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For his NFT project, Damien Hirst will burn his own works

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The troublemaker of contemporary art Damien Hirst, renowned, among other things, for his controversial works featuring the corpses of animals imprisoned in formaldehyde, has also given in to the wave of NFTs. With The Currencythe British artist plans to destroy, on the occasion of an exhibition, several thousand works that his followers have decided to keep in the form of NFT.

After Jeff Koons and his crazy project – not to say lunar – of NFT, it is now the turn of another star of contemporary art to add his stone to the building: the British artist Damien Hirst, also well known for his works disturbing and excessive than for his thousands of spot paintings or his cherry blossoms, exhibited last year at the Cartier Foundation for Contemporary Art, is once again being talked about today with The Currency.

A heavy weight of contemporary art

A year ago, Damien Hirst joined the Heni platform to The Currency and put on sale the NFTs of 10,000 of these “spot paintings” created by him in 2016. “OIt is often said that money corrupts art. Here it is an attempt of art to corrupt money “, had then declared the founder of the platform about the project. The purchasers of each painting had until July 27, 2022 to make their choice, to keep the work in NFT or in its physical form. The key: an exhibition at the start of the next school year during which Damien Hirst will gradually burn the thousands of physical works abandoned by buyers in favor of NFTs.

Damien Hirst, Totally Gonna Sell You, 2016 ©Heni / Damien Hirst

It is therefore from next September 9 that Damien Hirst, in his den of the Newport Street Gallery (London), will exhibit and then set fire to these thousands of colorful canvases daily – when the fateful date arrived, 5,149 people chose to separate from their NFTs for physical works, while the other 4,851 therefore decided to deliver them to the flames in order to keep their NFTs, according to the figures displayed by the platform. At the end of the exhibition at the Newport Street Gallery, the remaining works will be destroyed during the Frieze Week contemporary art fair next October.

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Machankura allows to receive satoshis without internet connection

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Residents of several African countries can now send and receive Bitcoin (BTC) without an internet connection thanks to Machankura. For this, any mobile phone will do, thanks to which it will be possible to configure an address on the Lightning Network with its number.

Send Bitcoin without Internet thanks to Machankura

Thanks to the services developed by Machankuraresidents of certain African countries can receive bitcoin (BTC) without internet connection. This is an important step forward because it fills a fundamental need in parts of the world where Bitcoin has a concrete use case.

Indeed, cryptocurrencies have enabled the advent of fund transfers quickly, with ridiculous fees and everywhere around the world. For Bitcoin, this is further illustrated in the Lightning Network. However, this condition was only valid for persons with an internet connectionat least until now.

Thus Machankura allows this in the following countries:

  • Ghana;
  • Kenya;
  • Malawi;
  • Namibia;
  • Nigeria;
  • South Africa ;
  • Uganda.

Of course, the service is still young and it will tend to cover more countries as it develops.

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USSD technology at the service of democratization

The idea of ​​spending or receive bitcoin without internet connection thanks to Machankura may look blurry. However, this relies on technology that has been around for many years already: I’Unstructured Supplementary Service Data (USSD).

Maybe some people remember when mobile credit wasn’t unlimited and typing “#123#» on his cell phone allowed to know the state of his consumption. This statement is a USSD code. Each USSD code is created so that when entered, our phone will perform a well-defined action.

Thus, the following USSD codes allow users in the relevant countries to configure an address on the Lighting Networkwhich will be linked to their phone number:

Machankura USSD Codes

USSD code list to access Manchankura services

Technically speaking, it is therefore not even necessary to own a smartphone to use these features, any phone will do.

Let’s take the example of a person who left his country to have a better income in order to help his family back home. If the recipients do not have an Internet connection, the use of Machankura will be all suitableif the receiving address has been configured using the USSD code:

Send Bitcoin Machankura

Send Bitcoin using Machankura

A sender can thus send satoshis on the telephone number of his choice. If this solution unfortunately does not yet have real educational content to be able to take it easily in hand, there is no doubt that it remains promising. While access to the Web is not acquired on the entire surface of the globe, such initiatives bring real added value to people, for whom cryptocurrencies are much more than an investment vehicle.

👉 Also in the news – OFAC sanctions on Tornado Cash: back on the consequences of this controversial case

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Source : Machankura

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After hitting all-time highs, the NFT market is collapsing

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Most of the NFT market indicators are down in the second quarter of 2022. As a reminder, the Non-Fungible Tokens(NFT) or “non-fungible tokens” in French, have unleashed the crowds of crypto-investors in recent months, these digital works of art being a new medium for speculation.

