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Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.

  • Bitcoin is holding gains above the $60,000 and $59,500 support levels.
  • The price is now trading well above the $59,500 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.

Bitcoin Price is Showing Positive Signs

Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.

It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the recent decline from the $61,212 high to $59,432 low. There is also a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.

A successful break above the $60,800 level could open the doors for a move above $61,200. If the bulls succeed in clearing $61,200, the price could rally in the coming sessions.

Dips Limited in BTC?

If bitcoin fails to climb above $60,800 and $61,200, there could be a short-term downside correction. An initial support on the downside is near the $60,000 level.

The main support is now forming near the trend line, $59,500 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a major decline. In this case, the price might decline towards the $58,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $59,500, followed by $59,000.

Major Resistance Levels – $60,800, $61,200 and $62,000.

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By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

Bitcoin is a numbers game through and through. There are only 21 million BTC. The code and its consensus algorithm are both made up of complex math. The total coins are slashed in half every four years, and so on and so fourth.

Most important of all, here’s the growth rate Bitcoin price must hit steadily to reach $100K per BTC by July 2021 according to one crypto capital manager – as well as the one thing that could get in the way.

Bitcoin Price Growth Rate Should Take Crypto Valuation To $100K By July

Bitcoin’s growth from virtually worthless to more than $60,000 per coin today is nothing short of incredible. Even beyond ROI that is simply incomparable, the story of how the coin came to be reads as if it was ripped from a sci-fi film: Mysterious person takes a shot at all money, and takes no credit for the monumental effort.

Related Reading | Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

Satoshi’s creation is now more than a decade old and has grown far beyond most people’s expectations. Over the last year alone, the leading cryptocurrency by market cap has grown at a daily average rate of 0.65% since April, resulting in a nearly a ten times climb in value.

At the current pace, according to crypto capital manager Timothy Peterson, Bitcoin price would reach $100K by June 30th.

bitcoin 100000 july

At only a daily growth rate of 0.64% the top crypto should hit $100K by July | Source: BTCUSD on TradingView.com

The One Factor That Could Cause BTC To Fall Short Of Target

Bitcoin price must maintain comparable momentum over the last year to keep climbing at a similar rate and reach more than $100K per coin. The number is now closer to the current price action than $10K is, and thus potentially more achievable.

Related Reading | Mathematical Mystery: Why Did The Bitcoin Rally Stop At The Golden Ratio?

Price predictions for the next cycle top reach as much as $400K, with estimates more steeped in reality ranging from $125,000 to $325,000 per BTC.

bitcoin btc pi cycle top indicator

The rally could really be over if the historically accurate signal is right again  | Source: BTCUSD on TradingView.com

There’s a chance, however, the cycle top is in, according to the Pi Cycle Top Indicator. If the historically accurate tool is right yet again, the leading cryptocurrency’s daily growth rate will begin to decline from here on out until another bull market breaks out.

Bitcoin price wouldn’t make it to $100K by July, and a return to prices much lower would follow. If that’s the case, crypto investors would have to wait a while longer for the number one cryptocurrency by market cap to reach that ultimate target.

Featured image from Deposit Photos, Charts from TradingView.com
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How COPA’s lawsuit against Craig Wright could benefit Bitcoin

At the end of January 2021, Craig Wright filed a cease and desist against Square, Inc. claiming to be the author and have the copyrights of Bitcoin’s Whitepaper. Wright demanded the document be removed from the payment company and other websites, including Bitcoin.org.

Square is a member of the Crypto Open Patent Alliance (COPA). Therefore, the corporation made a response in the representation of its members and in its own behalf. In addition, COPA asks Wright for further information to prove his claims.

Now, per a document introduced in the High Court of Justice in the United Kingdom, COPA has filed a lawsuit demanding the legal entity to declare Wright has no ownership over Bitcoin’s White Paper. COPA said the following via its Twitter handle:

We stand in support of the Bitcoin developer community and the many others who’ve been threatened for hosting the White Paper.

Anonymous Bitcoin developer known as “Cobra” has been unspoked about his opinions towards Wright. When the initial lawsuit was filed, Cobra claimed there was an ongoing attack against Bitcoin and rejected Wright’s statement saying he is Satoshi Nakamoto. On COPA’s initiative, Cobra said:

I don’t know what’s more noble than defending the whitepaper that started it all. Really great news. The Bitcoin community will never surrender to liars who abuse Satoshi’s absence to fraudulently claim credit for his or her work(s).

Wright’s action impact on Bitcoin and Bitcoin SV

Cobra has been sounding the alarm on the implications of Wright’s lawsuits and “harassments” on Bitcoin’s developers. Saying this action cannot be “understate” due to the experience and knowledge these individuals have been collecting for more than a decade. Cobra said:

Dangerous bugs in Bitcoin Core are more likely to slip through, without experienced eyes on the code. It may become even harder to acquire new talent: Contributing to an open-source project is already thankless enough, who wants to deal with the risk of lawsuits on top of that?

COPA’s response to Wright might serve as a deterrent for further lawsuits. The corporation seeks to create a “world where people can use” Bitcoin and cryptocurrencies without legal impediments.

