News BTC

Posts from News BTC

Aave V3 Is Live On Ethereum, TVL Up 24% In One Month

Aave V3 is now live on the Ethereum mainnet. With this upgrade, WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE are the only supported assets.  Aave V3 Improves Capital Efficiency Stani Kulechov, the co-founder of Aave, said V3’s flexible design introduces new ways of mitigating risks, reducing gas costs, and improving capital efficiency, all while ensuring better liquidity decentralization. Aave Protocol V3 is now live on the Ethereum market 👻 ”The most exciting aspect of V3 is its flexible design, which enables a variety of new risk mitigation features, and its improved capital efficiency & decentralized liquidity – all while reducing gas costs.” @StaniKulechov pic.twitter.com/QsSnnlhEMr — Aave (@AaveAave) January 27, 2023 This upgrade came after the Aave community delayed the upgrade. Then, Aave developers assessed that immediately improving V2 Pools to V3 would not have yielded the desired level of compatibility with other Aave V3 pools running on Avalanche, Polygon, and Ethereum layer-2 platforms. Related Reading: Aave Price Surges As V3 Cloud Upgrade Draws Near The current Aave V3 on Ethereum has been reworked. It is negligibly complex and more compatible with other Aave V3 pools outside of Ethereum. The transition to Ethereum, expanding Aave’s presence in top blockchains, didn’t immediately affect its total value locked (TVL). Data show that it is 2% lower in the past 24 hours. However, TVL is up 24% in the last month, rising to $4.56 billion as of the time of writing on January 27, according to data streams from DeFiLlama. Aave is now the fourth largest DeFi protocol by TVL, trailing Lido Finance, MakerDAO, and Curve. However, the dApp is the second-largest lending protocol by TVL, behind MakerDAO. By launching on Ethereum, and upgrading from the original V2, the protocol’s TVL might gradually increase over the coming weeks or months.  This, in turn, may positively impact AAVE prices. Aave is a decentralized money market, allowing crypto holders to actively lend and borrow various assets. Integrating V3 on Ethereum avails the protocol on six other platforms, including Avalanche, Polygon, and Harmony. Polygon is compatible with Ethereum’s virtual machine, existing as a layer-2 protocol enabling higher scalability and significantly lower trading fees. What Aave V3 Brings  Developers claim Aave V3 introduces various changes that, as the co-founder said, make lending and borrowing more seamless and cheaper.  According to the protocol, this version is optimized to reduce gas costs by around 20-25% across the board. Users can also move assets across all Aave markets, irrespective of the network. By launching on Ethereum, Harmony users, for example, would be free to transfer assets and participate in Aave V3 markets on the most active platform.  Related Reading: Aave Price Recovers Back To $57, But Threat Of New Attack Looms Over Protocol Aave V3 introduces the “Isolated Mode” where Aave governance can vote to list new tokens as isolated assets with specific debt ceilings. Aave clarifies that the debt ceiling is the maximum USD reading that a borrower’s collateral can cover. Only approved tokens, mostly stablecoins, can be borrowed in this mode. Feature image from Canva, Chart from TradingView

What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?

Last year, NUCypher and KEEP Network merged and created the Threshold Network, a decentralized organization that addresses the myriad of privacy and security concerns in the blockchain space. Its utility and governance token, T, has been on the rise since the start of 2023 as the network produced more buzz. The coin is up 146% in the weekly, becoming the biggest gainer in the top 100 crypto list of CoinMarketCap today.  Related Reading: Polkadot Hints At Price Recovery – Can DOT Go Past 15% Weekly Ceiling? On-Chain, Off-Chain Developments List Threshold On January 26th, centralized exchange CoinBase announced the support for the Threshold token. This listing would enable the token to gather momentum in the retail investor space. The dev team is also focused on developing its tBTC project, a way for Bitcoin holders to use their coins on Ethereum-based DeFi. Coinbase will add support for Audius (AUDIO) and Threshold (T) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. — Coinbase Assets (@CoinbaseAssets) January 25, 2023 According to Threshold’s blog post earlier this week, the network’s early launch of its  Bitcoin-Ethereum bridge was a response to the recent developments in the world of bridging the two major cryptocurrencies.  Threshold (T). Image: Freepik A Quick Definition Of Threshold (T) The T token is a cryptocurrency that serves multiple purposes, including making payments, influencing the direction of the project through voting, and staking for interest and other incentives. It is one of the most significant Web3 initiatives because of the cross-chain element of the network and the privacy and access control features it employs. Threshold is not your normal cryptocurrency, as it does not want to make its users wealthy through trading and investment, nor does it strive to ensure that transactions are completed in the quickest possible time. Although it does not provide NFTs or a metaverse, it does come with a number of DeFi features. What Does This Mean For Threshold (T)? The token has reached new highs after the CoinBase listing announcement. Threshold is currently trying to break above $0.064 which it has been unsuccessful in doing so. Threshold is supported at $0.042, the same support level that has not eased the May to June crypto market crash levels.  If the token suffers a correction phase, T might revert back $0.033 support which could possibly blunt a bearish market movement. Crypto total market cap at $997 billion on the daily chart | Chart: TradingView.com Related Reading: Aptos (APT) Price Snowballs 147% As On-Chain Development Shoots Up At the time of writing, T holders are realizing gains despite the token’s bullish momentum showing signs of easing down. In the short to medium term, investors and traders of the token should expect volatility to enter the market if the token ends today unable to inch up to its desired targets. Meanwhile, as this scenario might play out, Bitcoin is attempting to breach the $23k resistance.  If BTC breaches through this resistance, Threshold can rely on its somewhat high correlation with the king crypto to boost gains. -Featured image by Aviationist

Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin?

Dogecoin, the original memecoin of the crypto industry, has not seen a monumental rise in price unlike other altcoins of late. According to CoinMarketCap, DOGE has only risen 5.56% in the past week with its biggest gains seen in the monthly time frame.  At its current market cap of $11.3 billion, the token is surpassed by other altcoins in terms of growth. However, DOGE still remains a dominant force in the world of memecoins as it has been for a long time.  Related Reading: Polkadot Hints At Price Recovery – Can DOT Go Past 15% Weekly Ceiling? DOGE Compared To Other Memecoins Compared to its peers, Dogecoin is still a popular choice for investors in the crypto industry. In terms of market cap, the token dominates SHIB by a wider margin. Even with Shiba Inu disrupting DOGE’s dominance, it still has a long way to go for SHIB to be level with DOGE.  However, Shiba Inu has been distancing itself from its memecoin past. With Shibarium around the corner, we might see SHIB gain more dominance in space. Since last year, Dogecoin has been silent in the development space with the only spike in activity being the October 2022 upgrade of the token’s wallet.  But external developments still favor DOGE. According to recent news about Tesla’s financials, the company has not bought or sold Bitcoin for two consecutive quarters. Despite this, the company still only accepts DOGE for crypto payments. This gives DOGE some real life utility as a form of payment. However, with the electric vehicle industry facing a tougher time right now, we might see DOGE perform poorly compared to other memecoins, or altcoins in that matter, in the foreseeable future.  Sideways Movement Continues For DOGE As the time of writing, the price movement of DOGE has stagnated and started to oscillate above and below $0.08. Analysts are bullish about the coin’s short to medium term growth with the target set at $0.118.  $DOGE in case we get a breakout of the current handle, this Cup & Handle pattern is what I look for. Target would be around $ 0.118 – 0.115 That would be a 30% move after breakout for #doge Many alts have similar c&h structures given#Dogecoin #dogeusd #dogeusdt #altcoin pic.twitter.com/cbC60o8D3A — Trading Joker (@TradingJoker) January 20, 2023 However, Dogecoin bulls should lower their expectations as the previous few weeks shows. DOGE, even with strong correlation with Bitcoin and Ethereum, only grew by 11% which is comparably lower than other altcoins who are in the top 100 list. Crypto total market cap at $997 billion on the daily chart | Chart: TradingView.com Related Reading: Aptos (APT) Price Snowballs 147% As On-Chain Development Shoots Up Now that Bitcoin and Ethereum have hit their respective price ceilings, Dogecoin will have a harder time to rally in price in the medium to long term. Short term, we might see DOGE bulls break the deadlock and gain ground above $0.093.  But caution should be exercised as the stagnant nature of the current price movement could also be the start of a strong bearish market movement. -Featured image by Money

