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Bitcoin Price: First 4-Day Win Streak Since July Flips Charts Bullish

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Bitcoin Price: First 4-Day Win Streak Since July Flips Charts Bullish

Bitcoin (BTC) closed the week down 0.39% at $7,356 having recovered very quickly from a daily close, which saw BTC trading down at $6,850 for a short period on Friday morning. Since then, Bitcoin has recovered over 10% and is once again pushing hard against resistance on Monday. 

All other cryptos are up over the last 24 hours, most outperforming Bitcoin, with XRP being up close to 9% while just about all other top cryptos posting gains of around 5%. 

This is a trend change. With Bitcoin recently leading the market, it could be a sign of renewed interest from the cryptocurrency bulls. As a result, Bitcoin dominance has fallen very slightly below 68%.

Cryptocurrency market 24-hour view

Cryptocurrency market 24-hour view. Source: Coin360

BTC price: 1-week chart

The one week chart shows that the price of Bitcoin continues to press hard against the resistance of $7,555, which has failed to be broken on a weekly basis since it was lost mid-November. 

Continued rejections in the $6,000s and a recent pattern of overall higher lows demonstrate that upward pressure is building at this moment.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

Meanwhile, volume continues to decrease on spot exchanges and in an overall decline, but there are notable large green candles when price lows have been tested, which hints at accumulation.

The moving average convergence divergence indicator, or MACD, continues to build a bullish divergence on its histogram, which is into its sixth week of higher lows while price has been stagnant. But we are likely to remain a few weeks away from a bullish cross unless there is a breakout.

The RSI has clearly stopped breaking to the downside and looks to be drifting bullish above 50.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

1-day chart

The daily chart for Bitcoin clearly demonstrates the bullish picture on Monday morning with a large green candle pushing hard up against resistance that has emerged following a failure to break $7,555 previously, which resulted in a selloff that we discussed as a likely outcome last week.

A large-bodied daily candle will be what the bulls are looking for. There has been continued short interest at this level for weeks and we should expect the same until the rule is broken, and the response from the United States in the first couple of hours trading will be very telling today.

BTC USD 1-day Chart

BTC USD 1-day Chart. Source: TradingView

The point of control has been acting as a good area of support for the bulls around $7,200 with it only briefly being lost on three occasions. The daily candles show four back to back green candles, which has not occurred since July, and the most notable volume bars appear to be won by the bulls, which is a positive sign.

The MACD has also been trending to the upside for weeks with a bullish cross with its signal line and has now crossed its zero line, meaning the underlying 12 and 26 EMAs as now crossed bullish.

The RSI is also breaking out to the upside and trending above 50. Each of these indicators demonstrates multi-week bullish momentum, which is now technically being confirmed (pending a move in price).

BTC USD 1 Day Chart

BTC USD 1 Day Chart. Source: TradingView

 4-hour chart

The 4-hour chart clearly shows a case for the bottoming pattern for an inverse head and shoulders, which is supported by declining volume as one would expect to see with this pattern. 

Each of the key moving averages is also all crossed bullish. In addition, the 4-hour chart is trying to build upon the close above declining resistance. Combined with the daily close currently being up against horizontal resistance, this is clearly a pivotal moment.   

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

The 4-hour chart does show some signs of weakness with declining volume, declining MACD pressure and again the same on the RSI while the price has been appreciating.

This is unsurprising due to the overhead resistance and the outcome is likely to be determined as U.S. traders wake up.   

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

Should Bitcoin breakdown, the most likely port of call will be $7,000-7200 where the point of control lies since it has been acting as resistance and support for weeks. 

It is also the 61.8% retracement of the move from last week’s lows. So if Bitcoin is rejected, this could be an area of buying interest. A failure to hold the point of control again could mean that the $6,000s may need to be backtested to see if another higher low can be printed, which would need to be above $6850.  

Failure to close above here on the daily chart would most likely mean that Bitcoin is destined to head lower.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

Looking forward

Clearly, the price of Bitcoin is shaping up for a big move. Currently, bulls appear to have momentum on their side, but there is the underlying issue of the overall downtrend in which Bitcoin remains locked in since summer.  

