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Arslan Butt
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Arslan Butt
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Bitcoin (BTC), the leading cryptocurrency, continued its bullish trend around the $61,353 mark, reaching an intra-day high of $61,462. Despite negative news about Celsius accusing Tether of “fraudulent” Bitcoin transfers exceeding $2 billion, this upward momentum continued.
Tether allegedly breached contract terms and hastily liquidated Bitcoin, which could have undermined investor confidence and pressured BTC prices.
However, on a positive note, MicroStrategy’s plan to raise up to $2 billion to expand its Bitcoin holdings could mitigate the negative impact of the Celsius-Tether controversy.
With 226,500 BTC already in its portfolio, this move may enhance market confidence and drive further Bitcoin price increases.
Celsius Network has sued Tether, accusing it of fraud for transferring over $2 billion worth of Bitcoin questionably. Celsius alleges that Tether broke their agreement by quickly selling off Bitcoin which Celsius had used as collateral.
This hasty liquidation, according to Celsius, was done to unfairly benefit Tether as Celsius was nearing bankruptcy. They claim Tether sold 39,542.42 BTC at prices lower than market value, which caused them significant financial harm.
Celsius is now trying to recover these lost Bitcoin and is asking for damages for the breach of contract.
On the other hand, Tether’s CEO, Paolo Ardoino, denies these accusations.
He explains that the Bitcoin liquidation was carried out at Celsius’s request during a market downturn, and he describes the lawsuit as baseless. Tether plans to defend itself against these claims in court strongly.
Therefore, this news could negatively impact Bitcoin’s price by raising concerns about market manipulation and instability within the crypto industry.
The legal battle between Celsius and Tether might shake investor confidence, potentially leading to a decline in BTC prices.
MicroStrategy, a major Bitcoin investor led by Michael Saylor, has announced plans to raise up to $2 billion to potentially buy more Bitcoin.
Currently, the company owns 226,500 BTC, worth over $13.88 billion, making it the largest public holder of Bitcoin.
This announcement has generated excitement in the cryptocurrency world. Many believe that if MicroStrategy invests a large portion of this money into Bitcoin, it could boost Bitcoin prices and possibly push them back toward $75,000.
Although MicroStrategy hasn’t confirmed if they will spend all $2 billion on Bitcoin, any significant purchase is expected to increase market confidence and drive up Bitcoin prices.
The company has already invested nearly $8.4 billion in Bitcoin over the past four years, leading to a remarkable 995% growth in its value since 2020.
Investors are eagerly watching for further news from MicroStrategy, as any major moves could signal a new rise in Bitcoin’s value.
This news could positively impact Bitcoin’s price by boosting market confidence. MicroStrategy’s potential $2 billion investment in Bitcoin might reignite interest in the crypto market and push Bitcoin prices toward $75,000, as investors anticipate a significant increase in demand.
Bitcoin Faces Resistance at $62K, Bearish Below Key Level
Bitcoin (BTC/USD) is currently trading at $60,600 as viewed on the 4-hour chart. Key technical levels to watch include a pivot point at $60,585. Immediate resistance is identified at $61,870, with further resistance levels at $64,645 and $67,010.
On the support side, the first critical level stands at $59,970, followed by $59,355 and $57,145.
Technical indicators reveal a nuanced market condition. The Relative Strength Index (RSI) is at 58.40, suggesting a neutral market but slightly leaning towards bullish.
The 50-Day Exponential Moving Average (EMA), positioned at $59,970, is currently acting as a support level just below the current price.
The market’s configuration shows a double-top pattern forming near the $61,870 resistance.
This pattern is generally considered bearish and indicates potential selling pressure if Bitcoin fails to break through this resistance level.
As Bitcoin tests this crucial resistance, the outcome will significantly influence the short-term market trajectory.
Conclusion: Traders should pay close attention to the $61,870 resistance level. Failure to breach this resistance could justify a sell strategy, while a breakthrough might signal opportunities for further upward movements.
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