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Bitcoin (BTC) reclaims $16,500 but is not in a safe zone; Here’s why

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  • BTC price is showing strength as the price rebounded from the weekly low of $15,500 to the upside, giving the bulls some relief.
  • BTC price still looks strong as the market continues to bearish as things look uncertain for most of the traders and investors.
  • BTC price is bouncing from the $15,500 low on the daily time frame as the price is moving in a range below 50 Exponential moving average (EMA)

With many looking for a major dump in bitcoin (BTC) price, bitcoin (BTC) rebounded from $15,500 as the price surged to a high of $16,500, leaving bears on the sidelines. The price action that Bitcoin (BTC) has shown recently has not been encouraging after the erratic price movement has led to the price of many altcoins, including Bitcoin (BTC), struggling to survive. The Domino effect of the FTX saga and the other large investors involved in the market have left them at a standstill as the market has yet to make a big move after the previous weeks saw Bitcoin (BTC) price perform quite well, rising from a low of $19,200 to a high of $21,600 ( data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

The past few days have not been the best of times for most cryptocurrency traders and investors, as many have become concerned about the direction the market could head after so much turmoil in the cryptocurrency space as many cryptocurrencies struggled to show their strength, and lost major support in the cryptocurrency market. Try to survive.

The current uncertainty surrounding the market has put traders and investors reluctant to buy altcoins, as there is no guarantee whether they will trend anytime soon.

BTC price saw its price trade in the $15,500 region on the weekly chart, but the price bounced from this area to as high as $16,500, indicating some significant strength. BTC price should clear $18,500 for more signs of relief. If the BTC price fails, this could be a bear trap and lead to further bearish price action.

Bitcoin Weekly Resistance – $18,500.

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BTC Price Weekly Support – $15,500.

BTC price analysis daily chart (1D)

BTC Price Daily Chart | Source: BTCUSDT On Tradingview.com

Bitcoin price remains quite strong in the daily timeframe as the price is trading above the $16,500 support after rebounding from the $15,500 area, which led the price to form a bullish price divergence.

If BTC price surpasses $18,500, we could see further rises for BTC price to the $19,500-$20,000 area; A break below the $15,500 area would be a bear trap as the price could go lower.

BTC price daily resistance – $18,500.

BTC Price Daily Support – $16,500 – $15,500.

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Featured Image From zipmex, Charts From Tradingview 

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Cryptocurrency

A Chinese court says NFTs are virtual property protected by law

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A Chinese court in Hangzhou said that a non-fungible token (NFTGroups are virtual online property that must be protected by Chinese law.

November 29 Article Posted by Hangzhou Internet Court – A specialized Internet court – subscriber By crypto-blogger Wu Blockchain on Dec. 5 reveals the language of choice for NFTs after the country started to Crackdown on cryptocurrency In 2021, that leaves NFTs in a legal gray area.

The translated article says that NFTs “have the properties of a property rights object such as value, scarcity, controllability, and tradability” and “belong to the virtual property of the network” that “must be protected by the laws of our country.”

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The court decided that it was necessary to “confirm the legal features of the digital NFT pool” of the case, and admitted that “currently Chinese laws do not clearly provide” for the “legal features of digital NFT pools.”

The court order was introduced in a case where an unnamed tech platform user sued the company for refusing to complete a sale and rescinding its purchase of NFT from a “quick sale” because the user provided a name and phone number that allegedly did not match their information.

“NFTs intensify the creator’s original expression of art and have the value of related intellectual property rights,” the court said. She added that NFTs are “unique digital assets formed on the blockchain based on the mechanism of trust and consensus between blockchain nodes.”

For this reason, the court said that “digital NFT pools belong to the category of virtual property” and the transaction in the legal case is seen as “the sale of digital goods through [the] The Internet “to be treated as an electronic business” and regulated by the “Electronic Commerce Law”.

This comes after the Shanghai Higher People’s Court issued a document in May that stated that bitcoin (BTC) similarly Subject to copyright laws and regulations despite the state’s ban on cryptocurrency.

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Related: Can Hong Kong really become China’s proxy in crypto?

With encryption banned, China has worked on it Separate NFTs from cryptography Through a government-backed blockchain project to support the deployment of non-crypto NFTs paid with fiat money.

The government remains vigilant to ensure its residents resist “NFT speculation” as described in a joint statement in April between the China Banking Association, the China Internet Finance Association and the China Securities Association. Public warned About the “hidden risks” of investing in NFTs.

China is not the only jurisdiction to place NFTs under property laws. A Singaporean High Court judge relied on existing property laws in the October case NFTs are likened to physical possessions Like a fine watch or fine wine he says “NFTs have emerged as a highly sought after collector’s tool.”