CRYPTO NEWS: Bitcoin Price Rally Could Gather Pace Above $20.5K: Why Bulls Are In Control
Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance.
Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels.
The price is trading above $20,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if there is a clear move above the $20,500 resistance.
Bitcoin Price Starts Fresh Surge
Bitcoin price remained well bid above the $19,000 and $19,200 support levels. BTC formed a base and started a fresh increase above the $19,650 resistance levels.
It gained over 5% and there was a clear move above the $20,000 resistance. During the increase, there was a move above a connecting bearish trend line forming with resistance near $19,300 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average. A high was formed near $20,400 and the price is now consolidating gains.
There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. On the upside, an immediate resistance is near the $20,300 level. There is also a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC/USD pair.
What is the Metaverse?
The Metaverse is the concept of a single virtual reality that has avatars and allows users to interact in real-time with each other. They will be able to play games, hang out with friends, and browse the internet. This is being called the “new internet” and is believed to have the potential to be the biggest disruptor to the traditional world of internet. However, there are some concerns surrounding the concept. First, there is regulatory uncertainty and the risk of money laundering, counterfeit NFTs, and trading scams. There are also concerns over the volatility of most cryptocurrencies. In addition, it is important to remember that the largest firms tend to have the resources to invest in projects such as these, such as Facebook, Google, and Amazon.
Blockchain-based applications can make this possible. With these, users can own virtual land and play games and earn money. Some popular metaverses include SecondLive, Decentraland, and Axie Infinity. Axie Infinity is built on the Ethereum blockchain and has over 500 components. In addition, Axies can breed with each other seven times, and the offspring can be sold on the gaming platform.
The Metaverse economy is based on blockchain technology, which enables secure data and digital assets, while incentivizing users to participate in commerce. In addition to blockchain technology, the Internet of Things allows people to connect to each other and share resources. Furthermore, 3D innovation helps create realistic interfaces and a more immersive gaming experience.