Amongst is the company led by Jack Dorsey, exchanges OKCoin, Kraken, development group Chaincode Labs, MicroStrategy, and others.

Bitcoin is trading at $59.984 and has been moving sideways in the past 24 hours. In the 7-day chart, BTC has a 3% profit and a 4.6% in the last 30 days.

Bitcoin BTC BTCUSD
BTC moving sideways in the 24-hour chart. Source: BTCUSD Tradingview

On the other hand, Bitcoin’s fork BSV trades at $258 with a 4.3% loss in the 24-hour chart. As Cobra said, the cryptocurrency seems to be in a downtrend since January 21, when Wright started making legal threats.

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Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Bitcoin price is currently flirting with prices above $60,000, as the momentum of the ongoing bull market slowly begins to push the asset above the key resistance level.

The start of a breakout through resistance might have began with last night’s historic weekly close – the highest ever recorded. However, despite what could be a clean bullish breakout, there’s a bearish factor lingering that could make this the last weekly close the high for some time.

Bitcoin Price Closes Record High Weekly Candle Above $60,000

Bitcoin price has poked above $60,000 dozens of times now, yet has been unable to hold strong above the clearly strong resistance level. The leading cryptocurrency by market cap, however, has also yet to tumble any further than a mere 10-20% for most of the last 12 months.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The first signs that new highs could be near, is the first ever historic weekly candle close above $60,000. Last night’s weekly candle is also only the second daily candle to close above the crucial rounded number.

bitcoin 2021 weekly 60000 zoomed

You have to zoom in to see it, but Bitcoin did close above $60,000 on Binance | Source: BTCUSDT on TradingView.com

The battle between bulls and bears came down to the very last seconds before the close, resulting in some disparity across exchanges. Bitcoin price made the achievement on Binance specifically and others, but failed to make a similar milestone on platforms like Bitfinex and Coinbase.

The slight discount on Coinbase could be a sign that buy pressure is finally waning and the sell side is intensifying.

Why The Record Could Precede A Short-Term Reversal

The cryptocurrency market has been on fire and its been mostly due to the rush to buy Bitcoin before other corporations and hedge funds buy it all.

But as mentioned, the FOMO could finally be running out of steam. Making matters worse, an ultra rare signal has appeared that has only in the past reared its head when the crypto cycle was finally complete.

bitcoin btc pi cycle top indicator

A rare crypto cycle top indicator has issued its signal. Is the rally over? | Source: BTCUSD on TradingView.com

The Pi Cycle Top Indicator has now issued the fourth ever top signal with last night’s weekly candle close and subsequent daily candle open.

That could mean that a long term top could be in. A 2013-like scenario with two peaks in the same year would be bulls last hope for things to continue, albeit after a correction.

Related Reading | Analyst Expects “Escape Velocity” When Bitcoin Price Breaks $60K. Here’s Why

Back then the signal arrived early, Bitcoin price spiked much higher, then corrected 82% within just four days. After settling down, before the year was over Bitcoin price climbed another three to four times in value before the true top of that cycle was in.

What will it be this time around?

Featured image from Deposit Photos, Charts from TradingView.com
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Why MicroStrategy decided to paid its Board of Directors in Bitcoin

Per a Form 8-K filed with the U.S. Security and Exchange Commission (SEC), software company MicroStrategy (MSTR) will pay its board of directors in Bitcoin. The decision was taken on April 11, 2021, and it’s applicable to all non-employee directors.

As the document says the executives will receive all fees for their service to MicroStrategy in Bitcoin and not cash. The company is taking a step further in its “commitment” to strengthen the thesis of Bitcoin as a store of value. As the form 8-K claims:

In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.

The modification contemplates only changes to the payment method, but fees to the directors will remain unchanged and nominally denominated in USD.

The company will convert the fee from fiat currency to BTC using an unnamed payment processor. Then, the executives will receive Bitcoin in their personal digital wallet.

MicroStrategy rises with Bitcoin

Back in August 2020, MicroStrategy became the first publicly-traded company that modified its treasury strategy to adopt Bitcoin. Its CEO Michael Saylor has become a well-renown figure in the crypto space.

Saylor believes Bitcoin is the world’s first monetary network and BTC the only tool to protect MicroStrategy’s value. The company initially bought around $2 billion worth of Bitcoin and since then has increased its reserve to $5 billion.

Matching BitcoinTreasuries.org data, the Saylor-led company holds $5,476,643,990 or 91,579 BTC. Therefore, it has the largest reserve of Bitcoin that belongs to a public company. In the second position is Tesla with 48,000 BTC and Square with 8,027.

Additional data provided by Ecoinometrics claims MSTR shares register a 427% rally since the start of its Bitcoin treasury program. This correlates with the cryptocurrency’s performance up 410% in the same period.

Bitcoin trades at $59,913 and has been moving sideways for the past days. In the daily chart, BTC has 0.7% gains and 2.9% in the 7-day chart.

Bitcoin BTC
BTC moving sideways in the 24-hour chart. Source: BTCUSD Tradingview
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The 99 Unique Early Crypto Art Hard Cap

 

There are only 99 individual pieces made out of 33 works, baby!

