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Bitcoin (BTC) has made a run to $18,000. Ethereum follows. When will bitcoin pump?

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when will bitcoin pump

Bitcoin (BTC) finally made a breakout of the resistance area that has been holding the price back since the beginning of the month. Ethereum (ETH) is also trying to start growing. When will bitcoin pump?

BTC: next bitcoin pump?

Technical analysis shows that bitcoin (BTC) has been rising above the ascending support line since November 21. The price has repeatedly tested this mark for strength. The last time it happened was on December 10. The coin is probably trading inside an ascending parallel channel, but its resistance line has not been tested enough times yet.

After the rebound (green icon), BTC broke through the $17,200 area. This resistance has been holding the bulls back since early December. In addition, a bullish breakout of the 6-hour RSI also supports this breakout. The index broke through the bearish divergence trendline.

Also importantly, BTC is signaling a bullish reversal on longer-term, weekly and daily charts. Finally, onchan indicators are also signaling the end of the bear market for bitcoin.

At the time of writing, the market is already storming the next resistance area at $17,770. The Fibo level of 0.382 retracement and the midline of the channel represent it.

In case of its clean breakdown, the price will rush to the area of $18,200 (the channel resistance line and the horizontal resistance area). Meanwhile, a close below the uptrend support line would indicate a bearish trend.

ETH picked up the baton

Meanwhile, ETH, the native coin of the Ethereum blockchain, is trying to move in tandem with BTC. The price has been rising since November 21, but at first it was never able to break through the $1,290 resistance area, despite several assault attempts.

Nevertheless, on December 13, the kinoin managed to break through the short-term descending parallel channel. This breakout occurred against the background of the RSI breaking the downward resistance line.

As a result, ETH is now again trying to gather above the $1,290 resistance. The next target for the bulls will be $1,450 (Fibo level of 0.618 of correction). If we see another pullback under $1,290, we can’t exclude the decrease in the direction of $1,200.

Previously, we reported on what the Binance usd report hides and whether it’s worth believing.


Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike

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Crypto traders lost

Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.

Cryptotraders lost $132,000,000 in BTC

Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.

Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.

The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.

Regulators continue to hunt the cryptobusiness

Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.

The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.

We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.

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Binance was caught circumventing KYC to register Chinese clients

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Binance China customer registrations

Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.

The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.

The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.

An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.

We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.

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Why cryptoanalysts expect bitcoin to fall

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cryptoanalysts expect bitcoin to fall

The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:

  • Altcoins are near serious resistance;

  • The BUSD and USDC stablecoins are manipulating the market.

The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.

The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.

However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.

There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.

We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.

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