Category: Bitcoin

Global Cryptocurrency Adoption Doubled Since January Reaching 221 Million Users: Report

crypto.comA new report issued by, a cryptocurrency exchange and fintech services firm, discovered that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. The report states that the rise of the defi movement, institutions like Tesla, Visa, Mastercard, and Microstrategy adopting cryptocurrency, and El Salvador establishing […]

Report Suggests Robinhood Owns Largest Dogecoin Address and Third-Largest BTC Wallet

Last February the crypto community was obsessed with a specific dogecoin address that happens to be the largest dogecoin holder today with over 36 billion DOGE. One armchair sleuth studied a number of onchain transactions and suspected the company Robinhood owned the wallet. Now the individual has researched the topic again and claims the latest […]

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into Solar Farm

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into a Solar FarmFollowing the announcement from Greenidge Generation Holdings that detailed the company would be promoting a carbon-neutral stance, and the firm’s recent partnership with Foundry, Greenidge revealed on Thursday it is investing profits into a renewable energy investment program. The company is in the midst of expediting the closure of a coal ash landfill in order […]

Crypto Payment Option Makes Services More Affordable: Zimbabwe Music Studio Director

A Zimbabwean music production company, Mutscon Music, recently announced that its clients can now pay for services using cryptocurrencies like bitcoin and ethereum. According to the company, this decision has partly been necessitated by ongoing pandemic-related movement restrictions. Music Studio Accepts Crypto Mutscon Music has also chosen to accept cryptocurrencies because this form of payment […]

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups

The payment processing giant Paypal has revealed it has partnered with the nonprofit organization the Anti-Defamation League (ADL). According to the announcement, Paypal is researching transactions settled on the payment network that allegedly fund hate groups and extremism. Paypal to Study Transactions With the Anti-Defamation League A report from Reuters notes that Paypal is studying […]

Bitcoin fails to flip $40K with traders eyeing $36K or lower for support

A welcome retracement should involve a bounce at a minimum of $32,500, forecasts assume after heavy resistance hits BTC/USD.

Bitcoin (BTC) saw tough resistance after nearing $41,000 on July 28 amid calls for consolidation of recent gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$40,000 yet to stick as new support

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD pulling back below the $40,000 mark as Wednesday progressed. 

The pair had begun with a fresh surge which took it towards heavy range resistance but ultimately lacked the momentum to change its existing paradigm.

At the time of writing, Bitcoin focused on $39,500, having dipped to lows of $39,300.

For Cointelegraph contributor Michael van de Poppe, a retracement was not only welcome but essential for cementing new higher levels - and the prospect of a further breakout.

Bitcoin, he said on Wednesday, needed to close out a higher low.

"What you want to see after such a move is the price is going to make a higher low, and preferably you want to see it happen in the range around $34,500," he explained, noting that this was previously an area of interest.  

Either side of that level for higher low constructions were $32,500 and $36,000, he added.

Adopting a cautiously bullish short-term view, crypto trading company QCP Capital meanwhile acknowledged that the range ceiling ($42,000) would be unlikely to shift prior to Friday's options expiry event.

"Technical analysis aside, our sense is that the market will keep looking to trade within this 30-40k range in the near-term," the firm told Telegram channel subsrcibers.

"Into Friday’s month-end expiry, we expect 40-42k to hold as the OI peaks here with 11k BTC notional (Chart 5). We expect this level to act as a magnet into Friday's expiry with the long gamma in the market pinning it to this price region."

Never mind the golden cross

A further topic on traders' lips on Wednesday concerned a longer-term phenomenon: the so-called "golden cross."

Related: GBTC premium matches Bitcoin price crash levels as unlocking fear fades

Formed by the rising 50-day moving average crossing above the 200-day moving average, a golden cross is the opposite of a death cross, a feature which sparked considerable debate when it entered the BTC/USD chart in mid-June.

Now, thanks to this week's price uptick, the possibility of a golden cross and its associated bullish implications were "not insignificant," Van de Poppe said, while arguing that as a feature, it has little importance to the market overall.

Fellow trader and analyst Rekt Capital likewise entertained the golden cross narrative, forecasting its fulfilment as soon as next month.

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