Since coming into this space, starting Art For Crypto in June 2017, I’ve produced 33 works that tell the tale of crypto from many angles. They also utilize tech and cetificates as appropriate. As my works are digital originals due to the process I invented back in 2008, the most popular investment grade work has been something called a ‘re-paint.

“Stereoscopic” partly made live in front of the Crypto Kingdom documentary (time 23.15) crew, hanging on the wall of Adam Williams, the co-founder of World Crypto Con in Las Vegas. He has 5 of my large works in his collection.

“Compliance is the New Black” was purchased for 1 BTC by Niko De Jonghe from Blockchain Valley from Las Vegas.

The Process

What that means is that I paint, and photograph those paintings as layers, sometimes bodypaint recording the process, nature photography, etc. Those files then get printed into high-quality canvas and are then re-painted over with acrylic paint to make them unique with only three versions produced of each piece.


The nr. 1/3 of “I Am Satoshi Nakamoto” (above) is still available.

Since I’ve now put a hard cap on the early works made between 2017-2021, only 99 will ever exist. Here is an article on this platform, which was the first ever to be written about my work. There are still some available as the 1/3, like the headlining piece here called “I Am Satoshi Nakamoto”. Soon, the more the market saturates from the thousands above thousands of artists pouring in, the early works will start to stand out as the beginner works of an important art movement.

“Vesa’s art is amongst the most integrally advanced in the history of Western abstraction – no small claim, but one backed up by the works themselves. Rather than abstraction as a fleeing from life, his works are a diving into the incarnate mystery of human being — direct celebrations of the fullness of Life.”

— Michael Schwartz, Professor of History and Philosophy of Art, Augusta State University, March 2014

Already back in 2014, Professor Michael Schwartz put me in the 100MM plus category in substance and delivery. This means Picasso, Dali, Rothko, Pollock, Kahlo, and the usual suspects of every major museum and auction when real money moves. Here is proof of quote.

Also “Soldier of Fortune” from 2017 is still available as a 1/3.

BTC tied Pricing called Stable Art

I also implemented a new pricing system called stable art, as the price of these pieces is steadily tied to the foundation of 1 BTC each. To some, the ‘steady’ part will come across weird to begin with but think about it. Fiat value is going steadily up. BTC valued is going steadily up. There actually might come a moment, in the not too distant future, that people will refuse to convert their BTC into fiat anymore. For this, you might need something even more scarce, and higher upward trajectory – early Bitcoin art.

Read the CoinTelegraph article here

Like this 3rd version of the Forbes headlining article on the movement owned by famous OG trader Tone Vays, you can only get it on the secondary market, and Tone is unlikely to part from it for less than 1 BTC, no matter what its fiat value is. That’s if he ever will.

The Tone Vays commission “Selling Banks Their Fat Asses Back” that followed the Fork & Flip collecting, is also sold out as an edition of three. This one was collected from a public auction during Unconfiscatable in 2020 by Willy Woo.

Sold Out Versions

Three works have now sold out. This is Fork And Flip, Beyond Moon, and Selling Banks Their Fat Asses Back. For example, INVISIBILITY, made for the Litecoin Foundation, commissioned direct by Charlie Lee, only has one version left. It is priced at 2 BTC, as some of them increase the price towards the end.

Charlie Lee in Las Vegas 2018 stood next to “Truth Or Dare“, about crypto adoption in India. It still has 2/3 and 3/3 versions available.

Only one of the INVISIBILITY pieces remain for 2 BTC, as some increase towards the end.

These works are available via both crypto and fiat.

The next show will be in AIBC Dubai in May.

See you there.

V E S A
Crypto Artist
All links to physical, NFTs, and more below
http://linktr.ee/ArtByVesa

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TA: Bitcoin Steadies Above $59K, Here’s How Bulls Could Aim Fresh Rally

Bitcoin price failed to continue higher above $60,800 and corrected lower against the US Dollar. BTC is now holding gains and it is likely to rally above $61,000 unless there is a break below the 100 hourly SMA.

  • Bitcoin is struggling to gain momentum above the $60,000 and $60,500 levels.
  • The price is now trading above the $59,000 level and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a major rally once it clears the $60,050 and $60,500 levels.

Bitcoin Price is Holding Gains

Bitcoin dipped sharply towards the $58,000 support after it was rejected above $60,500. However, BTC remained well bid above the $58,000 zone and it recovered losses.

There was a break above the $59,000 level and the price even climbed above $60,000. A high is formed near $60,677 and the price is currently consolidating. It traded below the 23.6% Fib retracement level of the upward move from the $58,025 low to $60,677 high.

On the downside, the price is finding bids near the $59,250 and $59,100 levels. The 50% Fib retracement level of the upward move from the $58,025 low to $60,677 high is also near the $59,350 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair. If there is an upside break above the $60,050 and $60,200 levels, there are high chances of a fresh rally. In the stated case, the price is likely to surge towards the $61,200 and $62,000 levels in the near term.

Dips Supported in BTC?

