Bitcoin Records Best Weekly Gains Since March; Bulls and Bears Continue Tussle
BTC broke above the symmetrical triangle pattern last week but couldn’t continue the momentum as familiar resistance at the 20-day EMA came into play. If this is a successful rebound from the 20-day EMA, we could see Bitcoin retest the support line at $19,600.
If we see a push upwards from that level, it’s a good sign that bulls continue to buy at lower levels. We could probably see a push to $23,300 and the 50DMA at $24,700 in the near term, levels that could trigger potential upside if breached.
On the weekly timeframe, Bitcoin recorded its biggest gains since March even as it formed three consecutive red daily candles at the end of the week. $21,000 seems to have failed as short-term support and $19,600 seems to be the next level.
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CRYPTO NEWS WEEKLY ROUNDUP:
UK Government Explores DeFi; Top-100 DeFi Projects Show Great Signs of Recovery
Last week, Her Majesty’s Revenue and Customs (HMRC) published a call for evidence paper that seeks input on the taxation of crypto-asset loans and staking, from investors, professionals, and organizations involved in DeFi-related activities.
Following the call for evidence, the government will publish a summary of responses along with its next steps, said the announcement.
On the market front, the top-100 DeFi tokens by market capitalization showed great signs of recovery, with a majority recording double-digit gains last week. CRV, CVX, RUIN, and AAVE were the top gainers.
Cardano Completes Vasil Hard Fork on the Testnet
The highly-anticipated Vasil hard fork on the Cardano network was successfully launched on the testnet last week.
Project developers, stake pool operators and exchanges are now encouraged to deploy their work on the testnet to ensure smooth integration when the Vasil upgrade goes live on the mainnet in three weeks.
The Vasil upgrade allows faster block creation and greater scalability for Cardano dApps and it also enables greater interoperability between Cardano sidechains.
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