A break out to the upside could still follow with rejection and more downside. The objective is simple for the bulls: defend $7K and reclaim $7,555 as support.  

If there are still bloodthirsty bears, they may simply be waiting for liquidity to short at higher levels. All eyes will be on the U.S. today and the first half of the week will be critical for market participants who are eagerly anticipating the next move. 

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.

Published at Mon, 06 Jan 2020 12:34:00 +0000

Blockchain

QAN Raises $2.1 Million in Venture Capital to Build DeFi Ecosystem

QANPlatform has successfully closed a $2.1 million funding round and it looks to build a quantum-resistant DeFi infrastructure.

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QANPlatform – a project that is on a mission of building a quantum-resistant hybrid blockchain protocol, secured investment from various venture capital funds to build a DeFi ecosystem.

QAN Successfully Closes a Funding Round of $2.1 Million

The question of whether or not existing blockchain-based PoW networks would stand the test of a quantum computer is one that’s been discussed for quite some time. To this date, many believe that a quantum computer is the most serious threat to Bitcoin as it would be able to solve math problems a lot quicker compared to traditional mining machines.

In any case, in an attempt to tackle these issues, along with others, QANplatform has raised $2.1 million to fund the development of an ecosystem where developers would be capable of building various software applications within DeFi quicker.

Leading the round were the likes of DeltaHub Capital, BlackDragon, Insignius Capital, Fairum Ventures, and so forth.

Speaking on the matter was Johann Polecsak, co-founder and Chief Technical Officer at QANplatform, who said:

“Our key mission is to lower the entry barriers for developers so startups and enterprises can build their Proofs-of-Concept (PoC) and Minimum Viable Product (MVP) as fast as possible to reach mass adoption. We stick to this view and let only community-driven VCs invest in this strategic pool”

Quantum Computing and its Threats

According to a well-known report from one of the largest auditing and security service companies in the world – Deloitte, quantum computing does pose a threat to Bitcoin.

Of course, it’s important to factor in the possibility of such a computer being created and used for this particular purpose, but, in theory, it could cause damage, according to the experts.

For instance, there are around 4 million bitcoins that are potentially vulnerable to a quantum attack. Yet, there are plenty of things to keep in mind when thinking about this. For instance, it’s important to note that these are mostly p2pkh addresses, and only those which have never been used to spend bitcoins are safe because their public keys are not yet public. In other words – if one transfers their BTC to a new address, they should not be vulnerable to a quantum attack.

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Source: https://cryptopotato.com/qan-raises-1-8-million-in-venture-capital-to-build-defi-ecosystem/

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Balancer V2 is Live Promising Lower Fees and Improved Experience

Balancer V2 goes live today and it promises users lower fees and substantially improved user experience.

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The automatic market maker (AMM) running on top of Ethereum, Balancer, announced that Version 2 of its platform is already live. It promises lower gas costs, a redesigned interface, and an enhanced user experience.

Balancer V2 Arrives

Built on Ethereum, Balancer is a DeFi protocol enabling users to trade ether and ERC-20 tokens in a trustless, permissionless environment. By providing liquidity to a Balancer pool, they can also earn a portion of the trading fees paid to the network for the use of their funds in the form of the native token BAL.

The team behind Balancer announced the arrival of its long-anticipated Version 2 platform in a press release shared with CryptoPotato. It comes with a new user interface, indicating that the user experience has been simplified.

The statement outlined there will be an easy-to-follow migration procedure for users to transfer their funds from Balancer V1 to V2, and it will be released as a full tutorial later.

The team believes that V1 will continue to “provide the best price until a substantial amount of liquidity migrates to V2.” At that point, Balancer expects trades to be routed through V2’s Protocol Vault resulting in “lower gas costs and better pricing.” The project’s estimations envision the fee reduction to be up to 50%.


