Despite relatively high volatility over the past 24 hours, Bitcoin continues to remain anchored in the mid-$9,000s. On a slightly longer time scale, it appears that the alpha-crypto has been consolidating sideways in a roughly $1,500 range since early May 2020.
At $9,411 as of this writing, the price is facing stiff resistance from both the 50 and 200-period moving averages (MA). However, going by the latest assessment of our in-house technical analyst, Valdrin, a breakout above $9,460, could signal the beginning of a new upward trend.
More on that and other big stories from the past 24 hours in this new edition of BeInCrypto’s Cryptocurrency News Roundup.
Impending Bitcoin Breakout Could Take Price Back Over $10,000 [Analysis]
Since reaching a local high of $9,589 on June 16, the Bitcoin price has been decreasing, possibly following a descending resistance line. This was especially visible late on June 17, when the price attempted a breakout, only to be rejected by the resistance line and in the process creating a long upper-wick.
The decline continued until $9,236, where the price bounced on the 0.5 Fibonacci level, creating a thrusting candlestick pattern with above-average volume.
- The Bitcoin price is trading inside a descending wedge.
- The price is following a short-term descending resistance line.
- A breakout could lead to a test of the waters above $10,000 again.
IOTA (MIOTA) is Signalling a Long-Term Trend Reversal
A closer look at IOTA’s daily chart reveals that the Internet of Everything-focused token is following a rising support line and could be gearing up for a bullish engulfing candlestick.
In fact, the price bounced on the rising support line yesterday, giving a strong hint that a trend reversal is on the cards. The closest resistance areas are at 5,830 and 10,100 satoshis.
ConsenSys Unveils Ethereum Staking Services Ahead of ETH 2.0 Launch
Leading blockchain software firm ConsenSys announced earlier this week that it’s about to roll out an institutional-grade Ethereum staking-as-a-service platform. The underlying objective behind the move is to make it easier and more practical for institutions to earn revenues from the widely-anticipated Ethereum 2.0.
The new platform has reportedly already bagged the backing of several industry heavyweights, including the likes of Binance and Huobi. The staking API is built on trusted ConsenSys software that will provide a white-label, turnkey solution for businesses that want to stake on Ethereum 2.0 when it finally goes live on the mainnet.
Bancor Breach Exposes Latest DeFi Exploit
In an alarming new development, reports are emerging about a breach in the Bancor decentralized finance (DeFi) platform. Details are still somewhat hazy as of press time, but the chances of the exploitation resulting in a loss of funds can not be ruled out.
So far, Bancor is maintaining that “all funds are safe.” The platform further hinted that a recent smart contract upgrade may have created a vulnerability that was eventually spotted and exploited by the attackers.
Here Comes $BAR, a New Token for FC Barcelone Fans
Chiliz and F.C. Barcelona have forged a strategic alliance to launch a new Fan Token called $BAR. The Fan Token Offering (FTO) will take place in a flash sale spanning 48 hours starting June 22. At €2 per unit, the available tokens will be distributed on a first-come-first-serve basis.
Ravencoin (RVN) Moves Above Crucial Moving Average
The RVN price began an upward move with considerable volume on June 16 and is currently attempting to flip the 100-day MA as support. This would be an extremely bullish sign, suggesting that the price will move upwards and begin a bullish trend. If it does, the closest resistance levels are found at 250 and 277 satoshis.