News updates April 14, 2022
1. BTC Technical Analysis: Bulls Reclaim $40K, Now Eye $45K:
BTC coin price sustains above the $40K mark thanks to the support trendline and ascends to the next barrier at $45K. Should you buy back into this rally?
* BTC prices trade under all the crucial EMAs.
* The coin price jumped 4% in the last 48 hours.
* Finally, the 24-hour trading volume of Bitcoin is $27.26 Billion, marking a 20% fall.
1) Past Performance of BTC:
BTC coin price fell by 17% within two weeks resulting in a fortnight causing a retracement to the long-coming support trendline. However, to the sellers' surprise, the buyers reversed the trend with two consecutive bullish candles resulting in an upside resonance within the triangle pattern. Hence, buyers withhold the $40K barrier and avoid a downfall with the bullish reversal.
2) BTC Technical Analysis:
BTC coin price forms a morning star-like pattern to reverse from the support trendline without any notable increase in trading volume. Nonetheless, presuming the trend surpasses all the crucial EMAs, the uptrend eyes a 6.5% rise to test the resistance trendline.
The bearish alignment of the crucial daily EMAs bends them to take the role of dynamic resistance. Moreover, the 50 and 100-day EMA maintains a sideways trend within the triangle threatening the early reversal possibility.
Upcoming Trend:
The BTC/USD price chart shows the bulls are attempting to undermine the downfall observed in the previous weeks with a reversal to $45K. First, however, the uptrend must surpass the bearish influence of the 50 and 100-day EMA to reach the confluence of $45K and the 200-day EMA.
* Support Levels: $40K and $37K
* Resistance Levels: $42K and $45K
2. Why Bitcoin Price Could Eye Strong Recovery Above $41.5K:
Bitcoin is correcting losses and trading above $41,000 against the US Dollar. BTC could gain bullish momentum above $41,350 and $41,500.
* Bitcoin remained well bid above $39,250 and started a fresh increase.
* The price is now trading above $41,000 and the 100 hourly simple moving average.
* There was a break above a connecting bearish trend line with resistance near $40,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
* The pair could gain pace if there is a clear move above the $41,500 resistance zone.
Bitcoin Price Eyes Upside Break:
Bitcoin price remained well bid above the $39,250 support zone. BTC formed a base and started a fresh increase above the $40,000 resistance zone.
The bulls gained strength and were able to push the price above $40,500. There was a move above the 23.6% Fib retracement level of the main drop from the $43,415 swing high from the $39,240 low. Besides, there was a break above a connecting bearish trend line with resistance near $40,000 on the hourly chart of the BTC/USD pair.
3. BITCOIN IS THE SAFE ASSET WITH CONSUMER PRICE INDEX AT 8.5%
The Consumer Price Index hit an elevated rate of 8.5%. The addressable market for an immutable asset like bitcoin with its limited supply is above $100 trillion
*INFLATION VERSUS 10-YEAR TREASURY YIELDS:*
We recently received the United States Bureau of Labor Statistics inflation data for the month of March, which came in at a red hot 8.56% year-over-year (marginally above the 8.4% consensus). As what seems to be in direct response to higher inflation and negative real yields, treasury markets continue to sell off with the 10-year rising to over 2.7%, up from 1.5% at the start of the year.
Together, the increasing inflation rate and the 10-year treasury yields create what we think is the most important macroeconomic chart right now. We continue to see a period of financial repression play out as inflation is magnitudes above bond yields, which produces guaranteed losses for investors who rely on these risk-free rates.
4. Cryptocurrencies Carry Systemic Risks, Threaten Ruble, Bank of Russia Insists:*
The spread of cryptocurrencies brings significant risks for Russia’s economy, financial stability, and national fiat, the monetary authority in Moscow has reiterated. The central bank has reaffirmed its hardline stance on decentralized digital money in a new report published as the government prepares to regulate the Russian crypto space.
*Central Bank of Russia Issues Warnings About Cryptocurrencies:*
Russians’ growing interest in cryptocurrencies, their significant crypto investments, and the high risks associated with crypto operations create potential systemic threats, the Central Bank of Russia (CBR) has pointed out in its annual report for 2021. Expanding on a long list of previously highlighted negatives related to digital currencies like bitcoin, the monetary authority stated:
The regulator is repeating earlier warnings that digital assets increase the risk of outflow of funds from the traditional financial system towards the still largely unregulated crypto market. This transfer of savings threatens the financial stability of Russian banks, the CBR says, quoted by RBC Crypto.
Bank of Russia remains concerned about the “well-being of citizens” as in its view, the growth of the crypto market forms a bubble while cryptocurrencies bear characteristics of financial pyramids. Investor protection is limited and investments in digital coins can be lost due to price volatility or as a result of fraud and cyberthreats, the CBR adds.
5. Major Indian Crypto Exchanges Blocked All Transfers and Deposits: Details
Large Indian cryptocurrency exchanges have issues with state-backed transfer network
Two major cryptocurrency exchanges, CoinSwitch Kuber and WazirX, have currently limited their rupee deposits that were used in the extremely popular transfer network for buying digital assets like Bitcoin or Ethereum. Investors have already expressed their concerns and asked for refunds, Reuter reports.
6. Central Banks Struggle With Privacy-Related CBDC Headaches
As a number of countries across the globe are working on developing their respective central bank digital currencies (CBDCs), ensuring a separation between identity and transaction data could produce a better environment for privacy protection and could lead to public confidence and trust in using CBDCs, according to a recent paper released by the Bank for International Settlements (BIS).
7. Brazil Is Now One Step Closer To Regulating Bitcoin
The Bitcoin and cryptocurrency markets in Brazil will soon get overseen by a more complete regulatory framework as a unison work among different sectors of the government strives to pass an overhaul draft bill in the first half of this year.
8. Bitcoin-Backed Mortgages And Pristine Collateral Discussed At Bitcoin 2022
Bitcoin 2022 hosted a panel at the Enterprise Stage on the use of bitcoin as collateral for mortgages and other debt-based instruments.
9. Belarusian crypto exchange stops trading for Russians over war in Ukraine
Announced in a blog post published on Tuesday, April 12, the Belarusian crypto exchange Currency.com says it will restrict its services for Russian users following Vladimir Putin’s invasion of Ukraine earlier this year.
10. Russia: Only Industrial Players May Be Allowed to Mine Bitcoin & Crypto
The chief architect of Russia’s crypto legislation has suggested that only industrial miners could be allowed to continue operating after the country unveils its long-awaited legislation for the Bitcoin (BTC) & crypto sector in this aggressor state.
Anatoly Aksakov, a senior MP and the State Duma’s Chairman of the Committee on Financial Markets, told Izvestia that miners might be forced to operate in certain parts of the country, and forbidden from mining in others – in order to avoid placing a strain on busy energy grids.
11. Nexo Launches Crypto-Backed Credit Cards in Europe in Partnership With Mastercard
Digital assets platform Nexo has inked a deal with Mastercard and DiPocket to launch crypto cards that will allow its customers in Europe to spend digital currencies without touching their funds.
