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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Price Analysis: BTC Bullish Above $3,700, Overstock Path Paving

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

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Latest Bitcoin News

Aside from Bakkt, the never-ending wait for US SEC to comment or even approve Bitcoin ETF, the crypto and Bitcoin sphere is bereft of market-moving news. True, there are essential updates from time to time and what dominates right now is Overstock plans of “paying” their commercial activity taxes (CAT) using Bitcoin in the US State of Ohio.

In a statement, the founder of Overstock, Patrick M. Byrne said:

“The Company is proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.”

By working with a crypto payment processor, BitPay, Ohio became the first US state to embrace cryptocurrency allowing businesses to pay for 16 types of taxes by first liquidating their Bitcoin or Bitcoin Cash stash at BitPay.

WHOA.

The state of Ohio has decided to accept Bitcoin as a payment option for taxes.

The virus is spreading 🚀

— Pomp 🌪 (@APompliano) November 25, 2018

Josh Mandel, the Treasurer at the State of Ohio and the chief agitator credited for making this possible applauded Overstock saying:

“Overstock is the first national brand in America to register to pay taxes via cryptocurrency. Their embrace of blockchain technology was ahead of its time, and we’re proud to have them join OhioCrypto.com.”

Payments are via the OhioCrypto.com, a platform that fast-tracks payment of state taxes. For clarity, the state doesn’t handle any crypto payments and BitPay like any third-party processor will sell the BTC for USD after charging a small fee.

Bitcoin (BTC) Price Analysis

Bitcoin

At spot prices, BTC is up five percent against the USD but is struggling to edge higher in the daily chart. As mentioned in previous BTC/USD trade plans, we shall retain a bullish outlook in the near term but bearish when we take a top-down approach. It’s easy to see why BTC has been in a downtrend for the last 12 months.

Furthermore, the pair is trading within a bear breakout pattern with clear barriers at $6,000. Therefore, the level is of interest in our analysis and the only trigger for higher highs is if prices break above $4,500 in sync with our previous iterations.

Only then will there be trend continuation confirming higher highs of mid-late Dec 2018–when prices rallied from $3,220 to $4,400. If not and BTC prices drop below Dec 28 lows, then we might see further depreciation towards 2018 lows.

Our BTC/USD trade plan is as follows:

Buy: $4,100, $4,500

Stop: $3,700, $4,000

Target: $4,500, $6,000

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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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.

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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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