What Technical Levels Should Traders Watch After Bitcoin’s Latest Rally?

Bitcoin prices have had a good day, climbing more than 6% in less than an hour and then extending those gains later on.

The innovative digital asset spiked this morning, rising from $44,875.50 at roughly 6 a.m. EDT to $47,650.40 shortly after, CoinDesk figures show.

After experiencing some volatility, the cryptocurrency trended higher, reaching as much as $48,462 around 6 p.m. EDT, according to additional CoinDesk data.

By climbing to this point, the cryptocurrency was up more than 11% since the start of the day.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

After bitcoin enjoyed this price increase, several market observers weighed in on where the digital currency might go in the near future.

“The next level to watch in BTC is probably 49k,” said William Noble, the chief technical analyst of research platform Token Metrics.

“That is the zone where the decline started from.”

He offered some background context, stating that:


“The Fed may have put money in the system to cushion the eventual Evergrande event. This may have triggered flows into BTC and forced hedgers and short sellers to cover.”

Jake Wujastyk, chief market analyst of TrendSpider, also provided input.

“The key resistance level above for Bitcoin to get through for more upside is the psychological level of $50,000 and then the September 5th high just shy of $53,000.”

“The daily raindrop chart is showing heavy volume aggregating at the top of the range so these levels may come rather quickly.”

Collin Plume, CEO and founder of My Digital Money, spoke to the $53,000 level, describing it as “major resistance” before bitcoin heads toward $60,000.

He also identified key support, singling out the $40,000 level.

Nick Spanos, cofounder of Zap Protocol, offered a similar take, describing $39,900 as a crucial support level.

He noted that if bitcoin prices decline in the short-term, this particular price level could “bounce BTC’s price back up again and gear it up for another rally.”

Wujastyk pointed out a higher support level, stating the following:

“After breaking out of the falling wedge today on the daily chart, the main level to watch below is the volume-weighted average price anchored from the September 5th high which is right around $45,100.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.


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Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard

Bitcoin still remains the top crypto project in the space. But it no secret that Ethereum has been quickly catching up with the pioneer cryptocurrency. Ethereum’s decentralized finance (DeFi) use cases have been the major contributor behind this space as investors have flocked to the blockchain to earning returns on their crypto holdings. This has given rise to popular Layer 2 solutions like Polygon.

Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to talk about the future of the leading smart contracts blockchain. Ethereum is the number 2 layer 1 blockchain, only behind bitcoin. And Nailwal believes that it is only a matter of time before the blockchain takes over as the leading Layer 1 protocol. He credits this to a number of reasons and differences between the two blockchains.

Related Reading | Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

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The DeFi Space Is Booming

During an exclusive interview with Cointelegraph, the COO outlines the reasons why Ethereum was set to take over from bitcoin as the leading layer 1 protocol. Nailwal cited the growth of the DeFi space as a major push for this takeover. This is because the majority of the decentralized finance activities were carried out on Ethereum, which made it “the ultimate settlement layer.”

Its popularity has pushed ETH to become even more valuable as a blockchain which puts it directly in a position to overtake the top cryptocurrency. “Sooner or later, ETH will outpace Bitcoin and become the global standard,” the COO said. Nailwal pointed out that Polygon will play a major role in the long-term success of the blockchain with the scalability solutions which it provides.

Related Reading | Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why

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More than just beating out Bitcoin for the top spot, the co-founder expressed that the blockchain may in fact not exist 10 years from now. This is because of the limited use cases and the COO believes that if bitcoin is to survive in the future, then it needs to provide more functions than being a means of exchange and investment.

Ethereum Filtering Out The Noise

With time, a number of projects have come out of the woodwork to compete with Ethereum for the DeFi attention it is getting. Referred to as “ETH killers,” these blockchains have risen up to take market share from the leading DeFi platform. Solana has been at the forefront of this competitive movement and has grown tremendously as it went up against Ethereum.