Shiba Inu (SHIB) Price Could Face Make Or Break Moment

The Shiba Inu (SHIB) price could be facing a make-or-break moment in the coming weeks. While the launch of Shibarium is imminent according to the chief developer, the success of the layer-2 blockchain and the emerging ecosystem could determine how the SHIB price will perform. Despite the 43% year-to-date (YTD) price increase, SHIB is still in bearish territory. Ultimately, SHIB needs another boost, whether from a macro perspective or from the successful launch of Shibarium, to return to the bullish ground. The 1-day chart reveals that SHIB is still writing low highs on a daily basis since August last year. However, the year-to-date rally could be the start of a major move to the upside. For now, SHIB has seen a retest of the support zone at $0.000011, but could now push ahead with its rise. If not, there could be more downsides for SHIB. Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again At the moment, SHIB is seeing support from the 200-day EMA at $0.00001125. If the price manages to stay above this level, the first target could be the January 18 high of $0.00001292, in order to write a new local high. After that, there would be a possibility of SHIB making a new attempt to break the high of $0.00001519 from October 29. Achieving success could mean a return to the bullish territory. However, the final, biggest hurdle, for now, will be the resistance zone between $0.00001691 and $0.00001799. Shibarium And Whales In The Spotlight For Shiba Inu A look at the fundamentals also reveals a make-or-break moment. With the much-hyped launch of Shibarium, it remains to be seen whether Shiba Inu can grow beyond its meme coin status. The project is a layer 2 solution for the Ethereum-based network and aims to lay the foundation for building a powerful ecosystem that hosts a metaverse, a decentralized exchange (DEX), blockchain-based games, and NFTs. The decentralized exchange Shiba SwapDEX launched back in July 2021 and reached a TVL of $1.66 billion at the time, but is down to $30 million. Shibarium could give new life to the exchange. Related Reading: Shiba Inu (SHIB) Is Up 4% As Lead Dev Teases Exact Beta Launch Date In general, however, Shiba Inu will have to prove itself if its move away from a pure meme narrative is to be successful. If the fundamentals are right, the price will follow. If Shibarium is a disappointment, the SHIB price could see further downside. Meanwhile, the popularity of SHIB among Ethereum whales points to a bullish sentiment. A SHIB community member shared data from WhaleStats, according to which SHIB is the top-held non-stablecoin by Ethereum whales. SHIB accounts for 15.76%, only outpaced by USDT (19.52%). Hey #SHIBARMY did you know that SHIB 🐶 is the top-held nonstable coin by ETH whales?Something to think about. 🤑 pic.twitter.com/uKFrjkj2RU — Shib Dream * Shiba Inu News * Shib Army Social 💎 (@theshibdream) January 26, 2023 Meanwhile, Coinbase director Conor Grogan recently revealed that popular online broker Robinhood holds Shiba Inu (SHIB) tokens worth $266 million. In total, Robinhood holds $3.37 billion worth of assets on Ethereum Virtual Machine (EVM) chains. These break down as follows: $2.99 billion ETH (88%), $266 million SHIB (8%), and $54 million MATIC (1.6%). At press time, the SHIB price stood at $0.00001152. Featured image from LeandroDeCarvalho / Pixabay, Chart from TradingView.com

Uniswap Founder: People Rooting For Crypto To Be Shut Down Are Cringe

Hayden Adams, the founder of Uniswap, thinks people rooting to have crypto shut down are “incredibly cringe.” Uniswap Founder: Let People Be In a tweet on January 26, Hayden emphasized that no one has forced anybody to use crypto, buy coins, or keep up with the latest events in the industry. He also added that no one asks for the “dumb” global fiat system to be shut down. Related Reading: 80% Of Uniswap Holders Support BNB PoS Chain For Deploying V3 Protocol Instead of opposing technology and infringing on people’s rights, he recommends that opposers let people do what they want and chill. People rooting for crypto to be shut down are incredibly cringe. Like no one is trying to shut down the dumb fiat system you use, no one is forcing you to buy crypto; no one is forcing you to read crypto news or follow crypto Twitter. Let people do what they want and chill. It is not immediately clear what triggered Hayden to vent his frustrations on Twitter. However, what’s known is that no-coiners, individuals who are against crypto, hold no coin, or show no desire to participate, have been shooting down blockchain and crypto proponents. Tackling Nocoiners Over the years, crypto’s volatility has been called into question, with many regulators and heads of agencies slamming top cryptocurrencies like Bitcoin. Billionaire Warren Buffet and economist Nouriel Roubini, nicknamed Dr. Doom, lead the pack. In the aftermath of the FTX collapse, while attending the Abu Dhabi Finance Week, Nouriel said Binance’s CEO, Changpeng Zhao, was a “ticking time bomb,” and he was surprised that Binance had been allowed to operate in the Gulf state. He wants regulators across the world to “think carefully” about Bitcoin and cryptocurrencies. As of January 27, the price of Bitcoin was changing hands at around $23,000. Like Warren, Dr. Doom says cryptocurrencies, with which Hayden made a platform for easy trading, hold no intrinsic value. He always insists that crypto is the biggest scam in financial history. Nouriel mainly blames regulators in the United States for being “lenient”. Crypto is the biggest scam ever in financial history. Their true value isn’t 0; it is rather negative, given their negative externalities. 100s of celebrities handsomely profited by peddling criminal shit coins and crypto scams, shafting suckers. The current fines are only a slap on the wrist. They should be prosecuted. Uniswap is a leading cryptocurrency exchange, allowing for the trustless exchange of various tokens and NFTs. Founded in late 2018, the exchange, under Hayden Adams, has grown to be one of the world’s largest DEXes, serving millions of users across the globe.  Related Reading: How Uniswap Was Saved From Critical Vulnerability By This Security Firm DeFiLlama data shows that the DEX has a total value locked (TVL) of $3.8 billion as of January 27. Feature image from Canva, Chart from TradingView

