Bitcoin Price Analysis: Next Huge Move for BTC Imminent as Price Consolidates

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CryptoPotato 07 July, 2021 - 04:34am 34 views

When is London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

IBC Group Moves Out Of China; Pavilions Hotels To Accept Crypto

Forkast News 07 July, 2021 - 07:17am

IBC Group to end Bitcoin and Ethereum mining in China.

The Pavilions Hotels and Resorts to accept crypto.

Blockchain leads to rise of crypto natives

We’ll have more on these stories — and other news shaping the cryptocurrency and blockchain world — in this episode of The Daily Forkast, July 6.

Welcome to The Daily Forkast, July 6th, 2021. I’m Justin Solomon of Forkast News, covering all things blockchain filling in for Editor-in-Chief Angie Lau.

Coming up, IBC Group to end Bitcoin and Ethereum mining in China, Thailand’s The Pavilion’s Hotel and Resorts Group to accept crypto, and have you got what it takes to become a crypto native? Now, let’s get you up to speed from Asia to the world.

In China, the crackdown on crypto mining continues to make waves. Since China’s state council declared its intention to manage financial risks by clamping down on crypto mining and trading in the country in May of this year, many big players have made the decision to relocate.

The latest to make a move is IBC group, which recently moved its headquarters to Toronto, Canada. The group, which employs over 1,500 staff, has decided to close down all of its Bitcoin and Ethereum mining operations in China.

In a press release, the company’s chairman and CEO said that while the Chinese crackdown is a temporary inconvenience, diversified locations of mining facilities is great news for the rest of the world.

Its staff will now be moved to a variety of locations, including Canada, the US, the UAE, Iceland and Kazakhstan.

Taking a look at the markets now. Bitcoin is up almost 2%, trading at a little under thirty five thousand US dollars. That as of 4 p.m. Hong Kong time. And in the top 10 for cryptocurrency is a mixed day of trading. The top performers were Uniswap, gaining 10.5%, and Binance going up almost 6%.

As the world begins to open up for travel once again, Thailand-based The Pavilion’s Hotels and Resorts is embracing crypto, now accepting the currency when booking rooms. In a partnership with payment platform Coindirect, customers can choose from over 40 cryptocurrencies in payment for their bookings. The company will also be accepting crypto for those in the market to buy one of their residential villas. Their managing director for Asia says the company wasn’t worried about the relatively high volatility in the crypto markets compared to fiat currencies when making that decision

“For us, we’re also looking at whether we hold cryptocurrencies and we will be making a daily decision on whether we hold those cryptocurrencies and convert them into a fiat currency or not.”

Now, the company, which has properties across Asia, says responses from customers has been good so far and that the next move could be to allow crypto to be used for other services they offer at the resorts. On March, U.S. Luxury hotel chain, the Kessler Collection too said it would accept cryptocurrency, including Bitcoin, Dogecoin and Ethereum.

And finally today, in a Forkast op-ed, Alvin Lee of Singapore-based DeGate DAO takes a deep dive into how blockchain is giving rise to the next stage of human history made up of crypto natives. That someone who’s not just a savvy cryptocurrency investor DeFi obsessive, but someone who sees blockchain as having the potential to change the relationship between individuals and the state.

“If you believe in freedom, if you believe in inclusion, you can kind of select yourself and learn yourself into the crypto nation just like many immigrants who believe in the American dream selected themselves into America by immigration. It’s a similar process, except that now it’s decentralized. You don’t have to be physically in one place to be part of this nation because our country is code.”

Want to know more? Check out our newly refreshed website at Forkast.News. You can find Alvin’s op-ed there and more about what all this means for our collective future.

And that’s The Daily Forkast from our vantage point right here in Asia. For more, visit Forkast.News. I’m Justin Solomon. Until next time.

Is the Bitcoin bull run only in the ‘disbelief’ market cycle phase?

Cointelegraph 07 July, 2021 - 07:17am

BTC price action would perform a one-off move if it were to top out at its recent $64,500, Alex Saunders believes.

In a tweet on Tuesday, Alex Saunders, founder and CEO of Nuggets News, used a classic Wall Street paradigm to suggest that BTC’s price is far from its macro top.

Bitcoin has so far failed to crack resistance even at $40,000, languishing 50% below its recent all-time highs. 

As fear lingers as the driving force behind market sentiment, many are concerned that bullish momentum cannot compete with recent bearish price events.

Chief among them is the forced miner migration out of China. With months set to pass before the hash rate recovers, even the most tried-and-tested Bitcoin price models are being stretched to their limits.

For Saunders, however, China’s move to “go for the kill” when it comes to Bitcoin’s health has already failed to produce its intended result.

“In 9 years I’ve never seen a bull market end in disbelief. Consensus is sideways & 1 more leg down,” he summarized.

Saunders referred to the classic market cycle paradigm in which “disbelief” precedes a dramatic price run-up in a given market. After a comedown from a macro high, “disbelief” likewise signals a reawakening after a protracted period of losses.

His comments came as fresh comments from the People’s Bank of China reiterated previous negative sentiment on cryptocurrency, warning banks not to allow transactions associated with the industry.