If bitcoin fails to climb above $60,050 and $60,200, there could be a short-term downside correction. An initial support on the downside is near the $58,350 level.

The next major support is near the triangle at $58,750 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a sharp downside break. In the stated case, the price might decline towards the $56,800 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $59,350, followed by $59,000.

Major Resistance Levels – $60,050, $60,500 and $61,200.

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Why Bitcoin below $60K could be a great buying opportunity

Bitcoin seems to be losing steam as it trades back and forth between $59,000 and $60,000. In the daily chart, BTC is moving sideways (0.3%) after a week with modest gains of 4.9%.

Bitcoin BTC BTCUSD
BTC moving sideways in the daily chart. Source: BTCUSD Tradingview

Trader Josh Rager has set support for BTC at $59,000. Holding this level could give it enough momentum to retest the $60,600 area. The trader expects “new highs” by Wednesday.

On-chain data seems to support this prediction, as shown by CryptoQuant shared by “Byzantine General”. BTC reserves for the spot market continue their downtrend and indicate a “consistent demand”. This trader said:

Except for those 2 inflow outliers most significant flows have been outflows. This massive consolidation range that we’re in sure looks a lot like re-accumulation.

Further evidence suggests that Bitcoin’s current price action is driven by institutions unlike the previous bull-run in 2017. Besides from Google search volume for “Bitcoin” is at a relatively low, Coinbase trading volume has skyrocketed since Q3 and Q4, 2020.

However, on this metric, the percentage of retail investors has trended downwards, as the following graph demonstrates. The trader said:

Last bull run we were talking about institutions coming, but now they’re actually here, and they’re buying.

Bitcoin BTC
Source: IntoTheBlock

Bitcoin 4 years cycles could change

On April 14, crypto exchange Coinbase will go public on the U.S. stock market. Under the ticker COIN, the trading platform will be one of the first major crypto companies on the traditional market.

This moment converges with VISA testing stablecoins, PayPal expanding its crypto services, Tesla integrating Bitcoin as a payment method. The above could play an important role during this week as the 14th approaches. The trader said:

That doesn’t mean there won’t be any corrections anymore. Of course not, I mean we’ve seen three massive (liquidations) corrections this year alone. But, this bull run could be different. Maybe the 4 year cycle structure that we’re used to from bitcoin could break.

Two additional key metrics are the percentages of BTC trading above 1 Trillion USD market cap and the amount of BTC on exchanges. The former is estimated at 11% as BTC’s price trades above $53,000 which points to a “validation” of the current price, as stated by analyst William Clemente.

Bitcoin BTC
Source: Glassnode

On the latter, there is a correlation between the miners and long-term holders keeping their BTC and the increased supply outflow from the trading platform. Clemente added:

In combination with exchange withdrawals, supply is becoming increasingly illiquid. This means the new wave of institutional demand (just beginning) must compete for the mere 2.3M coins left on exchanges.

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Why Bitcoin Price Is Gearing For Another Lift-Off To New ATH

Bitcoin price is showing positive signs above $58,500 and $59,500 against the US Dollar. BTC is likely to accelerate higher above $61,000 and $62,000 in the near term.

  • Bitcoin gained bullish momentum above the $58,500 and $59,200 resistance levels.
  • The price is now trading above the $60,000 support and the 100 simple moving average (4-hours).
  • There is a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if it clears the $60,500 and $60,800 levels in the near term.

Bitcoin Price is Eyeing More Gains

This past week, bitcoin price saw a decent increase above the $57,500 resistance against the US Dollar. The BTC/USD pair broke the $58,500 resistance and it settled above the 100 simple moving average (4-hours).

The pair even climbed above the $59,200 level and the key $60,000 resistance. However, the bulls struggled to lead the price to a new all-time high above $61,250. A high was formed near $61,242 and the price is now consolidating gains.

There was a spike below the 23.6% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. The price is now consolidating above the $60,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $60,500 level, there are chances of a strong increase in the coming sessions.

The next key resistance is near the $61,250 level. A successful push above the $61,250 level could open the doors for a steady increase above $62,000 and to a new all-time high in the near term.

Downside Break in BTC?

If bitcoin fails above the $60,500 support, there is a risk of a downside break. The first major support is near the $59,300 and $59,200 levels.

The next major support is near the $58,500 level. It is near the 50% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. Any more losses might call for a test of the $57,500 level and the 100 simple moving average (4-hours).

Technical indicators

4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $58,500

Major Resistance Level – $61,250

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How Bitcoin back above $60,000 could create a powerful upside move

After a consolidation phase spread over the last few weeks, Bitcoin is trading back above $60,000. With 3% gains in the daily chart, at the time of writing, and 2% profit in the weekly chart BTC still looking for confirmation on its rally.

Bitcoin BTC
BTC with bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview

As it approached its all-time high zone, the funding rate for BTC’s futures market across all exchanges took an explosive jump towards 0.14%. Meaning there are higher incentives to take short positions for investors in this sector.

As the chart below shows, this metric remained relatively low (0.03%) in recent days as Bitcoin’s price moved sideways.