However, with the complicated global economic context linked to the war in Ukraine, the cryptocurrency market (bitcoin, ethereum…) has fallenand the NFT market has not been spared.

According to the NonFungible website, US dollar NFT transactions saw a massive drop of 25% between the first and second quarters of 2022, with an overall volume of around $8 billion.

On the positive side, however, this decrease is relatively modest compared to the trend of cryptocurrencies. Indeed, the average price of NFTs has fallen by 6%, while the value of cryptocurrencies has almost been divided by three over the same period!

Fewer buyers and sellers

In the second quarter, the number of buyers, sellers and the number of sales decreased.

Most NFT collections have indeed lost interest for investors. In this context, it is becoming more and more difficult to make a profit from digital artworks. The resale profit fell by 46% in the second quarter, for a total loss which increased by 23% (1.8 billion dollars of profit for 1.4 billion of losses).

The collectibles segment has the highest resale loss rate, peaking at over $100 million per week. Paradoxically, collectibles still recorded the most profitable sales of the quarter.

Ultimately, NFT trading recorded a net profit of $460 million, down significantly from the first quarter ($2.3 billion). Very few new NFTs were issued this quarter, with overall supply growth of only 4%.

The market for digital artworks has therefore changed dramatically in a single quarter. For NonFungible analysts, it’s time to refocus on what really brings long-term value, because “it’s usually during bear markets that true value is built”.

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Hebdo Crypto #203 – Bitcoin and cryptocurrency news of the week

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The week of 08/08 in brief – The news about Bitcoin and cryptocurrencies is constantly boiling. It can happen that crucial information gets lost in the daily information flow and that you miss important points. This format is there to remedy that. We return to thenews from the past weekCrypto Weekly to keep you informed about the current situation of cryptocurrencies.

The unmissable corner

For the return of the Unmissable du Coin, what could be better than a tutorial from our dear editorial director Gregory ? This week, he put on his best HackerMan costume to offer you a tutorial on how to deploy a celestia validator node.

Celestia modular blockchain

THE TECHNICAL OPERATION OF THE CELESTIA NETWORK

Celestia has a very specific architecture. Traditionally, the blockchain design model couples consensus mechanism and transaction execution. One of the approaches aimed at improving the scalability of the latter is based on sharding, that is to say the fragmentation of the data composing the main chain.

With Celestia, the two layers – consensus and execution – are separated. The role of the consensus mechanism is only to ensure that the block data is available. To do this, it uses data availability proofs. The transactions are then executed off-chain: the nodes no longer need to process them to ensure the validity of the blocks.

The nodes randomly sample small portions of the blocks in the chain. It’s quite similar to peer-to-peer file sharing (BitTorrent) where files are split between network nodes.

Once the blockchain is fully sampled, we obtain the famous proofs of availability of said data.

Unlike “traditional” blockchains, Celestia is designed to provide evidence of data availability and consensus, not transaction execution. Celestia therefore relies on a network of light nodes (allowing anyone to deploy a client in minutes) and full archiving and validating nodes (the type of node we will learn to deploy in this article).

Check out the full article to continue the tutorial : How to deploy a Celestia node complete tutorial.

Crypto news in brief

BlackRock goes Bitcoin. Thus, the fund unveiled a trust reserved for its wealthiest clients offering exposure to the king asset of cryptocurrencies.

A new CB to spend your cryptocurrencies. Payment processor Strike has announced the launch of its bank card in partnership with VISA.

Tornado Cash hurt by US Treasury. He accuses the protocol of having allowed the laundering of billions of dollars. Since then, sanctions against Tornado Cash, its developers and users have multiplied.

Tether announces support for Ethereum in Proof of Stake. Thus, the USDT issuer will not support any fork that aims to retain Proof of Work on Ethereum.

Ripple Labs Interested in Celsius Assets. Thus, the company announced that it wanted to know more about Celsius and its assets to “know if any of them could be relevant to our business”.

▶ New week, new technical analysis on the Coin Trading side.

>> Prepare for the next Bitcoin bull run by registering now on the FTX platform (affiliate link) <<

The 5 metrics of the week

September 15it is the date when The Merge update could be deployed on the Ethereum mainnet. This news follows the success of its deployment on the Goerli testnet.