Unlike last time, however, the news had barely any impact on Bitcoin price action.

He is far from alone in his belief that Bitcoin has not seen its highs in this halving cycle. Supporting him is stock-to-flow model creator PlanB, who is eyeing a minimum BTC/USD price of $135,000 by the end of 2021.

As Cointelegraph reported earlier this week, signs that the worst of China’s mining crackdown is already over are already visible in Bitcoin network fundamentals.

The hash rate has bounced off its recent lows, while difficulty is busy accounting for the biggest reshuffling in mining power that Bitcoin has ever seen.

This may nonetheless mean that difficulty sees an even bigger drop at the next readjustment in just under two weeks’ time. Thereafter, the added miner presence resulting from increased profitability should allow the network to complete its automated balancing act.

TA: Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $32.2K

NewsBTC 07 July, 2021 - 07:17am

Bitcoin failed to climb above the $36,000 zone and it is started a fresh decline. BTC traded below the $35,000 and $34,500 support levels to move into a bearish zone.

The price even broke the $34,000 level and settled below the 100 hourly simple moving average. A low was formed near $33,103 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $35,950 swing high to $33,100 low.

It seems like there is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC/USD pair. If bitcoin price fails to stay above the triangle support and then $33,500, there is a risk of a downside break.

The next major support is near the $33,00 level. If there is a downside break below the $33,100 and $33,000 support levels, the price could continue to move down.

If bitcoin remains stable above the $33,500 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,000 level and the triangle upper trend line.

The next key resistance is near $34,250 and the 100 hourly SMA. The main resistance is now forming near $34,400, above which the price could revisit the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

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

Major Support Levels – $33,500, followed by $33,000.

Major Resistance Levels – $34,000, $34,400 and $35,000.

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

Ethereum Vs. Ethereum Classic: Which Crypto Performed Better In June? | Benzinga

Benzinga 07 July, 2021 - 06:50am

Ethereum (CRYPTO:ETH) and Ethereum Classic (CRYPTO:ETC) are two cryptocurrencies that run on the Ethereum blockchain.

Ethereum Classic is the original version of Ethereum that executed smart contracts with a Proof-Of-Work platform. Ethereum later changed to a Proof-Of-Stake platform after there was a hack on the platform.

Ethereum opened June 1 at a price of $2,705.72 and closed on June 30 at a price of $2,276.34, showing a loss of 15.87% for the month of June.

Ethereum Classic opened June 1 at a price of $70.11 and closed on June 30 at a price of $57.50, showing a loss of 17.98% for the month of June.

The above calculations show that both cryptos lost ground throughout the month of June, but Ethereum would have lost less of a percentage for holders.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Ether Could Overtake Bitcoin as Store of Value, Goldman Sachs Says - CoinDesk

CoinDesk 07 July, 2021 - 12:42am

While bullish on ether, Goldman denied cryptos' superiority to gold when it came to taking the top spot among safe-haven assets.

According to a report by Business Insider on Tuesday, the bank believes ether‘s use cases currently possess the highest “potential,” being the most popular development platform for smart contracts.

The report cited Goldman’s Tuesday note to clients which, while bullish on ether, denied cryptos’ superiority to gold when it came to taking the top spot among safe-haven assets.

“Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities,” the note said. “We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.”

Goldman also said competition among cryptocurrencies represented another risk factor that prevents the nascent asset class from being safe places to park one’s investment.

The comments echo last month’s statements from the bank’s consumer and wealth management division, which concluded that cryptocurrencies were “not a viable investment” for diversified portfolios.

Crypto Analyst Lark Davis: Don’t Miss These Four Cryptoassets in July

CryptoGlobe 06 July, 2021 - 08:03pm

Popular trader and crypto analyst Lark Davis recently talked about four cryptoassets that he believes are poised to make big gains in the month of July. 

Speaking in a recent YouTube video, Davis told subscribers he was bullish on Bitcoin. Davis said Bitcoin was “number one” on his watch list for the coming month and said the cryptoasset was “getting ready for a big move.”

However, Davis cautioned followers that Bitcoin’s price movement would likely be steady, rather than occurring in a single explosive rally. 

As reported by The Daily Hodl, Davis said, 

At a $650 billion dollar market cap, don’t expect Bitcoin to pull a 20x overnight or something like that. But we could see a pretty good move in the month of July for Bitcoin.

Davis was also bullish on Ethereum for the coming month, saying the second-largest cryptoasset by market capitalization was on track for huge gains. Davis noted Ethereum’s forthcoming London upgrade as a catalyst for the price and an improvement on transaction fees. 

So we’re going to see some upgrades coming into Ethereum in about two or three weeks. The Ethereum London fork that’s coming up represents a major milestone in that forward-thinking innovation for Ethereum.

Davis predicted Cardano would also have a strong rally due to the upcoming launch of support for smart contracts. Davis claimed that smart contracts would allow Cardano to “explode” in the territory of decentralized exchanges, NFT marketplaces, and borrowing and lending. 

The popular trader rounded out his top selections with Polygon, saying that MATIC’s price run was “far from being over.” Davis said Polygon’s appeal was allowing users access to their favorite Ethereum applications for “a thousandth of the price.”

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