Category: Cryptocurrency News

Bitcoin price is attempting a recovery wave above the $66,500 resistance. BTC must clear the $70,000 resistance to continue higher in the near term. Bitcoin is facing many hurdles near the $69,500 and $70,000 levels. The price is trading above $67,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $66,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $67,000 support zone. Bitcoin Price Eyes Recovery Bitcoin price found support near the $64,500 zone and started a recovery wave. BTC was able to rise above the $66,500 and $67,000 resistance levels to move into a short-term positive zone. There was a break above a key bearish trend line with resistance at $66,350 on the hourly chart of the BTC/USD pair. The pair even spiked above the $69,000 zone. A high was formed at $69,354 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $64,572 swing low to the $69,352 high. Bitcoin is now trading above $67,000 and the 100 hourly Simple moving average. Immediate resistance is near the $68,250 level. The first major resistance could be $69,350. The main resistance now sits at $70,000. If there is a clear move above the $70,000 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward $71,200. Source: BTCUSD on TradingView.com The next major resistance is near the $72,000 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term. Another Decline In BTC? If Bitcoin fails to rise above the $69,350 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level. The first major support is $67,000 or the 50% Fib retracement level of the upward move from the $64,572 swing low to the $69,352 high. The next support sits at $66,400. If there is a close below $66,400, the price could start a drop toward the $65,500 level. Any more losses might send the price toward the $64,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now declining toward the 50 level. Major Support Levels – $67,200, followed by $67,000. Major Resistance Levels – $69,350, $70,000, and $71,200.

Brazil is on the verge of presenting a new crypto taxation scheme proposed in a bill to be presented to the National Congress in the coming days. The bill proposes taxing cryptocurrencies the same way as shares and capital instruments with fluctuating exchange rates, instead of categorizing them as goods. Brazil to Change Cryptocurrency Taxation […]

Swapping $ETH for, say, $BANANA costs a lot of USD, esp if I only wanna buy a 100usd worth of $BANANA. They say L2s are a way to transact with lower fees, but I don't understand how to use them or which one to use in order to be able to do a swap of…
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The memecoin market has been dominated by dog-themed tokens for the past few years. Despite not being as popular and well-known as their canine crypto counterparts, cat-themed tokens are starting to appear at the forefront of the meme-inspired market. Related Reading: Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1 Cats In A Dogs Crypto Market Memecoins can become a market sensation overnight, and their communities can be some of the most supporting investors, as seen with the Vegas Sphere “wif on sphere” fundraiser campaign. Dogecoin and Shiba Inu remain the biggest tokens by market capitalization in this category. About a month ago, eight of the ten largest memecoins by market capitalization were canine-inspired. Nonetheless, cat-themed tokens have started infiltrating the pack of dogs after a recently launched player made it to the top ten memecoins list. Cat in a Dogs World (MEW) launched on March 26 and just 48 hours later reached a $200 million market cap. MEW surpassed BONK, WIF, and PEPE as the fastest fair launch to accomplish this feat. MEW’s market cap reached $644 million in just eight days, making it the eighth largest memecoin by this metric. Moreover, the token rallied over 50% on Wednesday after crypto exchange KuCoin announced its listing. Cat in a dogs world among the top 10 memecoins. Source: CoinMarketCap MEW’s performance in the past seven days shows an impressive 267.54% surge. Despite this, the token’s rally slowed down today. The cat-themed cryptocurrency lost over 15% of its value from the day prior. At writing time, MEW is trading at $0.00737049. Similarly, its daily market activity took a hit, decreasing 35.3% to $208.4 million traded in the past 24 hours. What Are They Feeding Cat-Themed Memecoins? The growing interest in feline-inspired tokens has resulted in many newly launched memecoins quickly surpassing massive levels. On Wednesday, a new token called Ansem’s Cat (HOBBES), inspired by Hobbes, the cat of crypto trader Ansem, broke a $100 million market cap on its launch day. MOEW, a Base token launched on Wednesday, made the news after a trader turned $13,000 into $2 million in just one hour. According to data provided by Lookonchain, the crypto trader spent 3 ETH ($13,000) to buy 499.9 million MOEW, a 158x gain. Then, the trader sold 116 million MOEW for 99 ETH, around $328,000, when the rice surged. At the time of the report, the trader had 388.24 million MOEW left, worth over $1.7 million. In less than 1 hour, this guy turned $13K into $2M, a gain of 158x! He spotted $MOEW 10 minutes after opening trading and spent 4 $ETH($13K) to buy 499.9M $MOEW. Then he sold 111.65M $MOEW for 99 $ETH($328K). He currently holds 388.24M $MOEW, worth $1.76M.… pic.twitter.com/DFRGOYh8ZM — Lookonchain (@lookonchain) April 3, 2024 Similarly, another trader made a profit on MEW’s opening day. In 20 minutes, this crypto trader made almost $900,000 in profits from selling SOL and buying the memecoin. Nonetheless, the community has questioned these whale moves. Many wonder whether the cat-themed profits come from strategic trading or insiders from the projects. Whichever the case, cat-themed tokens are starting to make a sound in the crypto market. Ultimately, the crypto community has begun noticing potential in the feline-inspired coins. Related Reading: Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree MEW’s performance in the weekly chart. Source: MEWUSDT on Tradingview.com Featured Image from Unsplash.com, Chart from TradingView.com

Just thought I would drop this here, for the lolz. submitted by /u/Vegetaman916 [link] [comments]