Bitcoin BTC BTCUSD
Source: Glassnode

However, after BTC’s upward movement, as has happened in recent months, a large number of short positions were liquidated.

Data from Glassnode, shared by Moskovski Capital CIO Lex Moskovski, indicates that in less than an hour, $163 million were liquidated across all exchange platforms.

Bitcoin BTC
Source: Glassnode

Trader Adam Mancini is bullish on Bitcoin’s current price action. Setting support at $53,000, Mancini believes the cryptocurrency has been “coiling up” in its past sideways movement. Losing this level could invalidate Mancini’s theory.

The cryptocurrency has formed a “clean bullish triangle pattern”, as shown in the chart belove. And is targeting $75,000 with an upper target at $95,000. The trader said:

Bitcoin in the process of breaking out of this triangle right now – lets see if it can start the leg up to 75k from here.

Bitcoin BTC
Source: Adam Mancini

In support of the above, former Goldman Sachs executive Raoul Pal said BTC’s price breaking above its 3-month range could be massively bullish for the cryptocurrency. Pal expects the price to “create a powerful move to the upside” towards $80,000.

Bitcoin’s fundamentals support further upside move

Per an ARK Invest research conducted by Yassine Elmandjra, Bitcoin’s rally has strong fundamentals. According to Cointime Destroyed, the metric use to measure BTC coming from cold wallets to exchanges sits at an estimated 30% than from the 2017 bull run.

Despite Bitcoin’s price has almost tripe since that period’s ATH at $20,000, investors are keeping a tight grip on their coins. In that sense, Glassnode co-founder Rafael Schultze-Kraft shared Bitcoin’s 3-month Coind Days Destroyed on a downwards trajectory, he said:

This is beautiful. Experimenting with Coin Days Destroyed: Despite $BTC prices above $50k, 3-month CDD at low levels and recently declining. Old hands extremely strong here, HODLers showing conviction and doing what they do best. Doesn’t look like a top to me.

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LA Real Estate Mogul Buys Bitcoin, Accepts BTC For Rent

A massive LA-based luxury real estate firm has begun accepting Bitcoin for rent payments.

In addition to loading up on BTC for its corporate reserves, the company has also tapped popular exchange Gemini to help build a crypto centric ecosystem for its retail, residential, and resort customers.

Rick Caruso and Caruso Real Estate Tap Gemini For Crypto

American real estate company Caruso, led by billionaire Rick Caruso, revealed this week that the firm would begin accepting Bitcoin for rent payments at both retail and residential properties.

The Los Angeles-based company offers stunning luxury properties in the area, including the Miramar Beach Resort, Palisades Village, Waterside at Marina Del Rey, The Commons at Calabasas, and many more.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Through a partnership with the Winklevoss-owned Gemini, Caruso plans on further integrating cryptocurrencies into their company experience for consumers.

“You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem,” Caruso explained.

The strategy is something that Caruso plans to roll out over the next decade, and part of a long-term plan. “It’s not about the next year or five years,” he said.

Caruso also tapped Gemini as a custodian for its “significant initial investment” in BTC as part of its “treasury management strategy” – making the company the first in the real estate industry.

Completely integrating crypto within its customer experience reinforces “the company’s belief in the robust future of cryptocurrency.”

bitcoin la real estate mogul rent

How much further can Bitcoin climb in another decade? | Source: BTCUSD on TradingView.com

The Boom Of Companies And Bitcoin Is Only Now Beginning

Caruso joins the growing list of corporations that have added BTC to their corporate treasure reserves, and more are coming.

A seminar led by MicroStrategy CEO Michael Saylor was intended to bring more businesses to the space by sharing his playbook.

Saylor’s lead also inspired the likes of Jack Dorsey’s Square Inc. and Elon Musk’s Tesla to start buying BTC. Dorsey also offers Bitcoin to customers through its Cash App, and Tesla added the ability to pay with the top cryptocurrency to buy its green vehicles.

Related Reading | Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

Companies that have done so have had substantial earnings to show for their innovative take. The mentions of Bitcoin in company earnings reports has gone parabolic recently, right alongside the asset’s price.

The proliferation of Bitcoin and other cryptocurrencies is only just beginning, and its potential application from real estate to payments and more will scale exponentially over the next decade and more.

Featured image from Shutterstock, Charts from TradingView.com
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Why Bitcoin could favor USD dominance over Digital Yuan

Contrary to what many in the crypto space are discussing, Senior Commodity Strategist for Bloomberg, Mike McGlone, has made the case for Bitcoin being beneficial for the U.S. dollar over China’s digital Yuan.

According to McGlone, the cryptocurrency is “eclipsing” Yuan’s global adoption. Specifically, the U.S. dollar is showing “organic adoption” in the digital ecosystem, as shown by the following chart. Mcglone claims:

Bitcoin May Enhance Dollar Dominance, Highlight China Drawbacks – Despite concerns about China’s development of a digital yuan, Bitcoin is enhancing the dollar’s dominance and is a risk to gold. Bitcoin may be accentuating the drawbacks of a lack of free markets & discourse.

