All of the gains from Bitcoin’s surge to $9,475 in the first half of the week washed away on Friday after the BTC/USD pair dipped below $9,150.
This was essentially a failed breakout attempt, which could signal a powerful new bearish trend. Nevertheless, it’s probably too early to conclude that the bears are enjoying the upper hand.
After all, they’ve repeatedly tried to gain a strong foothold below the psychologically important $9,000 level without much success.
Meanwhile, other than Cosmos (ATOM), which scored double-digit gains over the past 24 hours, no other top-20 altcoin has managed to register any significant gain since yesterday.
Bitcoin Reverses After Failed Breakout Attempt
In the short-term, BTC is trading inside an ascending, parallel channel. It is currently very close to the support line of this channel. Volume has been declining throughout the downward move, and there is some bullish divergence developing on the lower time-frame RSI.
In other words, we could see a short-term bounce that takes the price towards the middle of this channel, before it eventually breaks down.
- Bitcoin has fallen below the $9,300 support area.
- The price is trading inside a long-term descending channel.
- BTC is trading inside a short-term parallel ascending channel.
Why is CRO Surging? A Deeper Look Behind the Scenes
Just in case you were out of the loop, the CRO token has surged nearly 400% since the start of 2020. With such an astounding growth rate, it not only became one of the top-performing tokens of the year but also built itself a market cap of over $1 billion.
CRO is the second token on offering from Hong Kong-based Crypto.com (previously Monaco). With a uber-aggressive marketing strategy built on a strong brand, high ad spending, and referral scheme, CRO may have built itself a name in the market, but there are still some unanswered questions about its future.
Uruguay’s e-Peso: How a Small Nation Built the World’s First CBDC
The Central Bank of Uruguay became one of the firsts among its peers worldwide to conduct a comprehensive CBDC pilot program in Nov 2017. Dubbed the e-Peso, this digital currency’s biggest departure from the traditional cryptocurrency model was a complete absence of blockchain or distributed ledger technology (DLT).
Instead, tokens would reside directly on user’s mobile phones allowing transactions to take place in a peer-to-peer manner. Despite the success of the pilot, the country is yet to announce a fully-fledged nationwide rollout of its e-Peso.
Relief Rally for the Bitcoin Dominance Rate Before the Final Drop
The Bitcoin dominance rate has been decreasing since May 7, when it reached a high of 68.92%. The decline has been swift, especially after June 21. On this date, the rate validated the 50 and 200-day moving averages (MA) as resistance before dropping sharply.
The MAs had previously made a bearish cross, which signaled that the price had already begun a downward trend.
Is Crypto Credit Delegation the Next Big Thing for DeFi?
DeFi markets are holding on to staggering amounts of locked-up collateral that have been added in the past months. Total value locked (TVL) sits just under the all-time high of $2.2 billion.
The space has grown so fast recently that it has outpaced the growth of vanilla cryptocurrency markets, which have been mostly range-bound since May.