Cryptocurrency

The price action of Bitcoin has recently bounced off lower levels indicating strength according to the chart analysis but it is still stuck in this declining channel. Bitcoin will require a strong catalyst or considerable buying momentum to break above the upper trendline and launch a significant advance toward $70,000. New heights could be reached if it succeeds in testing $70,000 once more. We might witness a retreat back to important support levels though if BTC is unable to sustain this increasing pressure. In case of a retracement, the psychological level of $60,000 should be looked after as it is also the current resting place of the 100-day moving average. The 200-day EMA and earlier consolidation zones as well as $58,000 provide further support below that. In a bull market the $75,000 level would be the next target if Bitcoin crosses the $70,000 threshold. Bitcoin may face difficulties in this area once more as it has previously shown to be a strong area of resistance in previous market cycles. XRP’s pattern plays outA symmetrical triangle pattern on XRP just saw a notable breakthrough suggesting that there may be more upside momentum ahead. Since August this triangle had been developing suggesting that XRP was gathering strength and preparing for a move. Furthermore it is evident that the market is moving toward a bullish sentiment now that the breakout has occurred. These patterns frequently precede sharp moves in either direction which makes the breakout from this symmetrical triangle noteworthy. Given that XRP was able to break higher this indicates that the bulls are currently in the driver’s seat. Still it is unclear if this momentum will continue or if there may be an invalidation. Although XRP appears to be in good shape right now, invalidation is still a possibility. The breakout may have been a fake move if the price dropped back into the triangle and broke below important support levels. XRP must maintain above the $0.58 support zone which has been a significant area of interest to confirm a sustained bullish trend. A rapid retreat back to the lower $0. 55 region could result from a failure to hold this level. On the plus side if XRP keeps rising and stays above resistance it could see additional gains. In an attempt to build on the recent breakout the market may set its sights on the $0. 65–$0. 70 region as its next target.Since the middle of 2023 ETH’s price has been moving lower due to a persistent bearish trend that the cryptocurrency has struggled to overcome. Ethereum has recovered quite well over the last week as seen by the current chart rising back above the $2,500 threshold. But the bullish dynamic seems to be waning as the price approaches significant resistance levels around $2,600 and $2,700. The price is currently consolidating within this declining channel and there is a discernible lack of strong momentum. Whether Ethereum can hold this level or if there will be a reversal back toward $2,400 or even $2,300 is the crucial thing to keep an eye on. A return to bearish sentiment and additional downward movement in the upcoming weeks could be indicated if it breaks below these crucial support levels. But there is some good news for holders of ETH. Ethereum may still be able to gain more traction in the next trading sessions especially on Monday when markets usually see a surge in activity. The $2800 region may be retested by ETH if buying interest increases and the price can break above its present resistance. This article was originally published on U.Today More

According to Bernstein in a note Monday, several factors are driving this surge, from macroeconomic changes to shifts in market sentiment.Here are the five key reasons behind Bitcoin’s latest rally, as outlined by Bernstein: Rate Cuts and Inflation HedgingThe recent 50 basis point rate cut by central banks has impacted markets, with Bitcoin benefiting from a weaker dollar and loose monetary policy, according to Bernstein.The firm notes that Bitcoin, like gold, is seen as a non-sovereign asset, which gains appeal in times of fiscal excess, especially with U.S. debt levels reaching $35 trillion. Year-to-date, Bitcoin is up 45%, compared to gold’s 27% rise.Growing Bipartisan Support for CryptoFurthermore, Bernstein says crypto is gaining political traction, with bipartisan backing adding momentum. Vice President Harris recently signaled support for digital assets during a New York City event, marking the administration’s first explicit crypto endorsement. According to Bernstein, while a Trump victory could further accelerate pro-crypto policies, institutional interest in major assets like Bitcoin is expected to remain strong regardless of the election outcome.Bitcoin ETF MomentumInstitutional flows into Bitcoin ETFs have remained robust. “[In the] last 10 days, Bitcoin ETF clocked $800Mn inflows, despite choppy price action,” wrote Bernstein.The firm expects more wirehouses, such as Morgan Stanley, to launch Bitcoin ETFs, which will likely drive further inflows as advisors solicit clients.Miner Stability Post-HalvingBitcoin miners are said to have adjusted to the April 2024 halving event, stabilizing their operations. According to Bernstein, network hashpower has rebounded, signaling miner resilience and further solidifying Bitcoin’s foundation.Reduced Selling PressureMajor Bitcoin sales by the U.S. and German governments, as well as distributions from Mt. Gox, have been absorbed by the market, says the firm.Additionally, they note MicroStrategy raised $2.1 billion to buy more Bitcoin, pushing its holdings to 252,220 BTC, or 1.3% of total supply. More

