the time of writing. Over the past week, the coin had witnessed price appreciation. In the past 24 hours, Bitcoin price moved laterally. According to the Fibonacci levels, if the coin manages to trade above the 23.6% level, a move to 38.2% could be possible.

This meant that overhead resistance level stood at $27,000. A retracement could cause Bitcoin to fall to $23,000 and then to $20,000 respectively. Over the last trading session, the amount of BTC traded was in red which meant that buying strength noted a downtick.

Technical Analysis

Bitcoin Price
Bitcoin displayed positive buying strength on the one day chart | Source: BTCUSD on TradingView

The lateral movement in Bitcoin’s chart had indicated fall in buying strength on the king coin’s chart. The consolidation did not have significant effect on the technical outlook. The Relative Strength Index captured a small depreciation in buying strength, despite this, RSI was well above the half-line.

A reading above the half-line is an indication of more buyers compared to the sellers of the coin. Bitcoin price was trading above the 20-SMA line. Trading above that was an indication that BTC’s buyers were driving the price momentum in the market. This also meant that at lower levels too, BTC had demand on its chart.

Bitcoin Price
Bitcoin displayed buy signal on the one day chart | Source: BTCUSD on TradingView

The rise in price was depicted on other technical indicator. The Moving Average Convergence Divergence points towards the current price momentum and reversals in the same. MACD after a bullish crossover gave rise to green histograms above the half-line which were buy signal for the coin.

Chaikin Money Flow reads the capital inflows and outflows on the chart. Even with other bullish indicators, CMF was below the half-line indicating that capital inflows were lesser than outflows at press time.

 

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Uniswap Striving for $100-$200M Funding at $1B Valuation

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Uniswap Community Votes In Favor Of Uniswap Foundation
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  • Uniswap (v3) has 45.2% of the market share in terms of the trading volume.
  • The native token UNI of the platform has recently outperformed the market.

Each company has taken its own unique approach to reach its ultimate objective, which may include anything from introducing new goods to raising capital or expanding into new markets. This new step is part of Uniswap’s master aim to consolidate even more power. TechCrunch claims Uniswap Labs is in the “early stages” of organizing a fresh fundraising round.

The company is apparently in talks with a number of investors, including Polychain and one of Singapore’s sovereign funds, in an effort to raise an equity round of $100 million to $200 million at a valuation of roughly $1 billion.

Plans to Increase Dominance

TechCrunch quotes unidentified sources as saying that the round’s negotiations had not yet reached a final level. Thus, the agreement’s future provisions are subject to change.

Uniswap Labs, backed by Andreessen Horowitz, closed an $11 million Series A fundraising round in August 2020. USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital all contributed as well.

Furthermore, Uniswap is very dominant in the DEX market. According to CoinGecko’s statistics, Uniswap (v3) has 45.2% of the market share in terms of trading volume, followed by Curve (Ethereum), PancakeSwap (v2), and DODO.

Actually, 5.2%, 2.8%, and 2.6% of all trading volume on decentralized exchanges occurs on Uniswap on Polygon, Optimism, and Arbitrum, respectively.

In a few cases, the volume settled on Uniswap has been comparable to the data provided by the centralized exchange Coinbase. Actually, they were both in the lead at the same time earlier in the month. Moreover, the native token UNI of the platform has recently outperformed the market. This occurred at the same time when the TVL of the DeFi market fell below $100 billion.

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MicroStrategy Recruiting for BTC Lightning Network Engineer

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Microstrategy Adds 301 Bitcoin (Btc) Worth Around $6 Million
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