Nees updates April 13, 2022

1. Bitcoin Technical Indicators Suggest Short-Term Recovery To $41.3K.

Bitcoin is consolidating above the $39,250 support zone against the US Dollar. BTC could recover if it manages to clear the $40,250 resistance zone.

* Bitcoin retested the $39,250 support zone and found a strong buying interest.

* The price is still trading below $41,000 and the 100 hourly simple moving average.

* There is a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair (data feed from Kraken)

* The pair could start a short-term recovery if there is a move above $40,250.

 *Bitcoin Price Remains Supported:* 

Bitcoin price attempted an upside correction above the $40,000 level. BTC climbed above the $40,400 level, but the bears remained active.

It seems like the price struggled to stay above the 23.6% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low. A high was formed near $40,800 and the price started another decline. There was a break below the $40,000 level, but the bulls again defended the $39,250 zone.

 *Another Decline in BTC?* 

If bitcoin fails to clear the $40,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,600 level.

The next major support is seen near the $39,250 level. A downside break below the $39,250 support zone could accelerate losses. In the stated case, the price could decline towards the $38,500 level or even $38,000.

2. *Bitcoin and Ethereum Consolidate Losses, SHIB Surges:*

* Bitcoin price is consolidating losses near USD 40,000.

* Ethereum is hovering near USD 3,050, XRP managed to recover above USD 0.712.

* SHIB surged 20%, and APE gained 12%.

Bitcoin price retested the USD 39,200 support zone. BTC remained supported and climbed above USD 40,000. It is currently (04:28 UTC) consolidating losses below USD 40,100 and facing many hurdles on the upside near USD 41,200. BTC is up less than 1% in a day.

Besides, most major altcoins are also moving higher. ETH traded above USD 3,050 and tested USD 3,085. XRP climbed above USD 0.70 and tested USD 0.72. ADA is consolidating near the USD 0.95 level.

 *Bitcoin price:*
Recently, bitcoin price saw another decline below the USD 40,000 level. BTC even declined below the USD 39,500 level. However, the bulls were again active near the USD 39,200 level. It is now recovering and consolidating near the USD 40,000 level. An immediate resistance on the upside is near the USD 40,500 level. The next key resistance is now forming near the USD 41,200 level, where the bulls might struggle.

On the downside, an initial support is near the USD 39,500 level. The next major support is near USD 39,200, below which the price could dive. 

 *Ethereum price:*
Ethereum price remained well bid near the USD 2,950 and USD 2,960 levels. ETH recovered and climbed above USD 3,000. It even surpassed the USD 3,050 level and is now up 2% in a day. The next key resistance might be near the USD 3,080 level, above which the price could even attempt a move above USD 3,120.

 *ADA, BNB, SOL, DOGE, and XRP price*

 *Cardano (ADA)* 
 found support near the USD 0.92 level. It is now correcting losses and trading above USD 0.95. The first key resistance is near the USD 0.98 level, above which the price might face resistance near the USD 1.0 level.

 *BNB:* 
BNB is up over 4% and there was a clear move above the USD 412 resistance. It is now trading near the USD 420 resistance. If there are more upsides, the price could rise towards the USD 432 resistance level.

 *Solana (SOL)* 
recovered above the USD 102 level. It is up 3% and is testing the USD 105 resistance. A clear move above the USD 105 level could set the pace for a move towards the USD 112 level.

 *DOGE* 
formed a base near the USD 0.135 level and corrected higher. It moved above the USD 0.140 level and might attempt a break above USD 0.142. The next major resistance is near the USD 0.145 level.

 *XRP* 
price is consolidating near the USD 0.72 level. An immediate resistance is near the USD 0.75 level. A close above USD 0.75 might send the price towards the USD 0.80 level in the near term.

 *Other altcoins market today:* 

Many altcoins are up over 5%, including SHIB, MATIC, ALGO, MANA, EGLD, APE, SAND, AXS, CAKE, AAVE, and FLOW. Out of these, SHIB gained 20% on the Robinhood news, broke the USD 0.0000266 level, and erased its weekly losses.

