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Bitcoin Price Faces Rejection and Now At Risk of Downside Extension

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support.

  • Bitcoin is still facing heavy resistance near the $37,750 resistance.
  • The price is trading below $37,500 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if it breaks the $37,150 support.

Bitcoin Price Signals Downside Correction

Bitcoin price made another attempt to surpass the $37,750 resistance. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level.

A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low.

Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair.

The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.

More Losses In BTC?

If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.

The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $37,150, followed by $36,700.

Major Resistance Levels – $37,750, $38,000, and $38,500.

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Bitcoin Mining Difficulty Hits New Record High With 5% Rise

The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. The Bitcoin “difficulty” is a vital aspect of the network that controls the rate at which new blocks are added to the blockchain at a given time.

Bitcoin Mining Difficulty Surges To A New High Of 67.96T

According to data from BTC Blockchain Explorer, the Bitcoin network experienced a significant adjustment at block height 818,496. This caused the blockchain’s difficulty to soar by 5.07%, reaching a new all-time high of 67.96 T.

The mining difficulty is an essential feature that measures how much power is required to verify transaction blocks on the Bitcoin blockchain. An increase in mining difficulty value suggests higher demand for the Bitcoin network, while a lower difficulty value implies that there are fewer miners on the network.

It is worth noting that the metric has been on an upward trend in the past few weeks. In fact, the recent mining difficulty value represents the sixth consecutive increase in the last six adjustments.

Interestingly, the new mining difficulty value surpassed the early projections for the blockchain. Initially, the Bitcoin mining difficulty was only expected to increase by about 3.8% to 67.14 T in the latest adjustment.

The network hash rate, which measures the total computing power for mining BTC, has also increased. According to BTC Blockchain Explorer, the current average hash rate for the Bitcoin network is 504.8 EH/s, a 3.76% increase from a previous hash rate of 486.5 EH/s.

Some of the factors contributing to the increasing Bitcoin mining difficulty are BTC’s recent price performance, the recent surge in network activity, and the spike in transaction fees. And as the metric continues to rise, it appears that miners will continue to face the challenge of maintaining profitability. 

BTC Price Overview

As of this writing, Bitcoin is valued at $37,510, reflecting a 0.6% price increase in the past day. While the premier cryptocurrency seems to be drifting away from the $38,000 price mark, it has managed to maintain most of its profit on the weekly timeframe.

According to data from CoinGecko, the Bitcoin price has swelled by more than 2.7% in the past seven days. Meanwhile, the market leader has registered a 10% increase in the past month, emphasizing its strong performance in November.

Bitcoin remains the largest cryptocurrency in the sector, with a market capitalization of over $733 billion.

Bitcoin Mining

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How Indexed Finance Foiled Two Treasury Hijack Attempts – Details

In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO’s treasury. Following this development, the project’s founders will now re-assume control from the DAO.

In a thread on X on Saturday, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project’s DAO, which is currently valued at  $120,000.

According to Day, both attackers purchased a high amount of Indexed’s native token – NDX and attempted to assume control of the protocol’s treasury via malicious proposals. The first proposal, identified as Proposal 24, was without a heading or description. Being virtually unnoticeable, this proposal almost gained approval within an hour of voting. 

However, upon detection, Day, alongside other community members, publicly rallied others to vote against the proposal and eventually thwarted the first hijack attempt.

Related Reading: HTX Recommence Operations After Temporary Halt Due to Hack

Indexed Finance Anticipates Second Attack, Emerges Victorious Again

Considering the publicity and attention surrounding the incident, the Indexed DAO suspected another attacker might attempt to replicate the same tactics to gain access to its treasury.

Therefore, the DAO passed proposal 26, identified as the poison pill, which granted them the authority to burn the assets in the treasury if considered as the only means of halting such an attack.

As suspected, another hijacker attempted to take control of the treasury and even succeeded in getting the proposal passed – proposal 27. However, proposals on the Indexed Finance platform have to be queued for 48 hours before execution.

During this time, the hijacker approached the DAO to cancel the poison pill proposals, and in return, he would take only a 50% bounty of the funds in the Treasury. However, he soon received a counter-offer from Indexed Co-founder Dillon Kellar, who offered him $10,000 DAI in exchange for canceling his proposal 27 or risk the DAO burning all the assets in the treasury.

