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Bitcoin Price Makes U-Turn, Why BTC Could Tumble to $18K

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Bitcoin started a fresh decline below the $20,000 support zone against the US Dollar. BTC traded below $19,000 and remains at a risk of a move to $18,000.

  • Bitcoin started a fresh decline and traded below the $19,500 support.
  • The price is now trading below $19,200 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now at a risk of a move towards the $18,000 support zone in the near term.

Bitcoin Price Starts Fresh Decline

Bitcoin price failed to surpass the $20,500 resistance level. BTC started a fresh decline and traded below the $20,000 and $19,500 support levels.

Besides, there was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USD pair. The pair accelerated lower below the $19,200 level and the 100 hourly simple moving average. It even declined below $19,000 and traded as low as $18,706.

Bitcoin price is now consolidating losses below $19,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,050 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.

The next major resistance sits near the $19,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.

Source: BTCUSD on TradingView.com

The main barrier is now forming near the $20,000 zone and the 100 hourly simple moving average. A close above the $20,000 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $21,200.

More Losses in BTC?

If bitcoin fails to start a recovery wave above the $19,050 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,700 zone.

The next major support is near the $18,550 level. A clear move below the $18,700 and $18,550 levels might open the doors for a move towards the $18,000 level.

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 below the 50 level.

Major Support Levels – $18,700, followed by $18,550.

Major Resistance Levels – $19,050, $19,300 and $19,500.

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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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