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出售和存储加密货币 Bitcoin (BTC)

Source: Pentoshi/Twitter

BTC Price

Bitcoin is the first cryptocurrency and decentralized global 出售和存储加密货币 Bitcoin (BTC) payment system - the true OG. Bitcoin was envisioned as an alternative to traditional electronic payment methods, removing the requirement for a central bank or administrator. Transactions on the Bitcoin network are sent between users directly with no 出售和存储加密货币 Bitcoin (BTC) intermediary. All transactions are recorded in a public distributed ledger referred to as a blockchain. Blockchain is an immutable append-only data structure. Each block uses the previous block's hash to create its own hash. Blockchain is a 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) stateless protocol, with each block representing a state change and containing a summary of all the transactions in the block over a given time frame (block 出售和存储加密货币 Bitcoin (BTC) time). Bitcoin is powered by a distributed network of validators providing computational power to “mine” blocks on the blockchain. Bitcoin uses a Proof-of-Work consensus model to validate transactions based on the SHA-256 hashing function. Every nodes on the bitcoin network must reach consensus to verify and agree upon each transaction for the next block to be mined. Mined BTC can be exchanged for other currencies, products, and services. Bitcoin was originally invented by an unknown person or group under the pseudonym Satoshi Nakamoto and released as open-source software in 出售和存储加密货币 Bitcoin (BTC) 2009. Beyond its inception as a digital currency, Bitcoin has attracted many investors to explore its functionality as a store of value instrument, reaching an all-time high $1.1 trillion market cap in March 2021.

BTC Price

Bitcoin is the first cryptocurrency and decentralized global payment system - the true OG. Bitcoin was envisioned as an alternative to traditional electronic payment methods, removing the requirement for a central bank or administrator. Transactions on the Bitcoin network are 出售和存储加密货币 Bitcoin (BTC) sent between users directly with no intermediary. All transactions are recorded in 出售和存储加密货币 Bitcoin (BTC) a public distributed ledger referred to as a blockchain. Blockchain is an immutable 出售和存储加密货币 Bitcoin (BTC) append-only data structure. Each block uses the previous block's hash to create its own hash. Blockchain is a stateless protocol, with each block representing a state change and containing a summary of all the transactions in the block over a given time frame (block time). Bitcoin is powered by a 出售和存储加密货币 Bitcoin (BTC) distributed network of validators providing computational power to “mine” blocks on the blockchain. Bitcoin uses a Proof-of-Work consensus model to validate transactions based on the SHA-256 hashing function. Every nodes on the bitcoin network must reach consensus to verify and agree upon each transaction for the next block to be mined. Mined 出售和存储加密货币 Bitcoin (BTC) BTC can be exchanged for other currencies, products, and services. Bitcoin was originally invented by an unknown person or group under the pseudonym Satoshi 出售和存储加密货币 Bitcoin (BTC) Nakamoto and released as open-source software in 2009. Beyond its inception as a 出售和存储加密货币 Bitcoin (BTC) digital currency, Bitcoin has attracted many investors to explore its functionality as a store of value instrument, reaching an all-time high $1.1 trillion market 出售和存储加密货币 Bitcoin (BTC) cap in March 2021.

Popular Crypto Analyst Warns Bitcoin (BTC) Poised To Trap Bulls, Updates Outlook on Ethereum (ETH)

A closely followed crypto strategist believes that Bitcoin (BTC) is setting up bulls to believe that the $20,000 area could be the bear market bottom.

Pseudonymous analyst Pentoshi warns his 600,出售和存储加密货币 Bitcoin (BTC) 100 Twitter followers that Bitcoin has touched support around $20,000 three times in span of about a month.

“Things that look safe, but aren’t… Can we go up? Yes. Will these almost certainly get run and or lead into a nuke. Also yes. These almost always setup as a trap for longs that build over time thinking it’s ‘titanium support'”

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Source: Pentoshi/Twitter

In technical analysis, bouncing off a support level multiple times suggests that a breakdown is in sight as demand at that particular price area gets exhausted.

Pentoshi also says that retail traders likely bought Bitcoin near the top of BTC’s recent rally, indicating more downside risk as those who 出售和存储加密货币 Bitcoin (BTC) got in late prepare to cut their losses.

“It’s interesting to note that despite people claiming they bought the bottom, most BTC changed hands at $24,000 where spot was distributed.”

The crypto strategist also highlights that Bitcoin is now trading below the 200-week moving average, an indicator that 出售和存储加密货币 Bitcoin (BTC) has marked the bottom for BTC during its previous bear cycles.

“BTC weekly 200 moving average enjoyooorrsss.”

Source: Pentoshi/Twitter

At time of writing, 出售和存储加密货币 Bitcoin (BTC) BTC is swapping hands for $21,400 while the 200-week moving average is hovering above $23,000.

As for Ethereum (ETH), the crypto analyst warns that 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) the leading smart contract platform just respected a crucial resistance level, suggesting that the downtrend is very much intact.

“The story writes itself. 出售和存储加密货币 Bitcoin (BTC) ETH.”

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Source: Pentoshi/Twitter

At time of writing, ETH is trading at 出售和存储加密货币 Bitcoin (BTC) $1,642, below Pentoshi’s marked resistance at $2,000.

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session

This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) level to start the weekend.

Bitcoin

Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $21,000.

Saturday saw BTC/USD fall to an intraday low of $20,868.85, with the token edging closer to a key support level.

This floor has been at the $20,800 point, which was last hit on July 16, when prices were trading below $20,500.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session

BTC/USD – Daily Chart

As a result of these declines, the 14-day relative strength index (出售和存储加密货币 Bitcoin (BTC) RSI) dropped to a low of 32.97, which is its lowest point since July 12.

Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27.

Taking a closer look at the chart, it can be seen that the 10-day (red) moving average (MA), is nearing a downward cross with the 25-day (blue) MA.

Should this trend continue, this could signal further declines, with 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) BTC likely falling below $20,000.

Ethereum

After a strong start to the week, 出售和存储加密货币 Bitcoin (BTC) ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000.

ETH/USD, which dropped to a bottom of $1,695.出售和存储加密货币 Bitcoin (BTC) 15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.

This is the lowest level ethereum has traded at in the last sixteen days, after falling below the $1,600 level on August 4.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session

ETH/USD – Daily Chart

Honing in on the chart, it appears 出售和存储加密货币 Bitcoin (BTC) as if ETH bears are attempting to take prices towards a support point of $1,565.

However, bulls have so far resisted this possibility, pushing 出售和存储加密货币 Bitcoin (BTC) back from earlier lows, with the token currently trading at $1,636.11.

The rebound came as the RSI hit a floor of 43.00, and 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) as of writing RSI is tracking at 44.90. Should this head back towards 50, we may see the token rise back above $1,700.

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Do you expect ethereum to climb back above 出售和存储加密货币 Bitcoin (BTC) $1,700 this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.