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Multi-Sig and Liquidity Mining

The upgrade has signified Balancer Protocol’s transition to a community multi-sig for its governance execution. As a result, the new signers include Alexander Lange (Inflection), Fabien Marino (Snapshot Labs), Kain Warwick (Synthetix), Kevin Owocki (Gitcoin), Trent McConaghy (Ocean Protocol), and Mariano Conti (Ethereum).

They will be responsible for “executing all transactions passed as Snapshot as Balancer continues to be run by those who care most – the community.”

V2 will also provide a new and “more trustless program” for BAL liquidity mining. Upon its launch, liquidity providers (LPs) will be able to stake positions in different pools and receive BAL tokens.

Each pool will be assigned to one of three different tiers, with each tier slot getting a pre-determined amount of coins per week.

The team also informed that it will release further details in the following weeks on the “changing Balancer landscape.”

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Source: https://cryptopotato.com/balancer-v2-is-live-promising-lower-fees-and-improved-experience/

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Blockchain

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Major software and analytics company Palantir is the latest to accept BTC and even considers adding it to its balance sheet.

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Software & analytics company Palantir has announced that they will be accepting Bitcoin as a payment method. Palantir will also consider purchasing Bitcoin or other cryptocurrencies to store on their balance sheet.

Thiel Bets Big on Bitcoin

Peter Thiel, the co-founder of Palantir (and, notably, PayPal), has been a long-standing cryptocurrency advocate. The company announced that it now accepts BTC for payments and even considers adding it to its balance sheet.

As early as three years ago, Thiel has been seen investing in cryptocurrency mining startups, exchanges, and more, making a bid on the come-up of Bitcoin and blockchain technology.

Earlier today, Block.one (another Thiel-backed software company) announced a bold new venture: a new cryptocurrency exchange named ‘Bullish,’ backed by a whopping $10B in funding. Thiel Capital was one of the leaders in this funding round.

A Growing Trend

The air is changing: big companies are slowly warming up to cryptocurrency. What started with a wave of small underdogs, like the Ethereum Hotel in China, has blown up this year with a flood of large new players accepting Bitcoin – even tech giants like Tesla.


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As more companies join the trend and more investors start storing portions of their wealth in cryptocurrencies, there is a very real financial opportunity cost on the horizon for archaic companies that choose not to adopt what’s coming, as they risk alienating a large section of demand.

Whereas some firms are resistant to change due to the additional hiring and costs associated with adding cryptocurrency terminals, many are of the opinion that there will soon come a point where it becomes far more expensive not to accept Bitcoin as a payment method.

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Source: https://cryptopotato.com/palantir-accepts-bitcoin-for-payments-and-considers-adding-btc-to-balance-sheet/

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eBay Now Allows the Sale of NFTs on its Platform

One of the largest online marketplaces, eBay, now allows the sale of NFTs.

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E-commerce giant eBay has become the first in its industry to catch the non-fungible tokens (NFT) mania, as the company is now allowing the sale of NFTs on its platform.

  • According to Reuters on Tuesday (May 11, 2021), eBay said that it would enable the sale of NFTs for digital collectibles such as video clips, images, or trading cards on its marketplace.
  • Meanwhile, the ability to list and sell NFTs would be open only to whitelisted sellers. This could mean that the platform may have an authentication protocol for listing NFTs.
  • The latest development comes on the heels of a recent statement made by eBay CEO Jamie Iannone, who said that the company was exploring the NFT sector.
  • Commenting on the company’s upcoming plans, Jordan Sweetman, eBay’s senior vice president, and General manager for the platform’s North American market, said:

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform.”

  • The NFTs industry continues to see increased adoption across different sectors, with celebrities and sports stars tapping into the NFT industry.
  • Meanwhile, eBay’s foray into the NFT sector is another indication of the growing e-commerce crypto and blockchain adoption. From PayPal to JD.com, online merchants are increasingly interfacing with the emerging tech.
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Source: https://cryptopotato.com/ebay-now-allows-the-sale-of-nfts-on-its-platform/

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