$570,000it is the amount that was stolen from Curve Finance users via an attack on its DNS server. Fortunately, 83% of these funds were able to be intercepted and frozen by Binance.

$1 billionit is TVL (Total Value Locked) of the second layer solution Optimism. This makes it the second hottest L2 after Arbitrum.

TVL from Optimism.
Optimism TVL.

31.82 th/sit’s here hashrate record recorded by the Ethereum Classic network. Thus, it is meeting with renewed interest as the Merge approaches. It remains to be seen whether this will continue following Ethereum’s transition to Proof of Stake.

ETC hashrate evolution.
ETC hashrate evolution.

79%it’s about the decrease in volume recorded by the Tornado Cash protocol. In turmoil for more than a week, the protocol has seen its number of deposits plummet.

Tweet of the week

Tweet of the week goes to @screentimes and its highlighting of the big problem behind the treatment of Tornado Cash.

Have a nice week on the Journal du Coin! 🙂

Bitcoin is tough and resilient. Tomorrow or in some time, you will rejoice to have bought some during the crisis. Don’t wait too long to take advantage of the current purchase conditions! Register without delay on the FTX benchmark crypto exchange platform! Plus, you get a lifetime discount on your trading fees. (affiliate link, see conditions on official website)



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OpenSea, leader in NFT marketplaces, lays off 20% of its employees

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230 employees will keep their position at OpenSea FLORENCE LO / REUTERS

The platform in turn suffered the reversal of the crypto-asset market.

“It’s a tough day for OpenSea, as we have to part ways with 20% of our team”, announced Thursday on Twitter Devin Finzer, co-founder and CEO of the largest NFT purchasing platform. In a note published on the social network, Devin Finzer justifies a choice imposed by “an unprecedented combination of a ‘crypto winter’ [crash du marché des cryptoactifs] and global macroeconomic instability”. The company says the move will help it weather further market shocks for at least five years.

OpenSea had largely benefited from the boom of the NFT market in 2021, with a volume of transactions multiplied by 600. The American company had raised in a few months a total of 400 million dollars and posted a valuation of 13.3 billion dollars in January 2022. That same month, the platform had seen more than $2.4 billion in NFT purchases and resales per week, transactions on which it charges a 2.5% commission.

Wave of layoffs among crypto players

Opensea undergoes the reversal of the crypto-asset market, which saw the value of Bitcoin melt by 70% from its peak in November 2021 when it was worth $69,000 each. Plunges of 15 to 20% are also recorded among the other main cryptocurrencies on the market. All this would be due to inflation and the rise in interest rates. This “crypto winter” has led to waves of layoffs among the main players in the sector such as Coinbase, BlockFi, Gemini or Crypto.com.

Demand for NFTs has also dropped significantly. This resulted in OpenSea’s sales volume halving last month. Some sale prices drop on well-known collections, like the CryptoPunks where the Bored Ape.

The number of people made redundant at OpenSea was not disclosed, but the company told TechCrunch media that there will remain 230 employees in the company after this wave of departures. “For those leaving us, we will offer generous severance pay, medical coverage through 2023 and accelerated stock vesting for those who fall short. We will also help them find jobs and open our personal networks to support them however we can.”continues the note.

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Bitcoin (BTC), miners discover a new El Dorado!

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Bitcoin (BTC) miners can now source energy for mining at low cost. Indeed, Iran has changed its regulations on cryptocurrencies. The new measure aims to make renewable energy more accessible to miners across the country.

bitcoin-BTC-mining

Cheap electricity available in Iran for bitcoin mining

According a tweet from Bitcoin Archive on July 29, miners from bitcoin (BTC) now have the option of purchasingelectricity at lower prices from renewable sources“. Indeed, Iran recently made changes to its regulations on the cryptocurrency industry. Now the country is simplifying access to renewable energy for cryptocurrency miners.

Iranian authorities allow licensed miners to source energy at cheaper rates for crypto mining. This new rule is valid throughout the country. Note that before, mining companies could only get their supplies from renewable power plants located in the same province.

Clarification that the new regulations stipulate that miners are no longer required to use the energy production capacities of mining platforms. The positive changes to these regulations in Iran are an initiative of the Ministry of Energy in Tehran.

Moreover, Iran has faced various power shortages during the hot, dry summers and cold winter months. Very energy-intensive, bitcoin mining would be the cause of this problem. This is how in 2021, Iran sent orders to crypto companies several times to stop their energy-intensive activities.

