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Bitcoin has momentarily halted its downward spiral, maintaining the $22.4k level since March 6, 2023. The bears had acted on the asset’s price, driving it down to $22k since March 3, 2023. BTC’s decline has affected the general market outlook due to its market dominance which is at 42.25%.
The current decline has sparked concerns in the crypto community over the market direction. However, a closer look at the current trends in the crypto market and technical analysis could hint at what to expect going forward.
Factors Influencing Bitcoin’s Price
Bitcoin depends on a thriving community and general adoption to sustain its price. However, negative and positive events on its network and in the crypto space could affect its performance depending on investors’ sentiments.
Bitcoin Of America Charged For Operating Unlicensed Kiosks
Bitcoin of America, a Bitcoin firm, is currently facing charges that border on money laundering and conspiracy. Also, it faces charges for operating over 50 unlicensed crypto kiosks in Ohio, U.S.A., and knowingly benefitting from victims of crypto scams.
3 men, 1 business charged in cryptocurrency scam; avoid Bitcoin of America ATMs, Cuyahoga Co. prosecutor says https://t.co/LaR1L2E1yH
— News 5 Cleveland (@WEWS) March 2, 2023
The firm allegedly earned 20% from transfer fees for each scam, even after knowing the fraudulent deals. The firm and its executives allegedly operated the kiosks deceitfully without a money transfer license. They achieved this by creating misleading documents regarding the nature of their business to the proper authorities.
Bitcoin of America made $3.5 million in profit from cash deposits from these unlawful points in 2021. Regulatory operatives believe the firm has been evading regulatory compliance since 2018, increasing the demand for proper crypto regulation.
Yuga TwelveFold Bitcoin NFT Auction Raises $16.5 Million Amidst Controversy
Yuga Labs’ debut Bitcoin NFT collection auction ended on Monday, March 6, 2023. 288 successful bidders spent a combined total of $16.49 million worth of BTC for the event. The TwelveFold auction recorded 3,246 bids within the 24-hour auction that kicked off the previous day.
The highest bid was 7.1159 BTC, worth an estimated $159,500, while the lowest successful bid was 2.2501 BTC, slightly over $50,000. The successful bidders will receive their ordinal inscriptions within a week. Also, the last 12 pieces of the 300 limited series are reserved for contributors and distributed and part of Yuga’s philanthropic
However, Yuga’s auction created controversy as some users seemed dissatisfied with the Twelvefold bidding process. Twelvefold Holders were required to deposit the total amount of their bids directly to an address provided by Yuga. The company promised to refund rejected bids within 24 hours after the event.
Giancarlo Chaux, a Twitter user, expressed disbelief in the process, stating that the approach seems outdated. The concerns arise from the likelihood of a hack and loss of funds without proper safety measures.
Traders Liquidate $78 Million Worth Of BTC In Long Positions
Coinglass reveals that traders shorted about $ 78 million worth of Bitcoin in long positions due to concerns about Silvergate Capital. Bitcoin has remained below the $22.5k level for a day now as it reacts to the current negative trend in the market.
However, like the FTX contagion, some crypto traders believe Bitcoin will shake off the bears and reclaim its gains in 2023.
Bitcoin Price Prediction
BTC has maintained a sideways trend for the last four days showing indecision in the market. The size of the candles also indicates lower trading activity compared to the previous week. Although the Fear and Greed Index is neutral at 49, BTC has lost most of its price momentum in 2023.
Bitcoin has fallen below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment, and is not an ideal market for short-term buy trades. The Relative Strength Index (RSI) is at 43.45, moving sideways, reflecting the current trend on the daily price chart. Although it is close to the oversold region of 30, there are no certainties in the next direction for this indicator.
BTC’s Moving Average Convergence/Divergence (MACD) has remained below the signal line expressing a bearish sentiment. The MACD is showing negative values confirming the current price drop for the asset.
However, Bitcoin trades above its 200-day SMA, a long-term bullish sentiment. It implies that there could be a rally ahead in the coming weeks.
Critical support levels are $22,049, $22,191, and $22,300, and the resistance levels are $22,552, $22,694, and $22,803. Bitcoin is trading a few pips below the $22,552 resistance. However, it lacks sufficient price momentum to spark a revival. It will likely experience a further decline to the $22,300 support in the coming days.
Bitcoin Alternatives
As Bitcoin struggles to maintain its price momentum, there are altcoin projects currently on presale rewarding early investors.
Fight Out (FGHT)
Fight Out has redefined the fitness industry with its cutting-edge innovations. This Move-to-Earn (M2E) platform encourages users to keep fit always. Physical activity is monitored on the mobile app with recommended workout tips and plans.
Also, the platform provides users with lessons, wearable technology, and access to a well-rounded fitness experience. Fight Out has gained $5.1 million from its presale, and each FGHT token is worth $0.0261.
FURY (XPRL)
Fury is a blockchain-based shooter game developed by Unreal Engine 5 with unbelievable and advanced graphics. It operates on the XRPL blockchain and will pioneer blockchain-based console games.
The FURY token powers the gaming ecosystem and is currently worth 0.00036 XRP at the initial DEX offering (IDO). Also, the network plans to host an airdrop round and NFT giveaway soon for its IDO customers. Those that act fast can benefit from affordable prices now.
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