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DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch

One of the major threats to businesses online, not only the crypto industry, is cybercriminals’ attacks. Even though the existing networks are supposed to be safe and secure, attackers often find loopholes to exploit them in the bid to steal investors’ funds. This is not new in the online world. There have been occasions when hackers even forced companies to shut down. The decentralized finance sector has seen a lot of growth in recent times, but the growing exploitation cases are becoming alarming. Many protocols have suffered such attacks amounting to losses to the tune of millions of dollars. The latest to record such an exploit is Vee Finance based on the Avalanche Blockchain. Hackers stole $35 million from this protocol a few days after its mainnet went live on the host network. Before reporting this incident, Vee Finance stopped all its transactions on September 20, 2021. The team suspected questionable activities in the network and had to stop rendering services to users. Vee Finance Lost Money In BTC And ETH The two cryptos that hackers stole are BTC and ETH. The total number of BTC was 214, while ETH was 8,804. Checking the value of both at press time, the amount was above $35M. According to what the team revealed, the hackers targeted a particular address through the trade contract address of the protocol. Related Reading | Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect? As soon as the Vee Finance team discovered this exploit, they stopped rendering the contract and also stopped all borrowing and depositing functions on the platform. However, the team hasn’t said much about the reason and how the hackers got access to the address. All we could gather is that they’re fixing the issue and attempting to facilitate a possible funds recovery from the criminals. In its statement, Vee Finance assured users that its goal is to protect their interests, and that’s what the team will focus on achieving. Vee Finance To Alleviate Mining Operations The recently exploited protocol is amongst the emerging DeFi projects that aim to improve the mining features of the sector. Vee Finance wants to boost processes such as leverage mining, liquidity mining, and transaction mining. September 14 was the day it went live on the Avalanche network. It also launched its liquidity mining feature the same day. Like many other DeFi protocols, Vee Finance also relies on Chainlink price feeds to get real-time value for digital assets on-chain. This is part of the benefits of using blockchain oracle solutions. Five days following the launch, the protocol garnered a total of $300 million in TVL (Total Valued Locked). Unfortunately, a few days later, the protocol lost $35 million to hackers. In recent times though, many other protocols on the Avalanche blockchain have recorded such losses. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Some of them include Zabu Finance, which lost $3.2 million to hackers, crashing its value to zero. But the Avalanche Blockchain has been growing recently, and even the native token, AVAX, is also rising in value. The AVAX Token is rising by 10% as per the chart | Source: AVAXUSD on TradingView Featured image from PYMNTS, charts from TradingView.com
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Why Bitcoin Bears Might Not Get To Buy New Lows

The crypto community is locked in debate over: Is Bitcoin in a bull or bear market? The debate will rage on until either a new high or new low is made. The current price action is bearish, which gives the impression that sellers are in charge. The news cycle, and sentiment doesn’t help the picture for bulls. But there is one “theory” that suggests a lower low won’t be made. Mapping Out From The Bear Market Bottom To The Bull Cycle Top Recently, Elliott Wave International held an Open House on their Crypto Pro Group led by analyst Tony Carrion. Tony nailed the recent 20% crypto market plunge as part of a C-wave and a short-term call. A longer term play looks ahead toward a positive Q4, where the analyst expects a wave five to develop and “greater price appreciation to occur.” If it fails to do so, then the pattern might not be valid. Related Reading | Build Base Or Bust? Bitcoin Touches Down On Parabolic Support The recent accurate call of a C-wave prompted a deeper analysis of the longer term play. According to Elliott Wave Theory a primary motive wave consists of five waves, with odd-numbered impulse waves following the primary trend. This is Bitcoin we’re talking about, so the primary trend has almost always been up. A new motive wave and series of impulse waves began at a bear market bottom. Waves two and four are also bearish consolidation phases that move counter to the trend. Tony’s idea is that the run up in early 2019 was wave one, wave two ended with Black Thursday (take note of this), and wave three ended at $65,000 in April. Wave four should move sideways, while wave two was sharp | Source: BTCUSDT on TradingView.com Why Bitcoin Bears May Salivate Over New Lows Forever What isn’t yet clear, is when wave four ends, and wave five begins. However, when reviewing some facts regarding Elliott Wave rules and guidelines, along with several important factors related to the current market cycle, things begin to fit the mold. The best argument bears have for more downside in Bitcoin, is a crash back to $20,000 and a lower low scenario – because that’s what happened after the 2019 peak to Black Thursday. However, Elliott Wave rules state that wave two and four will alternate in severity. Out of wave two and wave four, one correction will be sharp, the other sideways. Looking at the top and bottom of the last correction, sharp is an understatement, especially compared to the most recent “top.” Each impulse wave also behaves similar with five smaller sub-waves | Source: BTCUSDT on TradingView.com If wave two was sharp, then wave four will be sideways, according to the alternation in an impulse rule. “It primarily instructs the analyst not to assume, as most people tend to do, that because the last market cycle behaved in a certain manner, this one is sure to be the same.” Related Reading | Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest Also as part of the alternation rule, wave one, three, and five will alternate to a certain degree. Elliott Wave theory says that wave one and five will made in both time and magnitude, especially have wave three was an extended wave. When comparing what would be wave one with wave three, it is easy to see how extended wave three would have been. All of this information suggests that there won’t be a lower low, and wave five should rally around 350% from where wave four ends. This is all great news for bulls who were hoping for $100,000 Bitcoin. The only problem? When it is all over, if the pattern is accurate, the worst bear market ever is coming next. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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TA: Bitcoin Revisits $45K, Why Dips Turn Attractive In Short-term

Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded close to $45,000 and it might correct lower in the short-term. Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels. The price is now trading above $44,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards the $43,500 support zone and the 100 hourly SMA. Bitcoin Price Extends Increase Bitcoin price started a decent increase above the $43,000 level. BTC remained well bid and it managed to clear the $44,000 resistance level plus the 100 hourly simple moving average. The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the price is now correcting lower. There was a break below the $44,500 and $44,400 levels. An immediate support is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The pair is also well above the 23.6% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next major resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance. Dips Limited In BTC? If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $44,300 level. The next major support is near the $44,250 zone and the channel trend line. A downside break below the channel support could lead the price towards the $43,500 support zone or the 100 hourly simple moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level. Major Support Levels – $44,250, followed by $43,500. Major Resistance Levels – $44,800, $45,000 and $46,200.
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September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

After what looked to be a month of prosperity following the August bull run, Bitcoin has now entered into an era of increasingly bearish signals. The asset had seen a number of rallies that pushed it over two-month highs, successfully breaking above the $52K resistance range on a number of occasions. Throwing the entire market into a stretched-out period of positive sentiment. September has now come with its own unique set of problems for the digital asset. Bitcoin price has been suffering since the beginning of the month, ushered in with a flash crash that rocked the market only a week into September. The market continues to suffer from the aftershock of this flash crash, which has left a trail of blood in the market, and led to massive liquidations. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Bitcoin Price Crash Leads To Sell-Offs In only a matter of days, the price of bitcoin has fallen from $47,000 to $40,000, which triggered liquidations in the market. The long liquidations totaled up to the tune of $860 million across exchanges. The liquidations took place over two days when the price of the digital asset had inevitably fallen to $40,000 on Tuesday, September 21st. Although significant, the liquidations, which were spread across two days, still sat below the sell-offs seen following the September 7th crash. Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400? Monday marked the beginning of the liquidations as the market saw $470 million long positions liquidated. And the following Tuesday, a total of $390 million long positions were liquidated as well. At this point, the price of bitcoin had hit levels not seen since mid-August. And as market sentiment shifted into the negative, the price continued to plunge. BTC longs liquated on Monday and Tuesday add up to $860 million | Source: Arcane Research Current sell-off volumes have remained beneath the $1.2 billion sell-off in early September, suggesting that this current sell-off is more organic than previous ones. Also, it shows that the current market is more influenced by spot activity compared to the derivatives market. September And Its Chokehold On The Market September has historically come with challenges for the crypto market. So the crash that rocked bitcoin and the entire market at the beginning of the month is on-brand. Crashes with at least a 17% value loss have happened in September for the past four years and it looks like 2021 has fallen in line with this trend. However, the end of September has always come with better forecasts for the following month. Chart analysis show crashes in the month precede recoveries that put the market on course to regain its lost value. Setting the market up for another bull run. BTC price trading north of $43K | Source: BTCUSD on TradingView.com The price of BTC has now recovered above its Tuesday’s lows, which saw the digital asset plunge below $40K. Bitcoin is currently trading above $42,000 at the time of writing. While the total market cap has fallen below $800 billion. Featured image from Bitcoin News, charts from Arcane Research and TradingView.com
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Bitcoin Bearish Signals Go Off Despite Recovery Above $44k, Dead Cat’s Bounce?

Bitcoin observes a few different bearish signals going off despite strong recovery above $44k, could it be a dead cat’s bounce? On-Chain Data Shows Bitcoin Miners Have Started Selling, Funding Rates Have Turned Negative   As explained by a CryptoQuant post, a bunch of bearish Bitcoin signals have gone off despite some fresh movement up. First, the miners reserve has started to decline. This indicator shows the total number of coins that miners are holding in their wallets. A downtrend in the metric’s value suggests miners have started sending their Bitcoin to exchanges for selling purposes. Second is the Long-Term Holder SOPR (LTHSOPR) that shows the degree of realized profits and loss for those coins that haven’t moved on the chain since at least 155 days (which means these coins belong to long-term holders). Related Reading | Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect? This metric has also been showing low values, implying these long-term holders are more likely to sell their coins right now. Here is a chart showing the trend in both these indicators for Bitcoin: The BTC miners reserve and the LTH SOPR | Source: CryptoQuant Next is the Bitcoin exchange reserve, an indicator that measures the total number of coins present on wallets of all centralized exchanges. The below chart shows how the reserve’s value has changed recently: The indicator seems to showing some uptrend | Source: CryptoQuant As the graph shows, the Bitcoin exchange reserve has started trending up after a long period of constant decline. When the metric’s value goes up, it means investors are starting to send their coins to exchanges for withdrawing to fiat or purchasing altcoins. Finally, there is the funding rate, which highlights whether investors are finding long positions better or short ones. funding rates look to be moving negative again | Source: CryptoQuant As the above chart shows, the BTC funding rates have dipped below zero, signifying that short positions are more hot right now. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum What Do These Indicators Mean For BTC’s Price? All of these signals show a bearish outcome in the short term at least. However, the price has started moving up for now nonetheless. It’s possible this recovery above $44k is just a dead cat’s jump, and that the price would move down soon as these indicators suggest, but there is still some chance this recovery holds. At the time of writing, Bitcoin’s price floats around $44k, down 7% in the last 7 days. The below chart shows the trend in the price of the coin over the last five days. BTC’s price has started moving up after making a touch of $39.6k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Bitcoin Futures Bull Div Could Offer Crystal Ball Into Next Leg Up

