Bitcoin
Investor Dan Tapiero Says Bitcoin Primed To ‘Launch’ if BTC Breaks One Major Resistance Level
Published
3 hours agoon
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adminInvestor Dan Tapiero says that Bitcoin (BTC) is setting up for a breakout after printing a massive bullish technical pattern.
Tapiero says that Bitcoin is forming a large, years-long cup and handle structure that is setting BTC up for a breach of the March 2024 highs at $74,000.
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
But according to Tapiero, Bitcoin can still go through a period of sideways consolidation before witnessing a convincing breakout.
“If that ain’t a cup and handle, I don’t know what is.
Just a great day today across the board.
Stronger payrolls and liquidity-driven BTC and ETH still trading well.
Break of the March highs and we launch. Could still do a little chop chop but days like today confirm…
[Ethereum] has achieved network effect. Only BTC and ETH are in this category, but SOL is moving in this direction as well. This is not an emotional appeal. I’m just looking at usage, revenues, community build, years in existence etc.”
Tapiero expects crypto staking, which typically offers higher yields compared to traditional financial products, to be a key component for the next bull market.
“Powerful driver of this crypto up cycle will be yield (yes, again).
3% on staked ETH now better than 2% on euro two-year, 1.4% on China two-year.
US two-year at 3.7% but expect 2% next year.”
The investor adds that China has opened the liquidity floodgates to stimulate its economy. According to Tapiero, the move is a huge bullish catalyst for Bitcoin.
“Huge macro event.
Things so bad in China, the government flinches.
QE (quantitative easing) for China equity.
Rate cuts.
Big liquidity coming.
Low likely in for China assets.
Bazooka.
Bullish gold, BTC.”
At time of writing, Bitcoin is trading at $63,648, up 3% in the past day.
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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 losses 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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Japan’s Metaplanet adds another $6.7m to their BTC reserves
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adminJapanese budget hotel operator turned investment firm, Metaplanet, purchased $6.7 million worth of Bitcoin. This brings their total Bitcoin reserves to 639.50 BTC.
In a statement released on Oct. 7, Metaplanet announced that it has bought an additional ¥1 billion worth of Bitcoin(BTC) or equal to 108.786 BTC. This is the second time this month that the firm has purchased ¥1 billion worth of Bitcoin for their cryptocurrency reserves.
After their recent BTC purchase, the Tokyo-based firm now holds 639.50 BTC in their reserves, valued at approximately $40.54 million at current market prices.
According to data from Google Finance, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase.
On Oct. 1, the firm made a similar purchase of ¥1 billion worth of Bitcoin, bringing Metaplanet’s reserves above 500 BTC for the first time in their cryptocurrency trading activities.
Not only that, Metaplanet announced in an Oct. 3 notice that it had made a Bitcoin put options transactions deal with Singaporean digital asset trading firm QCP Capital.
As part of the deal, the Japanese firm sold 223 contracts worth $62,000 put options which expires on Dec. 27, 2024 to the Singaporean firm. The sale made Metaplanet a profit of 23.97 BTC in option premium.
Metaplanet announced earlier this year that it planned to start buying Bitcoin as a way to sustain against economic pressures in Japan. In May 2024, the country had been facing high government debt levels, prolonged periods of negative real interest rates, and a weaking currency.
Metaplanet is not the only Japanese firm that has leaned into cryptocurrency to sustain its profits. According to a June survey by Nomura and Laser Digital, over 500 investment managers in Japan considered investing in crypto.
The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.
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Is Len Sassaman the Bitcoin Creator Satoshi Nakamoto? We Don’t Know, But Traders Are Betting on His Memes
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admin“But I know if HBO releases a documenter and tells everyone that @lensassaman is satoshi, then every crypto mfers and every big media will say/write its name and talk about him,” said crypto X user @ariesyuangga. “If Len Sassaman is named as Satoshi Nakamoto this cat is going to fly,” said @dametime_tradez, another crypto X user.
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Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?
Published
15 hours agoon
October 7, 2024By
adminBitcoin price started a fresh increase above the $62,000 zone. BTC is gaining pace and might aim for more gains above the $63,500 zone.
- Bitcoin is eyeing a fresh increase above the $63,500 zone.
- The price is trading above $63,250 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $64,200 resistance zone.
Bitcoin Price Regains Traction
Bitcoin price formed a support base above the $60,000 zone. BTC started a fresh increase above the $61,200 and $62,000 resistance levels. The bulls even pumped the price above the $63,000 resistance.
It traded as high as $63,949 and the price is now consolidating gains. It seems like the price is showing signs of a fresh rally above $63,500. BTC is above the 23.6% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high.
Bitcoin price is now trading above $63,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $64,000 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance might send the price higher. The next key resistance could be $65,000.
A close above the $65,000 resistance might initiate more gains. In the stated case, the price could rise and test the $65,500 resistance level. Any more gains might send the price toward the $66,500 resistance level.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could start another decline. Immediate support on the downside is near the $63,500 level.
The first major support is near the $63,000 level or the 50% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high or the trend line. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,800 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,500, followed by $63,000.
Major Resistance Levels – $64,000, and $64,200.
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