In the local weekend rally, the BTC price overcame an important resistance

Bitcoin regains bullish momentum and $20,000 reappears in the visibility area

In the local weekend rally, the BTC price overcame an important resistance.

Bitcoin remains in the spotlight as companies add it to their portfolio one by one. MassMutual was the last company to report such a $100 million addition to its portfolio today. This adds to the impressive buying pressure, renewing hopes for a breakdown of $20,000 back in December.

Following the week’s correction, the Bitcoin price has bounced above its critical level of $18,600 and is likely to aim for new highs. However, as the Bitcoin System breakthrough occurred over the weekend, one of the problems for the bulls is the relatively low trading volume of the bounce.

The 4-hour schedule shows everything you need to know about Bitcoin’s movements in recent days. Originally, the BTC broke through the critical support area at $18,500 and fell to the next support at $17,600.

This support worked out with a bullish divergence at the RSI. The bearish momentum was not enough to provoke a break-down below $17.600 when buyers entered this level.

The decisive local resistance was then at $18,500 and it was quickly broken through within a few hours. This movement also led to a significant rally towards the resistance zone at record price highs of $19,500.

Is Bitcoin going to replicate the same pattern again?

The view from the height of the day’s timeframe gives an idea of increasing ranges after a pulsed upward movement. The price of Bitcoin has increased several times in the last year. The first impulse movement occurred before halving, the second in August and the last in the last few months.

However, after each such movement, the price has been trading in a relatively narrow range for some time, as the market needs to accumulate enough momentum to continue the trend. Nothing is rising in a straight line and retests of previous resistance levels must periodically take place to continue the trend.

There was a false break-up in each of the last periods, setting the basis for the upper limit of the uptrend wedge. The probability of a similar development is also increasing this time, given the price movements this weekend.

From this point of view, the prospect of movement to $21,000 is again becoming relevant, which should lead to the circulation of $19,500 in support. If this does not happen, history will repeat itself and Bitcoin is likely to return to the current range. Thus, on a higher timeframe, the support levels visible on the price chart are still in the $14,000 and $16,000 range.

Gaps (gaps) in the CME’s futures schedule have been the focus of many discussions and remain an important variable that should be addressed.

As far as we can see now, a new Gap will be created as a result of this weekend, as the Friday closing price for the CME is $18.115. This futures gap is therefore likely to be an important entry or exit point for many, and so such gaps often become a self-fulfilling prophecy and are filled.

As a result of recent price movements, two gaps were formed on the CME chart. The first one was not fully closed – there is still a void around $17.015. The second one at $18.115 is likely to be created as a result of the bullish momentum of this weekend.

Important levels of volatility to watch out for

The critical levels on the chart are easy to determine. The resistance zone is between $19,400 and 19,600, which is the highest resistance zone of all time and the last before the BTC/USD exchange rate opens up new price levels.

However, its breakthrough today does not yet guarantee that the trend will continue. The resistance zone still needs to be successfully tested as support so that the rally can continue. Otherwise, another false breakout will be the likely scenario, as shown above.

On the other hand, the area of $18,500-18,600 needs to be held to prepare the ground for testing new highs. If this does not happen, the prospect of a retest of $16,000 or even $14,000 will still exist.

Tesla: Elon Musk flirts with Bitcoin investment

Elon Musk makes advances in the direction of a billion dollar Bitcoin investment and promptly receives free advice from MicroStrategy CEO Michael Saylor on Twitter.

Two people looked for each other and found each other: A lively Bitcoin debate broke out on Twitter between Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor, which made waves in the crypto space. Michael Saylor used a suggestive post from Musk for free investment advice.

To the crypto compass magazine

Saylor’s “insider tip”:

If you want to do your shareholders a $ 100 billion favor, convert the $ TSLA balance sheet from USD to BTC.

According to Saylor, the charisma of a Tesla entry into Bitcoin could also entice other S&P500 companies to invest, thereby boosting BTC market capitalization and quickly increasing the value of a USD 100 billion investment by ten times.

