The researchers from Renaissance Macro Research have recently stated that Bitcoin (BTC) might be done for if its price goes under the year-to-date support level. If this crucial barrier is broken, BTC will suffer a permanent damage.
Bitcoin is in a very bad place right now
New reports from the financial analysis firm called Renaissance Macro Research, Bitcoin is currently facing far more serious issues than it might seem at first. After years and years of prices going up and down, a lot of people would say that the current fluctuations are no different. However, the experts believe that the situation may be direr than ever before.
Renaissance Macro Research believes that Bitcoin is currently facing a large existential crisis. They also stated that the coin’s year-to-date support level is softening each of its falls, and preventing the coin from suffering irreversible damage. However, if BTC were to go below this level, it might never be able to reach its full potential.
Recently, there has been a lot of activity for Bitcoin, starting with a rally in July that brought the coin’s value back to $8,400 for the first time in weeks. However, while this seemed like a beginning of a serious bull run, BTC fell under $7,000 only days after. The reason for this is believed to be the announcement left by the US SEC, which has stated that the BTC ETF decision will be delayed once more. The confirmation of this decision came only a few days ago, and since then, BTC fell even more. Now, it is lower than it has been in months, with a price of $6,140.43 per coin.
Is this the end of Bitcoin?
While many believe that the situation couldn’t get much worse, analysts believe that what we have experienced so far might only be the tip of the iceberg.
Jeff deGraaf, the head of technical research at Renaissance, stated that his recommendation is to only take short positions on Bitcoin if the year-to-date support level gets breached. He spoke with clients this Thursday and stated that the parabolic moves can be extremely dangerous, especially for short-sellers.
He also said that a top can often develop, and things seemingly look like a descending triangle. This situation can go on for months, and it can often result in lower volatility. However, when the top is complete when it comes to the violation of support levels, the security might become impaired permanently. In many cases, this is a pure ‘game over’, and Bitcoin is approaching this situation right now.
On the other hand, there are numerous analysts that are urging the crypto community to calm down, and not overreact regarding the SEC’s decision delaying. Some even claim that the creation of a new crypto platform, Bakkt, is the right thing to focus on right now.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…