The Chicago Mercantile Exchange more commonly referred to as CME, offers the de-facto futures contracts for Bitcoin since the end of the last bull market. But could the forward-looking price action also offer a potential glimpse into the future of what’s to come? If this crystal ball works, the last leg up could be about to begin, and it could start with a simple bullish divergence. Seeing Into Bitcoin’s Future With CME CME is the top BTC futures exchange for institutional traders, and often a dominant force in the market. So dominant, that if any gaps are left behind over the weekend on the CME chart after the trading desk goes offline, they often get filled within the next week with a high degree of accuracy. These sort of breakaway gaps are common with speculative assets like Bitcoin and other cryptocurrencies. Not all such gaps eventually get filled, but their importance is undeniable. Related Reading | How Futures Traders Could See The Bitcoin Selloff Coming Recently, the CME chart has begun to diverge ever so slightly from the price action on spot exchanges, enough to take notice. Just recently, a lack of a momentum crossover on the daily timeframe led to a nasty fakeout while CME was offline. The bullish crossover never existed on CME, so there was less bait for institutions to fall for. Now, the CME futures platform could be offering a potential future look at the next leg up. CME is showing a bullish divergence and a potential break of momentum | Source: BTCUSDT on TradingView.com Last Leg Of Bull Run Begins With Flag To $82,000 There is yet another divergence to be seen on the CME BTC futures chart – a bullish divergence on the daily RSI, that closely matches the signal that sent Bitcoin flying last September. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal A corresponding downtrend on the LMACD – depicting downward momentum – is waiting to be broken. If a similar breakout of momentum is to follow, the final leg up of the bull market could follow. This potential bull flag has a target of $82,000 | Source: BTCUSDT on TradingView.com These signals on their own prove very little, and divergences are only confirmed in hindsight. However, the massive bull flag with a target of $82,000 could eventually act as all the proof necessary. A breakout of the bull flag pattern still could come with several retests of the top trend line, so more sideways is possible before upside ever materializes. Of course, given how extreme the recent selloff was and the still lingering fear due to Evergrande, the recent bounce might not be as bullish as crypto holders would hope. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

Bitcoin has once again recovered from what looked to be the beginnings of another bear market. The crashes had left the price of the digital asset struggling in the market, putting the bears ahead. With the recent rebound above $44,000, the bulls have obviously wasted no time in taking back control of the market. Wednesday’s fall below $40,000 now looks to be nothing but a blip on the radar. Fear & Greed Index Breaks Out Of Extreme Fear The beginning of the week has seen bitcoin suffer an onslaught of price dips. Dropping the value of the digital asset into one-month lows. This inadvertently played out in sentiment surrounding investing in the asset. With the dips, the Fear & Greed Index had slipped into the “Extreme Fear” territory. This prompted sell pressures of varying degrees across digital currencies in the market. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Wednesday marked the lowest point of the bloodbath with bitcoin falling into the $39,600 territory. A dip that was almost immediately followed by small upward corrections pulled the price of the digital asset back into its low $40,000 trading range. Fear & Greed Index moves out of extreme fear | Source: Fear & Greed Index on alternative.me Thursday, on the other hand, has come with better tidings for the digital asset. The early hours of the morning featured a price rebound that added about $1,000 to the asset’s price in a couple of hours. Following this, market sentiment has shifted towards the positive. As of Thursday, the crypto Fear & Greed Index shows that sentiment has now moved out of extreme fear but remains in the fear region with a score of 27. Bitcoin Shrugs Off The Bears Bitcoin saw massive long positions liquidated between Monday and Tuesday as the price suffered. This contributed to the further downtrend that was experienced as Wednesday rolled around. The market crashes saw the total crypto market cap once again fall below $2 trillion. But with the recovery in bitcoin and other assets, a $200 billion addition to the market put the total market cap back up above $2 trillion. Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400? Bitcoin has now steadily held on to the $43-$44K price range. Holding off the bears long enough for the market to find its footing in preparation for another run-up. With positive sentiment gaining steam in the market, the sell pressure on the market is receding, giving way to more faith in the market.  At the time of writing, bitcoin is trading north of $43K at $43,810. BTC price recovers from Wednesday lows | Source: BTCUSD on TradingView.com Featured image from BBC, charts from Alternative.me and TradingView.com
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TA: Bitcoin Prints Bullish Pattern, Why Close Above $44K Is Critical