Overall, bitcoin price is consolidating losses near the USD 40,000 level. If BTC moves above USD 40,500, it could test the USD 41,200 resistance zone. Conversely, it might revisit USD 39,200.

3. Pakistani crypto industry at crucial inflection point as High Court asks for final recommendations:

A Pakistani high court has directed federal officials in charge of studying cryptocurrencies to submit their final recommendations on how the country should tackle virtual assets.

The hearing will determine whether the country will ban cryptocurrencies or finally begin the process of creating a regulatory framework around virtual assets, which so far sit firmly in a legal grey area.

The local crypto industry is at an inflection point, and the ruling will determine whether growth will continue.

Pakistan’s thriving crypto industry:

Pakistan is currently ranked third in crypto adoption across the world, with more than nine million users, which makes up roughly 4.1% of the country’s population. Amid high inflation, people worldwide are turning to crypto and the South Asian country is no exception.

Officially, the central bank has restricted local banks and financial institutions from processing transactions related to crypto activity. On the other hand, Binance has a thriving P2P market in the country, and converting crypto to local rupees is rarely an issue.

Adoption continues to rise in Pakistan, and various entities in the industry have petitioned courts and the government to create a regulatory environment for digital assets and a more open environment for crypto.

This latest hearing is related to a petition submitted in 2019 which seeks to overrule the central bank’s aforementioned restrictive guidance to local banks. One advocate of the crypto industry is Waqar Zaka, a local celebrity and influencer, who has been vocal about the benefits of crypto and critical of the government’s stance for a number of years now.

4. Let’s Create a Crypto Ministry,’ Industry Urges South Korean President-Elect:

A summit of South Korean lawmakers, industry chiefs, and leading academics has called for the country’s President-Elect Yoon Suk-yeol to create a minister – or a ministry-level agency – for the crypto sector.

Per Seoul Finance, the calls were made at the “Digital Asset Promise Implementation and Digital New Economy Ecosystem Innovation Seminar,” an event that was hosted by the crypto-keen MP Cho Myung-hee of the People’s Power Party and the Korea Digital Innovation Solidarity – a collective comprising leading domestic blockchain and crypto-related firms.

Yoon will be sworn into office early next month and has previously pledged to create a government-run Digital Industry Promotion Agency, which he says will be charged with regulating and promoting the nation’s crypto sector.

But attendees at the summit were quoted as calling for Yoon to go a step further and create a ministry – or a ministerial-level organization or dedicated committee – that would govern the sector. The parties argued that doing so would ensure the healthy growth of the digital economy.

An economist, meanwhile, urged Yoon to create the “new infrastructure required for payment and settlement” using “new digital assets such as NFTs and stablecoins.”

5. U.S. Inflation for March Spikes to 8.5%, Has Bitcoin (BTC) and Crypto Already Priced In?

On Tuesday, April 12, the U.S. Labor Department released the inflation numbers for March 2022 which stood at 8.5%, the highest in four decades since 1982. The crypto market had already anticipated this event entering into a steep correction earlier on Monday.

Just as the inflation numbers stood in accordance with the market expectations, Bitcoin (BTC) and the broader crypto market are showing a marginal bounce back.

6.  6,800 Bitcoins Shifted to Cold Storage from Coinbase As Price Drops Below $40,000

As Bitcoin price dropped to $39,405 on April 11 and earlier today, crypto tracking platform Whale Alert detected two large Bitcoin transfers, carrying 6,800 BTC from the Coinbase exchange.

By now, the flagship digital currency has managed to recover to $39,997 after entering the $40,000 zone briefly.

7. You Will Be Able to Spend Coins in the Future

Cryptocurrencies are among the hottest topics to speak about right now, and this is because for many, they are simply the future. People are well aware of how much debit card payments changed the game as they will remember a time when cash had to be carried everywhere. In the same way, the way in which people pay may soon change in the future given the increasing popularity of crypto, and there is no doubt that the potential applications of the technology are exciting to think about it.

8. Indian Government Twitter Accounts Hacked With NFT Ads Posted

Hackers hit the Twitter accounts of several Indian political and government entities over the past three days, with some of the compromised accounts posting NFT-related ads on their feeds.