At the same time, the Iranian authorities intend to launch severe measures against unauthorized minors. Indeed, they intend to increase the fines for illegal mining activities by 400%. Note that the government of Iran had identified and shut down nearly 7,000 illegal mining facilities.

In Iran, the minors who operate legally, now have the option of purchasing electricity from renewable sources. They can do this throughout the country, and this, through the national network. At the same time, companies doing illegal mining will be severely punished.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Cointribune!

Luc Jose Adjinacou avatar
Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.



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Mojang Studios bans NFTs and blockchain from Minecraft

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Faced with the rise of this technology and cases of scams, the studio has decided to firmly step up to the plate.

Over the decades, the video game has continued to evolve. From the simple solo game, players have successively discovered multiplayer, 3D, virtual reality, cross-play and battle royale. The 2020s should be dedicated to a revolutionary technology: blockchain and NFTs. These digital collectibles are increasingly present in video gamesand many of the big names in the industry are taking a strong interest in it.

A technology that is popular, but which also has its dark side

If the cases of scams have multiplied, non-fungible tokens have invested all areas, and in particular that of video games. On Minecraft, the NFT Worlds company, for example, has forged a solid reputation by selling “seeds”, namely codes allowing the generation of worlds in the game, in the form of NFTs. An extremely popular approach, but which did not really please Mojang, the company behind best-selling video game of all time. A few days ago, the firm announced its desire to permanently ban NFTs from Minecraftand more generally all blockchain technologies.

In a press release, it is thus said that “ NFT integrations with Minecraft are generally not something we will allow. This includes NFTs associated with any in-game content, including worlds, skins, items or other mods”.

The company is also concerned that ” some third-party NFTs are unreliable and end up costing players who acquire them. Some third-party NFT implementations are also entirely dependent on blockchain technology and may require an asset manager that could disappear without notice. There have also been cases of NFTs being sold at artificially or fraudulently inflated prices. »

NFT Worlds replicates with its own version of Minecraft

A statement that has not necessarily gone unnoticed, at a time when giants like SEGA or Square Enix are seriously studying the inclusion of NFT in their games. Re Minecraft (which recently welcomed a huge update), Mojang Studios’ statement greatly disappointed NFT Worlds, which even called the decision ” step back in innovation ». The company goes even further by explaining that “ Microsoft, Mojang and Minecraft had no consideration for creators, builders and players”.

As an answer, NFT Worlds will create a new game and a new platform directly inspired by the mechanics of Minecraft. The company intends to modernize the structure of the game, while bringing its own stone to the building, just to avoid a possible legal attack for plagiarism. In addition to integrating blockchain technologies, the still unnamed title should also be completely free and offer no microtransactions.



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BTC & ETH holder? Bitcoin and Ethereum consolidate gains, here’s what to expect in the coming days

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Bitcoin price gained ground above the $24,000 resistance. However, BTC failed to test the USD 25,000 level and is currently (04:06 UTC) consolidating its gains near USD 23,350. BTC is down almost 2% in one day and up more than 3% in one week.

Likewise, most major altcoins are correcting lower. ETH struggled to stay above $1750 and corrected below $1700. XRP failed to clear the $0.40 resistance zone. ADA might attempt a further move towards the resistance at $0.55.

bitcoin price

After a failed attempt above $24,500, bitcoin price began a downward correction and traded below $23,500. On the downside, a first support can be found near the USD 23,200 level. See the article: Buying a house with bitcoin? Gafisa a real estate companies in Brazil, accepts crypto payments. The next major support is found near the $22,500 area, below which the price may revisit $22,000.

On the upside, an immediate hurdle lies at USD 23,650. The next major resistance could be USD 24,250, above which the price could attempt a move towards USD 25,000.

Ethereum price

Ethereum price made another attempt to clear the $1,750 resistance zone. However, ETH failed to gain ground and started a downward correction below USD 1,700. The price is now trading near the $1,690 level and is almost unchanged in a day and up more than 5% in a week. See also: Here are the good news and plans that are pushing the price of Cardano (ADA) higher.. On the downside, a first support can be found near the USD 1,650 level. The next major support is near the $1620 area, below which the price may drop to $1550.

On the upside, the price might fight near $1,720. The next key resistance lies near the $1,750 level, above which the price could hit a new multi-week high.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained ground above the $0.52 resistance zone. It even attempted a move towards $0.55, but the bulls failed to push the price higher. On the same subject : Bitcoin (BTC): “One man’s pain is another man’s pleasure”, should you buy low?. It is now consolidating near $0.52.

