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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Tumbling As Libra Attacks Intensify, BTC Down 20%

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

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  • Bitcoin (BTC) is crumbling
  • The success of Facebook’s Libra instrumental for Bitcoin

Under attack for their reckless past, the success of Facebook will be immense for cryptocurrencies and Bitcoin.  Even so, privacy is prime. Safeguarding personal data is a top priority. At the moment, the secure BTC is stable, bouncing back after this week’s rout.

Bitcoin Price Analysis

Fundamentals

The line between maintaining privacy and violating the same is thin, not discernible for many companies. And it will get tight, if not worse in coming years. With the rise of blockchain and the general public apprehension, calls for protection will amplify and force regulators’ hands.

Of the many firms under the radar are tech companies describing themselves as social media giants. For a long time now, Google and Facebook have been blamed for misusing voluntarily submitted personal data, unnecessarily exposing users to vices.

Thanks to the insurmountable pressure to fine-tune their targeting for better reach and conversion, Facebook did not only pay a hefty fine of $5 billion-and ironically got richer, but their plans of Libra is under serious threat of cancellation or even ban. President Trump has given his two cents while Steven Mnuchin, the US secretary of Treasury, reasserted the President’s position.

While external solutions that tame the very problem of exploitation by safeguarding private details against data violation by tech companies exist via blockchain solutions as Tide, for example, Facebook’s broad user base is a perfect spring board.

Note that the success of Libra as a stablecoin will pique interest. Consequently, of the many curious Facebook users, some may decide to invest or trade Bitcoin with Libra as a safety net.

Candlestick Arrangement

Bitcoin BTC

At the time of writing, BTC is steady with feeble bulls. A reprieve, and an opportunity for latecomers to exit their long positions, sellers are evidently in control. Even though that is not to dismiss buyers, the retracement from last week is an opportunity for risk takers.

If anything, and in line with previous BTC/USD trade plan, the draw down is a perfect re-entry for aggressive traders. In light of the above, it is imperative that buyers build momentum and reverse losses of July 16. That way, risk averse traders can buy the breakout.

Presently, note that July 16 bar is extensive. Besides, despite yesterday’s rejection of lower lows, prices are still trending the bar’s trade range. That, from an effort versus result point of view, is bearish.

As such, every pullback towards $12,000 is a selling opportunity with targets at $9,500 and later $7,500. Conversely, any rally with a remarkable high-volume bull candlestick surging past $14,000 will nullify this trade plan.

Technical Indicator

Because of the above, June 26 candlestick leads this overview. Any drastic surge or drop above $14,000 or below $9,500 should ideally be with high participation exceeding 82k. Any case, price losses below $9,500 could see BTC tumble to $5,500 in a retest.

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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