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Bitcoin started a fresh decline below the $20,000 support zone against the US Dollar. BTC traded below $19,000 and remains at a risk of a move to $18,000.

Bitcoin price failed to surpass the $20,500 resistance level. BTC started a fresh decline and traded below the $20,000 and $19,500 support levels.

Besides, there was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USD pair. The pair accelerated lower below the $19,200 level and the 100 hourly simple moving average. It even declined below $19,000 and traded as low as $18,706.

Bitcoin price is now consolidating losses below $19,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,050 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.

The next major resistance sits near the $19,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.

The main barrier is now forming near the $20,000 zone and the 100 hourly simple moving average. A close above the $20,000 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $21,200.

If bitcoin fails to start a recovery wave above the $19,050 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,700 zone.

The next major support is near the $18,550 level. A clear move below the $18,700 and $18,550 levels might open the doors for a move towards the $18,000 level.

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 $18,700, followed by $18,550.

Major Resistance Levels $19,050, $19,300 and $19,500.

Read more from the original source:
TA: Bitcoin Price Makes U-Turn, Why BTC Could Tumble to $18K - NewsBTC

Nicholas Merten a veteran cryptocurrency analyst and founder of DataDash has called for Bitcoin to sink to $14,000 following its plunge below $19,000 over the weekend.

The analyst cited both technical and macroeconomic factors, including an indicator that he calls absolutely damning for Bitcoins price.

In a video published on Monday, Merten pointed out that Bitcoins 200-week moving average (WMA) has turned into a level of price resistance, rather than support. The primary cryptocurrency has almost always stayed above the average throughout its existence, with rare descents below it marking cyclical bottoms.

However, Bitcoin and crypto markets fell below this level during the crypto market crash in June, which saw Bitcoin plunge to $17,600. It has since ranged within the low twenty thousands narrowly below the 200 WMA of about $23,000.

Given its inability to break back above this level, the analyst claimed that Bitcoin is now in uncharted territory.

We have not seen these circumstances ever play out for Bitcoin, he said. Usually price breaks below the weekly moving averages, the rallies out of it, due to people buying into the capitulation.

The founder concluded that Bitcoins recent price action likely signals the end of a decade-long secular bull market that Bitcoin has experienced throughout its life, alongside stocks. As such, he suspects that it may no longer be a leading asset compared to other commodities and equities.

According to the analyst, the cryptocurrencys next bottom could be close to $14,000. This would mark an 80% correction from its all-time high, similar to previous bear markets.

This is the bare minimum we can ask for at this point, said Merten, adding that investors should consider the possibility of an even steeper decline to $10,000.

Commenting on Ethereums recent Merge, Merten labeled the upgrade a clear buy the hype, sell the news event. He expects the second-largest cryptocurrency to retest the $800 to $1000 level, and possibly lower.

Contributing to potential declines is the Federal Reserves upcoming interest rate decision, in which the market expects another 75 basis point hike. Hawkish monetary policy has coincided with major declines in stocks and crypto throughout 2022.

This policy has created a higher cost of shelter in the United States, including sudden rises in fixed-rate mortgages. Its also caused 2-year Treasury bond yields to invert those of their 10 and 30-year equivalents.

Despite the potential dangers to the economy this could pose, Merten doesnt expect the central bank to stop raising rates until it can confidently quell inflation.

This could very well be depressionary levels of recession, he said.

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Bitcoin is Heading to $14,000: Heres Why According to DataDash - CryptoPotato

Alex Dovbnya

These hackers are attempting to break Bitcoins encryption, but they are extremely unlikely to succeed

According to a recent report by Bleeping Computer, TeamTNT, a notorious hacking group, has made a comeback, and it is now attempting to break Bitcoin.

The bad actors are reportedly hijacking servers and using their vast resources in order to run encryption solvers for the largest cryptocurrency.

Bitcoin uses the secp256k1 elliptic curve for its keys and signatures. When the cryptocurrency became popular, the choice of this specific realization puzzled cryptography experts because secp256k1 was almost completely unknown compared to other solutions.