BNB broke above the resistance level of $288. It even reached the resistance level of $300, where the bears emerged. It is now moving in a range close to USD 285.

Solana (SOL) broke above the $42 resistance. It even broke above USD 45 before undergoing a downward correction. On the downside, bulls could remain active near USD 40.

DOGE started a bearish correction below the USD 0.0700 support. If there are more losses, the price might drop towards the USD 0.065 support area.

XRP price gained ground above the $0.35 resistance zone. It even moved closer to the resistance of $0.40 before correcting lower. If the bulls stay in action, they might attempt a move above $0.40.

Other altcoins on the market today

A few altcoins are in the green zone, including DOT, SHIB, FIL, ICP, APE, HBAR, AAVE, BTT, MIOTA, WAVES, and STX. Of these, FIL rose 34%, breaking above the $11 level and taking its weekly gains to 93%. This is the best performance among the top 100 crypto-currencies by market capitalization today and in a week.

Overall, bitcoin price is correcting its gains and trading below $24,000. If BTC slides below $23,000, it could even revisit the $22,000 support.

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Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
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2035: NFTs will be everywhere [Crypto Dystopie]

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What will our world be like in 2035? – Our favorite cryptos will they have disappeared or will they be more than ever at the heart of our lives? Will the Bitcoin blockchain have changed the face of the world? We had fun, through little stories, imagining our world in the not so distant future. The story that follows is fictionalized, imaginary, without any pretension to guess the future. Have fun with us and dive into our new summer format. Embark in the DeLorean JDC, direction 2035!

NFT soon at the heart of society?

Ronald appears in the living room, his smartphone in his hand.

– Mom, I have the baccalaureate! Look at my wallet, I received the Soulbound Token (SBT) High School. Mention Bien.

Cindy, on the phone with Sophie, turns off the loudspeaker.

– Wait sis, I’ll call you back, Ronald has just had his baccalaureate!

4:15 p.m.

Sophie hangs up on entering the bakery. Raining cats and dogs. She closes her umbrella and joins the queue.

– Hello Lisa, I’m picking up my order.

— 75 e-euros please. Is it Gaspard’s birthday? asks the baker as she wraps the cake.

– No, Luis. My husband, Hector took him and his brother to the Digital Museum.

4:45 p.m.

Hector tries somehow to keep an eye on his two little monsters. Excited, they run between 3D representations of these works of digital art called NFT. The collections of pascal boyart and Beeple gathered in La Rochelle for the occasion.

Pascal Boyart and Beeple are two recognized artists in the world of NFTs and digital artworks.
Works from the NFTs made by the artist Pascal Boyart

Hector is stopped by a panicking museum agent, running towards him.

“Sir, have you seen a hooded individual?” Madame Michu has just had her wallet stolen.

Hector shakes his head no, surprised. How can people still be without a digital wallet in 2035? Driver’s license, gray card, vital card… Everything is digitized as SBT today. Difficult to be stolen in the street a virtual passport, you will agree?

5:05 p.m.

Madame Michu’s wallet is already far away. Quai Duperré to be exact. In the hands of the hooded thief who unceremoniously jostles Gérald as he prepares to enter his bank, the NBB Bank. Gégé rails against this coarse individual but, being in a hurry and soaked by the rain, he pushes the door of the building then goes with a quick step towards the reception.

– Hello, I have an appointment with Mr. Flouze, please.

For 5 years, with his wife, they have accumulated trust points, awarded by his bank. Stored on his SBT, warm in his wallet. Today is the big day. His points will allow him to obtain a loan for their house. Soon owners, the dream!

5:05 p.m.

Franck Flouze hangs up with his wife, Estelle. For 10 minutes, she has been complaining about the withdrawal of the SBT Netflix of their common wallet. Signifying the end of their subscription. And for his wife, the impossibility of finishing season 17 of Stranger Things. A disaster worse than the apocalypse to believe his words. But he has an appointment with a client, the SBT Netflix renewal can wait for tonight, damn it.

– Hello Gerald, what can I do for you? he asks his client with a hint of annoyance.

Netflix, NFT-based services in 2035?
Could the operation of services like Netflix in the future be based on NFTs?

> Do NFTs catch your eye? Embark on the benchmark crypto platform FTX (commercial link) <<

6:20 p.m.

