Autor Cointelegraph By Jordan Finneseth

Bitcoin dips to $22.6K, risking further losses if it fails to hold above 200-week MA

The mood across the cryptocurrency ecosystem is noticeably brighter on July 22 after a week of gains helped traders put the events of the past two months behind them and look toward a positive future. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has been oscillating around support at $23,000 over the past couple of days and continues to hold slightly above its 200-week moving average (MA), which has been a reliable indicator of bear market bottoms in the past. BTC/USDT 1-day chart. Source: TradingViewAs the debate about the market’s direction continues to rage, here are the important levels to watch heading into the weekend, according to analysts.Bitcoin needs weekly close above $22,800The significance of Bitcoin trading above its 200-week MA was noted by independent market analyst Michaël van de Poppe, who posted the following chart highlighting the major support and resistance zones:BTC/USDT 1-hour chart. Source: TwitterAccording to van de Poppe, Bitcoin is “facing crucial resistance again” at $23,500, and what happens next will determine if its price heads higher or pulls back to support at $21,500. He explained:“If that breaks at $23.8K, I’m assuming we’ll continue and then $28K is on the tables, but we also have a clear breakout above the 200-Week MA confirmed.”The importance of BTC holding above the 200-week MA was further addressed by market analyst Rekt Capital, who highlighted the need for Bitcoin to see a weekly close above $22,800:#BTC is see-sawing around the 200-week MA all weekThe most important thing will be the confirmation relative to the 200-week MA in the form of a Weekly Candle CloseThe 200-week MA represents the price point of $22800$BTC #Crypto #Bitcoin— Rekt Capital (@rektcapital) July 22, 2022Anticipating a big moveThe recent price action is a sign that “a big move for #BTC is going to happen soon,” according to crypto trader and pseudonymous Twitter user CryptoGodJohn, who provided the following chart outlining two possible paths Bitcoin could take:BTC/USD 1-hour chart. Source: TwitterCryptoGodJohn said:“Break above and hold $24,200. I think we squeeze to $27K–$28K fairly quickly. If we start accepting back into the range, I am looking for a flush down to $20K. Pretty easy invalidation on both, stay safe.”Related: Pro Bitcoin traders are uncomfortable with bullish positionsThe possibility of a move in either direction was also noted by the Twitter user Mayne, who posted the following chart addressing the “potential range break out” for Bitcoin. BTC/USD 12-hour chart. Source: TwitterThey further explained: “Upside could be juicy if we can hold above $22.5k/range high. Lose the range high, this was likely a deviation. The move above range high becomes your risk as you target shorts back into the range.”Keeping it simpleFor those who are more inclined to accumulate and hodl as opposed to focusing on the day-to-day price movements of Bitcoin, market analyst Caleb Franzen offered the following insight to when it would be a good time to dollar-cost average:#Bitcoin analysis with monthly candles & the 12-month Williams%R Oscillator.When the W%R becomes “oversold” on a 1-year basis, it signals an accumulation zone. When it crosses above the oversold threshold, the bull market stampedes.We’re in the accumulation zone since May’22.— Caleb Franzen (@CalebFranzen) July 22, 2022

The overall cryptocurrency market cap now stands at $1.048 trillion and Bitcoin’s dominance rate is 42%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Inflation got you down? 5 ways to accumulate crypto with little to no cost

