admin posted: "Bitcoin (BTC) and the broader cryptocurrency market turned lower later in the day on Dec. 31, erasing intraday gains to cap off a highly successful year on a weaker note. Market UpdateBTC price fell below $46,000 on Dec. 31 and was last seen hovering"
Bitcoin (BTC) and the broader cryptocurrency market turned lower later in the day on Dec. 31, erasing intraday gains to cap off a highly successful year on a weaker note.
Market Update
BTC price fell below $46,000 on Dec. 31 and was last seen hovering below that level, according to data from Cointelegraph Markets Pro and TradingView. The flagship cryptocurrency is down over 5% from its intraday peak and 2.9% on the day to trade at $45,933.
Bitcoin's price is back on the defensive as the year draws to a close. Source: Cointelegraph Markets Pro
Altcoins faced a similar downward trajectory as Bitcoin, with the likes of Ether (ETH), Binance Coin (BNB) and Solana's SOL each falling more than 2%. Cardano's ADA declined over 4% on the day.
The combined market capitalization of all cryptocurrencies shed over $100 billion from its intraday peak, falling from a high of $2.4 trillion to $2.27 trillion, according to CoinGecko.
The crypto market cap was down more than $100 billion from its intraday peak. Source: CoinGecko
The sudden reversal followed a modest relief rally for BTC and other cryptocurrencies that took place early on Dec. 31. As Cointelegraph reported, Bitcoin's price appreciated by more than $1,500 in less than an hour — a rally that may have been aided by a December options expiry event worth roughly $6 billion.
Bitcoin is bracing for a year-to-date return of less than 60%, which is well below what many, if not most, prognosticators were calling for at the start of 2021. Although BTC never came close to achieving lofty six-figure valuations, the leading cryptocurrency continues to attract investors with a low time preference. (Investors with a low time preference place more emphasis on their financial well-being in the far future as opposed to the present.)
BTC's recent price correction has been largely driven by so-called crypto tourists who entered the market in the summer. As Cointelegraph recently reported, veteran holders are still selling record-low amounts of BTC as of late December. Meanwhile, buying activity on Coinbase appears to have picked up substantially toward the end of the year.
Earlier this week, UTXO Management analyst Dylan LeClair said "The true OGs are holding tight," in reference to Bitcoin's long-term holders having a much lower on-chain cost basis than those who are currently selling. The average on-chain cost basis for long-term BTC holders is $17,825 compared with $33,890 for those currently spending their coins.
#Bitcoin long-term holders have an average on-chain cost basis of $17,825, but the ones currently moving spending their coins have a cost basis of $33,890.
In addition to the retail-oriented class of long-term hodlers, the crypto market saw an influx of sophisticated institutional investors in 2021. Net proceeds into crypto funds exceeded $9.3 billion in 2021, with Bitcoin accounting for over two-thirds of that total, according to CoinShares data. These funds registered 16 consecutive weeks of inflows through Dec. 13.
admin posted: "Bitcoin (BTC) and most major altcoins are attempting a rebound off their respective support levels, indicating that buyers continue to accumulate on dips.Data from Coinglass shows that 9,925 Bitcoin left Coinbase Pro, the professional trading arm of Coinb"
Data from Coinglass shows that 9,925 Bitcoin left Coinbase Pro, the professional trading arm of Coinbase, on Dec. 30, a possible sign of institutional buying. This is in sharp contrast to the strong inflows seen in Binance and OKEx. Several analysts believe that institutional buying could pick up in January.
Economist and trader Alex Krüger expects a Bitcoin rally in early January based on fund flows. He also highlighted that January has produced positive results for Bitcoin between 2018 and 2021, with gains ranging from 7% to 36%.
While investors debate about the next possible direction of the crypto markets, MicroStrategy has continued to accumulate Bitcoin on dips. The business intelligence firm purchased 1,914 Bitcoin between Dec. 9 and Dec. 29, according to a filing with the U.S. Securities and Exchange Commission. The recent purchase has boosted the company's holdings to 124,391 Bitcoin.
