We saw BTC recovering from $34,000 two weeks ago, and bulls have been trying to take the upper hand. BTC recovered almost 10% in just a week and continues to push higher. At the time of writing, BTC's price was $41,682, and it gained 0.35% in the past 24hrs.
After weeks of down and sideways movement, the crypto trading community has been ecstatic about the current Bitcoin price activity. When BTC was moving downward and dragging the market down, crypto traders began talking about making a joke about the popular fast-food restaurant McDonald's.
The restaurant chain took notice and responded to the cryptocurrency dealers on Twitter. Many key figures in the field, like Cameron Winklevoss and other prominent accounts, reacted to the post, referring to a McDonald's product or maybe joining the restaurant.
Go Fund Yourself with Bitcoin, and this phrase is at the heart of a recently launched Tallycoin campaign. A crowdfunding platform powered by BTC and the second layer payment solution lightning network, with 0% costs, its own website Plug-in, and companion node software. Nothing is taken from the donors by the platform. It only allows users to take advantage of Bitcoin's censorship and seizable resistance while receiving assistance from individuals all around the world. Every BTC collected goes directly to the campaign and its management.
The organisers of the Freedom Convoy 2022, a movement to help Canadian-based truckers resist their government's COVID-19 and immunisation regulations, found out the hard way. Over 50,000 truckers gathered in Ottawa and launched a GoFundMe campaign to support their cause. The campaign quickly raised roughly ten million Canadian dollars, or $9 million. As is frequently the case, when a group of people rises up and begins to make demands on their government, they are met with hostility.
Key Takeaways (BTCUSD)
- Kraken, a leading cryptocurrency exchange, published the findings of a proof-of-reserve audit on Thursday, revealing that it has more than $19 billion in Ether (ETH) and Bitcoin (BTC) (BTC). According to a blog post, the audit was performed by Armanino LLP, a consulting and technology business based in the United States. The findings only included BTC and ETH, including the $3.5 billion in ETH stored in Kraken's staking service, which is an ETH 2.0 validator. Since 2014, the exchange has undergone a second independent audit. According to Armanino, reconstructing a Merkle tree — a mathematical data structure that incorporates hashes of distinct blocks of data – and proving every coin was on location required several years of labour. The audit comes at a time when crypto firms are being scrutinised more closely by regulatory agencies throughout the world.
- The organisers of the Freedom Convoy 2022, a movement to help Canadian-based truckers resist their government's COVID-19 and immunisation regulations, found out the hard way. Over 50,000 truckers gathered in Ottawa and launched a GoFundMe campaign to support their cause. The campaign quickly raised roughly ten million Canadian dollars, or $9 million. As is frequently the case, when a group of people rises up and begins to make demands on their government, they are met with hostility.
Bitcoin (BTC) Price Analysis
Fear & Greed Index: 37, Fear
All-time High: $68,789.63
ROI: 30638.91%
24h change: 0.35%
7d change: 9.23%
Market Cap: $788,285,784,449
Circulation Supply: 18,950,100 BTC
Total Supply: 18,950,100 BTC
Weekly Chart Breakdown of BTCUSD
Source: TradingView
BTC's price found a support above $34k and began to rally with the confluence of RSI bullish divergence. If the bulls can succeed, BTC's price will go to $45k, which is the next supply zone on the weekly timeframe with a confluence of 20EMA.
Daily Chart Breakdown of BTCUSD
Source: TradingView
The BTC market broke out of the daily falling trendline indicating a trend reversal. Right now, we have a bearish divergence on the daily timeframe that might push the market towards $39k for correction before a further rally.
4h Chart Breakdown of BTCUSD
Source: TradingView
We have bearish divergence at the 4h timeframe as well, which indicates a near correction.
1 Hour Chart Breakdown of BTCUSD
Source: TradingView
BTC's price is moving in a rising channel on the 1h timeframe. The market is hovering below $42 because of the resistance of the rising channel. If the structure remains intact, we might see corrections towards $39k before next bullish impulsive leg.
Final Thoughts
Crypto enthusiasts are hopeful for cryptocurrencies in 2022. However, time will tell if BTC can continue to grow or go to slumps again.