Institutions not adopting Bitcoin could be at risk

For Gold holders, the benchmark cryptocurrency has also become a nuisance. The precious metal is underperforming and retracing to levels of support under $1,700, as McGlone claims. He added:

most indicators show a shifting global tide that favors the nascent digital currency as a reserve asset.

The expert claims Bitcoin has “entered a unique state” in terms of adoption. Therefore, he claims those company managers and executives unwilling to allocate capital to BTC could be at risk of missing out on more appreciation.

In that regard, McGlone estimates BTC’s price to be on a similar path that in 2013 when it registered 55x gains and in 2017 when it reached the historical $20,000 mark. This would put Bitcoin near $400,000 this year. He added:

The technical outlook for Bitcoin in 2021 remains strongly upward, if past patterns repeat. Common companions for strong annual rallies in the first-born crypto — low volatility and halvings — are aligned favorable.

At the time of writing, Bitcoin is reclaiming the higher levels of the $50,000 and seems to be pushing harder towards its resistance zone. The cryptocurrency trades at $58,451 with 1.2% gains in the daily chart.

Bitcoin BTCUSD
BTC showing signs of recovery in the 24-hour chart. Source: BTCUSD Tradingview

The Strategist points to the low amount of BTC on exchange platforms as possible evidence of further appreciation. When the metric reserves, the market could be “dominated” by the sellers and BTC’s price might have the same fate as in 2017.

The 2015-17 bull run peaked around the time more Bitcoins were moved back on exchanges than the previous high from 2016. Our takeaway from this metric is that buyers are taking Bitcoins off exchanges and moving into longer-term storage, some earning interest.

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Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

Bitcoin price is still stuck under $60,000 but unable to push any lower than $55,000. The tightening across the crypto market has been long and arduous but when $60,000 is finally broken, the crypto asset should reach what one analyst calls “escape velocity.”

Here’s what the term means and what that could look like post-breakout of the key resistance level.

Bitcoin Could Reach Escape Velocity After Breaking Above $60,000

Bitcoin price action has come to a critical impasse, either ready to explode to hundreds of thousands of dollars per coin, or about to take a dive from current highs.

Resistance above $60,000 has been the first zone proving too strong for bulls to get through with ease, causing momentum to fizzle out. Momentum indicators have turned red for the first time in months, but bears have failed to take prices much lower.

Related Reading | Stablecoin Supply Rising, Diminishing Bitcoin Reserves Ready To Fuel Next Leg Up

The standoff has volume dropping, and volatility dipping to the lowest levels in months for the characteristically explosive crypto asset.

But when things finally do break above $60,000, one crypto analyst expects things to reach “escape velocity.”

bitcoin escape velocity

This is what escape velocity could look like in Bitcoin | Source: BTCUSD on TradingView.com

What The Physics Term Playing Out In Crypto Would Look Like

According to Wikipedia, escape velocity is a physics term describing “the minimum speed needed for a free, non-propelled object to escape from the gravitational influence of a massive body.” In simpler terms, its the strength and speed needed for an object to escape a planet’s gravitational pull and exit its atmosphere.

The analogy makes sense. “Escape velocity rises with the body’s mass and falls with the escaping object’s distance from its center. The escape velocity thus depends on how far the object has already traveled,” a description reads.

Essentially, $60,000 is the object’s center, and resistance should weaken once it is passed, requiring less overall momentum to continue to head off toward the moon.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The reason being is, Bitcoin has attracted substantial media attention above $50,000 where the coin has now spent weeks above. Those waiting for a breakout of $60,000 will buy with extreme force knowing that any correction was warded off.

At the same time, those waiting for prices lower will realize it isn’t coming, and FOMO back into Bitcoin, causing prices to soar with even greater ease.

Between the flurry of new buyers getting in for the first time, sellers buying back in after they’ve realized their mistake, and more, it should cause the final parabolic stage of the Bitcoin bull run, and the “escape velocity” the analyst is talking about.

Featured image from Deposit Photos, Charts from TradingView.com
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TA: Bitcoin Reclaims 100 SMA, Here’s Why BTC Could Resume Uptrend

Bitcoin price started a fresh increase above the $57,500 resistance against the US Dollar. BTC is showing positive signs above $58,000 and the 100 hourly SMA.

  • Bitcoin remained well bid above the $56,000 level and it started a fresh increase.
  • The price is now trading above the $58,000 level and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $57,800 and $57,500.

Bitcoin Price Turns Green

Bitcoin traded as low as $55,492, where the bulls took a strong stand. As a result, BTC started a fresh increase above the $56,500 and $57,000 resistance levels.

The price even cleared the 50% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low. There was also a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair.

It is now trading above the $58,000 level and the 100 hourly simple moving average. An immediate resistance is near the $58,275 level. The 76.4% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low is also near the $58,500 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $57,275 and $58,500 resistance levels could open the doors for more gains. The next key resistance on the upside is near the $59,500 level. The main resistance is still near the $60,000 zone.

Dips Supported in BTC?

If bitcoin fails to climb above $58,275 and $58,500, there could be a short-term downside correction. An initial support on the downside is near the $57,750 level and the 100 hourly simple moving average.

