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Bitcoin’s price finally seems to be breaking the $24K resistance level after a period of rejections. The cryptocurrency has rebounded from the $17K-$20K range. It surpassed the 50-day moving average but has so far been unable to breach the $24K level to the upside.
Technical Analysis
By: Edris
The Daily Chart
It seems like the significant resistance level of $24K may be breached. The 100-day moving average sitting at the $26K mark would then be the next obstacle. If the price can continue above it, the $30K supply zone would be the short-term target.
On the flip side, if the price fails to break the moving average and drops below the $24K mark, another bearish continuation could begin. This could result in a potential crash below the $20K support.
Source: TradingView
The 4-Hour Chart
On the 4-hour timeframe, the price managed to break the small bullish flag and rallied towards the $24K mark. However, the larger bearish flag is yet to be broken, as the bulls begin their fourth attempt at the higher boundary of the pattern. A valid breakout above the flag would likely lead to a rally towards the $30K supply zone.
At the same time, the RSI indicator is currently signaling an overbought state. This could result in either a short-term pullback or an overall bearish reversal. If the latter is true, a bearish breakout from the flag and continuation below $20K, and even $15K, would be probable. The lower timeframe price action should be monitored carefully this week to determine which scenario is more likely, and act accordingly.
Source: TradingView
On-chain Analysis
By: Edris
Bitcoin Net Unrealized Profit/Loss
Bitcoin’s strong downtrend over the last few months has put immense pressure on all market participants. Many investors have sold their coins at massive losses and exited the market, fearing more downturn.
And yet, according to Net Unrealized Profit/Losses metric, the market might be nearing the bottom. This metric measures the ratio of unrealized profits/losses. It is a useful indicator to evaluate market sentiment. The market has felt bleak in recent months, as the NUPL metric was demonstrating values below 0 – a region that has identified previous bottoms.
During the recent increase in price, the NUPL has moved back above 0.  This has previously signaled the end of bear markets and the beginning of a new uptrend. It’s important to note that other metrics and the overall macroeconomic picture must also be monitored in the short term to determine whether a new bull market or another bull trap is the case.
Source: CryptoQuant
The post Here’s the Next Target for Bitcoin if $24K Falls (BTC Price Analysis) appeared first on CryptoPotato.

Bitcoin&#8217;s price finally seems to be breaking the $24K resistance level after a period of rejections. The cryptocurrency has rebounded from the $17K-$20K range. It surpassed the 50-day moving average but has so far been unable to breach the $24K level to the upside. Technical Analysis By: Ed...

cryptopotato.com

Here’s the Next Target for Bitcoin if $24K Falls (BTC Price Analysis)

Ethereum surged to a two-month high on Monday, as crypto prices have mostly moved higher following Friday’s nonfarm payrolls report. Bitcoin rose to a one-week high, as the token climbed above $24,000 to start the week. Overall, the global market cap is trading 4.11% higher as of writing. 
Bitcoin
Bitcoin (BTC) was up for a second successive session to start the week, with prices moving closer to a key resistance level.
Following a low of $23,024.80 on Sunday, BTC/USD rallied to an intraday peak of $24,153.34 earlier in today’s session.
As a result of today’s surge, the world’s largest cryptocurrency moved a step closer to its ceiling of $24,600.

Looking at the chart, bears have prevented prices from moving above this point since June 13, however BTC bulls will look to finally break out of this level in upcoming weeks.
In order for this to take place, price strength will need to significantly increase, and rise above a key resistance point of its own.
This is the 62 level on the 14-day relative strength index (RSI), which hasn’t been broken since April 4, and is currently the main obstacle preventing bitcoin from moving above $25,000.

Ethereum
Whilst BTC rallied above $24,000, ethereum (ETH) also rose to start the week, with prices briefly breaking above the $1,800 region.
ETH/USD hit an intraday high of $1,806.89 on Monday, which is its highest point since early June.
The move came as prices rose above a key ceiling of $1,775, following this weekend’s rally which began on Friday, when ETH bounced from a floor of $1,595.

Despite the momentum of the past few days, there are some concerns that prices could soon begin to retreat lower.
One of the reasons for the concerns is the fact that the 14-day RSI is close to hitting a resistance point at 67.
As of writing, the index is tracking at a reading of 66.59, and like bitcoin, ETH’s relative strength has not moved past its upcoming hurdle in over four months.
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Could ethereum break this resistance level, and move towards $1,900 this week? Leave your thoughts in the comments below.



























Ethereum surged to a two-month high on Monday, as crypto prices have mostly moved higher following Friday&#x2019;s nonfarm payrolls report. Bitcoin rose to a one-week high, as the token climbed above $24,000 to start the week. Overall, the global market cap is trading 4.11% higher as of writing. ...

news.bitcoin.com

Bitcoin, Ethereum Technical Analysis: ETH Hits 2-Month High Above $1,800

The price of Ethereum (ETH) has struggled to break out of a range against Tether (USDT) after being rejected from key resistance.
Ethereum price has seen a relief bounce, with Bitcoin (BTC) rallying after closing the weekly candle with bullish sentiment from a daily low of $23,000 to a region of $24,100 in the early hours. (Data feeds from Binance)

Price Analysis Of ETH On The Weekly Chart
Ethereum’s price saw a weekly close of around $1,720, with a new candle opening bullish ahead of the week.
The price has built more momentum as it faces resistance at $2,400.
If the price of ETH on the weekly chart continues with this bullish structure, it could quickly hit the $2,000 mark ahead of its merge.
Weekly resistance for ETH price – $2,400.
Weekly support for ETH price – $1,012.
Price Analysis Of ETH On The Daily (1D) Chart
ETH Daily Price Chart | Source: ETHUSDT On Tradingview.com
The price of ETH found strong support at around $1,580, with what seems to be an area of interest on the daily chart.
ETH has continued to range in a channel where it has struggled to break out, ranging between $1,580 – $1,720.
At the point of writing, the price of ETH is at $1,774, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $1,536. 
ETH price would find support at $1,536, which corresponds with the daily 50 EMA if it drops due to sell-offs.
If the 50 EMA region fails to hold the price, $1,362 would be a good support to hold sell-offs and for a possible bounce of ETH price.
With more buy bids, we could see the price of ETH retesting at $2,000 -$2,400, which has been resistance on the daily chart.
The RSI for ETH price on the daily chart is above 60, indicating healthy buy bids for ETH.
The volume for ETH looks good, indicating positive signs for ETH prices to trend higher.
 