Yesterday marked a breakthrough in quantum computing: Microsoft and Quantinuum showcased the most dependable logical qubits ever documented. These logical qubits have an error rate 800x better than physical qubits. Researchers have achieved a significant improvement in error correction, allowing them to move from basic ("Foundational") to more robust ("Resilient") quantum computers. 🔵 Microsoft’s announcement…
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The Bitcoin Network Value to Transactions (NVT) Golden Cross indicator attained overheated values coinciding with the recent local top in the price. Bitcoin NVT Golden Cross Surged To 3.17 During Recent Peak An analyst in a CryptoQuant Quicktake post explained that the NVT Golden Cross may have served as an indicator of the recent top in cryptocurrency prices. The “NVT” refers to an on-chain metric that tracks the ratio between Bitcoin’s market cap and transaction volume (both in USD). This ratio is generally used to determine whether the asset’s price is fair or not. Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss When the indicator has a high value, the asset’s price (the market cap) is high compared to its utility (the transaction volume). Such a trend may suggest that the coin could be overvalued currently. On the other hand, the low metric could suggest the network isn’t valued fairly compared to its high ability to transact capital, and as such, its price may be due to an uplift. In the context of the current discussion, the NVT itself isn’t interesting, but rather, a modified version called the NVT Golden Cross is. This metric compares the short-term trend of the NVT (10-day moving average) against its long-term trend (30-day MA). Like the NVT, this variant is also used to estimate the fairness of the asset. Historically, values greater than 2.2 have been a signal that BTC is overheated, as the short-term trend is notably outpacing the long-term at these levels. Similarly, values under the -1.6 level may indicate that the cryptocurrency is undervalued; hence, its price may likely form a bottom and find a rebound soon. Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the last few years: The value of the metric seems to have been going up in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin NVT Golden Cross rose to relatively high levels earlier. This growth happened as the asset’s price rallied towards the $71,000 level. The metric had touched the 3.17 mark in this surge, which suggests the coin may have become too overpriced. Indeed, the asset followed this by observing a sharp drawdown, which took it back under the $65,000 level. As the quant has marked in the chart, a similar pattern of the NVT Golden Cross hitting these high levels and resulting in a price correction was observed at different points over the last few years. Related Reading: Bitcoin Traders No Longer Extremely Greedy: Rebound Signal? Since the latest overheated signal, the indicator has cooled off alongside the Bitcoin price, although it hasn’t gone towards the negative side yet. BTC Price Bitcoin has recovered over the past day as its price has now climbed back to $67,800. Looks like the price of the asset has seen some uplift over the last 24 hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com

Renowned crypto analyst Jelle has caught the attention of the Bitcoin (BTC) community with his bold prediction of a target price of $82,000. Notably, despite recent challenges in breaking above the $66,000 mark, Bitcoin currently hovers around $67,780, showing resilience in the face of a short-term pullback. Related Reading: Bitcoin Insider Tip: Expert Signals Key Catalyst That Could Revive BTC’s Rally BTC To $82,000 Soon? In an X post uploaded earlier today, crypto analyst Jelle shared his latest view on Bitcoin. According to the analyst, the Bitcoin target “remains the same: $82,000”. It is worth noting that Jelle’s forecast is based on his observation of a “bullish pennant” formation, a technical pattern that suggests a potential surge in the price of BTC. According to the analyst, the asset might experience some volatility this month. Jelle emphasized that a bullish pattern is forming, coinciding with the upcoming BTC halving in a few weeks. This adds credibility to the emerged bullish pennant formation and the possibility of Bitcoin reaching $82,000 shortly. #Bitcoin has formed a bullish pennant, right as we head into the halving event. Safe to say we’re in for some volatility this month. My next target remains the same: $82,000. pic.twitter.com/PgBIG1wluX — Jelle (@CryptoJelleNL) April 4, 2024 Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years or after every 210,000 blocks are mined to reduce the reward for mining new Bitcoin blocks, ultimately decreasing the supply of new coins. Historically, the event has triggered bullish price movements, as reduced supply often leads to increased demand and speculative buying. The Bitcoin halving is currently less than 20 days away. Bitcoin Latest Price Action While BTC has faced challenges in its upward trajectory over the past week, recent movements suggest a shift in momentum. Within the last 24 hours alone, the asset has shown a promising 2.7% increase, rising from a low of $65,135 to its current trading price of $67,628. Despite this positive movement, BTC still reflects a decline of approximately 6.4% over the past 7 days. However, amid this fluctuation, analysts such as Captain Faibik foresee the potential for a significant rebound in Bitcoin’s value before April concludes. Captain Faibik’s analysis, mirroring the sentiments of fellow analyst Jelle, focuses on Bitcoin’s bullish pennant formation observed on the 12-hour timeframe chart. This formation suggests an imminent breakout towards the upside. Related Reading: Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance? If this breakout materializes successfully, BTC could soar to unprecedented levels, with projected price targets ranging from $88,000 to $90,000 by month’s end, according to Captain Faibik. $BTC Bullish pennant formation on the 12hrs timeframe Chart. Expecting upside Breakout later this Week. ✍️ In Case of Successful Breakout, Bitcoin might hit the 88-90k this month.#Crypto #Bitcoin #BTC pic.twitter.com/TLsujGNSYj — Captain Faibik (@CryptoFaibik) April 2, 2024 Featured image from Unsplash, Chart from TradingView