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Bitcoin Would Be Ready For $24,000 If This Happens; What Is That?

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Bitcoin Would Be Ready For $24,000 If This Happens; What Is That?
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Bitcoin (BTC) despite showing bearish signs against tether (USDT) as the price plunged to $18,500 recently, with many traders and investors sweating on their long open position. 

The price of Bitcoin (BTC) quickly bounced off from that region after forming a bullish divergence on the four-hour chart and has shown no intention of stopping. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com

The price of BTC has had a tough time maintaining the bullish momentum it has shown in recent weeks as the price was rejected from the $25,200 area acting supply zone for most sellers.

BTC has struggled to trend higher after it saw its price drop from a rising wedge as this triggered most sell orders, leaving BTC’s price to retest its previous all-time high, leaving many worried as the price could go lower to $10,000.

The price of BTC could face another scenario, but in this case, its trends are higher ahead of the weekly close. Haven bounced off pretty well from the last weekly low, and claiming the support at $20,700, BTC could be ready for a major run to $24,000-$25,000 if the weekly candle closes above $21,700.

BTC’s price looks bullish ahead of the weekly close and could trend even higher as the market looks promising ahead of the new week.

BTC has continued to respect the downtrend line acting as resistance for BTC price on the weekly timeframe; if BTC breaks above this trendline, we could see more bullish sentiments. 

Weekly resistance for the price of BTC – $24,000.

Weekly support for the price of BTC – $20,700.

Price Analysis Of BTC On The Daily (1D) Chart

1662908825 658 Bitcoin Would Be Ready For 24000 If This Happens What
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The daily timeframe for BTC price looks bullish, with prices looking to close the day and week on a high. The price of BTC bounced off from a daily low of $19,000, and the price rallied to $21,600, where it is faced with resistance to breaking above this region.

The price of BTC needs to break above $21,600 and close above it to have a good opportunity of rallying to the expected $24,000. If the price of BTC fails to break this region, we could see the price retesting the region of $20,700, which has been an area of good support for the daily timeframe.

On the daily timeframe, the price of BTC is trading at $21,500, attempting to break and hold above the 50 Exponential Moving Average (EMA). The price of $21,600 corresponds to the 50 EMA, which is a resistance to the price of BTC.

With BTC looking to break its major resistance on the daily timeframe, this corresponds to the 23.6% Fibonacci retracement value of $22,000. The price of BTC holding above this region would lead to more bullish sentiments.

The Relative Strength Index (RSI) for BTC is above 50 on the daily chart, indicating high buy order volume.

Daily resistance for the BTC price – $21,600.

Daily support for the BTC price – $20,700.

Featured Image From zipmex, Charts From 

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China Accounts For 84% of All Blockchain Patent Applications

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  • President Xi Jinping has helped spread the word about blockchain technology.
  • A timeline for when these patent applications were submitted was not included in the data.

The most recent statistics released by a Chinese government official show that 84% of all blockchain patent applications are submitted by China.

However, China has avoided the cryptocurrency sector. The central government in Beijing, though, has shown support for blockchain technology. The high number of blockchain patents is not unexpected given the country’s history of supporting blockchain technology.

China Embraces Blockchain

Even President Xi Jinping has helped spread the word about blockchain technology. To prepare for the next industrial revolution, the president has urged people, tech enterprises, and ecosystem stakeholders to become involved and creative with emerging technology in 2019.

Within a year of President Xi Jinping’s promotion of the sector, Chinese enterprises have submitted 4,435 blockchain patents. Another analysis found that between 2015 and June of 2021, China submitted the most patents for blockchain technology, followed by the United States and South Korea.

Wang Jianwei, the Ministry of Industry and Information Technology’s Deputy Director, disclosed the number on Tuesday. However, a timeline for when these patent applications were submitted was not included in the data.

While the majority of blockchain patent applications have been submitted in China, just 19% of those have been approved, as reported by the South China Morning Post.

Also worth noting is that China is not a fan of decentralization, the underlying idea of blockchain technology. This was made clear by the fact that China’s central bank created its digital national currency, the digital yuan, using a curated form of a blockchain that it completely controlled, as opposed to the more common dispersed network method.

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Post-Merge Threatens Ethereum (ETH) Price?

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Ethereum (Eth) Price Down By 8% Despite Merge Developments
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  • After Merge, Ethereum reached the $1,200 price range.
  • ETH decreased by over 7% in the last 7 days and 25% in the previous month.

Ethereum (ETH), which was anticipated to regain $2,000 levels following its Merge upgrade, was drifting to the $1,327 level. Additionally, ETH reached the $1,200 price range on Wednesday. The Merge was done on September 15 of this month, switched from a proof-of-stake (PoS) mechanism to Proof-of-Work (PoW) consensus to make Ethereum more energy-efficient.  

Unexpectedly, there is a major twist for everyone, the merge effects were turned down. Over the last ten days, Ethereum’s price fell dramatically on the market. Additionally, the Ethereum market cap has dropped significantly to over $162 billion, with a stable trading volume of roughly $18 billion over the past day, as per coinmarketcap.

Hurting Over Ethereum

The price range of Ethereum has recently outperformed Bitcoin (BTC) in the market by a wide margin. It is due to the anticipation and excitement around Ethereum’s Merge upgrade. Also, the price of ETH was in a bullish trend, the price range of $1,600 started rising steadily to the $1800 mark.

Within 24 hours of the Merge implementation, Ethereum’s price decreased by below $1,500. This unfavorable effect of the price decline became a notable disappointment for both the whole market and the users.

However, after reaching the closing price of $1,252 on Wednesday, Ethereum slightly increased in back-to-back periods. Less than 24 hours after trading at a low of $1,252, ETH increased to a high of $1,346 on Thursday.

Moreover, Ethereum’s price was down by over 7% in the last 7 days and more than 25% in the previous month. At the time of writing, ETH traded at $1,327, as per CoinMarketCap.

Ethereum (ETH) price chart (Source: Tradingview)

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Robert Kiyosaki Declares the End of Fake Money

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Robert Kiyosaki Recommends Investors To Turn On Bitcoin
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