Bitcoin Posts 8.5% Gains, Bulls Back in Control?
It was all about the weekly close for traders as they waited for Bitcoin to remain steady above the 200-week MA at $22,705. It was not to be as BTC closed at $22,600 and trades at $21,900 at the time of writing.
A positive sign on the daily chart is that the 20EMA is rising and the two moving averages are set to converge. That could indicate significant support near $21,900. The positive RSI also signals advantage to the buyers.
A break above could see BTC target $24,000 but a break below could let the bears retake control. An interesting few sessions are on the cards.
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CRYPTO NEWS WEEKLY ROUNDUP:
UAE’s Dubai Launches the Dubai Metaverse Strategy
Dubai, the leading crypto hub in the Middle East and one of UAE’s most popular emirates, has launched the ”Dubai Metaverse Strategy.”
It will include R&D, creating and promoting innovation accelerators, and providing support in Metaverse education – all aimed at enhancing the ecosystem’s economic contributions and attracting projects from all over the world.
The Strategy’s framework promises to create new governmental work models in tourism, education, retail, healthcare, law, etc. It also seeks to promote the full deployment of 5G networks which would allow data to be stored and processed locally instead of on the cloud.
Crypto.com Set to Roll Out Google Pay Integration
Big Tech continues to embrace crypto – Crypto.com is adding Google Pay as a payment option on its platform, enabling Android users to purchase cryptocurrencies. The integration goes live this week.
Users that have set up their Google Pay accounts to be linked with a credit or debit card will be able to choose the payment option when on the Crypto.com app. Google Pay boasts over 100 million users and this could provide a substantial boost in adoption.
This is the latest in a growing line of Google Pay integrations; previously, Gemini, Coinbase, Bakkt, and Nexo have introduced similar functionality on their platforms.
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