The hijacker eventually accepted Kellar’s proposal with 4 hours remaining for the execution of the poison pill proposal, marking the successful foiling of the second hijack attempt.

Indexed Finance DAO Hands Over Treasury Control To Founders

Following the multiple hijack attempts,  the Indexed Finance DAO has now ceded treasury control to Laurence Day as well as Kellar and an individual with the pseudonym PR0. Together, these three persons will manage the Treasury using a ⅔ multi-sig system. 

At the time of writing, NDX trades at $0.00823, with a 24.15% decline on the last day. In tandem, the token’s daily trading volume is also down by 44.35% and valued at $2,347.

Indexed

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Whales Move $30 Million Worth Of XRP To Exchanges – Time To Sell?

XRP could witness a massive selloff in the coming days, as shown by on-chain transfer data. According to transaction alerts from crypto whale tracker Whale Alerts, two whale-sized transactions involving XRP have recently made their way onto cryptocurrency exchanges Bitso and Bitstamp, prompting investors to ponder the reasons behind the transactions and speculate on possible outcomes.

Massive transfers by whales can often increase selling pressure if they sell and take profits, which could cascade into the price of the asset, even if only temporary.

Whale Transfers 50 Million XRP To Exchanges

XRP has gone through consolidation for the past two weeks in the midst of a market lull. According to Coinmarketcap, the altcoin’s trading volume is also down by 43.59% in the past 24 hours. Before this period however, a whale made a transfer of 50 million XRP worth approximately $31 million to exchanges, prompting investors to wonder if this is a part of the ongoing consolidation and if the transfers are a selloff.

According to Whale Alerts, a transfer of 25.2 million XRP tokens worth $15.66 million was made to crypto exchange Bitstamp on November 23. Shortly after, 25 million XRP tokens worth $15.55 million were sent to crypto exchange Bitso. Looking into the details of the two transactions on blockchain explorers reveal they were made from the same address “r4wf7e”. 

A deeper look reveals address “r4wf7e” received 55.87 million tokens from address “rJgpQR” and then went on a spending spree in the hours after. The next few hours would be full of transactions ranging from 20,000 to 25 million XRP tokens to Bitstamp, Bitso, Independent Reserve, and some private addresses. 

Speculation On Why The Whale Is Moving XRP Now

The transfers into various exchanges have signaled that the whale intends to sell its holdings. However, there could be other reasons for the transfers, which could just be the whale wants to have their XRP readily available on the exchanges without even selling yet.

Of course, this is all speculation. There’s no way to know the whale’s exact intentions or how much token they plan to buy or sell, if any. But when amounts this large move onto exchanges, it often signals volatility ahead. 

On the other hand, data from on-chain analytics platform has shown whales purchased 11 million tokens worth $6.82 million in the just concluded week. The buying spree suggests there could still be a bullish sentiment among some whales.

XRP is trading at $0.62 at the time of writing. The cryptocurrency crossed over $0.7 again earlier this month but has struggled to continue this momentum. However, according to crypto analyst CryptoInsightUK, the token has a good chance of replicating the 61,000% gain it enjoyed back in 2017 before the SEC lawsuit.

Another analyst, Edward Farina, predicted Ripple has the potential to replace the current SWIFT system, at which point XRP could surge to $10,000.

Featured image from Pixabay

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BLUR Clears The Way With 80% Blowout – Will Price Continue Soaring?

The prior week’s notable increase in options trading and derivatives activity made the market look positive. When the price of Bitcoin surpassed $38,000 and set a new record for 2023, buyer interest in the top altcoins increased.  As a result, a cryptocurrency that was already trending higher, like BLUR, saw significant price increases.

This increase raises concerns about these cryptocurrencies’ ability to sustain their momentum over the coming week. BLUR is the native token of the same-named non-fungible token (NFT) platform.

In the world of cryptocurrencies, BLUR is becoming increasingly popular after Binance revealed its listing during a spike in price.

BLUR Gets Listed On Binance

One of the biggest cryptocurrency exchanges in the world, Binance, has released a statement indicating that it is prepared to list and begin trading the Blur (BLUR) cryptocurrency token.

Friday saw a 22% increase in BLUR following its listing on Binance’s convert tool. Targeting Binance’s retail clientele is the convert function. Customers can purchase and sell assets through it without using a conventional order book.

