Bitcoin (BTC) Price Prediction: BTC/USD Slumps Below $60,000 Support as Bears Overwhelm Bulls

Bitcoin (BTC) Price Prediction – April 10, 2021
BTC/USD made positive moves above the $60,000 overhead resistance as price reached a high of $61,243. Unfortunately, buyers could not sustain the bullish momentum above the overhead resistance. Today, BTC price has fallen below the $60,000 support. A further downward movement of the coin is likely.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Today, BTC price broke the $60,000 overhead resistance as price reached the high of $61,243. In previous price actions, buyers broke the overhead resistance on two other occasions. On March 14, the bulls broke the psychological price level as price rallied to $61,699 high. On April 2, buyers also made concerted efforts to break the resistance but the market reached a high of $60,190. One common feature in the price action is that buyers failed to sustain the bullish momentum above … Read more

US CFTC Orders Ponzi Scheme Operator To Pay $32 Million Fine

A US District Court for the District of Nevada has fined Circle Society and owner David Gilbert Saffron for operating a cryptocurrency ponzi scheme. This is according to the Commodity Futures Trading Commission (CFTC).

Circle Society Ponzi Scheme

The regulator stated that both the Nevada-based corporation and its operator have to pay $32 million as ordered by the court.

Saffron, an Australian citizen, residing in the US, started the firm Circle society to offer binary options on forex and cryptocurrency pairs. Both he and the company allegedly deceived investors to send funds in order to participate in a commodity pool, with promises of high returns.

Since 2017 when Circle society was created, Saffron has reportedly duped investors of at least $15.8 million from about 179 people. According to the CFTC, he diverted investor funds to his crypto wallet to pay other participants “in the manner of a Ponzi scheme.”

The Read more

Bitcoin (BTC) Price Prediction: BTC/USD Struggles To Reclaim the $58,000 Support As Bulls Regain Bullish Momentum

Bitcoin (BTC) Price Prediction – April 9, 2021
Since March 14, Bitcoin bulls have been struggling to break the $60,000 psychological price level but to no avail. For the past week, the BTC/USD price has been trading near the resistance zone to break the overhead resistance. It is argued that consolidation near a resistance zone increases the chances of a breakout.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

BTC price now fluctuates between $57,000 and $60,000 as buyers attempt to push Bitcoin above the $60,000 overhead resistance. About 48 hours ago, the bears succeeded in sinking Bitcoin to the low of $55,681. Nevertheless, Bitcoin has recovered as bulls buy the dips. Besides, buyers are attempting to break the $58,000 resistance. Today, if buyers reclaim the $58,000 support, the upside momentum will resume. The $60,000 overhead resistance will be retested again. In … Read more

China’s Bitcoin Mining Industry Could Derail Climate Targets: Researchers

As China’s bitcoin mining industry grows bigger, some researchers believe the electricity-gulping bitcoin mining may prevent China from achieving its climate goals.

This was made known in a recent study published in the Journal Nature by the researchers. 

Increasing Concerns Over Climate Security

The study reveals that China powers approximately 80% of the world trade in cryptocurrency.

Given the fact that Bitcoin operates on the blockchain, every transaction is encrypted by a network operated by miners, which use high electricity consumption in the process.

The miners use high-powered computers to validate transactions, which consumes huge electricity and may have implications on climate security.

However, the Journal Nature report shows that 40% of China’s Bitcoin is powered by coal. This is where the problem starts. 

Researchers believe that since most of these big coal plants emit carbon, they may have adverse effects on the climate’s health.

While China projects to overcome Read more

Bitcoin (BTC) Price Prediction: BTC/USD in a Deadlock Fluctuates in a Confined Range between $57,000 and $60,000

Bitcoin (BTC) Price Prediction – April 7, 2021
Bitcoin price now fluctuates below and above the $58,000 crucial support level. Besides, the price action is characterized by small body candlesticks called Doji and Spinning tops. These candlesticks describe that buyers and sellers are undecided about the direction of the market.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

On the daily chart, the small body candlesticks called Doji and spinning tops indicates that buyers and sellers are in a period of indecision. This is the reason the king coin has been fluctuating below the $60,000 overhead resistance. In a nutshell, BTC price is fluctuating between $57,000 support and $60,000 overhead resistance since March 30. For the past week, Bitcoin has not trended. BTC/USD has been confined in a price range.

Presently, the market is falling below the $58,000 support. BTC price tends to rise … Read more