Could Bitcoin lead a strong recovery in the crypto markets in the new year? Let's study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin bounced off the $45,456 support and has risen above the 200-day simple moving average (SMA) ($47,826). However, the bulls are likely to face a strong challenge at the 20-day exponential moving average (EMA) ($49,096).
BTC/USDT daily chart. Source: TradingView
If the price turns down from the current level or the 20-day EMA, it will suggest that bears are selling on every minor rally. That will increase the possibility of a break below $45,456. If that happens, the BTC/USDT pair could drop to the strong support zone at $42,000 to $40,000.
The relative strength index (RSI) is forming a possible positive divergence, which suggests that the selling pressure could be reducing.
If bulls drive the price above the 20-day EMA, the pair could rally to $51,936.33. A break and close above this resistance could start an up-move to the 50% Fibonacci retracement level at $55,000 and then to the 61.8% retracement level at $58,686.
ETH/USDT
Ether (ETH) has bounced off the strong support zone at $3,643.73 to $3,503.68. The bulls will now try to push the price to the 20-day EMA ($3,952), which is an important level to watch out for.
ETH/USDT daily chart. Source: TradingView
If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make another attempt to sink the price below the support zone.
A break and close below the 200-day SMA ($3,365) may indicate the start of a deeper correction to $2,800. This negative view will be negated if the price breaks and sustains above $4,200. The ETH/USDT pair could then rise to $4,488 and later to $4,868.
BNB/USDT
Binance Coin (BNB) is attempting a bounce off the strong support at $500. The recovery is likely to face selling at the 20-day EMA ($540). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.
BNB/USDT daily chart. Source: TradingView
The downsloping 20-day EMA and the RSI in the negative territory indicate that bears are in command. A break and close below $500 could intensify selling and the BNB/USDT pair could drop to the 200-day SMA ($445).
Contrary to this assumption, if the price rises above the 20-day EMA, the bulls will try to push the pair above $575. If they succeed, the pair could rally to $617 and later to the overhead resistance zone at $669.30 to $691.80.
SOL/USDT
Solana (SOL) is attempting to bounce off $167.88. The relief rally is likely to face strong selling at the 20-day EMA ($182). The RSI is in the negative zone and the 20-day EMA is sloping down gradually, indicating that bears are at an advantage.
SOL/USDT daily chart. Source: TradingView
If the price turns down and dips below the $167.88 support, the SOL/USDT pair could drop to $148.04. The bulls may try to defend this level but if the support gives way, the pair could start its downward journey toward the 200-day SMA ($128).
This negative view will invalidate if bulls push the price above the 20-day EMA and the overhead resistance at $204.75. The pair could then rise to the resistance line of the falling wedge pattern. A break and close above this level could clear the path for a retest of the all-time high at $259.90.
ADA/USDT
Cardano (ADA) broke and closed below the 20-day EMA ($1.38) on Dec. 29 but the buyers have not yet given up. They are attempting to push the price back above the 20-day EMA.
ADA/USDT daily chart. Source: TradingView
If they succeed, the ADA/USDT pair could rise to the resistance line of the descending channel. The bears are likely to defend this level aggressively. If the price turns down from the resistance line, the pair could extend its stay inside the channel for a few more days.
A break and close above the channel will be the first indication of a possible change in trend. Conversely, if the price turns down from the current level, the pair could drop to $1.18. This is an important level to watch out for because if it cracks, the pair could drop to $1.
XRP/USDT
Ripple (XRP) is range-bound between $1 and $0.75. The price bounced off $0.80 on Dec. 30 and the bulls will now attempt to push the price back above the 20-day EMA ($0.88).
XRP/USDT daily chart. Source: TradingView
If they do that, the XRP/USDT pair could rise to the 200-day SMA ($0.94) and then to the overhead resistance at $1. The bulls will have to push and sustain the price above this resistance to signal the start of a sustained recovery.