TeamTNT hackers are now attempting to break elliptic curve encryption with stolen resources.

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However, their efforts should be taken with a grain of salt. It is highly likely that they are simply playing around with new attack pathways instead of actually trying to hack Bitcoin.

For now, Bitcoin is considered to be completely safe since there are no machines that could possibly break it.

With that being said, some experts believe that it will be possible to break Bitcoin in the future. In January, U.Today reported that Mark Webber, a quantum physicist at the University of Sussex, had predicted that a quantum computer with more than 300 million qubits would be able to pose a major threat to Bitcoin.

In such a case, it would be necessary to launch a quantum-resistant hard fork in order to save Bitcoin from supercomputers.

Bitcoin has never been hacked, which is one of its key selling points. However, Ripple CTO David Schwartz recently opined that it is highly likely that Bitcoin has some severe bugs that are yet to be discovered.

Visit link:
These Hackers Are Trying to Break Bitcoin - U.Today

Binance CEO Changpeng Zhao says that the limited supply of cryptocurrencies, particularly large-cap assets like Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) could soon break from their correlation with the stock market.

In a new interview on CNBC, Zhao says that unlike fiat, the amount of digital assets that can go into circulation is limited.

I think like were one year in from the previous all-time high. The inflation, the interest rate, the adjustments, etc., those all affect the markets, but those are short-term.

I think longer-term, given how much money was printed over COVID the last couple years, and the amount of quantitative easing that was done, inflation would definitely kick in just by simple logic.

Cryptocurrencies, the big ones Bitcoin, BNB coin, Ethereum, theyre limited supply, so their supply didnt increase. The number of people getting into this industry and the utility, the number of people who need to use those coins have increased. The demand has increased, but today, unfortunately.

Zhao says that he expects a decoupling between crypto and stocks but a correlation in market conditions emerged because people invest in both equities and digital assets.

In theory, if we go by supply and demand, theres a very simple logic to derive from that, but today, many people trading cryptocurrencies are also in the stock market so when the stock market tanks, people want to hold cash and they also sell cryptocurrencies. So today, on the short time frame, its kind of coupled, but in theory, they should be decoupled.

Looking at Ethereums successful merge to proof-of-stake, Zhao says those in the space should manage their expectations since the anticipated changes will not take effect right away.

Many people have very high short-term expectations for the merge. They think the Ethereum gas fees will drop from $10 per transaction to $0.02 overnight. Thats most likely not gonna happen. Its a long process. The Ethereum upgrade takes multiple stages over multiple months or years.

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Binance CEO Changpeng Zhao Says Bitcoin, Ethereum and Rest of Crypto Should Decouple From Stocks Here?... - The Daily Hodl

Jay-Z and Jack Dorseys Bitcoin Academy program has wrapped, as the duo gave residents of Brooklyn, N.Y.s Marcy Projects $1,000 in bitcoin each. Business Insider reported that the course ended with the businessmen personally airdropping adult participants a parting gift that empowers them to make their own financial decisions.

In a statement from Gloria Carter, Jay-Zs mother and president and co-founder of The Shawn Carter Foundation, she thanked the people of Brooklyn for showing up and taking advantage of an opportunity to prepare the next generation.

Marcy residents showed up. The over 350 people who attended The Bitcoin Academy classes let us know that this education is important to them and that it matters, Ms. Carter said. What also matters is providing the necessary resources such as dinner, childcare, devices, internet access, dedicated staff, and instructors so that as many people as possible could participate in person and online.

I am so grateful to the community that came together to make this happen, and especially to all the class participants who are now more empowered to make their own financial decisions with greater knowledge. Knowledge is Power. Its now up to everyone who participated to empower and prepare the next generation.

Dorsey and Hov launched Bitcoin Academy in collaboration with Black Billionaires and Crypto Blockchain Plug earlier this summer, offering free courses on digital currency and how to get started. The duo made the 12-week program exclusively available to residents of Marcy Houses, the housing project the 4:44 rapper was raised in.

See the article here:
Jay-Z And Jack Dorsey Give $1K In Bitcoin To Marcy Projects Residents - Vibe