Bitcoin Supply In Loss Hits A 9-Month Low

According to on-chain data from CryptoQuant, a blockchain analytics platform, the Bitcoin supply in loss with the seven-day moving average stands at 32%, a nine-month low. This is the lowest level since April 2022, when the Bitcoin price was changing hands at the $40,000 range. Bitcoin Supply In Loss At 32% The Bitcoin supply in loss is a metric that measures the absolute number of coins presently in the loss-making territory. This data compares the price at which the coin in consideration was last moved and the spot rate. If the price is lower than the current price, then the coin is at loss. The metric doesn’t quantify the size of the loss. Instead, it states whether it is in profits or loss without giving precise figures on each coin’s profitability or loss. For traders, how the supply in loss changes over time could be used to pick out price bottoms or tops. Notably, analytic platforms say investors keep tabs, using the metric to timely enter or exit the market. Historically, when the supply in loss is within the 50-60% range, Bitcoin prices could be bottoming. Presently, as per on-chain data, the Bitcoin supply in loss stands at 32%, the lowest in nine months, and could indicate that a trend reversal is imminent.  According to an analyst, citing on-chain data from CryptoQuant, prices capitulate every time the Bitcoin supply in loss rises above 50%. Tops or peaks can be better timed by combining the supply in loss and the supply in profit lines. The supply in profit tracker uses the same principle as its counterpart, supply in loss. However, it only considers the number of coins in profit since the last time they were moved. They move in the opposite direction. Related Reading: Bitcoin Supply In Loss Reaches 50% As BTC Drops Below $20k After prices fell to 2022 lows in November 2022, the Bitcoin supply in loss decreased while those in profits increased. Considering the state of price action, when the two lines, representing supply and loss, cross each other, analysts can easily identify the point of reversals. The last time supply in loss crossed above supply in profit was in March 2020. Then, the Bitcoin prices rallied upwards from $5,000. 61% Of BTC Holders Are In Profit With rising Bitcoin prices, most coin holders are in profit. Parallel data from IntoTheBlock reveals that 61% of coin holders are in the money. Only 36% are in red, and just 3% are at break even. Over the past few trading days, BTC prices have been consolidating inside a channel, finding resistance around the $23,300 and $23,800 zone.  Related Reading: Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover? Some traders are calling in tops. Meanwhile, sentiment data from IntoTheBlock indicates that traders are mostly neutral.  Feature image from Canva, Chart from TradingView

Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

Based on CryptoQuant data, one observer notes that whenever the Bitcoin hash rate records new highs, as is the case in late January 2023, coin prices tend to retrace as the upside momentum fades.  Extending this preview on current BTC rates, the analyst predicts that prices may rise above the current resistance level at $23,800 to $25,500 before dumping below immediate support lines towards $20,000, or worse.    Hash Rate Peaks Are Selling Signals? Per his analysis, expanding Bitcoin prices would encourage more users and mining farms to power on their rigs, further pushing up the hash rate. Based on his theory, the rising hash rate would be a precursor of strong liquidations that may unwind mining activity, pulling down prices. Related Reading: Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam On January 26, the Bitcoin hash rate increased to 305 EH/s, an all-time high. Hash rate is the total computing power connected to the Bitcoin network. At the current pace, a new level will likely be registered if BTC prices continue pumping.  While there appears to be a direct correlation between the spot BTC price and hash rate, the observer, citing on-chain data, thinks the opposite is true. He is convinced that peaking bitcoin hash rates can diverge with prices, impacting coin valuation. BTC just hit new ATH, and many might make you believe this is a bullish sign, but I will show you that it always had quite the opposite effect. I’ve been using hash rate all-time highs as bearish signals throughout 2022 with very good results. You can see all new ATHs. Even if you go back to 2021 ATHs on a live chart, you will see that all signaled an imminent selloff. Notably, the analyst pointed out occasions in 2021 and 2022 when rising hash rates led to significant price retracements after solid rallies. In seven events, the average selloff was a 19.5% drop in prices, with the deepest being 37%. Preceding this correction, he adds, the coin’s valuation tends to post an 11% maximum gain. From current Bitcoin prices, this places the coin above $25,000. Bitcoin Mining Clusters Are Forming Before prices expand, “clusters of intense Bitcoin mining activity,” tend to form, as is presently the case. Because of miner involvement, the hash rate moves up in tandem in quick succession, registering an all-time high. However, the sharp activity in mining and expansion of the hash rate led to strong selloffs, on average, within nine trading days.  Related Reading: This Is How The Bitcoin Price Will Be Affected By Macro: Charles Edwards Per the current Bitcoin formation, the expansion in BTC prices above $25,000 may precede a cool-off, possibly forcing the coin back to $20,000 or, worse, $14,500 from early February 2023. Feature image from Canva, Chart from TradingView