The 20-day EMA is turning down and the RSI is below 45, indicating that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will try to sink the pair below $0.75. A close below this level could clear the path for a decline to $0.60.
LUNA/USDT
Terra's LUNA token bounced off the 20-day EMA ($81) on Dec. 30, indicating that the sentiment remains positive and traders are buying on dips.
LUNA/USDT daily chart. Source: TradingView
The bulls will now attempt to push the price to the all-time high at $103.60. A break and close above this resistance will signal the start of the next leg of the uptrend that could reach $135.26 and then $150.
On the other hand, if the price turns down from $93.81 and breaks below the 20-day EMA, it will suggest that traders are closing their positions on rallies. The LUNA/USDT pair could then drop to the 61.8% Fibonacci retracement level at $71.61.
Avalanche (AVAX) bounced off the minor support at $98 on Dec. 30 and the bulls are now attempting to push the price above the 20-day EMA ($107).
AVAX/USDT daily chart. Source: TradingView
If they succeed, the AVAX/USDT pair could rise to the downtrend line where the bears may mount stiff resistance. A break and close above this level will be the first sign that the correction may be over.
The pair could then rise to $128. If bulls thrust the price above this resistance, it will complete a bullish inverse head and shoulders pattern. The pair could first retest the all-time high at $147 and then attempt a rally to the pattern target at $177.50.
On the contrary, if the price turns down from the 20-day EMA and breaks below $98, the pair could drop to $75.50.
DOT/USDT
Polkadot (DOT) broke below the 20-day EMA ($28) on Dec. 28 and the bears have successfully warded off attempts by the bulls to push the price back above the moving averages.
DOT/USDT daily chart. Source: TradingView
If the price turns down from the current level, the bears will try to sink the DOT/USDT pair below the $25 to $22.66 support zone. If that happens, the selling could pick up momentum and the decline could extend to $16.81.
Alternatively, if the price rises above the moving averages, the buyers will try to propel the pair above $31.49. If they manage to do that, it could open the doors for a possible rally to $39.50 and later to $43.56.
DOGE/USDT
Dogecoin (DOGE) broke below the 20-day EMA ($0.17) on Dec. 28 but the bears could not challenge the major support at $0.15. This suggests that selling dries up at lower levels.
DOGE/USDT daily chart. Source: TradingView
The bulls are attempting to push the price back above the 20-day EMA. If they manage to do that, the DOGE/USDT pair could rally to the overhead resistance at $0.19. A break and close above this level will signal the possible start of a new up-move that could reach the 200-day SMA ($0.23).
Conversely, if the price turns down from the 20-day EMA, the bears will attempt to sink the pair below $0.15. This is an important level for the bulls to defend because if it cracks, the pair could plunge to $0.13 and eventually to the psychological support at $0.10.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
admin posted: "Litecoin had an amazing start to November as it shot past the $200 mark and rocketed to a $295 high. However, the past six weeks have pulled Litecoin back to the $140 lows. Bitcoin experienced a short-term bounce, but bullish strength was not seen as much"
Litecoin had an amazing start to November as it shot past the $200 mark and rocketed to a $295 high. However, the past six weeks have pulled Litecoin back to the $140 lows. Bitcoin experienced a short-term bounce, but bullish strength was not seen as much on longer timeframes. What Litecoin can achieve in the coming weeks will be dictated mostly by what Bitcoin does in the market. The bulls will have a fighting chance if Litecoin can flip the $176 level to support.
The drop from $295.7 to $129.3 was used to plot Fibonacci retracement levels (white). At the time of writing, the $143 long-term support (green) was held. Plus, the $168 level posed as resistance.
In late August, the price topped out at $232 and this coincided with the 61.8% retracement level, reinforcing it as significant resistance.
A different set of Fibonacci retracement levels were plotted based on LTC's plunge from $413 to $103. The 23.6% retracement level for this move was at $176. Generally, the price consolidates above the 23.6% level for a while before it can run toward the 38.2% and 50% levels.