The next major support is near the $57,500 level (the recent breakout zone). If the bulls fail to protect the 100 hourly SMA and then $57,500, there are chances of a steady decline. In the stated case, the price might decline towards the $56,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $57,750, followed by $57,500.

Major Resistance Levels – $58,275, $58,500 and $59,500.

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Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it.

Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in. That’s according to one crypto company CEO, who has warned of sell side intensity increasing substantially in the last several hours. It’s caused them to be increasingly convinced that a cycle top is potentially in. Here’s a deeper look at why.

Bitcoin Bull Run On The Ropes As Technicals Face Off Against Fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Related Reading | Mathematical Mystery: Why Did The Crypto Rally Stop At The Golden Ratio?

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

Yet it is for none of these reasons that Embily CEO Joe Saz says could very well cause the “cycle top.”

bitcoin btcusdt

Bears have suddenly shown up just as the bull trend begins to falter | Source: BTCUSDT on TradingView.com

Why One Crypto CEO Says The Cycle Top Could Be In

Joe Saz like everyone else these days regularly offers their thoughts on what might happen next across crypto. In his latest self-proclaimed “chart spam,” he warns of something with the potential to put in the cycle top.

Saz focuses on what’s called OB, or order book analysis. He says that the rising red wave in the indicator pictures above is “ask dominance of aggregated spot markets” which he says depicts a “very serious sell side” with enough power that could topple the now struggling Bitcoin rally.

Related Reading | Why The Return Of The Kimchi Premium Doesn’t Bode Well For BTC

Essentially, what this translates to is a sudden spike in sellers appearing at current levels – more so today as price has been rising than recently. At this point, it will be a showdown between bulls and bears, but also fundamentals versus technicals.

Fundamentals remain heavily bullish for Bitcoin, but bearish technicals could at least cause the first serious correction, if not the cycle top that Saz is warning of.

Featured image from Deposit Photos, Charts from TradingView.com
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Will the U.S. second oldest bank State Street start trading crypto?

According to a press release, one of the most important banks in the U.S. State Street will partner with start-up Puremarkets. The cooperation will enable State Street’s Currenex, a “high performance” trading technology provider, to work with the start-up on a crypto trading platform.

In parallel, the partners might explore “the digital currency trading space”. With over $3.15 trillion in assets under management and $38 assets under custody, State Street is one of the largest banks revealing participation in the crypto industry.

The trading platform called Pure Digital will be, according to the press release, automated with a “high throughput OTC market”. Also, it will support trading with cryptocurrencies, like Bitcoin and Ethereum, with digital assets, such as USDT.

Pure Digital users will be able to leverage bilateral credit to gain “efficient capital utilization and control”. In that way, the partners will contribute to strengthen the crypto market for “price discovery” and lower the “risk” when trading with the asset class.

Crypto trading platform under evaluation

The platform is expected to be launch around Q2, 2021. In addition to the above, the platform will have a “smart custody routing mechanism”. This will allow users to trade under their “prefer asset custody solution”.

To reduce costs for all traders, Pure Digital will integrate FX-industry standard API, according to the release. Users looking to acquire long positions will have the option of trading with their “existing Prime Bank/Custodial relationships and infrastructure”. Campbell Adams, Founder of Pure Digital said:

Pure Digital is pleased to explore the digital asset space with State Street as we share the same vision for the future of the digital currency market.

On the other hand, Pure Digital CEO Lauren Kiley expressed excitement about the partnership and for the opportunity to work with Currenex. Kiley made emphasis on their objective, “transpose” FX infrastructure over to the crypto sector along with a consortium led by the banking institution.

Global Head of Execution Services for GlobalLink, State Street Global Markets David Newns added:

Currenex is thrilled to leverage our experience and expertise in the FX and digital asset trading marketplace to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative.

However, per a Coindesk’ report, a State Street spokesperson said the bank is “evaluating trading on the platform”. The banking institution is yet to commit to actually carry out operations in cryptocurrencies.

At the time of writing, Bitcoin is trading at $57.709 with gains of 3.4% in the daily chart.

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BTC showing bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview
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Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

Among the many reasons for the ongoing bull run in Bitcoin, has been the emergence of corporations and businesses adding BTC to their company treasury reserves.

The sudden increase in demand for large sums of BTC during a period of low supply has caused prices to go parabolic. Interestingly, so have the numbers of mentions in company earnings reports that reference the first ever cryptocurrency by name.

Bitcoin Becomes Corporate Treasury Asset, Led By MicroStrategy CEO Michael Saylor

2020 was undeniably the year Bitcoin officially matured as an asset. Rather than pure speculation, the cryptocurrency network has shown it is here to stay, and instead the underlying asset is being leveraged to protect against dollar inflation.

Related Reading | Mathematical Mystery: Why Did The Crypto Rally Stop At The Golden Ratio?

