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Bitcoin Price Rockets to $22k, Next Bullish Levels Traders Should Watch

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Bitcoin gained pace and even spiked above the $22,000 resistance against the US Dollar. BTC is correcting gains, but dips might be limited below $21,500.

  • Bitcoin was able to clear the $21,200 and $21,500 resistance levels.
  • The price is now trading above $21,500 and the 100 hourly simple moving average.
  • There is a key bullish trend lien forming with support near $21,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but dips might be limited below the $21,500 level.

Bitcoin Price Starts Fresh Rally

Bitcoin price remained well bid above the $20,000 level and started a fresh increase. There was a clear move above the $21,000 and $21,200 resistance levels.

The price even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A high was formed near $22,347 and the price recently started a downside correction. There was a move below the $22,000 and $21,850 levels.

Bitcoin price traded below the 23.6% Fib retracement level of the recent increase from the $21,180 swing low to $22,347 high. It is now trading above $21,500 and the 100 hourly simple moving average. Besides, there is a key bullish trend lien forming with support near $21,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $22,000 level. The next major resistance sits near the $22,350 level. A clear move above the $22,350 resistance might start another steady increase. In the stated case, the price may perhaps rise towards $22,800. Any more gains might send the price towards the $23,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to gain pace above the $22,000 zone, it could start a downside correction. An immediate support on the downside is near the $21,700 zone.

The 50% Fib retracement level of the recent increase from the $21,180 swing low to $22,347 high is also near $21,700. The first major support is now forming near the $21,600 level. A downside break below the $21,600 level might send the price towards the $21,200 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $21,700, followed by $21,600.

Major Resistance Levels – $22,000, $22,350 and $23,200.

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CertiK Uncovers Suspicious $2.4M Payments Into Tornado Cash

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Certik Uncovers Suspicious $2.4M Payments Into Tornado Cash
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  • The money movement is linked to the October 2021 BXH Exchange breach.
  • GitHub reinstated the Tornado Cash code in “read-only” mode.

On Saturday, crypto security company CertiK said that it had uncovered a suspicious $2.4 million payment into the cryptocurrency mixer Tornado Cash. Information suggests the money movement is connected to the October 2021 BXH Exchange breach. It resulted in a loss of $139 million. Although the U.S. Treasury’s Office of Foreign Asset Control (OFAC) has placed sanctions on the crypto mixer. However, the exchange is still being used to move money.

The theft of over 4,000 ETH worth $139 million from the BXH Exchange at the end of October is likely connected to the transfer of funds.

Hackers Defying Sanctions

The address 0x158F5 is held by a third party and used the Binance Smart Chain and Avalanche staking contract’s privileged method to retrieve staked tokens and withdraw cash. The tokens were then transferred to Ethereum using the address.

CertiK reports that the staking contract holding the funds and locations was previously released by a Telegram group formed by persons affected by the BXH Exchange. Tokens with a bridging ERC-20 standard were converted to ETH at the address in question. To date, almost $2.4 million in value has been transferred into Tornado Cash, represented by 1865 ETH tokens.

Even after the Office of Foreign Asset Control at the U.S. Treasury banned suspicious transactions on Tornado Cash in August, the service is still accepting them. The crypto mixer platform has just received a transfer of 500 thousand DAI from EOA 0x0B789. The money transfer was associated with an exploit in DAO Maker.

After receiving confirmation from the Office of Foreign Asset Control of the United States Treasury, GitHub reinstated the Tornado Cash code in “read-only” mode.

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Whale Alert: 270 Million XRP ($130M) Bought by Whales

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Ripple (Xrp) Price Jumps To New Four-Month High
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  • The largest ever buy was on the Bitso crypto market for 54.1 million XRP.
  • XRP prices have increased by around 50% during the last week.

The native XRP token of Ripple has seen the most growth over the previous seven days. While Bitcoin and Ethereum have both had big price declines recently, XRP has seen a sharp increase. The current price increase of XRP may be attributed to a number of factors. Whales hoarding Ripple tokens is one instance.

Tokens worth around $130.2 million in XRP, almost 270M XRP have been transmitted from several cryptocurrency exchanges to many unknown addresses in the past 24 hours, according to data from Whale Alert. The largest ever buy was on the Bitso crypto market for 54.1 million XRP. Approximately $27.5 million worth of XRP coins were purchased by Whale all at once.

High Volatility Expected After Judgement

However, whales have been buying up XRP on the Bitstamp platform to the tune of nearly $84.1 million. To their XRP holdings, whales have just added more than $41.4 million over many trades. Meanwhile, a massive transaction involving 132 million XRP (about $62.1 million) was also spotted by the whale tracker.

Since the SEC and Ripple submitted their summary judgement papers, there has been a dramatic increase in the whale stockpiling of XRP tokens. The current increase was caused by new court documents. It also noted a surge in the number of active addresses holding between 1 and 10 million XRP tokens in late 2022.

On the other hand, XRP prices have increased by around 50% during the last week. Since word of the case’s resolution circulated favorably across the market, this is the result. At this moment, the price of XRP is $0.5015 as per CMC.

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California Governor Vetoes Crypto Regulation Bill

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Following Aftermath Of Recent Slump Bitpanda Announces Workforce Layoff
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