Bitcoin price started a decent increase above the $42,000 level against the US Dollar. BTC is now eyeing a key upside break above the $44,000 resistance zone. Bitcoin started a recovery wave above the $42,000 and $43,000 resistance levels. The price is still trading below $44,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher if there is a clear break above $44,000. Bitcoin Price Starts Fresh Recovery Bitcoin price remained well bid above the $42,000 level. BTC formed a support base and started a decent increase above the $42,500 level. There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair. The pair climbed higher above the $43,000 and $43,500 resistance levels. It even tested the $44,000 level. However, the bulls are struggling to gain strength above $44,000. Bitcoin is still trading below $44,000 and the 100 hourly simple moving average. A high is formed near $44,024 and the price is now consolidating gains. It even tested the 23.6% Fib retracement level of the recent increase from the $39,579 swing low to $44,024 high. On the upside, an immediate resistance is near the $44,000 level. The first major resistance is near the $44,200 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com A clear break above the $44,000 and $44,200 levels could start a strong increase. The next major resistance is near the $45,000 zone, above which the price could rise towards the $47,000 resistance. Dips Limited In BTC? If bitcoin fails to clear the $44,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $43,000 level. The next major support is near the $42,000 zone. The 50% Fib retracement level of the recent increase from the $39,579 swing low to $44,024 high is also near the $42,000 zone. A downside break below the $42,000 zone could start a fresh decline. In the stated case, the price could even revisit the $40,000 level in the near term. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $43,000, followed by $42,000. Major Resistance Levels – $44,000, $44,200 and $45,000.
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Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect?

Data shows the Bitcoin fear and greed index has been pointing towards fear lately, something that might keep buyers from the Halloween Effect. The Bitcoin Fear And Greed Index Points At Fear The BTC fear and greed index is an indicator that measures the sentiment and emotions of the market based on various sources, and displays them on a numeric meter. The metric uses a system with 0-100 as values, where low values indicate fear in the market, and higher ones show greed. Extreme fear and greed occur when the indicator shows very low or very high values, respectively. Periods of fear usually happen when Bitcoin goes in the red, while those of greed are seen during big moves up. Here is how the fear and greed index has looked like recently, as per the latest Arcane Research report: The Bitcoin market continues to show fear | Source: Arcane Research Last week the indicator slowly started shifting towards greed as the market recovered from the crash of 7 September. However, before the greed level could be hit, sentiment quickly turned into fear as BTC had yet another crash. Related Reading | Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018 The fear and greed needle points at fear currently | Source: Arcane Research The below chart shows the trend in Bitcoin’s price over the last month, highlighting the crashes that lead to this state of fear. BTC’s price continues to fall down | Source: BTCUSD on TradingView Over the last few days, Bitcoin has had two big dips where the price went down to $40.5k in the first one, but all the way down to $39.6k in the second one. These have only fed into the fear sentiment. Will These Fear Levels Hold Buyers Back From The Halloween Effect? The Halloween Strategy is a trading method that’s based on the idea that stocks, Bitcoin and other assets perform the best between 31 October and 1 May. Traders using the strategy generally recommend “to sell in May and go away,” until the next Halloween comes around. Because of this idea, buyers usually see this time of the year as an optimal entry point into the market. This is sometimes dubbed as the “Halloween Effect.” The effect is a weird statistical anomaly as data over a period of a few years suggests the trading strategy does seem to produce better results. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Next month is the Halloween month, but will the effect attract buyers to Bitcoin this time? As the fear and greed index shows fear among traders currently, investors might be hesitant to enter the market right now. If the market continues to show fear through the next month, then perhaps the Halloween Effect won’t benefit BTC this year.
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Mike Novogratz Predicts Key Bitcoin ($BTC) and Ethereum ($ETH) Levels to Watchout For

The crypto market saw its valuation fall under $2 trillion again as Bitcoin ($BTC) and Ethereum ($ETH) lost key support momentarily. September has continued to be bearish for the crypto market, but Mike Novogratz, the CEO of one of the leading crypto asset manager groups Galaxy Digital said if BTC maintains its price above $40,000

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Just-In: Galaxy Digital and Invesco Files Joint Physical Bitcoin ETF Proposal

Galaxy Digital, a leading crypto asset manager along with Invesco has filed a joint physical Bitcoin ETF proposal to push the crypto ETF effort in the US. The move came in as a surprise given the majority of Bitcoin ETF filing over the past month has been for Bitcoin Strategy ETF that offers investment in

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TA: Bitcoin Sets New Monthly Low, What Could Trigger A Comeback