The simple calculation finally worked out in the case of MicroStrategy: Since the listed software company shifted around $ 475 million of its cash reserves into BTC, the investment in the course of the Bitcoin Bull Run has reached a current value of over 958 million US dollars more than doubled.

Musk, who is not a blank slate when it comes to crypto currencies, then joined the discussion again and asked Saylor whether transactions of this magnitude were even possible.

Saylor’s answer was not long in coming. An unequivocal: Yes. He himself has invested 1.3 billion US dollars in Bitcoin in the last few months and would like to share his “playbook” with Musk, from one rocket scientist to another.

Tesla soon to be Bitcoin Hodler?

It remains to be seen how serious Musk’s statements are. The Tesla and SpaceX CEO often uses irony as a stylistic device on the short message platform. Nevertheless: A BTC entry is actually not completely excluded. Musk has already expressed his admiration for digital gold in the past and, as the proud owner of – after all – 0.25 BTC, already belongs to the Hodler class . He also has to repeatedly serve as a potential CEO candidate for the MemeCoin project Dogecoin .

The balance sheet also confirms MicroStrategy’s investment strategy and could follow Musk’s words with deeds. A former project by the bustling businessman, PayPal, has finally opened up to the Bitcoin economy as well. Not unlikely that Tesla could follow suit. The right Bitcoin ATM is already there in the Gigafactory in Nevada .

Coinbase stöder Eth2 Beacon Chain Staking

Från och med början av 2021 kommer Coinbase att stödja ETH-insättning och distribution av klientbelöningar när Eth2-fas 0 är aktiv enligt ett uttalande den 1 december.

Tjänsten finns i behörig jurisdiktion

Tjänsten är endast tillgänglig för kunder i behöriga jurisdiktioner inklusive USA och någon av de över 100 länder som stöds.

Mer information kommer att meddelas i sinom tid.

Utbytet gör det klart att det stöder övergången. Innehavare kommer inte att vara illikvida eftersom de „möjliggör handel mellan ETH2, ETH och alla andra valutor som stöds och ger likviditet för våra kunder.“

Stakers som är villiga att låsa sina 32 ETH i Proof-of-Stake (PoS) Beacon Chain mainnet via det officiella insättningsavtalet är fria att göra.

Trots detta kommer Coinbase att hjälpa till med fördelningen av belöningar för kunder vars saldo är lägre än 32 ETH-tröskeln.

Eth2 är nu live, över 880 000 ETH deponerat

Med Beacon Chain-mainnet nu aktivt finns det över 27 000 officiella validerare. I skrivande stund fanns det 880 672 ETH-insättningar och 27 512 validerare. Validerare fortsätter att låsa sina mynt i Beacon Chain-mönstret.

För en vecka sedan behövdes 524 288 ETH: er för att bana väg för dagens mainnet. Om det misslyckades skulle lanseringen skjutas upp ytterligare en vecka. Det var dock den kraftiga ökningen av insättningsaktiviteten tre dagar före 24 november som såg tröskeln uppnås flera timmar före deadline.

Framför allt belyste avvikelsen och accelerationen bestämningen från samhället av behovet av att flytta till en ny konsensusalgoritm. Till skillnad från tidigare uppgraderingar av förseningar är migrationen till Eth2 avgörande för nätverket.

Serenity kommer att skala Ethereum och lösa problemet med höga transaktionsavgifter

Eth2 kommer att utföras genom flera faser som sträcker sig över år som kulminerar i Serenity. Den sista fasen kommer att vara skalbar i flera storleksordningar som i tillräcklig utsträckning tillgodoser de höga gasavgifter som hindrar antagandet.

Enligt BitInfoCharts betalade en vanlig nätverksanvändare den 30 november i genomsnitt 3 dollar för att bokföra en transaktion. Det tredubblades i genomsnitt 29 november ($ 1) och kan stiga beroende på plattformens aktivitet.

Som BTCManager rapporterade är Eth2 nu mer decentraliserat med tanke på nivån på nodfördelningen än Bitcoin.