FSL, creators of STEPN GO, announce the continuation of their exciting collaboration with adidas through the launch of the STEPN GO x adidas Genesis Sneakers, an exclusive NFT collection. This is the second phase of a year-long partnership, following the successful April 2024 launch of the STEPN x adidas Genesis Sneakers, which saw the two brands collaborating to blend fitness and digital fashion.The new Genesis collection will be available exclusively on STEPN GO and through a raffle mint on MOOAR, FSL’s NFT marketplace. A total of 1,000 Genesis Sneakers will be up for grabs at 10,000 GMT per entry, with a refund provided for those who don’t win. The partnership highlights adidas’ commitment to exploring the future of wearables in the Web3 space, with more exciting projects to follow.Since STEPN GO’s Public Beta Launch on September 4, 2024, the Haus System has quickly become a standout feature of STEPN GO. It allows users to lend Sneakers to friends, sharing Energy and earnings while motivating each other to stay active. This innovative system has opened up STEPN GO to a broader audience, making it accessible even to those with no prior knowledge of crypto, by simply using an Activation Code.Beyond the Haus System, STEPN GO offers several other features designed to reward users for staying active. The Fitness Level feature provides additional earnings based on consistent activity, turning every step into an opportunity to earn more. GO GAME TOKEN (GGT), earned through walking, jogging, or running, can be used within the app for upgrading Sneakers and minting Shoeboxes. Additionally, the platform encourages sustainability by requiring users to burn Sneakers to gain Energy, ensuring a balanced economic model​. As STEPN GO continues to build on the success of its predecessor, the platform is set to launch even more exciting features in the coming months. With a focus on combining fitness, social interaction, and blockchain technology, STEPN GO offers players a unique experience where physical activity is rewarded, while adding elements like PvP competitions and enhanced social features to boost user engagement.About STEPN GOBuilding on the success of STEPN, the pioneering move-and-earn platform, STEPN GO revolutionizes social fitness in everyday life. Buy, borrow, or lend your Sneakers to earn rewards by staying active. Your rewards can be used to level up, cash out, or flex your online appearance, fostering both physical activity and social connections.About STEPNSTEPN is Web3’s leading lifestyle app with over 5.6 million registered users. By incentivizing exercise through rewards, the app requires users to purchase a virtual Sneaker NFT and earn rewards through walking, jogging, or running. Over the years, STEPN has partnered with prolific brands like adidas, Atlético De Madrid, Steve Aoki, and ASICS.About adidasadidas is a global leader in the sporting goods industry. Headquartered in Herzogenaurach/Germany, the company employs more than 59,000 people across the globe and generated sales of € 21.4 billion in 2023.ContactMattina Hiwaizimattina@fsl.comThis article was originally published on Chainwire More