Ethereum price chart from TradingView.com

Ethereum price chart from TradingView.com

ETH price rebounds above $3,200 | Source: ETHUSD on TradingView.com

Despite the growing popularity of other Layer 1 solutions, the co-founder of Polygon does not believe that there is any blockchain that can take over Ethereum. The layer 1 solution has maintained a majority share of the market despite the rise of its competitors.

Ethereum will most likely maintain the top spot in the market for the foreseeable future. And with proof of stake scheduled to come to the blockchain next year, ETH is set to dominate both the DeFi and crypto space.

Chart from TradingView.com


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Good News For Bitcoin In Autumn

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary of the Week

This week was filled with bullish news. As the market appears to prepare for an end of year run, the good word keeps coming. From El Salvador’s volcano bitcoin mining operations going live to a Missouri Mayor planning to give households $1,000 in bitcoin each, the week was something to behold.

Fall’s Fantastic News

Monday was a busy day in the bitcoin sphere, starting with notorious bitcoin critic and JPMorgan CEO Jamie Dimon saying that bitcoin could go up 10x, but that he doesn’t care. On the same day, their competitor Morgan Stanley revealed they had more than doubled their investment in the Grayscale Bitcoin Trust to 58,000 shares during the last quarter.

As bitcoin tipping on Twitter started taking off, Strike CEO Jack Mallers said that he would donate all the tips he receives on the platform to the Human Rights Foundation. Later on Monday, Miami Mayor Francis Suarez, started advocating for bitcoin miners to switch to nuclear power, a clean and efficient alternative to fossil fuels. He said that Miami could become a clean bitcoin mining hub.

Ending Monday off on a high note, El Salvador revealed that over 2.25 million citizens now use the Chivo bitcoin wallet, no small feat considering it was only launched three weeks before. Coinbase revealed a new feature that would allow users to automatically convert their paychecks to bitcoin on the platform. Finally, U.S. Senate candidate Blake Masters said the U.S. government should buy a strategic reserve of bitcoin.

On Tuesday, the world’s largest provider of bitcoin payments, BitPay, announced a partnership with Verifone to allow their merchants to accept bitcoin payments. ATM maker Athena also announced that Salvadorans would be able to receive their salaries through the company’s ATMs. El Salvador’s president, Nayib Bukele, also shared a video teaser of the country’s plans for mining bitcoin using geothermal energy generated by the country’s volcanoes. “Rich Dad, Poor Dad” author, Robert Kiyosaki, warned that people should buy bitcoin before the biggest market crash in history, referring to an expected stock market crash.

On Wednesday, in an interview with Kara Swisher, Elon Musk discussed crypto regulations and suggested the U.S. government “do nothing” regarding regulating bitcoin and the overall crypto market. Cathie Wood’s Ark Invest also revealed that they had purchased $42 million in Coinbase shares on Tuesday.

Also on Wednesday, Umbrel unveiled their first plug-and-play bitcoin node, a big step in bringing users sovereignty. Despite China’s moves against bitcoin, it was revealed on Wednesday that there are still more than 145 bitcoin nodes active in China. Closing out news for Wednesday, Cool Valley, Missouri Mayor Jayson Stewart revealed plans to give each household in the city $1,000 in bitcoin.

On Thursday, as September drew to a close, El Salvador’s President Bukele announced that the country would give anyone using the Chivo bitcoin wallet a $0.20 per gallon discount on fuel, pushing for further adoption in the Central American nation.

Also on Thursday, U.S. Federal Reserve Chair Jerome Powell officially stated that the U.S. government would not ban bitcoin nor any other cryptocurrencies in the country, in contrast to China’s most recent ban. It’s an important signal for people in the U.S. and throughout the world who are still wary of investing in bitcoin.

On Friday, the Salvadoran government started mining its first bitcoin powered by geothermal energy, becoming the first country to mine bitcoin, starting a green energy bitcoin mining revolution. Funnily enough, it came just two days after the CEO of the Tehran Stock Exchange resigned after bitcoin miners were found in the exchange’s basement.

Bearish News

Overall, the last week has been overly bullish, with bears likely entering hibernation for the winter as bitcoin is predicted to breakout over the next couple of months. The only bearish note from the last week was JPMorgan CEO Jamie Dimon once again spreading FUD, despite thinking bitcoin may very well go up 10x.