Estelle turns off the TV and gets up, waking up her two cats, Edgar and Felix, curled up next to her. With her best friend Cindy, they go to see their favorite artist, DJ Ridoo, mix. He performs at Sandbox Stadium for a virtual concert of anthology. So she puts on her Holograff helmet, heading for the metaverse.

DJ Ridoo, warm in his soundproof studio, checks his turntables. His music will be broadcast in a virtual world but his live performance will be very real. As concrete as the 200,000 spectators who are waiting for him to enjoy his music. bad luck, the Dual Combat of the P2E Cup is held at the same time, reducing its potential audience. Whatever, the occasion is unique. The Ushuaïa of Ibiza but virtual.

In 2035, DJs could perform live in the metaverse, concerts attended by spectators with their tickets in the form of NFTs.
Soon more real-life virtual concerts in the metaverse?

BattleBot Cup, Dual Combat, qualifying rounds, 7:30 p.m.

Ronald, at the controls of his NFT TheEverai, struggles with a Bored Ape Yacht Club (BAYC) over-armed and recalcitrant. Sam, his partner, has just exploded into a thousand pieces due to the bomb from a Space Ape of Cantina Royale. His Meebits is offside. Eliminated, Sam counts on Ronald to win the victory, synonymous with access to the second round. He believes in their lucky stars.

“Sam, get to the table!” calls his mother, Lisa. Your brother just got home.

“And daddy?”

– He is mixing, you know.

– Hey, you bought a new wallet? Sam asks passing his twin brother, Charly, on the stairs.

This one doesn’t answer. He goes to his room, leaving a trail of water droplets behind him, and closes the door. He empties the wallet of its contents. Jackpot! A €10 note. A real collector’s item, a relic of the old world almost impossible to find now. He will be able to pay Mask, the hacker Harry mentioned. He knows how to add fake SBTs to any wallet. A pale copy, certainly, but enough to deceive his parents for a while. And, he must at all costs make them believe that he had his baccalaureate, at least until the holidays planned with his friends at the end of July.

A few scenes from the story are depicted in this illustration.  Gérald at the bank, Hector at the museum, Ronald and Sam playing P2E.

8:00 p.m.

Harry hears his father, Gerald, come in.

– What a dog weather, really! Cindy, we have the loan from the bank, he says to his wife. All those good points accumulated, it was worth it, right?

Outside, the rain intensifies.

Gaming, art, metaverse, clubs, brands… But also diplomas, certificates, identity papers, cinema tickets, concerts… Genuine springboard to our future identities in a digitalized world, NFTs and more particularly Soulbound Tokens (SBT) could well revolutionize our lifestyles in a few years. What would be the applications? Hasheur also gives some hints in his latest video. Will NFTs soon populate our everyday lives?

Does the advent of SBT still seem too abstract to you? You may prefer to buy traditional cryptocurrencies at SBF! Register without delay on the FTX reference crypto exchange platform. In addition, you benefit from a lifetime reduction on your trading fees (commercial link, see conditions on official website).



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Bitcoin Price Aims Higher, Why BTC Could Break Above $25,000

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Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone.

  • Bitcoin started a fresh rise above the $24,200 resistance zone.
  • The price is now trading above the $24,000 level and the 100 hourly simple moving average.
  • A key bullish trend line is forming with support near $24,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $25,000 resistance.

The price of Bitcoin is gaining momentum

Bitcoin price attempted a further rise above the $24,500 resistance zone. BTC accelerated for a move above the $24,800 level, with a close above the 100 hourly simple moving average.

The price even broke above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price fell below the 50% Fib retracement level of the upward move from the lows of $23,600 to highs of $25,045.

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However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 low to $25,045 low served as support.

There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average.

bitcoin price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 area. A close above the $25,000 resistance zone could trigger another increase. In the indicated case, the price could possibly test the resistance at $25,800. Any further gains could send the price towards the $26,200 level.

Dips supported in BTC?

If bitcoin fails to clear the $25,000 resistance zone, it could trigger a downward correction. An immediate support on the downside is near the $24,600 level.

The next major support now lies near the $24,500 level, the trendline and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there could be a move towards the $24,200 level. Any further losses could send the price towards the $23,500 level.

Technical indicators:

Hourly MACD – The MACD is now accelerating in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Main support levels – $24,500, followed by $24,200.

Main resistance levels – $25,000, $25,800 and $26,200.

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