Bitcoin price extended its decline below the $40,000 level against the US Dollar. BTC is now recovering and it could climb higher if it clears the $42,500 resistance. Bitcoin settled below the $44,000 and $43,000 support levels. The price is still trading below $43,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase if it settles above $42,500 and $43,000. Bitcoin Price Attempts Fresh Recovery Bitcoin price failed to recover above the $43,500 and $43,650 resistance levels. As a result, there was a fresh decline in BTC below the $42,000 support zone. The price extended its decline below the $40,200 and $40,000 support levels. A was formed near $39,579 before the price started an upside correction. It is back above the $40,000 and $41,000 levels. However, the price is still trading below $43,000 and the 100 hourly simple moving average. Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low. It is now consolidating below the $42,500 resistance. There is also a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low. Source: BTCUSD on TradingView.com To start a strong recovery, the price must clear the $42,500 resistance. The next major resistance is near the $43,000 zone, above which the price could rise towards the $45,000 resistance. More Losses In BTC? If bitcoin fails to clear the $43,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $41,600 level. The next major support is near the $41,000 zone. A downside break below the $41,000 zone could trigger a fresh decline towards the $40,000 level or even $39,500. Any more losses may possibly lead the price towards the $38,500 level in the near term. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level. Major Support Levels – $41,000, followed by $40,000. Major Resistance Levels – $42,500, $43,000 and $45,000.
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Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Bitcoin kicked off this week on the red, and the rest of the crypto market followed. In the top 10 cryptocurrencies by market cap, BTC and Ethereum are amongst the most resilient for the weekly chart. In that time, the market has been hit by a succession of “buy the rumor, sell the news” events, and one major macro factor with the potential default of Chinese real state giant, Evergrande. Thus, the levels of uncertainty have been on the rise. Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400? In the middle of this storm impacting Bitcoin and other major cryptocurrencies, there is a select group that has managed to stay in the green. According to a recent report by Arcane Research, the assets that comprised their middle-cap altcoins index recorded some profits as the bearish trend unfolded. For the 30 days chart, the Mid Cap Index comprised of cryptocurrencies such as Tezos, Algorand, and Avalanche showed small profits. These tokens have seen a massive rally during Q3, 2021, and were amongst the biggest losers during this week’s bearish trend, but they are still up 5% in the monthly chart, as seen below. In opposition, Bitcoin records a 9% loss in the 30-day chart with similar losses for Ethereum, Cardano, Solana, Binance Coin, and other major cryptocurrencies. Smaller assets experienced the highest losses for this period with a 14% loss by September 21. Arcane Research noted: As often happens during market turmoil, the Bitcoin dominance increases, as altcoins often act as high beta play on the crypto sector. The last week, bitcoin’s market share increased by 1.14% grabbing market share from the other big coins like ETH, ADA, and SOL. Bitcoin Reacts To Macro Factors, What’s Next? In a separate report, investment firm QCP Capital analyzed the bigger picture for Bitcoin and the crypto market. Although mid-caps preserved part of their gains in higher timeframes, they will most likely follow BTC’s price trajectory in the short term despite their fundamentals. Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? The first cryptocurrency by market cap faces September, a month that has historically been bearish for the asset, and potential complications from regulators in the U.S. and the performance on the Asia markets due to Evergrande. As QCP Capital noted, tomorrow September 22, will be crucial to determine the trend in the short term. Bitcoin must hold the $40,200 support in case of more downside pressure when the market re-open after a long weekend. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course The firm expect some government intervention to rescue the real estate company. This could result in the best-case scenario for Bitcoin and the crypto market, but there is a lot of fear and uncertainty about China’s approach. QCP Capital said: (…) the lack of guidance so far from Chinese regulators is scaring the market. The fear here is that President Xi could allow. Evergrande to fail as an example to the other real estate players ahead of the 100th anniversary of Chinese Communist Party (CCP) in 2022. He has already taken draconian steps with Big Tech and Education. At this point, the market has already priced in Evergrande’s equity as worthless (…). At the time of writing, Bitcoin trades at $42,814 with a 2.6% loss in the daily chart.
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Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