As September drew to a close this week, it’s interesting to note how PlanB’s Stock-to-Flow model and predictions posted in June have come to life. On June 30 he published his model and made some bold predictions, stating that, in the worst case, bitcoin would end August over $47,000 and September over $43,000 — both of which proved correct. He went on to predict bitcoin above $63,000 at the end of October, above $98,000 at the end of November and above $135,000 at the end of December. Bullish “worst-case” predictions, indeed.

If you understand bitcoin and what it represents, then it’s easy to make the case that bitcoin will increase tremendously over the coming years. Bitcoin is already up 25% over the last quarter, despite all the FUD from the likes of China. As the year draws to a close, it’s more and more likely that bitcoin is preparing for a decent run that could see it top $135,000 and perhaps even go as high as $300,000 or $400,000.

Of course, it’s easy for me to remain bullish every week. Let’s look at the reasons I expect a run. Besides an entire country adopting bitcoin (El Salvador) and more and more institutions adding bitcoin to their balance sheets (thanks to MicroStrategy), there’s also the case that fiat is getting ready for a pounding in the months to come. The U.K.’s decision to exit the EU is coming back to bite them as fuel, food and personnel shortages continue to grow and make headlines. Then there’s Joe Biden warning that the U.S. could enter a recession and Janet Yellen warning the U.S. could run out of money in three weeks.

With the world’s “superpowers” finding themselves in increasingly turbulent times, their economies are sure to take a knock, which will affect the 66 dollarized nations across the world and the global economy. Everyone will look at alternate, safer investments and that happens to be the thing bitcoin is best known for. As more and more people and companies scramble to buy bitcoin, the supply will dwindle and the price will shoot up. Simple.

The last three months of 2021 will see bitcoin hit new all-time highs and it’s likely to hit six-figures for the first time. Bitcoin is here to stay and more and more people are going to realize it’s the best bet both in the good times and in the bad.

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.


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Dogecoin Needs These Two Upgrades To Thrive, According to DOGE Co-Creator

A bridge between Dogecoin (DOGE) and Ethereum (ETH) must be built and embraced by non-fungible token (NFT) platforms for the memecoin to truly thrive, says Dogecoin co-creator Billy Markus.

Markus tells his 500,000 Twitter subscribers that the completion of a DOGE-ETH bridge in combination with an NFT platform such as OpenSea adopting the token could maximize DOGE’s effectiveness.



“NFT purchasing is high [in] demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.”

This idea was previously proposed by Ethereum founder and Dogecoin advisory board member Vitalik Buterin, who has suggested that a DOGE-ETH bridge could lead to lower transaction fees and higher speeds.

In a June interview with YouTuber Lex Fridman, Buterin said,

“If we have a secure DOGE-to-Ethereum bridge then that would be amazing. And when Ethereum gets its scalability, you would be able to trade with DOGE at extremely low transaction fees and very high speed as well.”

Markus’s remarks come on the heels of billionaire Elon Musk’s previous endorsements and criticisms of the memecoin. Musk has suggested that DOGE should lower its transaction fees.

Dogecoin is trading at $0.21 at time of writing, a 32% decrease from its 30-day high of $0.31, according to CoinGecko.

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Crypto Trader Lark Davis Says Ethereum Is a ‘Ticking Time Bomb’ for This One Reason

A popular crypto analyst is giving investors a reason why they should not give up on Ethereum (ETH) despite its recent struggles.

Lark Davis tells his 540,000 Twitter followers that even though ETH has seen a decrease of 23% from its 30-day high, its price should skyrocket because the token’s supply is dwindling on exchange platforms.



Davis tweets,

“There are around 3 million less #ethereum on exchanges now compared to when the price was at an all-time high. Wow! This market is a ticking time bomb!”

An asset’s exchange reserve is the number of tokens present in all wallets on centralized exchange platforms.

