Bitcoin needs to hold $50K to avoid a $44K bearish BTC price target

Bitcoin (BTC) could jump to $58,000 or dive to $44,000 from its current levels, an analyst warns as $50,000 sees a “very healthy retest.” BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hedging bets against a “swift downwards move” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $51,000 mark on Tuesday after losing $2,000 in two hours earlier in the day. Overnight, the pair hit fresh highs of nearly $53,000, coinciding with bullish momentum on the back of El Salvador becoming the first sovereign state to officially adopt…

Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC becomes legal tender

It is Sept. 7, and El Salvador’s Bitcoin Law has officially come into effect three months after its parliament passed the historic vote. The Central American nation is now the first country to recognize Bitcoin (BTC) as legal tender. Tweeting earlier in the day, El Salvador President Nayib Bukele remarked “3 minutos para hacer historia — In 3 minutes, we make history.” However, day one of El Salvador’s Bitcoin experiment has been somewhat marred by server capacity errors suffered by the state-issued Chivo wallet. Addressing the situation, President Bukele remarked:…

Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

Bitcoin (BTC) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC still “fine” at $49,000 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it shed $2,000 in two hours Tuesday. The pair had hit $52,960 — nearly a four-month high — before consolidating and then heading lower. The volatile conditions mark a memorable day for Bitcoin adoption, coming as El Salvador becomes the first country in history to adopt a partial “Bitcoin standard.”…

BTC price further crushes resistance, nears $53K on El Salvador ‘Bitcoin Day’

Bitcoin (BTC) targeted $53,000 on Sep. 7 as fears of a fresh BTC price dip faded above crucial resistance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “No going back” after El Salvador Bitcoin adoption Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new highs of $52,960 on Bitstamp overnight. After a swift retest of the $51,000 level — the lower boundary of what was previously a large wall of selling pressure — Bitcoin bounced back with a vengeance, eclipsing bears and hitting its highest in almost four months.…

Ethereum layer-twos reportedly processing more transactions than BTC

Layer-two scaling protocols for Ethereum have surged in adoption in recent months as gas prices climb again, and the L2 ecosystem is now processing more daily transactions than the Bitcoin network according to recent findings. According to CoinMetrics data collated by industry analyst and Week In Ethereum News founder Evan Van Ness, there were more transactions on Ethereum layer-two than on the Bitcoin network on Sept. 6. Layer-two protocols processed around 250,000 transactions for the day whereas there were around 210,000 on BTC. Fun fact: There are already more daily…

El Salvador purchases first 200 BTC, President Bukele confirms

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.  “Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation. El Salvador has just bought it’s first 200 coins. Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC — Nayib Bukele (@nayibbukele) September 6, 2021…

German asset manager Union Investment seeks BTC exposure for several funds

$500 billion asset manager Union Investment is planning to add Bitcoin (BTC) to several investment funds as part of a targeted pilot program for its institutional clients, offering compelling evidence that crypto is becoming more mainstream in Europe’s largest economy.  The Frankfurt-based institution told Bloomberg Monday that it is considering adding BTC to a small number of investment funds that will only be available to private investors. For each fund, Bitcoin exposure will be limited to no more than 2% of total assets. Portfolio manager Daniel Bathe said the new…

Bitcoin preserves $51K — Here are the BTC price levels to watch

Bitcoin (BTC) began testing new support levels on Monday after an overnight rally paused at $52,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: Bitcoin needs to keep $47,000 to avoid “breakdown” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD challenging $51,000 after breaking through the level for the first time in nearly four months. In so doing, the largest cryptocurrency was “likely” testing the staying power of support, which had acted as resistance throughout the summer. “Strong weekly close for BTC,” trader and analyst Rekt Capital commented on…

BTC Markets taps licensed neobank Volt for integrated banking features

The banking capabilities of fintech have met cryptocurrencies in a new partnership between Australian crypto exchange BTC Markets and local neobank Volt. With a license to operate in Australia as an authorized deposit-taking institution since 2019, Volt will provide corporate cash management accounts for BTC Markets users to manage their Australian dollar funds. Those accounts allow real-time payments on the New Payments Platform, Australia’s national infrastructure for fast payments. “This means near-instant trading opportunities for our crypto clients, as they can rapidly fund AUD into their BTC Markets account,” BTC…

Bitcoin Gains Momentum, Why BTC Could Rally Above $52K

Bitcoin price broke the key $50,000 resistance zone against the US Dollar. BTC could continue to rise and it might soon clear the $52,000 resistance. Bitcoin started a fresh increase above the $49,500 and $50,000 resistance levels. The price is now trading above $50,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could dips a few points, but it could soon attempt a…