Experienced crypto traders know that bull markets are for selling and bear markets are for accumulation, but the latter can be difficult amid a backdrop of surging inflation that saps the purchasing power of fiat currencies. As the crypto market heads deeper into crypto winter, with prices in the gutter and developers focused on creating the next popular protocol or breakout token, some crypto fans have begun to explore new ways of increasing their stack in preparation for the next bull market.Here’s a look at the top five ways hodlers can increase the size of their crypto portfolio without breaking the bank so that the money they earn can go toward combating the rising cost of living. StakingStaking is perhaps the most tested and proven way to increase the number of tokens held, as the vast majority of proof-of-stake (PoS) networks offer a steady yield for locking up coins.In addition to helping with transaction validation and network security, staking tokens in a smart contract reduces the available circulating supply, which, in turn, can help boost the price of the underlying crypto asset. Every proof of stake blockchain has different rules concerning payouts, yields, lock period, etc. so do research before staking any of your crypto assets to learn what the system entails— LifeDeFied (, ✨) (@LifeDeFied) July 18, 2022Care should be taken as to which token is staked, however, as crypto winters are known for leading to the demise of most protocols that lack solid fundamentals or significant backing. Projects with an established track record, healthy trading volume and an active and growing community of users are some of the keys to look at when choosing a good PoS network. Some of the top options in the current market include Ethereum, Cosmos, Fantom, Solana, Avalanche, Polygon and Polkadot. GameFi and play-to-earn2021 saw the emergence of GameFi and play-to-earn (P2E) protocols, which offer gamers the ability to do what they have always loved — and earn a living in the process. While token prices for the most popular games like Axie Infinity (AXS) have plummeted, which, in turn, hurt the earning ability of players, the sector remains one of the most active in the cryptocurrency ecosystem and is likely to continue to thrive in the future. Some games do require an upfront investment, which may price out many who are looking for no-cost ways to earn crypto. But, protocols like Yield Guild Games and Merit Circle offer these users the option to rent or borrow the required assets in exchange for a small commission that is taken out of any rewards that are earned. Crypto side gigsThe past decade saw the rise of the gig economy as ride-sharing apps and food delivery services exploded in popularity and workers shunned the traditional 9–5 workday routine. “Freelancing” is the new buzzword after Novel Coronavirus in India’s gig economy. After the United States of America, India ranks second globally with more than 15 million freelancers! What’s more people from all walks of life are jumping into the freelancing workspace.— eKarma India (@EKarmaIND) July 21, 2022

As remote working and the nomad lifestyle have grown in prominence, the decentralized nature of cryptocurrencies has opened the door to a multitude of opportunities for people to help contribute to the ecosystem while also earning crypto in the process. Despite the onset of crypto winter, which has led to some of the biggest companies in the industry laying off large percentages of their workforce, new jobs in the sector are posted daily as projects launch and established companies bridge over from the legacy system.From part-time gigs and contract jobs to bounty assignments and community outreach, there are a variety of side gig opportunities for hodlers to earn crypto while their day job pays the bills. Related: Don’t wait around for recovery, keep on building, says Web3 execAirdrop huntingCryptocurrency airdrops have become a mainstay in the crypto community as they offer one of the best ways to maximize marketing efforts and bring new users into the community. As flash-in-the-pan projects that quickly rose and fell during the bull market begin to fold and fade into the rearview mirror, new projects representing the next generation of blockchain protocols are beginning to launch and need to attract users to their ecosystems. While tokens for these projects typically start out with little to no value, individuals with patience can sometimes be rewarded with a nice payday down the road once bullish momentum returns to the market. Another option is for crypto degens to explore airdrops that have already taken place with the goal of finding ones that they qualified for but have yet to claim. Some more recent examples include the Optimism (OP) and Evmos (EVMOS) airdrops, which came at the tail end of the bull market and might have gotten lost in the chaos of the past few months.There is $150 MILLION dollars of the $EVMOS airdrop that is still unclaimedIf you’ve used Ethereum before 2021, this is your ticket into the CosmosThe claimable airdrop will start transferring to the community pool in 2 weeksHere’s how to collect your share! (1/12)— Evmos Intern ☄️ (@evmosintern) July 17, 2022

Once claimed, users have the option of selling these tokens for a stablecoin or other preferred crypto, or they can hold these tokens with the hope that they will see nice gains once crypto spring rolls around. Spreading the crypto gospel (for referral bonuses)One of the oldest ways for crypto enthusiasts to earn a few Satoshis on the side is by earning referral bonuses when they refer users to cryptocurrency exchanges or newly launched decentralized finance protocols that are looking to attract users and liquidity. While the crypto contagion sparked by the collapses of Terra (LUNA) — now called Terra Classic (LUNC) — and Three Arrows Captial has led to firms like Coinbase needing to tighten their belts and discontinue referral bonuses, there are still ample opportunities for evangelists to spread the word and earn a reward. This can also aid in the process of attracting no-coiners to the crypto community as those with extra motivation search outside the available pool of traders in pursuit of higher bonuses. It’s important to note that those interested in earning extra crypto through referrals should do the proper due diligence in vetting a platform before directing others there, as folks are likely to look unkindly on someone who refers them to a scam or rug pull. Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto market cap climbs 15% in a week following Ethereum Merge date revelation

