Bitcoin (BTC) logged its worst daily performance since September as BTC price slid by 10% to under $59,000 on Tuesday. On the other hand, the U.S. dollar jumped to its best level in sixteen months after spending across the American retail sector grew despite persistent Covid-19 fears and inflation concerns. The BTC price established an intraday low of around $58,600 on Coinbase, only to retreat higher to reclaim $60,000 as its psychological support. Its move downside appeared as U.S. President Joe Biden signed the $550 billion infrastructure bill into law, including new tax-reporting requirements for cryptocurrency users. Some used the …

Bitcoin (BTC) has the potential to rise toward $75,000 by the end of this year as it breaks out of a classic bullish pattern and picks additional upside cues from its richest investors' recent accumulation spree. Bitcoin Bull Pennant breakout in play BTC rallied over by 6% in the past 24 hours to reach a three-week high just shy of $66,500. In doing so, the cryptocurrency broke out of a consolidation range consisting of two diverging trendlines, a setup reminiscent of a Bull Pennant. Bull Pennants are bullish continuation patterns that appear when an instrument consolidates in a Triangle-like price …

Shiba Inu (SHIB) may see a pullback by almost 25%-35% on fears that the cryptocurrency's excessive price rally in October has left it overvalued, a key indicator shows. Dubbed Relative Strength Index (RSI), the indicator measures the magnitude of an instrument's recent price changes to evaluate its oversold and overbought conditions. The result can be anywhere between the number 0 and 100, with a reading below 30 showing the instrument's oversold and above 70 showing its overbought status. SHIB crossed above 70 on Oct. 3 and peaked around 94 three days later. Ideally, its overbought reading could have resulted in …

Cardano (ADA) has formed a deadly "death cross" on its daily chart against Bitcoin (BTC) — a market signal that's generally seen as a warning of more downside in the near term. The ominously-titled indicator kicks in when an asset's short-term moving average closes below its long-term moving average. In doing so, it calls for technically-minded traders to increase their bearish positions in the market. ADA/BTC in trouble On Tuesday, ADA's 50-day exponential moving average (50-day EMA; the velvet wave) dropped below its 100-day exponential moving average (100-day EMA; the blue wave). That marked the sixth 50–100 EMA bearish crossover …

The U.S. dollar index (DXY) could continue its slide in Q4, according to a classic technical setup known as a “rising wedge.” The greenback’s bearish prospects may boost Bitcoin’s (BTC) price to new all-time highs as it holds above $62,000. DXY poised for another 1.75% drop Rising wedges are bearish reversal patterns that begin wide at the bottom but contract as the price increases. As a result, the trading range narrows, which makes the rally unconvincing. That typically prompts the price to break below the wedge’s support line and later fall by as much as the maximum distance between the …

As Russia continues pushing de-dollarization, the Ministry of Foreign Affairs (MFA Russia) is reportedly considering replacing the United States dollar with not only traditional fiat currencies but also digital currencies. Aleksandr Pankin, deputy minister of Foreign Affairs of Russia, reiterated the country’s plans to reduce the U.S. dollar share in Russia’s international reserves and its usage in settlement with foreign partners in a Tuesday interview with local news agency Interfax. The official said that MFA Russia isn’t excluding the possibility of replacing the U.S. dollar with “some digital assets” alongside other currencies: “It’s possible to replace the U.S. dollar with …

Russian President Vladimir Putin believes that it’s “still premature” to use cryptocurrencies for settling trades of energy resources such as oil. The Russian president discussed potential use cases of cryptocurrencies in a Thursday CNBC interview following a plenary session of the Russian Energy Week forum. According to a full interview text published on the Kremlin’s official website, Putin said that private cryptocurrencies “can act as a unit of account,” but they are “very unstable.” “Cryptocurrency oil contracts? It’s too early to talk about it. It works for transferring funds from one place to another, but in terms of trading, especially …

Bitcoin (BTC) looks to reclaim $45,000 on Oct. 1 as the United States dollar retreated lower after hitting its one-year high. Bitcoin’s tight inverse correlation with the greenback over the past month suggests that a weakening dollar could push BTC’s price even higher in the coming sessions. Dollar drops following labor market shock In detail, the U.S. Dollar Index (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, hit 94.50 Thursday for the first time since Sept. 28, 2020. But it retreated on news of rising U.S. jobless claims against the …

The United States Federal Reserve is still evaluating the prospects of introducing a central bank digital currency (CBDC) for the country but says it has not yet decided on the matter. Speaking at a news conference on Wednesday, Powell stated that the Federal Reserve was studying the merits of creating a digital dollar and has plans to issue a paper on the matter. “We are working proactively to issue a CBDC and if so, in what form,” Powell stated while fielding questions at the news conference, adding: “We think it is our obligation to do the work both on public …

Despite Bitcoin (BTC) dropping below the $43,000 mark on Monday, the outflow of BTC from exchanges has continued in a multi-month trend, particularly on Coinbase Pro. Over the past month, the amount of Bitcoin held in Coinbase Pro’s vaults dropped by 28,843.87 BTC. Similarly, other crypto exchanges, including Kraken, OKEx, Bitfinex and Huobi, also experienced a drop in their Bitcoin holdings, with the withdrawn amount totaling 30,236 BTC across the board. On-chain analysts perceive falling Bitcoin reserves as a bullish signal. That is primarily because most traders move their BTC assets to exchanges only when they prefer to trade them …

Bitcoin (BTC) inched higher on Saturday as the focus shifted to the Federal Open Market Committee’s (FOMC) policy meeting in the wake of lower inflation numbers last Tuesday. The BTC/USD exchange rate approached $49,000 on the Coinbase exchange, hitting $48,825 before turning lower on interim profit-taking sentiment. Nonetheless, the move uphill raised expectations that the pair would hit $50,000, a psychological resistance target, in the coming sessions. #bitcoin needs to get over $50,000 and just hold it. — David Gokhshtein (@davidgokhshtein) September 18, 2021 Inflation fears boost Bitcoin demand The Bitcoin markets received a boost from fears of persistently higher …

El Salvador now hosts the third-largest network of crypto ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America. According to data from Coin ATM Radar, El Salvador has exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and conversions from Bitcoin (BTC) to U.S. dollars. Comparing this to Statista data from Aug. 16, it becomes evident that El Salvador has successfully installed 201 ATMs in just one month. Beforehand, the country ranked 43rd on the list with just four functional crypto ATMs. President …