• Bitcoin (BTC) has posted an impressive summer season so far this year, following a stunning +25% pump in mid-June.
• Questions have begun to emerge about whether the current price action can be sustained.
• The Bitcoin community is excited at the prospect of a new project, BTC20, which could see small investors join the ranks of ‘wholecoiners’.
Analysis of Bitcoin Price Action
Bitcoin (BTC) has posted an impressive summer season so far this year, following a stunning +25% pump in mid-June – which has left price action high in consolidation above $30,000. With the leading cryptocurrency now trading strong at $30,178 (a 24-hour change of -0.18%), many side-lined investors have begun to wonder whether it is too late to invest.
Indeed, with Bitcoin now in the 26th day of consolidation at current levels – questions are beginning to emerge about whether this price action can be sustained. Worryingly, over the weekend, Bitcoin price sank back below the critical 20-day moving average. This could spell disaster for price action on the short-time frame, last time Bitcoin fell short of this level it pushed an 11-day long -9% bleed-out. If this occurred again, Bitcoin could likely see a return to $27,500 – a seismic drop that would see BTC lose hard-fought territory above $30k in a return to tough resistance at $27.5k.
Indicators Pointing Towards Potential Drop
Bitcoin’s indicators provide little reason to be optimistic, with the RSI still overheated at 60 despite 28 days of bearish signalling. This suggests that consolidation hasn’t been sufficient to cool off the RSI and suggests a need for retracement. Worse still is additional downside confirmation from the MACD which showcases bearish divergence at -161.66 .
Introducing BTC20: A New Cryptocurrency
Have you ever wondered what it would be like to own an entire Bitcoin? Sat on the side lines watching BTC making yet another all time high and pondering how much money you could have made if you had been around in early days? The wait is over as BTC20 offers investors an entirely new generation of ‘Wholecoiners’ using ERC 20 proof-of stake technology as its backbone; promising both greener network and passive income generation opportunities for users alike!
Live Presales Offering Stakes To Earn
The live presale for BTC20 tokens are now available offering users stakes that can earn rewards on top of their initial investment! As such; users will receive rewards for holding and staking their tokens whilst contributing towards greening up what was previously seen as one of most energy intensive networks out there today!
It seems that bitcoin enthusiasts have much to get excited about with regards to new projects such as BTC20 being launched offering rewards and staking options for small scale investors! Despite warnings from indicators pointing towards potential drops however; only time will tell if these projects will take off or not!