Bitcoin (BTC) Firm Adding 19.3%, Iranian Authorities Seize Mining Gear

Dalmas Ngetich

5 years ago

2 mins read

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Bitcoin (BTC) up 19.3 percent
China changing its wordings on Bitcoin

Steadfast as they are, Bitcoin bulls could get a shot in the arm in days ahead. That’s albeit news of Bitcoin mining gear seizure in Iran. So far, BTC prices are stable and may thrash predictions if there is a surge past $13,300.

Bitcoin Price Analysis

Fundamentals

After a mostly successful week, there is a predictable correction. Mild as it is, Bitcoin bulls are resilient, rejecting attempts of lower lows. However, considering how cautious market participants are, any correction below $11,000 could spark a wholesale dump.

Possible support is at $9,500 or lower, but in any case, any drawdown is another opportunity for savvy traders waiting for trend resumption. Already, this consolidation is allowing some to exit their longs in anticipation of a correction, clipping off some of their gains.

Despite speculations, Bitcoin fundamentals are changing for the better. Bitcoin bulls are solid. Encouragingly, China is changing its wordings on crypto as pundits interpret it as bullish. Overly, that will reassure the market. By any chance, if the Chinese government opens the door, allowing legal trading of any form, BTC will be the biggest beneficiary.

Meanwhile, reports in Iran reveal that state authorities seized 1,000 Bitcoin mining machines from two facilities within the embattled Islamic republic. Following an abnormal surge of electricity demand in June, investigations zeroed in on the two Bitcoin mining farms consuming around one megawatt of state power.

Regardless of Bitcoin energy needs, pegging the world’s largest asset to a utility draws value. Besides, in Iran, economic sanctions imposed by the US and allies is straining the country’s economy. As a result, Bitcoin is turning out to be a preferred store of value, which is fitting at a time when inflation is wiping wealth.

Candlestick Arrangement

Steady in the past 24 hours, BTC is bullish from last week. By adding 19.3 percent, buyers are in control. Note that BTC surge is nearly perpendicular.

Spiking to 111 percent year-to-date and adding over $10,000 after bottoming up from $3,200 at peaks, the sentiment is bullish.

Therefore, partly because of that, there is a rejection of lower prices. BTC bulls are firm above $11,200. However, since prices are ranging inside June 27 bear bar, sellers have a chance from an effort versus result point of view. If prices drop below June 26 lows, BTC will likely slide to $9,500 in a retest.

Technical Indicator

Anchoring this trade plan is June 26 bull candlestick. It is not only extensive, but the bar has high trade volumes of 81k. As such, any spike invalidating and confirming losses of June 27 or confirming buyers of June ought to be with high participation exceeding 81k.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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.

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.