The stars are older than all of us, and older than history itself. Yet bring up astrology with the Bitcoin crowd, and for the most part the response is skepticism or even mockery. Both the study and the cryptocurrency itself share several similarities, such as a mathematical foundation, cyclical behaviors, and unusual financial applications. If you are the type to believe, or are just curious, a notable full moon is passing, leading into the autumnal equinox tomorrow. How might this seasonal shift impact the cryptocurrency market trend, and how does math apply to what many believe to be pure myth? September Harvest Moon Could Bring Bounty For Hard Summer Work Planets all revolve around the sun. Their position at the time each person is born and there forth is believed to instill certain influences at distinct moments. Depending on the rotation and layout of the planets, it can have all kinds of seasonal impacts. The Farmer’s Almanac uses such cycles to predict how much snow each winter holds, for example. Certain conjunctions are said to bring about famine, drought, or worse. For example, historians believe that a a triple conjunction of Saturn, Jupiter and Mars caused the Black Death plague. Related Reading | Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology The late WD Gann used planetary influences along with math to predict tops and bottoms with “legendary” precision. He taught no one his tricks, but left all kinds of bizarre mathematical tools behind that few know how to take advantage of. So how does this all impact Bitcoin? The Harvest full moon hasn’t appeared on the chart yet its so fresh | Source: BTCUSD on TradingView.com The new moon and full moon chart alone shows significant correlation with Bitcoin price action. Just last night as BTC plunged near $40,000, the full Harvest moon and last full moon of the summer was passing. The moon was named for the fact that farmers used the moon’s light to work late into the night on annual harvests ahead of colder months. It has been a long, arduous summer for crypto holders, but this moon could be a sign that its time to reap the fruit of one’s labors as the autumn equinox hits. Could The Fall And Golden Ratio Be The Key To The Next Bitcoin Peak? The equinox signals change is coming. Change in the season; change in the way humans behave based on those seasons. Seasonality in finance is real, hence the phrase “sell in May, and go away.” The opposite idea is called the Halloween Effect, where investors buy up assets big time to sell around the holidays when enthusiasm is highest. Seasonality and equinoxes don’t always work with the first ever cryptocurrency, but when combined with the power of the Harvest full moon and other favorable mathematical positioning, there is a recipe for something special. After holding above the golden ratio, the final leg up comes in the autumn | Source: BTCUSD on TradingView.com Each final leg up in each Bitcoin bull run has begun at the autumnal equinox, driving to new all-time highs until the winter equinox arrives. Since fall arrives each year, but the same effect doesn’t occur, the necessary ingredient for liftoff is a pullback to the golden ratio. Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event Bitcoin price has always retraced back to the golden ratio, before blasting off to the end of the cycle. Below it has never been filled no matter the cycle. If the same scenario plays out, anyone that has survived the summer’s bearish heat, will have a very happy holiday season. To be fully clear, everything written here is pure conjecture based on correlation and past cycles and performance. These aren’t a guarantee of future results. But when the math adds up and Fibonacci is everywhere in nature, why wouldn’t the sum of the full moon, autumnal equinox, and Bitcoin be something very interesting. In closing, we’ll leave you with the JP Morgan quote: Millionaires don’t use Astrology, billionaires do. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

On-chain data shows Bitcoin exchange reserves continue to decline despite the recent dips, as values reach lowest since 2018. Bitcoin Exchange Reserves Continue To Go Down As pointed out by a CryptoQuant post, the BTC all exchanges reserve is moving down despite the recent downtrend in the price of the cryptocurrency. The Bitcoin all exchanges reserve is an indicator that shows the total amount of coins held on all centralized exchange wallets. A dip in the value of the metric suggests investors are transferring their BTC to personal wallets, either for holding or for selling through OTC deals. On the contrary, an increase in the indicator implies investors are sending their coins to exchanges for withdrawing to fiat and stablecoins, or for purchasing altcoins. Here is a chart showing how the Bitcoin exchange reserve has changed over the years: The exchange reserve continues to decline As you can see from the above graph, the BTC all exchanges reserve has hit lows not seen since 2018. Usually, during periods of big price swings, the indicator’s value shows a spike as investors look to shift their positions in the market. Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?  However, despite the recent dips, the metric has only been trending downward. What’s the reason behind this? Well, one possible scenario could be that there are now more long-term holders in the market that are waiting for the price to appreciate further before they make any moves. A downtrend in the exchange reserve is often a bullish indicator as it shows buyers are accumulating Bitcoin, while an uptrend could lead to crashes in the crypto. Below is another chart that shows the BTC netflow indicator over the last couple of days. Looks like the Bitcoin netflow showed a huge negative spike yesterday The netflow indicator measures the net number of coins exiting or entering exchanges. As is apparent from the above graph, the metric had a big negative spike yesterday, which implies a large amount of BTC was pulled off exchanges. Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation BTC Price Yesterday, Bitcoin’s price crashed down to $40k after peaking just below $49k a few days back. But the price has since jumped back a bit as it floats around $43k at the time of writing. The crypto is down 7% in the last 7 days, while over the past 30 days, the value is 11% less. Here is a chart showing the trend in the price of the coin over the last five days: BTC’s price crashes down to $40k, but quickly recovers back up a little | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant
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Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42,000 price range. While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5,400 on Monday. The crash happened between the BTC <> USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21,623. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets — Pyth (@PythNetwork) September 20, 2021 Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. “Engineers are continuing to investigate the cause and a full report is in the works,” it said. BTC price recovers after falling to low $40K | Source: BTCUSD on TradingView.com Why Did Bitcoin Crash So Much? It is still not clear what the reason behind the crash was. So far, there seem to be no other pairs affected by the crash. And no other cryptocurrencies have been reported to have suffered the same fate as bitcoin. The crash led to massive liquidations on the platform, which were, “unfortunately working as intended,” tweeted Bonfida. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin The crash no doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, “We’re very sorry for any hurt incurred for Pyth customers.” And the team has asked those affected by the flash crash to reach out to the team either through Twitter or Discord. The team continues to work on figuring out the cause of the crash and will produce a report of their investigations. Featured image from Yahoo Finance, chart from TradingView.com
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TA: Bitcoin Dives To $40K, Why Recovery Could Be Capped

