Michael Saylor borrowed $2.2 Billion worth of inflated fiat currency at a blended interest rate of 1.66% to Buy Bitcoin. He is using VERY cheap debt to buy a highly appreciating asset. How?!? š¤ He did this by essentially taking out loans against his company, MicroStrategy. In the last two years, Microstrategy has had an…
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Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last weekās 10% single day selloff. The situation looks dire for crypto bulls who were hoping for a more significant recovery to begin after such prolonged sideways. However, the bullish market structure remains unbroken. Letās take a closer look at what exactly this means and why the 2023 uptrend is still intact. Recapping Recent BTCUSD Volatility After a solid start to 2023 ā certainly a year thatās been kinder to the king of cryptocurrency than 2022 ā BTCUSD has bears celebrating and bulls kicking their wounds. Several months of sideways price action and dwindling volatility ended with a bang as expected, but the move was down and not what bulls had been hoping for. Related Reading: Bitcoin Reaches Most āOversoldā Record Since 2020: What This Means A sharp, 10% intraday selloff caused more long liquidations than the FTX collapse, and sent the Relative Strength Index immediately into the most oversold territory in all of 2023. But even with all the carnage, Bitcoin remains in a near-term uptrend with a bullish market structure. Bitcoin’s uptrend is still intact | BTCUSD on TradingView.com Why Bitcoin Price Remains In A Structural Uptrend By pure definition, an uptrend is a series of higher highs and higher lows. Which is precisely what is still happening in BTCUSD price action throughout 2023. Currently, the FTX collapse in November 2022 was the local ālowā of the downtrend. In contrast, a downtrend is a series of lower lows and lower highs. Once a new high was made in early 2023 and then a higher low was put in, the downtrend was considered over. The recent 2023 uptrend in Bitcoin hasnāt yet made a lower low after a lower high. Even a possible lower low beyond here is still without a proper lower high. This means that the top cryptocurrency by market cap could potentially bounce here, or even lower, and still maintain an overall bullish market structure. Related Reading: This Bitcoin Continuation Pattern Points To 3-6 Months Of Uptrend Ahead A lower low would still be important, potentially warning that the market structure is turning back bearish. If a lower low happens below the $25,000 low from June 2023, then it will be all eyes on if a lower high is to follow. The 2023 uptrend in Bitcoin has been muted compared to what the cryptocurrency is capable of. BTCUSD is up roughly 50% during the first roughly nine months of the year. The final nine months of 2020, for example, had over 900% ROI by comparison. Could this type of returns soon be on the way? Or will the cryptocurrency market fall back into the clutches of bears? This chart originally appeared in Issue #18 of CoinChartist VIP. Subscribe for free. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or joinĀ the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content isĀ educational and should not beĀ considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Let's take a step back and acknowledge that DEXs are STILL one of the best ways to earn a yield on your precious crypto assets. You might say the recent Curve exploit invalidates this statement, but there's a risk to everything. Higher yields, more risk – simple as that. Staking might be a safer option…
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This September marks my 4th year being involved in crypto. I donāt consider myself to know what I am really doing beyond simply buying, selling and a bit of staking. I am not an expert, analyst, or trading savant. I am a novice at best with a keen interest for try new things and learning…
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In June, Belgiumās financial regulator ordered Binance to stop offering crypto exchange and custody wallet services, citing violations of the countryās AML and CFT requirements.
Hello, From the outset, i'd like to state that I am pro both of the above and think its abhorrent what's happening to the Tornado Cash creators. I was hoping that someone more well versed in the topic and the charges brought upon could help me understand why TC founders are so 'easily' chargable…
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Recently, I stumbled upon a really extensive report published in 2020 that delved into the activities of Satoshi Nakamoto during the early days of BTC and provided us with some hints on where he is actually from. This particular report utilized the available chat logs on the Bitcointalk forum from years ago, various email correspondences,…
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ām sure most of us in this sub have heard his name by now. If you havenāt I suggest you read up on his work and the legacy he left behind. Heās a popular pick for the identity of Satoshi Nakamoto. He received the first bitcoin transaction from Satoshi himself. Upon ready his wiki I…
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ZKSync is consistently one of the top gas spenders as you can see on ultrasound.money/, outspending all other L2s such as Arbitrum, Optimism, and Base.. At the same time, it has fewer active users and less TVL than Arbitrum, Optimism, and Base. What is the explanation for this? I have noticed when using ZKSync that…
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