Daily (1D) resistance for ETH price – $2,400.
Daily (1D) support for ETH price – $1,536, $1,362.
Price Analysis Of ETH On The Four-Hourly (4H) Chart
Four-Hourly (4H) ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of ETH has shown a bullish continuation on the 4H chart after bouncing off from the support at $1,600. 
ETH price has struggled in this region, forming a ranging channel on the 4H chart after a rejection at $1,740 due to sell-offs.
The current price is $1,770, trading above the 50 & 200 EMA with prices of $1,660 and $1,530 on the 4H chart. These prices would act as support areas for ETH on the 4H chart.
The price of ETH is trying to break out of the channel; with good buy bids, the price of ETH could push to $2,000 -$2,400.
 
Four-Hour (4H) resistance for ETH price – $2,400.
Four-Hour (4h) support for ETH price – $1,660, $1,530.
 
A break below these support zones could send ETH price to a region of $1,362, acting as a good support area.


Featured image from Bitcoinist, Charts from TradingView.com 



The price of Ethereum (ETH) has struggled to break out of a range against Tether (USDT) after being rejected from key resistance. Ethereum price has seen a relief bounce, with Bitcoin (BTC) rallying after closing the weekly candle with bullish sentiment from a daily low of $23,000 to a region of ...

newsbtc.com

TA- Ethereum Price struggles To Breakout – Eyes $2,000

Bitcoin and its underlying technology has earned the trust and praise of some of the most notable figures in banking and finance.
For instance, the director of Brazil’s central bank only has good things to say about the technical features of the crypto.
According to Central Bank of Brazil chief Fabio Araujo, Bitcoin is a major “financial innovation” that has given rise to new vital technologies and products.
Araujo highlighted the cryptocurrency’s role in paving the way for the development of the Web3 concept and in stimulating research and other studies on central bank digital currencies (CBDCs).



Bitcoin’s Smart Functionalities
During a recent event, the head of the central bank also discussed the shifting landscape of digital currency, adding that one of his organization’s primary goals is to add intelligent features to Bitcoin.
Araujo revealed that the country’s central bank began investigating the features of cryptocurrencies more than a decade ago.
“In 2009, with the introduction of Bitcoin and distributed database technology that promotes the development of Web3, we began to accelerate this process,” he said.
“The Bitcoin program provides the Proof-of-Work (PoW) solution, which is essential for Web3’s population-based services,” Araujo pointed out.

Image: Stratfor
Web3 In Layman’s Terms
Web3 (sometimes referred to as Web 3.0) is the third generation of web technologies. The web, often referred to as the World Wide Web, is the internet’s basic layer, supporting a variety of website and application services.
In 2014, Polkadot creator and Ethereum co-founder Gavin Wood used the term “Web3” to refer to a “blockchain-based decentralized online ecosystem.”
The concept of Web3 gained momentum in 2021. Particular attention surged at the end of 2021, primarily as a result of bitcoin advocates’ and prominent technologists’ and companies’ investments.

Image: CryptoSlate

Meanwhile, Araujo ruled out the use of Bitcoin as a currency, noting the asset’s volatility as a significant disadvantage. In this instance, the governor of the central bank indicated that CBDC is necessary since it eliminates the volatility scenario and functions as a payment solution.
Despite the fact that CBDC leverages the technology that underpins cryptocurrencies, CBDC is not a crypto asset, he said.
In the same manner that the Real does not compete with listed assets, the CBDC is an expression of the Real inside the ecosystem in which cryptocurrencies function, Araujo noted.
Brazilian Crypto Market Flourishes
The Brazilian market for Bitcoin and the broader cryptocurrency sector is expanding rapidly. It is expected that 10 million Brazilians own cryptocurrency at present.
The second-largest city in Brazil, Rio de Janeiro, is actively participating in the global municipal race to attract Bitcoin.
In January of this year, the city declared that 1 percent of its treasury would be held in cryptocurrency and that it was examining the potential of granting tax rebates to individuals who paid in Bitcoin.

BTC total market cap at $460 billion on the daily chart | Source: TradingView.com

Featured image from EF English Live, Chart from TradingView.com


Bitcoin and its underlying technology has earned the trust and praise of some of the most notable figures in banking and finance. For instance, the director of Brazil&#8217;s central bank only has good things to say about the technical features of the crypto. According to Central Bank of Brazil c...

bitcoinist.com

Bitcoin Gets Praised For Its Technical Features By The Chief Of Brazil’s Central Bank

The Google trends data for the popular search terms in 15 countries showed that “Ethereum” searches outscored "Bitcoin" in 14 of them.  

Bitcoin price	$23,962.00
Low - High 24H	$23,072.00 - $24,214.00
Market cap	$458.12B
Volume 24H	$25.08B
All time high	$69,045.00 -65.15% November 10th 2021
All time low	$67.81 35382.79% July 6th 2013
Genesis date	N/A

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