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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin (BTC) Bulls Firm Even if BitFinex May Refute NY AG Fraud Claims

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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  • Bitcoin price successfully recover Apr-25 losses
  • BitFinex says they are good players in the digital space and would protect their clients from NY OAG attacks

Despite Apr-25 blip, BitFinex commitment is unwavering. Concurrently, Bitcoin bulls are resilient, and even with a threatening drop, buyers are back as prices snap back to primary trend. The way BTC shook off bears is suggestive of strong underlying support, and in that case, BTC may easily extend to $6,000.

Bitcoin Price Analysis

Fundamentals

The jumble around Tether, BitFinex and the NY Office of AG, in my take, is but another opportunity for savvy traders to capitalize and load. We have seen this happen on numerous occasions. Remember, last year when news broke out that BitFinex clients couldn’t withdraw fiat, the price of Bitcoin and other high liquid coins rose in response.

https://twitter.com/ProofofResearch/status/1122059001515188225

Even so, then- because of other fundamental factors, the world’s most valuable currency was under pressure. It was only days before prices sank below $6,000. However, the crypto climate is different now. Triggered by fundamental factors, analysts are upbeat and project Bitcoin to blast above $10,000 towards $50,000 and even $1 million in the next two decades.

For this mega valuation, there must be triggers like China allowing the free market to influence their controlled Yuan and once again opening doors for exchanges as well as the SEC approving any of the many Bitcoin ETF application.

Before then, next year’s halving–which is some few weeks before the US General election, is bullish thanks to expected scarcity. If supply and demand dynamics kick in, then Bitcoin would fly.

Candlestick Arrangement

Bitcoin BTC

Price wise and the world’s most valuable coin is stable, trading around Apr-25 highs. Because of this, it is clear that buyers are in control, reversing losses of Apr-25, invalidating the double bear bar reversal pattern of Apr-24-25 and affirming bulls of early Apr-6.

But, from a top-down approach, the trend is clear and since Bitcoin (BTC) is above a critical trend line visible in the weekly chart, the path of least resistance is up. Since prices are bouncing off the middle BB, effortlessly reversing losses of Apr 25, there is another buying opportunity with stops at Apr-25 lows at around $5,100.

However, for trend continuation, it would be ideal that buyers close above Apr-24 highs with high trade volumes confirming buyers of Apr-2 and setting the foundation for the next leg up to $5,800.

Technical Indicators

As aforementioned, Apr-25 bear bar anchors our analysis. Technically, sellers of Q4 2018 could flow back, and as such, it is imperative that there is a correction of Apr-25 losses complete with high transaction volumes exceeding 21k.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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