Bitcoin price settled below $46,000 and declined heavily against the US Dollar. BTC even traded close to $40,000 before starting an upside correction. Bitcoin is down over 10% and it broke the $45,000 and $43,000 support levels. The price is now trading below $43,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if it fails to recover above the $43,000 zone. Bitcoin Price Corrects Losses Bitcoin price failed to stay above the $46,000 support zone. As a result, there was a sharp decline in BTC below the $45,000 level (as discussed yesterday). The price broke many support zones near $44,000 and $43,000 to enter a bearish zone. The decline gained below $42,000 and the price settled below the 100 hourly simple moving average. It traded close to $40,000 and a low was formed near $40,200. Bitcoin is now correcting higher and it broke the $41,500 level. The price was able to surpass the 50% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. An immediate resistance on the upside is near the $43,000 level. The first major resistance sits near the $43,100 level. There is also a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 76.4% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. To start a strong recovery, the price must clear the $43,100 resistance. The next major resistance is near the $44,000 zone, above which the price could revisit the $45,000 resistance. More Losses In BTC? If bitcoin fails to clear the $43,100 resistance zone, it could resume its decline. An immediate support on the downside is near the $42,200 level. The next major support is near the $41,500 zone. A downside break below the $41,500 zone could trigger a fresh decline towards the $40,500 level or even $40,000. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level. Major Support Levels – $41,500, followed by $40,500. Major Resistance Levels – $43,000, $43,100 and $44,000.
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Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?

Without consensus on its implications, the Evergrande potential default has impacted the traditional market, and Bitcoin. The first cryptocurrency by market cap started the week with a correction with risk to trend further down. At the time of writing, Bitcoin trades at $43,462 with a 9.1% and 6% loss in the daily and weekly chart, respectively. Bitcoin Holds On To Critical Support Pseudonym analyst IncomeSharks claimed that Bitcoin could be at the beginning of a correction. The analyst looked at BTC’s On Balance Volume (OBV), a metric used to measure momentum. Related Reading | Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead As seen below, Bitcoin has been moving sideways on its OBV since it moved to the upside at the end of July. This coincides with BTC breaking out from its former range, and its current price action. If Bitcoin break to the downside on its OBV, bulls could face hurdles on their attempts to reclaim previous highs. In the meantime, the $40,500 to $43,000 will operate as critical support, according to analyst Daan Crypto Trades with $50,000 still operating as major resistance. This analyst said: BTC I’m seeing $40.5-50K approximately as a big range we’re in. We initially got rejected by the upper resistance area and now came back down. The entire 40.5-43.5K area should offer good support and I doubt we’d fall below that without much of a fight. Bitcoin Indicators Favor The Bulls Despite the current price action and the macro-economic elements that suggest more downside, Bitcoin seem to show strength on some of its fundamentals. Part of the reason for the crash, according to a Glassnode report, is some BTC holders taking profit on upper levels. Since late July, the market has consistently realised net profits on the order of around $1B per day as prices rallied from $31k to over $52k. This suggests a relatively meaningful bid has supported the market on the way up. An important metric that has favored the bulls is the amount of Bitcoin sitting on exchange platforms. Standing at a 13% of BTC total supply, a new multi-year low according to Glassnode, the metric has continued to trend downwards. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course As seen below, the amount of BTC on exchanges returned to levels last seen in February 2018. This was followed by a period of consolidation before Bitcoin gather enough strength to score a fresh all-time high.
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Inflatable Bitcoin Rat Makes Comeback Due To Federal Reserve Ethics Issue

