Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst

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Sun, 06/28/2020 - 16:24
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Vladislav Sopov
Last night, Bitcoin (BTC) plunged below $8,850 on several major spot exchanges. It looks like the last vestiges of the bullish rally are now gone.
Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst
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Bitcoin (BTC) barely escaped the sub-$9,000 zone and is trading closer to its monthly lows. Which level is the next red line for the bulls?

Downtrend Continues

Entrepreneur, mathematician, private hedge fund manager, and trader Koroush AK confirmed his bearish short-term price prediction for Bitcoin (BTC). According to a chart that he posted in a recent tweet, Bitcoin (BTC) failed to leave the descending channel that was formed on Friday, June 26th, 2020.

Trader Koroush AK supposes the support near $9,070 turned into resistance level
Image via Twitter

After the recent price drop below the $9,000 mark, the $9,070 level has turned into a key resistance level. The continuation of the downtrend depends on whether the Bitcoin (BTC) bulls manage to hold it.

Mr. Koroush admitted that the bears still have the strength to push the price of the king coin further down from its current position. 

It should be noted that the price of Bitcoin (BTC) has collapsed to its monthly lows on some exchanges. This ugly red candle was followed by a $22M liquidation on the BitMEX derivatives trading platform.

Is It a Swing Before an Uptrend?

Apart from what was mentioned, some top-notch analysts believe that things are not as bad for Bitcoin (BTC) holders. Dutch cryptocurrencies trader and analyst Michael van de Poppe foresees a bullish scenario for both Bitcoin (BTC) and Ethereum (ETH).

For him, the $8,800 and $8,900 range is a crucial zone for Bitcoin (BTC). Successful attempts by the bulls to maintain this range may initiate a splendid rally for two of the most popular cryptocurrencies.

I think, if we hold $8,800-8,900. From here to $9,600 -> then flip $9,300 -> crawling back up with acceleration above $10,000 and then $11,500-12,000 test. That would put $ETH above $300 too.

It is worth noting that the CTO of Glassnode on-chain data vendor mentioned that Bitcoin (BTC) hodlers are still full of optimism about its performance.

Yesterday, June 27th, 2020, the CTO shared twelve charts that showcased how confident Bitcoin (BTC) long-term holders are in this turbulent 2020. Such a narrative looks more than bullish for him.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)