It has been a volatile yet positive week for cryptocurrencies, as traders ignored the warnings from crypto winter veterans that there was more downside in store and jumped back into the market at the first sign of rising prices. Evidence for the reversal in sentiment can be found in the Crypto Fear & Greed Index, which has climbed into the fear zone after spending a record time in the extreme fear territory due to collapsing prices in May and June. Crypto Fear & Greed Index. Source: AlternativeAs for what sparked the rally out of extreme fear, a closer look at the timeline points to the announcement of the expected date for the Ethereum Merge, which came on July 15. Data from Cointelegraph Markets Pro and TradingView shows that, following the Merge date revelation, the price of Ether (ETH) has climbed 38.5% from $1,190 to a daily high of $1,650 on July 22 amid an overall green day in the market. ETH/USDT 1-day chart. Source: TradingViewAlong with the climbing price of Ether, the total cryptocurrency market capitalization has increased 15% over the past week to its current value of $1.051 trillion. Ethereum-associated projects get a boostFurther evidence that the excitement around Ethereum’s transition to proof-of-stake (PoS) is what’s fueling the rally can be found by looking at the top gainers over the past week, which includes multiple projects associated with the leading smart contract protocol. Top 5 coins with the highest 7-day price change. Source: CoinMarketCapAs Ethereum switches over to PoS, the vast mining network that currently secures the network will be orphaned and in need of a new chain to mine. Ethereum Classic (ETC) is one of the best options in terms of network design and compatibility since it’s technically the original Ethereum proof-of-work chain. ETC/USDT 1-day chart. Source: TradingViewThe ETC price has gained 100% over the past nine days, suggesting that there is a large contingent of traders who also anticipate a miner migration to Ethereum Classic, which could bode well for the tokens price in the long term. Related: Bitcoin wobbles on Wall Street open as Ethereum hits $1.6K in 6-week highLiquid staking regains its mojoThe other notable gainer benefiting from Ethereum-related developments is Lido DAO (LDO), a liquid staking platform that allows depositors to stake their Ether in exchange for stETH, which is a one-for-one representation that can be used as collateral in decentralized finance.Data from Cointelegraph Markets Pro and TradingView shows that, since the Merge data was revealed, the price of LDO has rallied 80% from $0.885 to its current price of $1.59 after briefly spiking to a high of $1.92 on July 20. LDO/USDT 4-hour chart. Source: TradingViewOn top of the momentum gained from its association with the Ethereum Merge, the price of LDO has also benefited from the addition of support for other protocols like Solana (SOL) and Polkadot (DOT), as well as its expansion to layer-2 protocols. Lido is launching stETH on Layer 2 ️Ethereum is scaling, and so is Lido.Lido stakers will soon be able to use their stETH assets in DeFi on Layer 2.Read more about it here:— Lido (@LidoFinance) July 18, 2022The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ether price stalls at $1,630 after gaining 50% in under a week

