BTC Records Ninth Consecutive Red Week, Breaks Out of Tight Range
As the week came to a close, BTC set a new record 9-week losing streak, however, that seemed to be the end of it (until now, at least.) As you can see on the chart above, Bitcoin was stuck in a tight range for a couple of weeks, with the dotted line acting as support.
The positive divergence on the RSI suggested that bearish momentum could be weakening and potential upside could be around the corner. And that’s what happened as the new week started.
Bitcoin has broken through the downtrend line and at the time of writing, trades around the $30,500 mark. The descending triangle pattern seems to have been negated and we could see a short squeeze in the near term.
At the moment, BTC is challenging the 20-SMA which has acted as strong resistance since April. A breakout above that could see Bitcoin make its way to the 50-SMA, which lies at $34,900 at the time of writing.
dPlay Adds New Video Slots, Introduces Cashback Promo
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CRYPTO NEWS WEEKLY ROUNDUP:
Terra 2.0 Launches, Tanks 70%
Last week, Do Kwon, co-founder and CEO of Terra, confirmed the relaunch of Terra’s new chain – Terra 2.0. Kwon’s plan involves hard forking the existing blockchain and airdropping LUNA tokens to investors that previously held Luna Classic, TerraUSD Classic, and Anchor Protocol UST.
Dubbed Phoenix-1, Terra 2.0 went live on Saturday and started producing blocks. Kwon announced that public node services, wallets, and explorers would follow the mainnet to go live soon after.
However, the failings of Terra 1.0 are still fresh in investors’ memories. LUNA opened at $18.87 on Saturday and then tanked by 70% as investors dumped airdropped tokens, displaying little faith in the new ecosystem.
India’s Central Bank Set to Roll Out CBDC Using a Graded Approach
In an annual report released last week, RBI – India’s central bank – proposed a three-step graded approach for rolling out a CBDC ”with little or no disruption” to the traditional financial system.
The RBI emphasized the need for the CBDC to conform to India’s objectives related to ”monetary policy, financial stability and efficient operations of currency and payment systems.”
To that end, RBI is exploring the various design elements of a CBDC that can co-exist within the existing fiat system. At the moment, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.