Trading volumes were held back by a market holiday in Japan, while anticipation of more cues on interest rates also kept traders to the sidelines.Bitcoin rose 1.3% to $63,932.1 by 00:58 ET (04:58 GMT), extending a breakout from a $50,000 to $60,000 range seen through most of the year. Bitcoin mostly outpaced broader crypto markets, although risk appetite remained upbeat before more cues on interest rates and the U.S. economy. Several Fed officials are set to speak in the coming days, with particular focus on an address by Chair Jerome Powell on Thursday. PCE price index data- the Fed’s preferred inflation gauge- is also due on Friday, and is likely to factor into the central bank’s plans for interest rates. The Fed cut rates by 50 basis points last week, and flagged the beginning of an easing cycle- which analysts say could bring rates lower by at least 125 bps this year. Beyond the Fed, central bank meetings in Switzerland and Sweden are also on tap, with both central banks expected to cut rates. Lower rates bode well for Bitcoin, given that they free up liquidity to be invested in speculative assets such as crypto. But overall gains in Bitcoin were still limited, given that the Fed signaled that rates may not fall by much in the medium-to-long term.Crypto markets also have to contend with an uncertain regulatory environment, especially in the face of a tight 2024 U.S. election race. Recent hawkish-leaning signals from the Bank of Japan also limited Bitcoin’s advance, although the BOJ is expected to face increased resistance towards future interest rate hikes from a leadership change in the Japanese government. Broader cryptocurrency markets were mixed, with world no.2 crypto Ether rising 2.9% to $2,657.20.SOL and XRP fell 0.9% and 0.5%, respectively, while ADA and MATIC rose marginally. Among meme tokens, DOGE rose 0.3%. More

The price action of Bitcoin has recently bounced off lower levels indicating strength according to the chart analysis but it is still stuck in this declining channel. Bitcoin will require a strong catalyst or considerable buying momentum to break above the upper trendline and launch a significant advance toward $70,000. New heights could be reached if it succeeds in testing $70,000 once more. We might witness a retreat back to important support levels though if BTC is unable to sustain this increasing pressure. In case of a retracement, the psychological level of $60,000 should be looked after as it is also the current resting place of the 100-day moving average. The 200-day EMA and earlier consolidation zones as well as $58,000 provide further support below that. In a bull market the $75,000 level would be the next target if Bitcoin crosses the $70,000 threshold. Bitcoin may face difficulties in this area once more as it has previously shown to be a strong area of resistance in previous market cycles. XRP’s pattern plays outA symmetrical triangle pattern on XRP just saw a notable breakthrough suggesting that there may be more upside momentum ahead. Since August this triangle had been developing suggesting that XRP was gathering strength and preparing for a move. Furthermore it is evident that the market is moving toward a bullish sentiment now that the breakout has occurred. These patterns frequently precede sharp moves in either direction which makes the breakout from this symmetrical triangle noteworthy. Given that XRP was able to break higher this indicates that the bulls are currently in the driver’s seat. Still it is unclear if this momentum will continue or if there may be an invalidation. Although XRP appears to be in good shape right now, invalidation is still a possibility. The breakout may have been a fake move if the price dropped back into the triangle and broke below important support levels. XRP must maintain above the $0.58 support zone which has been a significant area of interest to confirm a sustained bullish trend. A rapid retreat back to the lower $0. 55 region could result from a failure to hold this level. On the plus side if XRP keeps rising and stays above resistance it could see additional gains. In an attempt to build on the recent breakout the market may set its sights on the $0. 65–$0. 70 region as its next target.Since the middle of 2023 ETH’s price has been moving lower due to a persistent bearish trend that the cryptocurrency has struggled to overcome. Ethereum has recovered quite well over the last week as seen by the current chart rising back above the $2,500 threshold. But the bullish dynamic seems to be waning as the price approaches significant resistance levels around $2,600 and $2,700. The price is currently consolidating within this declining channel and there is a discernible lack of strong momentum. Whether Ethereum can hold this level or if there will be a reversal back toward $2,400 or even $2,300 is the crucial thing to keep an eye on. A return to bearish sentiment and additional downward movement in the upcoming weeks could be indicated if it breaks below these crucial support levels. But there is some good news for holders of ETH. Ethereum may still be able to gain more traction in the next trading sessions especially on Monday when markets usually see a surge in activity. The $2800 region may be retested by ETH if buying interest increases and the price can break above its present resistance. This article was originally published on U.Today More