Price action across the cryptocurrency market was largely subdued on July 21, as traders took a day to digest gains over the past week and book profits following the biggest relief rally since early June.Amid speculation about what drove the recent rally, the Ethereum Merge has consistently ranked at the top of the list. The market rally shifted into high gear after a tentative date of Sept. 19 was set for the mainnet Merge. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a high of $1,620 on July 20, Ether’s (ETH) price retraced to a low of $1,463 in the early trading hours on July 21 and has since climbed back above support at $1,500.ETH/USDT 1-day chart. Source: TradingViewNow that the initial price surge brought on by the Merge announcement has subsided, here’s what several analysts are expecting to unfold as Ether’s mainnet transition to proof-of-stake approaches. A healthy pullbackEther’s pullback on July 21 is a positive development according to market analyst Rekt Capital, who posted the following chart highlighting the importance of its weekly close above $1,300 and subsequent move higher. ETH/USD 1-week chart. Source: TwitterRekt Captial said:“Though #ETH could just continue higher to reach the upper orange region, it would be healthier for ETH to dip. Such a retest of the lower orange area would only increase probability of continuation.”July 21’s pullback aligns with this outlook and suggests the possibility of a move up to $1,700 in the near future. Watch out for a sharp drop to $1,200Ether’s modest retrace was also an anticipated development by crypto trader and pseudonymous Twitter user Team Lambo, who provided the following chart showing the clear rejection at $1,630 and 10% retracement. ETH/USDT 1-day chart. Source: TwitterTeam Lambo explained in a Twitter post:“Now the bigger correction will come below $1,440 and almost certainly will see a sharp drop towards $1,200 so keep on waiting for that move for #Ethereum.Related: What are the long-term goals for the Ethereum blockchain? Vitalik Buterin explains live at EthCCLower highs and higher lowsA more nuanced analysis of the recent price action for Ether was offered by market analyst CryptoLinns, who posted the following chart noting that the move on July 20 did not set a new high while the drop on July 21 did not establish a new low on the 4-hour chart. ETH/USDT 4-hour chart. Source: TwitterCryptoLinns said, “The last candle showed a long lower shadow line, which proves demand appeared. But volume is not enough. Watch out whether the demand of this candle now is persistent.”According to CryptoLinns, the current support level is located at $1,450 while overhead resistance is found at $1,630. A final bit of insight into the critical levels to watch on the Ethereum chart was provided by crypto trader Altcoin Sherpa, who posted the following chart identifying lower levels of support at $1,012 and $1,281 and overhead resistance at $1,701, $2,145 and $2,465.ETH/USD 1-day chart. Source: TwitterThe overall cryptocurrency market cap now stands at $1.039 trillion and Ether’s dominance rate is 18%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC

Easy come, easy go was the story on July 20 as the day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earning news showed Tesla sold 75% of its Bitcoin and Minecraft reversed course by deciding to ban NFTs on its platform.Daily cryptocurrency market performance. Source: Coin360A potential source of the afternoon downturn can be traced to Tesla’s Q2 earnings data, which showed that the electric car company sold off 75% of its Bitcoin holdings in order to add $963 million in cash to its balance sheet. So, not only forced selling from 3AC, $LUNA & $UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash.On top of that, Tesla did sell 75% of their #Bitcoin purchases towards cash. That’s what caused the crash.That’s also why we’re close to bottom.— Michaël van de Poppe (@CryptoMichNL) July 20, 2022Shortly after the Tesla news broke, Bitcoin price pulled back from its daily high at $24,280 to $22,900 before stabilizing around $23,500.Related: Bitcoin price hits $24K, but analysts say on-chain data points to an ‘inevitable’ pullbackTraders bullish estimates may have been prematureToday’s unexpected pullback may have also helped to bring a little bear market perspective to crypto traders who were ready to call for an end to the bear market. Lots of you guys haven’t gone through the early months of a bear market and it shows. You get excited over dead cat bounces and bull traps, act as if a quick pump is the end of the bear cycle. Sadly, there is only one way to learn.— Vlad “” Costea ⚡️ (@TheVladCostea) July 19, 2022

While the pullback for Bitcoin has thus far been relatively mild, multiple altcoins experienced steeper declines as recent price runups created a nice opportunity for traders to book some gains. The Ethereum (ETH) layer-two solution Polygon (MATIC) has saw an 11.5% following a week in which the token increased by 87%. Arweave (AR) saw its token price tumble by 10.84% and Filecoin (FIL) experienced a pullback of 10.2%.On the flip side, the only tokens in the top 100 that have managed hold onto positive gains for the day are Steem (STEEM) and Reef (REEF), which recorded slight gains of 6.27% and 3.15% respectively. The overall cryptocurrency market cap now stands at $1.035 trillion and Bitcoin’s dominance rate is 42.7%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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