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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin (BTC) Price Down 8% Despite Binance CEO’s Optimism

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
technical analysis bitcoin

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  • Bitcoin (BTC) is down 8.3 percent week-to-date
  • Binance CEO said cryptocurrencies would survive

Changpeng Zhao, the CEO of Binance, is of the view that President Trump’s mentioning of Bitcoin is positive. As an unstoppable force and an innovation, Bitcoin won’t die. At the time of writing, BTC is under liquidation pressure, shedding 3.1 percent in 24 hours.

Bitcoin Price Analysis

Fundamentals

Often, change is hard, especially for the privileged. However, change is inevitable. For a long time, central banks and financial institutions have enjoyed the benefit of monopoly. Their power lies in their control of monetary policy, which equates to money and limitless capabilities. Now, Bitcoin is prodding their influence. Expectedly, the response from governments has been immediate, just look at Donald Trump’s tweetstorm.

Clearly, Facebook’s Libra is ruffling feathers, and the ensuing debate is whether Bitcoin is worth the chance of leading the next financial revolution. If anything, the possible notion that private currency, offered by firms or the community, had a chance to compete with the “mighty” USD couldn’t be envisioned.

As it is, that is the scenario. President Trump’s discrediting digital money further legitimizes Bitcoin. According to Changpeng Zhao, the CEO of the world’s largest exchange by adjusted volumes, criticism is actually buoying BTC. Because of Trump, the general population is curious and desirous of more. In an interview with the CNBC, the cryptocurrency leader said:

“Trump so far has not done anything positive or negative. He just said he’s not a fan. The fact that he tweeted about it and the president of the United States is talking about cryptocurrency. It’s a good thing.”

He further adds:

“Cryptocurrency will survive regardless of any one country. Most countries that try to ban Bitcoin cause their citizens to want cryptocurrency more.”

Candlestick Arrangements

Bitcoin BTC

Bitcoin is ranging inside July 18 candlestick. While it could be bullish from an effort versus result point of view, the simple fact is that the trend trajectory is negative. Connecting peaks of the last two weeks yield a negative gradient. Therefore, the path of least resistance is southwards.

Even so, and in line with previous BTC/USD trade plans, any surge past $11,200 confirms the under-valuation of July 17 candlestick. Remote as it is, that possibility could spur demand, lifting BTC to $14,000 and even $18,000 if the push is sustained.

Regardless, the current state of affairs is leaning towards bears. As a result, every high is technically a liquidation point with the first target at $9,500 for aggressive traders. Fitting stop limit will be above $11,200.

Technical Indicators

Leading this trade plan is July 16 candlestick. Extensive and bearish, buyers must rewind that day’s losses with equally high participation. Upswings past $11,200 invalidating this short-term projection ought to be with high trading volumes exceeding 43k of July 16.

Similarly, endorsing sellers, losses past $9,500 with high participation will be the basis for possible losses to $7,500.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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