Peter Schiff, a well-known critic of Bitcoin, quickly weighed in saying posts like this are yet another reason to sell Bitcoin. As always, a lively discussion after Schiff’s remark occurred. In response, the original poster shared an earlier tweet from Schiff from 2018 in which Schiff cautioned against purchasing Bitcoin at $3,800 stating that it might drop even lower.Needless to say, Schiff’s warning did not hold up well over time. In this instance, the user made an implication that Schiff’s persistent opposition to Bitcoin might not always be supported by sound market research. Rather the impression was one of engagement farming or attention-seeking.Schiff’s repeated criticism of Bitcoin is not surprising. He has made a name for himself over the years as one of the most outspoken critics of Bitcoin constantly arguing that gold is a better store of value. But some people do not think his criticism is solely grounded in reason or market knowledge. Rather it appears that Schiff is leveraging the popularity of Bitcoin to increase his social media presence.What’s interesting is that Schiff has acknowledged in the past that if he had known how Bitcoin’s price would change he might have purchased it. That begs the question: Is Schiff’s opposition to Bitcoin based on a sincere dislike or is it just a means of maintaining relevance in the ongoing Bitcoin versus gold debate?Even though his criticism of Bitcoin keeps getting attention, people who disregarded his advice in 2018 have made significant returns. Whether Schiff is correct or not, his remarks always spark debate, and it is difficult to ignore the potential of Bitcoin.This article was originally published on U.Today More

This pattern often signals a big market reversal, suggesting that the first cryptocurrency could soon surge against the precious metal.At the heart of Brandt’s analysis is a detailed look at the key elements within this inverted head and shoulders pattern: The neckline is at 32.5, the left shoulder low is at 14.2, and the right shoulder forming a bull flag. It looks like the ratio might decline into the “high teens” before any breakout occurs.If Brandt’s prediction is correct and the ratio does indeed rise from the current 23.85 to 123.75, as projected in the attached chart, it will represent a 518% increase in the price of Bitcoin per gold from current levels.If this happens, it will not only be a big jump in the value of the major cryptocurrency compared to gold, but it will also show that more and more people think that Bitcoin is becoming a better place to store your money.This article was originally published on U.Today More

Bollinger observes a W pattern forming on the weekly Bitcoin chart, marking a bullish setup. “Nice little W pattern on the weekly BTCUSD chart. I drew a regression channel to highlight the flag that is forming. Bullish setup, Awaiting confirmation,” the Bollinger band creator wrote in a recent tweet.A “W” pattern marks a double bottom, often regarded as a bullish signal. A double bottom is formed following a single rounding bottom pattern which can also be the first sign of a potential reversal.Bollinger mentioned a regression channel — a three-line technical indicator used to analyze the upper and lower limits of an existing trend, implying that he is closely watching Bitcoin’s price as it trades within this channel.Based on the regression channel, Bollinger observes that Bitcoin might be in the process of forming a bullish flag pattern, a classic continuation pattern that suggests the possibility of an upward breakout after a period of consolidation; for this, he awaits confirmation.Bitcoin soared this week, coinciding with a surge in the equities market as the Federal Reserve slashed interest rates by 50 basis points. Bitcoin rallied for four days in a row, reaching a high of $64,140 in Friday’s trading session before reducing gains.At the time of writing, BTC was down 0.63% in the last 24 hours to $63,087 and up 6.97% so far in September, which is often its weakest month of the year.According to IntoTheBlock, Bitcoin has become increasingly dominant over Ethereum and stablecoins, with a 6% increase in its dominance year-to-date.This article was originally published on U.Today More