Bitcoin price dips below $34K as day of Grayscale’s giant BTC unlocking draws near

Bitcoin (BTC) dropped to local lows of $33,750 on June 20 as fears over weak support levels proved to be well founded.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly dropping below $34,000 on Sunday after choppy behavior at the start of the weekend. A comedown from resistance at near $40,000 continued to unfold, with low volumes highlighting little interest in protecting price action much above $30,000. Orderbook data from Binance confirmed this on the day, with sellers eradicating a major buy wall…

Chinese Bitcoin mining shakeout may have surprise BTC price consequences — analyst

China’s crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests. In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin’s potential price floor. Don’t believe the China FUD As a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin’s electrical cost — the combined cost of keeping the network running — is dropping. As Edwards notes, this “Bitcoin production cost” is very rarely crossed by spot price. In becoming…

Bulls aim to reclaim $40K ahead of Friday’s $520M BTC options expiry

Bitcoin (BTC) bulls have little reason to celebrate the 25% rally over the past nine days. After testing the $31,000 support on June 8, top traders’ optimism faded, and even the recent $41,000 high was unable to boost their expectations. Contrary to market sentiment, the United Kingdom’s Financial Conduct Authority has indicated a significant increase in cryptocurrency ownership in the country. A consumer survey found that 2.3 million adults in the U.K. now hold crypto assets, which is up from 1.9 million last year. Another theory that has been proven…

World Bank refuses El Salvador’s request for help on BTC transition

The World Bank has refused El Salvador’s request for help on the country’s transition to adopting Bitcoin as legal tender. It cited issues with Bitcoin’s environmental impact and transparency as reasons why it will not support El Salvador move to adopt Bitcoin as an officially accepted currency . “While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings, ” a World Bank spokesperson said. The World Bank did note however that it can help El…

Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

Bitcoin price started a downside correction from well above $40,000 against the US Dollar. BTC is now trading near a major support at $38,000, where the bulls are currently active. Bitcoin started a downside correction after it failed to stay above $40,000. The price is currently just below $39,000 and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to start a fresh increase…

Steve Hanke warns BTC could ‘completely collapse the economy’ of El Salvador

Steve Hanke, a professor of applied economics at Johns Hopkins University, has warned that El Salvador’s recent adoption of Bitcoin (BTC) as legal tender has the potential to “completely collapse the economy.” Steve Hanke served as a senior economist under President Ronald Reagan administration from 1981 to 1982. Hanke has previously described BTC as a speculative asset “with a fundamental value of zero,” and in April the 78-year-old tweeted “cryptocurrencies are the future of money. Bitcoin is not.” Speaking with streaming financial news provider Kitco News on June 15, the…

$1.3M worth of BTC donated to Bitcoin-hodling charity in less than 3 weeks

New York-based non-profit, Charity: water, has received more than $1 million in BTC donations to its Bitcoin Water Trust within three weeks of the trust’s launch. The Bitcoin Water Trust was announced during the 2021 Bitcoin conference in Miami. The initiative attracted attention for its “HODL MODL” treasury management strategy — with the non-profit accepting donations in Bitcoin that it will not touch until 2025. According to the charity’s website, a total of 32.5949 BTC has been donated so far, which equates to more than $1.3 million at current prices.…

Bitcoin Signaling Upside Continuation, Why BTC Could Rally Further

Bitcoin price is showing positive signs above the $40,000 level against the US Dollar. BTC is likely to continue higher above $41,000 and $41,500 in the near term. Bitcoin started a fresh increase above the $38,500 and $40,000 resistance levels. The price is currently well above $38,500 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $40,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to start a strong increase once it clears $40,600…