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Bitcoin has been holding steady over the weekend. The cryptocurrency had been able to beat the $24,000 mark last week but had retraced downward not long after. However, this retracement has not had too much of a negative impact on the sentiment toward the digital asset. As bitcoin has started upwards once more, the market sentiment has been incredibly strong. 
Bitcoin Goes For $24,000
The opening of the new week saw bitcoin start below $24,000 in the early hours of Monday. This quickly changed with a rally on a 6-hour basis that saw bitcoin add more than $500 to its value. This helped it reclaim this coveted point once more, putting it firmly above its 50-day moving average.

Now, the 50-day MA has always been an important technical level for bitcoin. It was one indication of the crash that rocked the market two months ago and the bear market trend that ensured. Since the digital asset has now beat this point, it has now converted the bearish indicators to bullish ones. It has also resulted in a reversal of the selling pressure in the market. Now, as buy pressure mounts, the value of bitcoin is expected to grow.
The recent recovery has now adequately moved the support level for bitcoin. The recent move shows that there is now significant support for BTC at $23,500, which served as a bounce-off point. Resistance for bitcoin now sits at $24,500, a level that bitcoin has been unable to beat since the crash.

BTC price exceeds $24,000 | Source: BTCUSD on TradingView.com
Sentiment Remains Positive
Crypto market sentiment has not been the best in recent months, but there have been some remarkable recovery over this time. When the market crash happened back in June, sentiment had plunged far into the extreme fear territory, keeping investors from actually making any meaningful moves in the market.
However, with the turn in the price of bitcoin, the market sentiment has begun to change. It had grown into the fear territory and is currently sitting at a score of 30 on the Fear & Greed Index. This shows steady sentiment in the market, which is starting to skew more into the positive.

With this return of faith in the market has come more investments. Exchange outflows for last week show that investors are starting to accumulate the coin, especially among smaller investors, with the number of addresses holding at least 1 BTC reaching a new all-time high of 892,803 on Monday.
The market sentiment still has a long way to go to move completely out of the fear territory. However, if bitcoin is able to make its mark and break through $25,000, sentiment is expected to turn bullish very quickly.
Featured image from Coindesk, chart from TradingView.com
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Bitcoin has been holding steady over the weekend. The cryptocurrency had been able to beat the $24,000 mark last week but had retraced downward not long after. However, this retracement has not had too much of a negative impact on the sentiment toward the digital asset. As bitcoin has started upw...

newsbtc.com

Market Sentiment Holds Steady As Bitcoin Aims For $24,000

A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to the reversal of its recent uptrend.
Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he’s keeping a close watch on BTC’s relative strength indicator (RSI) on the one-day chart.




According to Svenson, the momentum-tracking metric is about to roll over, which could be a cue that Bitcoin’s bounce from its low of around $17,600 is coming to an end.
“[The] 50 level on daily RSI is a ‘must-hold’ level for the bulls. All other times that we broke below the RSI uptrend line resulted in a major breakdown. We are very close to this level… Watch the 50 level on the daily RSI very closely right now. That’s the pivot zone from bull to bear, bear to bull during trends. We have to hold it to remain bullish. Falling below it results in a flush down usually.“
Source: Kevin Svenson/Twitter
At time of writing, Bitcoin is changing hands for $23,308 while the daily RSI is hovering at 55.
The crypto analyst is also following the price action of Loopring (LRC), a protocol that uses zero-knowledge (ZK) proofs to ensure users’ privacy while transacting on public blockchains. According to Svenson, LRC can surge 2x from current prices due to its partnership with video game retailer GameStop.
“LRC can easily double in my opinion. GameStop NFT (non-fungible token) partnership is huge. Still undervalued. I’m long.”
In March, Loopring announced that it launched the beta version of GameStop’s NFT platform designed to provide fast, secure and cheap access to users.
At time of writing, LRC is trading at $0.48, up nearly 6% on the day.
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Featured Image: Shutterstock/Tithi Luadthong
The post Top Crypto Strategist Issues Bitcoin Warning, Says BTC at Risk of Major Breakdown appeared first on The Daily Hodl.


A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to the reversal of its recent uptrend. Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he&#8217;s keeping a close watch on BTC&#8217;s relative stre...

dailyhodl.com

Top Crypto Strategist Issues Bitcoin Warning, Says BTC at Risk of Major Breakdown


August 7, 2022 – Singapore, Singapore


DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, is thrilled to announce that its community has voted to offer lucrative liquidity mining rewards for the ERC-20 format of its native DFI token pairs on Uniswap.

The proposal put forth by DeFiChain’s lead researcher received more than 96% of votes in favor.
DeFiChain has allocated one million DFI tokens from the community fund to incentivize liquidity mining for the DFI-ETH, DFI-USDT and the new DFI-USDC pairs on Uniswap.
The community fund receives a small percentage of the block rewards and has accumulated over 27,092,291 DFI tokens, which are available to anyone interested in developing on the DeFiChain blockchain.
However, funds are only released if more than 51% of the nodes agree to the proposal. Masternodes are eligible to sign a message to either agree or deny a proposal.
With leading exchanges like Bybit and KuCoin now supporting DFI in ERC-20, the DeFiChain community voted to increase the token’s utility in the ERC-20 format.
The incentives are aimed at increasing the trading volume of the ERC-20 format of DFI and boosting the visibility and awareness of DFI in the wider DeFi ecosystem. The increased trading volume should also encourage more adoption of DFI by other exchanges and services.
Santiago Sabater, the CEO of DeFiChain Accelerator, said,
“With the new liquidity pools and the various upcoming projects to increase the utility of DFI on ERC-20, DeFiChain’s adoption is growing massively. DeFiChain is opening the gates to offer its decentralized assets such as decentralized stocks, commodities and ETFs to the whole DeFi community on the Ethereum blockchain. This will result in massive capital inflows, pleasuring DeFiChain’s investors, while creating new use cases for Ethereum users.”
The liquidity mining rewards will be distributed in the following manner.

DFI-ETH pair at 0.5 DFI per Ethereum block
DFI-USDT pair at 0.25 DFI per Ethereum block
DFI-USDC pair at 0.25 DFI per Ethereum block

In total, one DFI token will be distributed per Ethereum block. Just like DFI emission rate on DeFiChain mainnet, block reward is scheduled to reduce by four percent every seven days (in blocks), starting 9 a.m. UTC on August 22, 2022.
Before that, rewards will only be distributed at a constant rate of one percent of the above rates. It is estimated to allow the reward to sustain well over a year.
A smart contract will be published on Ethereum mainnet that allows the rewards to be paid out in accordance with the schedule. Upon publishing of the smart contract, DFI will be placed in the smart contract in tranches for safety reasons.
An accompanying decentralized app will be launched for liquidity providers to take part in the liquidity mining program.
About DeFiChain
DeFiChain is a decentralized proof-of-stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets and decentralized loans. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem.
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Benjamin Rauch
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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The post DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap appeared first on The Daily Hodl.


August 7, 2022 – Singapore, Singapore DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, is thrilled to announce that its community has voted to offer lucrative liquidity mining rewards for the ERC-...

DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap

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. ...

Wrapped Bitcoin price	$23,946.00
Low - High 24H	$23,115.00 - $24,211.00
Market cap	$5.66B
Volume 24H	$207.24M
All time high	$70,643.00 -66.13% November 10th 2021
All time low	$3,139.17 662.12% April 2nd 2019
Genesis date	N/A

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