Bitcoin Continues to Slide Below $28,000 Amidst Positive Developments
Despite the launch of futures-based Ether ETFs and the introduction of a UAE Dirham-based stablecoin, Bitcoin (BTC) has failed to halt its downward trend and is currently trading below the $28,000 mark. The cryptocurrency market as a whole has experienced a 0.90% loss in the past 24 hours, with Bitcoin facing rejection at $28,600.
Influence of Increasing US Bond Yields and Overbought Signals
The current bearish trend in Bitcoin can be attributed to two main factors: the rising US bond yields and overbought signals. The yield of the US 10-year Treasury note reached a sixteen-year high of 4.75% due to statements from Federal Reserve officials indicating no reduction in interest rates until 2023 and 2024.
Potential Impact of Recent Bitcoin Developments
Last week, Solana attracted $5 million in investments, while Bitcoin led with an inflow of $20.4 million. However, Ether faced outflows of $1.5 million for the seventh consecutive week. Analysts suggest that strong price momentum and concerns about US government debt are driving investments in digital assets.
Osmosis and Partners Introduce nBTC
Osmosis has integrated Bitcoin into the Cosmos network through the Nomic bridge, allowing users to transfer Bitcoin to Cosmos with a low transaction fee and receive nBTC tokens in exchange. These tokens can be used across more than 50 Cosmos-linked app chains, offering various utility within Osmosis.
Rising Bitcoin Blackmail Scams Pose Risks
Bitcoin blackmail scams have surged, causing financial and emotional harm to victims who are threatened with exposure of personal data unless they pay in cryptocurrency. Scammers earned $55.04 billion in 2021, leading to potential harm to Bitcoin’s reputation, investor confidence, and demand.
Bitcoin Price Prediction
Technical analysis suggests that Bitcoin has significant price points to consider, with resistance levels at $28,427, $29,222, and $29,997. The immediate support is at $26,775. The Relative Strength Index (RSI) indicates a bullish sentiment, and the 50-day Exponential Moving Average (EMA) supports a short-term bullish trend.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about digital assets by exploring a curated collection of the top 15 alternative cryptocurrencies and ICO projects to watch in 2023.
Find the Best Price to Buy/Sell Cryptocurrency
Discover the best prices for buying or selling cryptocurrencies with a cryptocurrency price tracker tool.
Hot Take: Bitcoin Struggles to Recover Amidst Positive News
Despite positive developments like the launch of Ether ETFs and the integration of Bitcoin into the Cosmos network, Bitcoin’s price continues to decline. The increasing US bond yields and overbought signals have contributed to this bearish trend. Additionally, rising Bitcoin blackmail scams pose risks to its reputation and investor confidence. However, technical analysis suggests potential support levels and a short-term bullish trend for Bitcoin’s price. As the crypto market evolves, it is crucial to stay informed about emerging cryptocurrencies and find the best prices for trading. Overall, while there are positive developments in the crypto space, Bitcoin faces challenges that may impact its recovery.
By
By
By
By
By