The Binance debacle has been the primary cause of increases and crashes for the last two days. The result has been disastrous, with the exchange having to pay the US government $4.3 billion to resolve the lawsuit including CEO Changpeng Zhao’s departure and guilty plea to accusations of breaking anti-money laundering rules.

The recent conflict between the US government and Binance is clearly benefiting BLUR’s price, as the altcoin surged by over 80% in only one week and is currently trading at $0.509, clearly capitalizing on the situation. In the process, BLUR also created the bullish cup-and-handle pattern, which suggests a potential rise.

The same individuals that created Blur have also developed Blast, a layer 2 network, and Blur has done very well since its launch.

Bouncing Back From Record Lows

Blast went live earlier this week and has since collected over $400 million in deposits. In May, the company will launch an airdrop.

Friday’s action coincides with the cryptocurrency market as a whole continuing to rise, with bitcoin (BTC) reaching its highest position since May 2022.

In October, BLUR reached a record low, although it has since rebounded. Renewed activity in the non-fungible token (NFT) arena and reports of large cryptocurrency players, or “whales,” buying the coin helped pique interest.

The BLUR token’s value has significantly increased since Binance decided to offer it, which has caused speculation in the cryptocurrency markets.

This increased trend is consistent with BLUR’s recent collaboration with layer-2 solution Blast, which aided in season 3 airdrop allocations in addition to driving up the token’s price.

Blur has made major strides in its standing within the cryptocurrency industry with these calculated actions, positioning it as one of the top NFT lending protocols in the NFT markets.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

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Is Apecoin On Your Radar? APE Soars By 30% In 48 Hours, Signaling A Potential Bull Run

In a month marked by heightened volatility, Apecoin (APE) has been a battleground for bulls striving to prevent a dip below the crucial $1 mark.

This tug-of-war between bulls and potential downward pressure underscores the intense market dynamics surrounding Apecoin, leaving investors on the edge as they monitor the crypto’s price movements in this volatile November landscape.

The latest data from the spot market reveals a resolute stance from bullish traders, as orders for more than 11 million APE tokens have beern strategically placed around the current price.

APE has increased by 30% to surpass $1.70 following a decline to a weekly low of $1.30 on November 21. On-chain data projects long-term Apecoin investors’ resilience might reenergize APE price possibilities.

Apecoin Price Rebounds From All-Time Low

On October 9, the price of Apecoin plunged to an all-time low and narrowly avoided breaking below the $1 support level. However, the APE token has now increased by 40%, and as of November 24, the meme coin was trading at about $1.45.

The market situation that APE is now operating in is difficult. The recent price increases of the token are at risk due to bearish on-chain indicators.

Over the last few months, the amount of APE coins available on exchanges has almost doubled to a little over 50 million, which may signal an increase in buyer demand.

The combination of a decrease in active addresses and an increase in supply on exchanges indicates a pessimistic deviation, which may indicate an impending decline in the price of the meme currency.

Two notable corrections have occurred in APE during its current surge. The 61.8% Fibonacci level marked the first retracement, and 50% marked the second corrective.

These retracements are getting thinner, which is a bullish indication of increasing momentum and more buyer conviction.

Taking this into consideration, investors may use the 38.2% and 50% Fibonacci levels as a helpful guide when placing stop-loss orders, acting as a buffer against any market volatility.

Apecoin’s price is now bouncing between $1.063 and $1.506, indicating that it is in a volatile market. There are some indications of stability from the 10-Days Moving Average at $1.410 and the 100-Days Moving Average at $1.303.

Nonetheless, it’s important to keep an eye on the resistance levels at $1.695 and $2.139 and the support levels at $0.365 and $0.808. These levels will be crucial in influencing the short-term price movements of APE.

Shift In Address Dynamics

Meanwhile, as reported by IntoTheBlock, a positive trend divergence is evident between the long-term and short-term holder addresses for APE. Illustrated in the Addresses by Time Held chart, the count of long-term addresses has surged by 6,060 wallets since the beginning of November.

Concurrently, the Apecoin network has experienced a decrease of 3,800 in the number of trader/short-term wallets over the same period, highlighting a noteworthy shift in address dynamics.

The forthcoming week holds significant importance for investors in APE, as it will serve as a crucial assessment of the durability of this meme coin and its prospects for more upward movements.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pexels