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Bitcoin traders are on edge as the cryptocurrency battles to sustain its position above $64,000, with analyst Josh Olszewicz warning of lingering concerns. Meanwhile, Cardano's Charles Hoskinson settles the Ripple and XRP controversy.
Expert Analysis: Bitcoin's $64K Rally Faces Resistance Amid Bearish Cloud Signals
According to trader Josh Olszewicz (via U.Today), Bitcoin is not yet out of the woods, despite a recent rise above $64,000. This assumption is based on Olszewicz's examination of the widely used Ichimoku Cloud indicator.
The bearish trend persists because the cloud remains red despite the flagship cryptocurrency's recent substantial increases. Bitcoin remains below the cloud, which serves as a crucial resistance level for the leading cryptocurrency.
Olszewicz suggests combining the Ichimoku Cloud indicator with the inverse head-and-shoulders indicator to determine whether the current bullish momentum can reverse the ongoing bearish trend and turn the cloud green.
According to U.Today, Olszewicz recently identified the Tenkan/Kijun crossover, which helped foretell last week's enormous sell-off. The leading cryptocurrency was on the verge of collapse due to macroeconomic concerns and outflows from Bitcoin ETFs.
According to Bitcoin enthusiast D.R. Lewis, a bullish candlestick pattern is emerging on Bitcoin's daily weekly chart. The trader believes the year's second half will be "explosive" for the leading cryptocurrency.
The price of Bitcoin recently fell significantly, returning to $56,000. However, it has risen dramatically over the last few days, eventually recapturing the $64,000 mark. So far, Bitcoin has struggled to overcome the $64,000 resistance level.
Hoskinson's Insights: Untangling Ripple's SEC Woes and Ethereum's Regulatory Saga
Charles Hoskinson, the developer of Cardano, has just spoken on the ongoing issue surrounding Ripple and its digital asset, XRP, offering clarity and perspective.
The controversy began when Hoskinson was prompted to apologize to the Ripple team and the XRP community. In response, he mentioned his words being misunderstood and continuous public scrutiny and harassment, including calls for legal sanctions based on unfounded corruption charges.
At the heart of the problem is a conspiracy theory that suggests the SEC gave Ethereum preferential treatment over Ripple. Hoskinson has categorically denied these charges, describing them as unsubstantiated guesses lacking credible evidence.
He previously emphasized Ethereum's comparatively humble beginnings as a $18 million initial coin offering, implying that regulatory leniency during its early stages may have been affected by unreported variables such as personal contacts and informal agreements.
Despite conceding the regulatory differences between Ethereum and Ripple, Hoskinson categorically refuted the suggestion that Ethereum orchestrated SEC measures against Ripple and XRP. He underlined that the two businesses have independent operational domains and do not directly compete in the same intelligent contract arena.
It is worth noting that Hoskinson's perspective on the subject is influenced not only by his role as Cardano's creator but also by his earlier participation with Ethereum. In late 2013, Charles Hoskinson joined Vitalik Buterin as one of the five original Ethereum creators. As a result 2014, Buterin and the Ethereum team decided to remove Hoskinson from his role inside the corporation.
Photo: Microsoft Bing
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