BTC Rallies Into Resistance, Gives Back Its Gains
After a positive CPI report, Bitcoin rallied straight into massive overhead resistance near the 50DMA and couldn’t sustain the upside for more than a day. BTC lost all its gains after Federal Reserve Chair Jerome Powell stated in a press conference that positive CPI data doesn’t indicate that the fight against inflation is over.
Last week saw Bitcoin drop by $1,800. However, David Puell, research associate at ARK Invest, believes that BTC is just one key on-chain signal away from a bull market.
In a tweet, Puell said, ”On-chain, three factors are needed for a bull: 1. Holding behavior from long-term investors. 2. Painful losses from short-term speculators. 3. Network activity across the board.”
”Personally seeing 1 and 2. 3 is still underwhelming,” he concluded.
At the moment, unfavorable macroeconomic conditions continue to be problematic for global markets, let alone crypto markets. After giving up the 20-day EMA support, stronger support for BTC lies near the $15,650 mark. For many, $12,000 is still on the cards for the biggest crypto by market cap.
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CRYPTO NEWS WEEKLY ROUND UP:
MetaMask to Introduce Ether Purchases Via the PayPal Network
PayPal has teamed up with ConsenSys to introduce the purchase and transfer of ETH via the PayPal network for MetaMask users. The service is initially set to be rolled out to users in the U.S. since it’s one of MetaMask’s largest markets.
Users will be able to seamlessly purchase and transfer ETH from PayPal to MetaMask by simply logging onto the MetaMask app, which will subsequently redirect them to their respective PayPal accounts.
Lorenzo Santos, Product Manager for MetaMask, said, ”This integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.”
Italy Selects Algorand to Support Bank and Insurance Guarantees Platform
According to a statement released on Dec. 13, Algorand has been ”selected to be the public blockchain that will support an innovative digital guarantees platform in Italy.” CETIF, the Research Center on Technologies, Innovations and Finance in Italy, is leading an effort to develop a blockchain-based platform to serve the needs of Italy’s banking and insurance markets.
This is the first time an EU member state will enable the use of blockchain tech for bank and insurance guarantees. Algorand is the only network this initiative uses.
Federico Rajola, professor at CETIF, said, ”We selected Algorand because of its unparalleled level of innovation and security among permissionless DLTs, as well as because of its leadership in sustainability.”
The platform is set to be launched in early 2023.
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