The rally is over for cryptocurrencies and blockchain in 2018. Bitcoin, ethereum, and other cryptocurrencies are now globally regulated and so prices are drastically falling. However, crypto and blockchain are still very much alive. And, there may even be a bigger crypto rally on the horizon. Many people lost faith in blockchain and cryptocurrency because of the major fall in prices. However, this is not the end for crypto.
The crypto market has been under considerable pressure during the past several weeks. Yet just as the market appeared to be at its most vulnerable, it rallied strongly. Bitcoin, ether, and several alt coins pushed in the red envelopes again, with total market capitalization breaking above $200 billion. This is the highest level it’s been in more than a year. There’s no guarantee that this rally will be sustained, but it appears that many investors are looking for reasons to buy in. The above goals are just a sample. You can come up with your own! 3. Send your intros to your contacts When you write your blog intro, you will want to save it with a name like ”
There is a reason why the crypto community has been preaching #HODL since the end of the 2017 bull run, and that’s because the market usually rallies in the months following the holiday season. In fact, it’s not unheard of for the market to rally for several months following Thanksgiving, as it did in 2013 and 2014. The problem, however, is that the crypto market isn’t the same as it was in those years, and the movements we’ve seen so far in 2019 don’t bode well for the rest of the year.. Read more about why is ethereum so high and let us know what you think. On the 26th. In May, the price of bitcoin (BTC) broke through the $40,000 mark, crossing this key selling zone for the first time in five days. Traders expect a broader rally and bullish market structure if bitcoin continues to rise above $42,000 and Ether (ETH) reaches $3,000 again. 4-hour candlestick chart of BTC/USD (orange) and ETH/USD (blue) Source. TradingView
$42,000 and $49,000 are important resistance levels
Last week, bitcoin rose under the influence of three major factors. First, Elon Musk, CEO of Tesla, and Michael Saylor, CEO of MicroStrategy, are calling on bitcoin miners to use cleaner energy. Musk and Saylor went further and spoke to bitcoin miners in the US about the reliability of their energy consumption. I have spoken to North American bitcoin miners. They have committed to publish data on current and planned renewable energy use and are asking WW mine operators to do the same. Potentially promising. – Elon Musk (@elonmusk) May 24, 2021 Second, the bitcoin futures market has largely reset itself. According to Bybt.com, open interest on the futures market dropped from $27 billion to $11 billion when BTC dropped below $30,000. This means that the futures market is not overloaded, which increases the chances of a more lasting and gradual recovery. Third, Ethereum has risen rapidly in recent days, which also benefits Bitcoin and Altcoins, as ETH has gone through a deeper correction than BTC. The recovery of the major cryptocurrencies generally improves sentiment around bitcoin, leading to a gradual recovery of the cryptocurrency market. In the short term, traders think $42,000 is an important short-term resistance area and then $49,000 is a macro selling area. A pseudonymous trader known as Pentoshi wrote: Many alts ran into +/- 5% resistance We stuck to an average return as discussed during the nuke However $BTC. The LH trend started a month ago. I would love to see bitcoin get above 42k, otherwise the alts will probably do their own LH and fall again. The clock is ticking.Bitcoin price chart with key levels. Source: Twitter/Pentoshi
What is important to note?
In the near future, two things are crucial for bitcoin traders: outflows from exchanges and the $42,000 limit. Ideally, if the $42,000 level holds and bitcoin exchange exits increase at the same time, it would mean that investor confidence in BTC and Wale exceeds $42,000. There are fears of a dead cat bounce forming, i.e. a short-term rally, but if BTC remains at $42,000, the likelihood of a false rally becomes much less likely.As the market has cooled off, many of the people who were excited by the gains in Bitcoin and other altcoins early last year have moved on to other things. But before they left, they were able to ensure that the price of most cryptocurrencies had risen enough to allow them to cash out at a profit. And as they sold their coins, they left a horde of new, relatively inexperienced investors to pick up the pieces.. Read more about ethereum news today and let us know what you think.
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