MATIC Price Prediction: Rallies 10%, Polygon Bulls Aim Big

MATIC price started a fresh increase from the $0.920 support zone. Polygon bulls are now aiming more gains above the $1.12 resistance zone. MATIC price started a fresh rally above the $0.98 resistance against the US dollar. The price is trading above $0.98 and the 100 simple moving average (4-hours). There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise towards the $1.18 and $1.20 resistance levels. Polygon’s MATIC Price Rallies Above $1 This week, polygon’s price formed a strong base above the $0.900 zone.  MATIC remained stable and started a fresh increase above the $0.95 resistance zone. There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair. The price traded to a new yearly high at $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high. It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone. Source: MATICUSD on TradingView.com If there is an upside break above the $1.12 and $1.15 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level. Dips Limited in MATIC? If MATIC price fails to rise above the $1.12 and $1.15 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.080 level. The main support is near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high. A downside break below the $1.050 level could open the doors for a fresh decline towards $0.98. The next major support is near the $0.92 level. Technical Indicators 4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. 4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $1.05 and $0.98. Major Resistance Levels – $1.12, $1.15 and $1.20.

Ethereum Price Another Rejection Signals Risk of Bearish Reaction

Ethereum struggled once again to clear the $1,640 resistance against the US Dollar. ETH is correcting lower and remains at a risk of a move below the $1,550 support. Ethereum is slowly moving lower below the $1,620 and $1,600 levels. The price is now trading below $1,600 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline if there is a clear move below the $1,550 support. Ethereum Price Dips Again Ethereum price started a decent increase above the $1,600 pivot level. ETH attempted a fresh upside break above the $1,640 resistance zone, but the bears protected more upsides. A high was formed near $1,639 and the price started a downside correction. There was a move below the $1,600 level and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high. However, the bulls were active near the $1,550 support zone. The price stayed above the 61.8% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high. Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,590 level. There is also a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near the $1,640 level. An upside break above the $1,640 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. More Losses in ETH? If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,550 level or the triangle lower trend line. The next major support is near the $1,520 level. If there is a break below $1,520, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,365 zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,600

Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam

Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA. Bitcoin is slowly moving lower from the $23,500 resistance zone. The price is trading below $23,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it clears the $23,000 resistance zone. Bitcoin Price Faces Resistance Bitcoin price attempted a fresh increase above the $23,500 resistance zone. However, BTC struggled to gain bullish momentum above the $23,800 level. A new yearly high was formed near $23,829 and the price started a downside correction. There was a drop below the $23,200 and $23,000 support levels. The price even spiked below $22,500 and traded as low as $22,492. It is now consolidating losses above $22,500. Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair. It is slowly moving above the 23.6% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low. An immediate resistance is near the $23,000 level, the 100 hourly simple moving average, and the triangle trend line. Source: BTCUSD on TradingView.com The next major resistance is near the $23,150 zone or the 50% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $23,800 level. The next resistance could be near the $24,200 level. Any more gains might send btc price towards the $25,000 level. Downside Break in BTC? If bitcoin price fails to clear the $23,000 resistance, it could continue to move down. An immediate support on the downside is near the $22,500 zone and the triangle lower trend line. The next major support is near the $22,400 zone. A downside break below the $22,400 level might send the price towards the $22,000 level. Any more losses might send the price to $21,250 in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $22,500, followed by $22,400. Major Resistance Levels – $23,000, $23,150 and $23,500.