Moreover, in October, we saw prices bounce from $140, climb to $180 and higher. Thereafter, retest the $176 area in search of demand. If Litecoin can exhibit a similar price action in the coming weeks, it would likely encourage buyers to bid heavily on the $176 retest, if it occurs.
The OBV has been forming higher lows in the past few months. However, it has been strongly trending downward since the November peak. The OBV has to begin to set higher highs for the bullish scenario to play out.
The RSI also bounced off the 37.65 level. In the past (late March, June, late September), the RSI had bounced off the 35-37 area. Even in December, this level was one of resistance, and only recently has LTC flipped it to support.
Conclusion
Investors would have to wait and see if the $176 can be flipped from supply to demand. Flipping the longer-term 23.6% retracement level was something that saw LTC run to $232 and $295. A similar feat could possibly be repeated in the weeks to come.
Diyaryo Milenyo posted: " MANILA, Philippines --- Sumipa ang bilang ng mga aktibong kaso ng COVID-19 sa Pasay, Muntinlupa at Parañaque, ayon sa tala ng bawat lokal na pamahalaan. Wala pang dalawang linggo, pumalo sa 77 ang mga aktibong kaso ng COVID-19 sa Pasay, ayon sa datos"
MANILA, Philippines --- Sumipa ang bilang ng mga aktibong kaso ng COVID-19 sa Pasay, Muntinlupa at Parañaque, ayon sa tala ng bawat lokal na pamahalaan. Wala pang dalawang linggo, pumalo sa 77 ang mga aktibong kaso ng COVID-19 sa Pasay, ayon sa datos na nakalap mula sa lokal na pamahalaan. Naitala ang unang aktibong kaso […]
kyungho0128 posted: "Brewers and farmers from Belgian Barrels Alliance (BBA) have partnered with Zeromint to offer nonfungible tokens (NFTs) aimed at preserving the UNESCO recognized Belgian beer culture and heritage. As a part of the partnership, Zeromint will mint and offer"
New post on CoinInformation - crypto news bitcoin ethereum ripple tron
Brewers and farmers from Belgian Barrels Alliance (BBA) have partnered with Zeromint to offer nonfungible tokens (NFTs) aimed at preserving the UNESCO recognized Belgian beer culture and heritage.
As a part of the partnership, Zeromint will mint and offer exclusive NFTs on the GoChain blockchain, which will be made available for international beer fans via BBA. Starting today, the organization will run several BBA NFT collection projects around sustainability and the preservation of Belgian beer heritage for the next 14 days.
According to the official statement, the first Belgian Barrels NFT auction will be used to recruit 11 participants for acting in a BBA-produced movie titled Belgian Barrels:
"The aim of the movie project is to further eternalize the Belgian Beer history through a professional cinematic movie production, which BBA plans to promote and distribute globally."
In addition, the NFT winners will join a whitelist VIP access to all BBA events and access to vintage beer menus and exclusive bottles at BBA clubs. "Eighty percent (80%) of the revenue generated from the NFT auction will go towards a local charity in Belgium," the announcement stated. Tom De Block, Co-founder of the Belgian Barrels Alliance added:
"Belgian beer is not just beer. It is a rich and complex history about old families and true people that became legends. It is simply an honor to open some of their bottles and to tell their story."
The Alliance also plans to launch NFTs initiatives to promote tree plantations and learn specialized artisan skills and traditions in addition to building engagement and reward opportunities for beer fans and enthusiasts.
Related: Vodafone auctions world's first SMS 'Merry Christmas' as NFT for charity
British telco giant Vodafone announced plans to create an NFT of the world's first Short Message Service (SMS) and auction the proceedings to the United Nations High Commissioner for Refugees (the UN Refugee Agency).
The SMS, that reads "Merry Christmas," was sent 29 years ago over the Vodafone network on Dec 3, 1992, to Richard Jarvis, an employee at the time.
As Cointelegraph reported, the historic 15 character-long SMS will be auctioned off in a one-off sale conducted by the Aguttes Auction House in France.
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