• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Tether (USDT) Promotion, Bitcoin (BTC) Likely to Print Higher

Dalmas Ngetich by Dalmas Ngetich
3 years ago
in Uncategorized
Reading Time: 2 mins read
Advertisement
  • Bitcoin (BTC) in an uptrend but down 4.3 percent
  • Tether’s reserve low and the peg isn’t 1:1 against the USD

It is now emerging that USDT’s reserves don’t tally with what’s in circulation. That means Tether Limited is lying and investors may flock to safety driving Bitcoin prices up. At the moment, BTC is down 4.3 percent from last week’s close.

Bitcoin Price Analysis

Fundamentals

Because of all the drama, investors are reluctant. However, that is not to say they are bearish. While there is a tinge of bearish sentiment, technical and other fundamental factors support Bitcoin bulls. Expanding that and realizing that Bitcoin has a positive correlation with the altcoin market, it is easy to conclude that the market, in general, is recovering.

If anything, a combination of fundamental reasons may spur the next wave of higher highs above important resistance lines. Presently, BitFinex and Tether may be a systemic risk or blessing. With the admission that Tether Limited has no reserves to back the stable coin 100 percent, investors may decide to liquidate their stable coin and convert them to Bitcoin, alternative currencies like PAX, or fiat en mass, heaping pressure on USDT but supporting BTC.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the other hand, the market may collapse if the NY OAG decides to impose hefty fines on BitFinex for their fraudulent activities. Zoe Phillips, of law firm Morgan Lewis, delivered the bombshell saying collaborated by BitFinex counsel:

“Tether’s reserves of cash and cash equivalents alone (without the line of credit) would cover approximately 74 percent of the outstanding amount of tether.”

Candlestick Arrangement

Bitcoin BTC

At the time of press, Bitcoin (BTC) is dominant, controlling 54 percent of crypto trading. Nonetheless, it is stable, down 4.3 percent in the last week. Although we are bullish on the asset, it is imperative that bulls muster enough momentum to drive prices above $5,500, in a trend continuation phase.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

That means reversing loses of Apr-25, ideally with high transaction volumes, and confirming buyers of Apr-2. By doing so, Bitcoin would be free from a temporary consolidation.

On the other hand, should there be lower lows countering yesterday’s upswings then it is likely that bears of Apr-25—which is wide-ranging with high participation levels—would drive prices below $4950 invalidating our short-term stance. As a result, it is Bitcoin (BTC) may drop to $4,500 in line with our last BTC/USD trade plan.

Technical Indicators

From above, Apr-25 with 18k against 10k volumes is our reference bar. The initial trend is bullish, but the bar is bearish with tepid bulls. Any drop below $4,950 or surge past $5,600 should be with high participation exceeding 18k of Apr-25 or 38k of Apr-2.

Chart courtesy of Trading View

Tags: bitcoinbtctetherUSDT
Tweet123Share227ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

bitcoin

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

46 mins ago
CoinEx Charity Book Donation Worldwide: Over 10,000 Books for Children’s Dreams

CoinEx Charity Book Donation Worldwide: Over 10,000 Books for Children’s Dreams

1 hour ago
Six Years of Relentless Efforts: ViaBTC is Always on the Way

Six Years of Relentless Efforts: ViaBTC is Always on the Way

1 hour ago
Top 3 Web3 Coins to Watch in 2022

Top 3 Web3 Coins to Watch in 2022

1 hour ago
The DAOificaiton of Games: How and Why

The DAOificaiton of Games: How and Why

1 hour ago
ViaBTC: Enhance Basic Tech Capacity & Provide All-encompassing Products & Services

ViaBTC: Enhance Basic Tech Capacity & Provide All-encompassing Products & Services

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Interest-free Loan, New way of Assets Increase

May 26, 2022

Hoskinsea Partners with Pavia land to Setup A Virtual Headquater On The Metaverse

May 26, 2022

The first free and equal digital country – HyperNation global theme conference was held

May 26, 2022

HyperNation’s event launch sales on HITCHHIKER OF STAR (H.O.S) went out like wildfire

May 26, 2022

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.