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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bitcoin fell below its vital support range after revealing a strong bearish inclination. The crypto’s development activity and MVRV ratio chalked out a steep downtrend. Bitcoin’s [BTC] previous bounce-backs from its vital support range (rectangle, […]
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Shiba Inu took a u-turn from its 200 EMA as it failed to alter the long-term narrative. The meme crypto’s 30-day MVRV and Open Interest aligned with the corresponding price decline. (For brevity, SHIB prices […]
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Bitcoin will most likely drop to $10,000 in the short term, than rally higher to hit the $30,000 mark, according to investor sentiment recorded in a new survey. On Monday, as Bitcoin price battled to hold above $20,000, Bloomberg reported that a MLIV survey had the majority of respondents leaning towards a bearish flip than […]
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Indian e-commerce giant Flipkart announced on April 1 that it has started accepting Bitcoin as a payment method.
“We now accept Bitcoin as a convenient mode of payment. Update your app now,” the company’s tweeter message reads. However, it brought mixed reactions from users, as some are happy about the new development, while others strongly thought it was an April Fool’s prank.
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As things are going with Flipkart’s portal, it seems the second groups of users were correct after all.
After Flipkart released the tweet, it quickly went viral. While some of the platform’s users were steel reeling in the good news, another tweet appeared, suggesting the previous tweet was a prank.
Flipkart is not the only e-commerce platform that pranked its users on April Fool’s day, as other companies posted jokes to playfully deceive their users.
Many companies are fond of pranking their customers on April 1, so the timing of the tweet fooled only a few customers.
However, the publicity is a good one, as it shows the company is thinking towards adopting Bitcoin as a payment option.
The crypto space has been filled with news about top brands accepting Bitcoin as a payment method for their products. Electric car giant Tesla was one of the first companies to adopt Bitcoin and some other firms have followed its footsteps.
Flipkart is the largest e-commerce company in India when it comes to sales volume. The company has its headquarters in Banglore and claims to have over 200 million users. With this massive number of users, the company can boost its sales higher by accepting crypto payments.
It will be seen as a good development for the Indian crypto community. But a possible ban on private cryptocurrency by the Indian government is circulating the air. It’s not clear how cryptocurrency business in the country will be in the future, although the Indian government fully supports the introduction of a central bank digital currency (CBDC).
Bitcoin price is gaining momentum and it broke the $60,000 resistance against the US Dollar. BTC is showing positive signs and it could continue to rise towards $65,000.
This past week, bitcoin price started a steady increase above the $55,000 resistance against the US Dollar. The BTC/USD pair even broke the $58,000 level and settled above the 100 simple moving average (4-hours).
The upward move gained pace above the 76.4% Fib retracement level of the key downward move from the $58,281 swing high to $40,073 low. There was a strong increase above the $58,500 and $60,000 resistance levels.
It even spiked above the $61,000 level and traded to a new all-time high near $61,800. It seems like bitcoin price faced a strong selling interest near the $61,800. The 1.236 Fib extension level of the key downward move from the $58,281 swing high to $40,073 low.
Source: BTCUSD on TradingView.com
The price is currently correcting lower below the $61,000 level. On the downside, an initial support is near the $60,000 level. There is also a key bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair. Any more losses could open the doors for a move towards the $58,000 and $57,200 support levels.
On the upside, the $61,500 and $61,800 resistance levels are initial hurdles for the bulls. A clear break above $61,800 could open the doors for a move towards the $62,500 level.
The next major resistance is near the $65,000 level. Any more gain could push the price towards the $68,000 and $68,500 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is gaining bullish momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Level – $60,000
Major Resistance Level – $58,500
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