Davis’s remarks come on the heels of Ethereum activating its London hard fork earlier this year, which among other things, implemented a deflationary mechanism that burns ETH based on how many transactions are being processed by the network. So far, over $1 billion of ETH has been burned using this method.

According to Viewbase, Ethereum has seen nearly 170,000 tokens disappear from exchange platforms in the last seven days, with a total of 1.17 million tokens burned over a 30-day span.

Ethereum is exchanging hands at $3,012 at time of writing, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Massive airdrop and AXS staking catapult Axie Infinity to a new all-time high

Airdrops have become the cryptocurrency ecosystem’s equivalent of stimulus checks over the past couple of years and further proof of this can be evidenced from popular protocols like Uniswap and dYdX which rewarded their early adopters with token drops that are now worth $30,000 to $2 million.

The latest protocol to surprise its userbase with a wallet fattening airdrop was Axie Infinity (AXS), a blockchain-based battle game that has risen in prominence over the course of 2021 as users embrace its play-to-earn (P2E) gaming model.

Data from Cointelegraph Markets Pro and TradingView shows that since bounding off a low of $47.92 on Sept. 21, the price of AXS has stormed 145% higher to establish a new record high at $118.00 as its 24-hour trading volume surged from $421 million to $1.95 billion.

AXS/USDT 4-hour chart. Source: TradingView

Three reasons for the recent surge in AXS price over the past two weeks include the introduction of staking features for the AXS token, the release of a community airdrop early adopters and the increasing popularity of play-to-earn gaming protocols.

AXS launches staking

The growth of decentralized finance in 2021 has shone a spotlight on the ability of crypto holders to put their tokens to work and earn a yield through providing liquidity or staking.

In an effort to capture some of this momentum, as well as improve the overall tokenomics of the AXS token, the team at Axie Infinity announced the launch of staking capabilities on Sept. 30. This excited members of the community, and to date, holders have already staked nearly 9.8 million AXS in just two days.

AXS staking dashboard. Source: Axie Infinity

And it’s not just your average crypto user getting in on the staking action, as recent tweets show other gaming platforms in the crypto ecosystem, including Yield Guild Games, have announced that they are now staking their AXS holdings as a way to help increase the value of their respective ecosystems.

Axie Infinity is currently offering an APR of 240% for stakers with the rewards coming from a dedicated pool of 78.3 million AXS tokens that have been set aside by the team.

AXS airdrops tokens to early adopters

A second reason for the spike in price and activity for AXS was this week’s community airdrop which rewarded users who engaged with the protocol prior to October 26, 2020.

According to the team, 10,000 wallets were selected based on a snapshot that was taken on Oct. 26 to receive a share of the 800,000 AXS airdrop, depending on the wallet’s level of activity.

The more active users like the pseudonymous Twitter user ‘Arctic’ received larger allocations that are now worth nearly $500,000, while less active accounts received smaller allocations that are nonetheless still significant in terms of dollar value, especially in the more economically disadvantaged parts of the world where many Axie Infinity players reside.

Related: NFT trading game Axie Infinity launches AXS staking program

The rising popularity of play-to-earn gaming

Another reason for the recent growth seen in Axie Infinity is the strength of the P2E gaming model which many analysts say will be the breakout sector in 2021.

Axie Infinity was actually the game that kicked off the P2E rally earlier in the year and this momentum translated to an uptick in other P2E protocols like Illuvium (ILV), Chain Guardians (CGG) and MyNeighborAlice (ALICE).

Top 5 gaming protocols by the 90-day change in USD price. Source: Messari

The P2E gaming sector of the crypto ecosystem has been gaining momentum in recent months as users begin to discover the benefits of playing a game that rewards participation, as opposed to the dominant free-to-play model which offers in-game purchases but leaves users with little to show after months of gameplay and investment.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS climbed into the dark green zone on Sept. 26 and reached a high of 87 around 35 hours before its price began to increase by 55% over the next three days.

The NewsQuake™ service from Cointelegraph Markets Pro registered two significant news announcements prior to the price rise, including a listing announcement from Bitstamp exchange and the team’s announcement that AXS staking had launched.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.