This content was originally featured on Bitcoinist In October 2018, a massive inflatable Bitcoin rat was erected outside of the United States Federal Reserve building by artist Nelson Saiers. Now, the former Managing Director for Deutsche Bank AG and hedge fund manager turned mathematical artist is back at it, as the Fed is up to no good once again. Here is a glimpse at what is going on at the Fed currently that’s caused Saiers to raise a such a stir, how it involves Bitcoin, and what you can do to take a stand like Saiers has. Nelson Saiers And His 2018 Inflatable Bitcoin Rat Bitcoin wouldn’t be where it is today, trading at more than $40,000 per coin, if it weren’t for early evangelists spreading the cryptocurrency’s message. No other form of money exists with such scarcity, and it is thanks to a foundation of mathematical code. Math is right up Saiers’ alley. Saiers has been referred to as the “Warhol of Wall Street” due to his financial-based artworks, and received his PhD in Math at the age of 23. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal As an artist, he’s produced pieces heavy with geometry and numbers. In one such example, Saiers features $10 bills crushed up in a vending machine costing only 50 cents each. Here $10 bills are for “sale” for 50 cents. Alexander Hamilton, whose image adorns the $10 was a huge advocate for a “national bank”. His ideas provided the foundation for the creation of the Federal Reserve a century later. Cheap Money (low interest rates which are often impacted by the FED) was a central cause of 2008 Crash, a description reads. Saiers’ latest piece is also directly outside the Fed, because he’s trying to raise awareness for something he’s shocked there isn’t more “outrage” over: Federal Reserve presidents playing games with rates and other levers while they are also trading securities in their personal accounts. Crypto has come a long way since Saiers’ last stunt in front of the Fed | Source: BTCUSD on TradingView.com The latest Bitcoin rat has been slightly modified from the 2018 original. The newest has a black right eye, which represents how the actions of the Fed presidents are “a real black eye” for the Federal Reserve’s “reputation.” The eye also says POW in reference to the proof-of-work consensus mechanism Bitcoin uses. The black eye also references “getting punched” Saiers told us. Also updated from the original is the sign that said “I smell a rat.” It now reads “I smell 2 weasels” along with the question “does anybody know how to get to Dallas?” Saiers has shared some exclusive photos with us, which you can check out below. What’s Going On With The Fed? The situation the art piece is referencing, is an “ethics review” called for by Fed chairman Jerome Powell, in response to letters Senator Elizabeth Warren sent to the Fed’s regional bank presidents demanding stricter ethics policies, especially around each president’s own holdings. All this comes following several Fed presidents disclosing stock trades, which have come under scrutiny. The “2 weasels” in question are, Boston Fed President Eric Rosengren, who held stock in in Pfizer, Chevron and AT&T, and Dallas Fed President Robert Kaplan who traded seven-digits worth of stocks like Apple, Amazon and Delta Air Lines, according to a CNBC report. The problem isn’t that these people were trading stocks, but doing so while also – as Saiers points out – making “rate and bailout decisions.” So how does this all involve Bitcoin? Well, aside from the fact Saiers has used BTC in the past to prove similar points, the lack of noise around Wall Street and traditional markets over this ethical issue has caused him to turn to crypto instead. “Satoshi couldn’t stand bailouts,” Saiers said, “so I wanted to bring attention to it to the crypto world.” Saiers’ art is now standing in opposition of the Fed right now. Related Reading |  Bitcoin NFT “The Death Of Fiat” Commemorates Historic Crypto Bull Run With Saiers’ statement now out there, will crypto help the rest of the world wake up to what is going on right under their noses? And when they do, will they finally understand why Bitcoin is so special? Probably not, but the more central banks cause distrust, the better the case for Bitcoin in the long run. Special thanks to those like Satoshi, Saiers, and others who selflessly fight causes that effect so many others. If you want to get involved and stop this, buying BTC is one option, but you can also contact your local state and federal elected officials and let your voice be heard. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead

Bitcoin price has shed 10% in a single day in an increasingly dangerous macro climate. Although the ultra-scarce cryptocurrency is claimed to be a hedge against catastrophic economic events, there is no telling how the volatile asset could react when it does finally arrive. With the stock market on shaky ground and precious metals melting down further, is the top cryptocurrency and the rest its altcoin brethren about to experience a bleed out similar to Black Thursday? Or is this just a shakeout using nervous market sentiment over what ends up being a non-event? And which event are we referring to? Bitcoin Price Sheds 10% Alongside Bearish Stock Market Sentiment The cryptocurrency bull market has been cut short of expectations, causing a consolidation phase and bringing the market to a state of fear. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course As if sentiment wasn’t frightened enough in crypto from the 50% collapse in May, another 20% flash crash weeks ago froze bulls and price action in place. Another try for up over this weekend was promptly rejected with another 10% fall today. Bitcoin price sank by 10%, but has yet to produce new monthly lows | Source: BTCUSD on TradingView.com Are corrections getting smaller, or is there something else going on that could make the 10% only the beginning of something more? A potentially dangerous macro situation could present a mixed situation for the consolidating cryptocurrency. Dow Jones Dips As Dangerous Macro Storm Brews Bitcoin price has already recovered more than $1,000 since the bell rang at the official Monday morning market open. The forceful selloff started overnight after the weekly close, potentially due to stock market weakness. The macro environment is on shaky ground considering a potential catastrophic default of China’s second-largest real estate developer, Evergrande. The default has Lehman Brothers-type implications, enough to cause domino effect and potential economic collapse and recession. The Dow Jones fell 1.87% during the same 24-hour period as Bitcoin’s 10% collapse, but given cryptocurrency’s notorious volatility the two situations are of similar magnitude. Normally stable metals have also suffered furthering the extended macro madness. The Dow Jones its looking heavy | Source: DJI on TradingView.com The Evergrande situation could ultimately turn into another scenario where an unprecedented amount of fiat currency is essentially printed to cover the debts the real estate giant can’t cover. Bailouts were made an example by Satoshi Nakamoto, who called out such an instance in the cryptocurrency’s Genesis Block. “Chancellor on brink of second bailout for banks,” the Times headline reads. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal These bailouts saved the stock market and the economy back then, and the strategy was used again to combat COVID. Can the economy withstand another flood of capital? Or will central banks and governments be forced to step in and let it all come crashing down? Most importantly, how does Bitcoin perform in any of the above scenarios? Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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