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Bitcoin Will Be Set For New ATHs If It Breaks This Resistance: Analyst | MATIC News
An analyst has explained how Bitcoin could be positioned for new all-time highs (ATHs) if it can break through this on-chain resistance level.
Bitcoin On-Chain Data Could Suggest This Level Holds Major Resistance
In a new post on X, analyst Ali discussed Bitcoin’s current on-chain resistance. In on-chain analysis, the strength of support and resistance levels is based on the total amount of cryptocurrency last acquired at each level.
Below is a chart for Glassnode’s UTXO Realized Price Distribution (URPD) metric, which shows the supply distribution across the various price levels based on where the investors bought their coins.
From the graph, it’s visible that in terms of the levels currently ahead of the spot price, the $66,250 mark stands out as it hosts the cost basis of over 2% of all Bitcoin UTXOs.
Generally, the cost basis is a special level for any investor, and they are naturally more likely to react when it is retested, as it can lead to a flip in their profit-loss situation.
The spot price retesting a level won’t produce much reaction if only a few investors share their cost basis around the level. Still, if many holders bought there, the cryptocurrency could see visible effects upon a retest.
Investors who are losing money may look forward to such a retest to exit out at their break-even point, as they may fear that the asset will fall back down again in the future, so getting away with their initial capital would seem like the ideal decision.
As such, a retest of a level dense with UTXOs from below can lead to a selling reaction in the market, making these levels points of strong resistance for Bitcoin.
Since the $66,250 level appears to be where the most coins were purchased out of the levels ahead, this level could be the toughest one to break for the cryptocurrency.
On the brighter side, though, the levels after this point are relatively thin. “Once BTC breaks past this level, it will be positioned for new all-time highs!” explains the analyst.
The market intelligence platform IntoTheBlock has also discussed about on-chain cost basis distribution in an X post today. As revealed by the firm, around 10% of all addresses acquired their coins between the current spot price and the all-time high the asset set back in March.
This would naturally mean that 10% of the total addresses, equivalent to 5.16 million, are in the red on the Bitcoin network.
BTC Price
Bitcoin has continued to move in its recent range, with its price currently trading around the $62,800 level.
Featured image from Erling Løken Andersen on Unsplash.com, Glassnode.com, IntoTheBlock.com, chart from TradingView.com
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My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
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I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
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SEC Serves Fresh Lawsuit To Metamask Developer Consensys | MATIC News
The US Securities and Exchange Commission (SEC) has instituted a lawsuit against Metamask developer, Consensys. The Commission alleges that the crypto firm violated securities laws by acting as an unregistered securities broker.
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SEC Accuses Consensys Of Violating Securities Laws Using Metamask
According to the court document, the SEC claims that Consensys has acted “as an unregistered broker of crypto asset securities through its MetaMask Swaps service” since October 2020. The Commission also accused the crypto firm of engaging in the unregistered offer and sale of securities through crypto staking programs.
The SEC stated that Consensys has brokered over 36 million crypto transactions since 2020 through its MetaMask Swaps, at least 5 million involving crypto asset securities. Metamask is known as one of the most widely used crypto wallets. In addition to storing their crypto assets on the application, users can buy and sell cryptocurrencies by swapping one crypto asset for the other.
This ‘Swap’ service forms the focal point of the SEC’s enforcement action. The SEC claims that some of these crypto assets are securities, and by enabling users to swap these securities, Consensys acted as an unregistered securities broker, thereby violating securities laws in the process.
The SEC went further to list Polygon (MATIC), Decentraland (MANA), Chiliz (CHZ), The Sandbox (SAND), and Luna (LUNA) as the crypto securities that were made available for trading on Metamask’s swap platform.
Additionally, the SEC accused Consensys of performing a “traditional function of the securities market” by offering and selling securities for Lido and Rocket Pool. The Commission claimed that the staking programs offered by Lido and Rocket Poo are investment contracts and that Consensys was in the wrong by offering these securities through unregistered transactions on its ‘MetaMask Staking’ platform.
The Genesis Of The Legal Battle Between SEC And Consensys
Interestingly, the SEC’s lawsuit against Consensys comes just months after the crypto firm filed a lawsuit against the Commission, accusing the SEC of an “unlawful seizure of authority.” Consensys sought Judicial relief against a potential action from the SEC. They also asked the court to declare that Ethereum wasn’t a security and that the SEC had no jurisdiction over crypto-related matters.
The crypto firm looked to have won that battle, considering that the SEC dropped its investigation into Ethereum’s status as a security. However, in the letters informing Consensys about the Commission’s decision to drop its investigation into Ethereum, the SEC had warned the crypto firm that they could bring enforcement actions against them relating to other issues, which they have now done.
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Reacting to the SEC’s lawsuit, Consensys stated that it would “vigorously pursue” the lawsuit it had initially filed against the SEC. The crypto firm also remarked that they had fully expected” the SEC to follow through with its threat of claiming that MetaMask had to be registered as a securities broker.
Featured image from CNBC, chart from TradingView
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Analyst Bullish On Crypto’s 240% Rally | MATIC News
The cryptocurrency market has been a rollercoaster ride in 2024, with many tokens experiencing significant losses. However, amidst the chaos, XRP, the native token of Ripple, has stood out as a beacon of stability. While not immune to the overall market dip, XRP has remained relatively range-bound, minimizing losses and sparking renewed optimism among analysts and investors alike.
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Stability Breeds Bullish Sentiment
While Bitcoin and Ethereum have taken significant hits this year, XRP has displayed remarkable resilience. This stability is attributed to several factors, including its utility-driven nature. The altcoin is designed to facilitate faster and cheaper cross-border transactions, a function that remains valuable regardless of market sentiment. Additionally, Ripple’s ongoing partnerships with financial institutions continue to provide a level of stability for the token.
The coin’s recent performance is a testament to its underlying strength. The token’s ability to hold its ground during a bearish market suggests it has a strong foundation and could be well-positioned for future growth.
Analyst Predicts 240% Surge Against Bitcoin
Adding fuel to the bullish fire, prominent crypto analyst Javon Marks has made a bold prediction for XRP. Marks, known for his accurate forecasts, believes the crypto is on the cusp of a major breakout against Bitcoin.
$XRP / #BTC has, on a Logarithmic Scale, broken out of a notable, near year long resisting trend and this can be a sign of a major bullish reversal to come in.
With this breakout, a follow through can result in XRP outrunning Bitcoin by more than 243%!
In Mid 2023, XRP moved… pic.twitter.com/84Aqlp3rLI
— JAVON⚡️MARKS (@JavonTM1) June 27, 2024
According to some analysts, we’ve recently witnessed a significant technical development for XRP. The token has broken a year-long resistance trend on the logarithmic scale, indicating a potential major uptrend in the making. If this momentum continues, XRP could experience a staggering 243% surge against Bitcoin.
This prediction echoes a similar price rise XRP experienced in mid-2023. During that period, the token saw a remarkable 100% increase, while the XRP/BTC pair gained a respectable 63%. If Marks’ prediction holds true, the potential gains for XRP could significantly surpass those seen last year.
A New Dawn For XRP?
The analyst community is closely monitoring these developments with growing excitement. XRP’s potential to outperform Bitcoin is seen as a harbinger of a renewed bullish sentiment in the crypto market. With market dynamics shifting and investor confidence potentially returning, XRP could be poised to redefine its position within the cryptocurrency landscape.
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Despite the inherent volatility of the crypto market, XRP’s recent resilience and potential for significant gains have captured the attention of investors. As the market navigates these uncertain times, XRP’s journey will be one to watch closely.
Featured image from Lockheed Martin, chart from TradingView
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