Hedge funds began dumping gold expecting Bitcoin to be the better performing safe haven asset and economic hedge, and shortly thereafter major publicly traded corporations started swapping out useless cash reserves for an asset that over its lifecycle has appreciated more than anything else in history.

bitcoin corproate fomo

The bull trend took off once corporations began buying BTC | Source: BTCUSD on TradingView.com

The effort was first led by Michael Saylor, CEO of the Nasdaq-listed software firm MicroStrategy, who has since attracted more high-level CEOs and brands to the cryptocurrency sector, such as Elon Musk’s Tesla, and long-time Bitcoin supporter Jack Dorsey, whose company Square Inc. also bought a lion’s share of BTC.

Mentions Of Top Cryptocurrency During Company Earnings Reports Breaks Record

Since the trend of corporations suddenly scrambling to buy the ultra scarce cryptocurrency first began, the price per coin has gone parabolic once again. Also climbing at a similar rate, is the number of mentions from company quarterly or annual earnings reports that include “Bitcoin.”

According to the Twitter handle Documenting Bitcoin via the website Compeete.com, the total mentions in earnings reports has followed a similar trajectory as the price action above.

bitcoin company mentions

Mentions of the top crypto during earnings report discussion are rising | Source: Documenting Bitcoin on Twitter

Bitcoin price is currently struggling to make it above $60,000 and push higher. However, these companies boasting about earnings could cause further FOMO-effect once other businesses learn of how much revenue participation in cryptocurrencies brought.

Related Reading | Why The Return Of The Kimchi Premium Doesn’t Bode Well For BTC

Coinbase is about to go public and its Bitcoin-related revenue has been record-breaking. FOMO might only get frothier from here on out, as the aforementioned Saylor held a seminar earlier this year focused on educating other executives on how to get BTC on the books.

The fruits of that labor could begin to blossom in the following months as those executives take a page from Saylor’s playbook, and get in on the growing earnings mentions due to rising Bitcoin revenue.

Featured image from Deposit Photos, Charts from TradingView.com
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How Grayscale Bitcoin Trust at a discount could change everything for BTC

After spending the entire month of March at a loss, the downtrend in Grayscale Bitcoin Trust premium has extended.  At the time of publication, the premium stands at -11.45%, near its all-time low at -14%.

Bitcoin BTC Grayscale BTCUSD
GBTC trading at a discount. Source: Ycharts

In contrast, the Canadian Purpose Bitcoin ETF had a nearly month-long streak at record inflow levels begging April. Comparing the data, GBTC at a discount, and the growth in the BTC ETF, there is a trend in investors favoring the latter.

Unlike other financial products, GBTC shares cannot be freely traded. They must go through a 6-month “lock-up” period. Although they give exposure to the price of BTC, stakeholders’ strategy to profit is based on the premium, as analyst Ben Lilly points out:

30% return is pretty impressive, and natural economic pressures should bring this premium down to 0%. Yet, for some reason we just haven’t seen that happen yet. That’s because of the way it operates and no other option being available.

If after 6 months, the GBTC premium is high, it can be sold for a large percentage of profits. Otherwise, losses can be just as steep.

Grayscale investors have started to express discontent. Investment firm Marlton issued a press release on April 6, to call for Grayscale to take “immediate action to address GBTC’s significant discount to net asset value” (NAV).

Marlton’s data indicates that GBTC’s premium discount represents an estimated $3.1 billion in losses to stockholders. The firm has called for a modification to the stock trading mechanism that would allow them to sell or buy shares at specific prices and at a specific time.

As Ben Lilly points out, the advent of new options to gain Bitcoin exposure in Canada appears to be hurting GBTC. Researcher Jan Wuestenfeld supports this thesis:

(GBTC) trading at a discount since the beginning of march and their Bitcoin holdings have been stagnating. It looks like with new alternatives coming to the market investors might turn to other products to get exposure to Bitcoin.

High demand for Bitcoin-based regulated financial products

The above indicates a clear demand from institutions looking to acquire exposition to Bitcoin. In parallel, the Security and Exchange Commission (SEC) is under a lot of pressure to approve a Bitcoin ETF. The Commission has received over 6 petitions to approve a Bitcoin ETF in the U.S. in under 4 months.

The discount in the GBTC suggests that investors are favoring products with better trading mechanisms. The performance of Canada’s BTC ETF could create even more pressure for the U.S. regulator.

Senior Commodity Analyst for Bloomberg, Mike McGlone, sees a major inflection point in terms of adoption. New Bitcoin-based financial products could create a new “rising tide” from institutions and individuals investors trying not to “miss out on the potential for Bitcoin”. McGlone claimed:

(…) we see rising potential for 2021 to mark a migration milestone into traditional investment portfolios. Publicly traded cryptocurrency funds’ assets, dominated by Bitcoin, have surged to almost $60 billion as of March 25 from less than $10 billion in October. Growth has been driven by both rising inflows and skyrocketing prices for the funds’ underlying holdings. A U.S. Bitcoin ETF, on the back of recent launches in Canada, would likely accelerate expansion.

BTC is trading at $57,948 and is showing moderate gains in the 24-hour chart at 3.5%. On the 7 day chart, BTC is still moving sideways.

BTC with moderate gains in the 24-hour chart. Source: BTCUSD Tradingview