CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News
Bitcoin price long term forecast: bearish
Today, Bitcoin is trading at $19,209 as of press time. Last week, the price moved stably above the $19,000 support. The price movement was marginal due to indecision between buyers and sellers about the direction of the market. The cryptocurrency traded between $18,200 and $20,000.
One condition that buyers need to meet in order to resume the uptrend is to break the resistance at $20,000 or the 21-day line SMA. Moreover, a price recovery will break through the resistance levels and rally to the upper resistance at $25.205. Nonetheless, sellers have more advantages over buyers as Bitcoin is trading in the downtrend zone. A break below the $18,200 support will cause Bitcoin to fall to the low of $17,605.
Bitcoin (BTC) indicator reading
Bitcoin’s sideways movement has caused it to remain stable at the 44 level of the Relative Strength Index for the 14 period. BTC price bars are below the moving average lines, indicating further selling pressure. The moving average lines are tilted horizontally due to the long span of the sideways trend. Buyers have taken control of the prices as Bitcoin falls below the 20% area of the daily stochastic.
Facebook, Dapper Labs, and Others Are Investing in the Future of the Metaverse
Mark Zuckerberg announced recently that Facebook was working on creating the “metaverse,” which is a virtual platform that lets people interact with one another, no matter where they are or what time it is. Metaverse users can create avatars, which represent themselves in the virtual world, and interact in real time with other people in real time. The metaverse has many components, including servers, digital currency, social media, and language processing.
Entrepreneurs will power the future of the metaverse, providing services, creating content, and doing useful things in the virtual space. The key is to develop a system that allows these entrepreneurs to monetize these services. For instance, you can create a system where people can buy and sell virtual properties, or you can issue virtual passes for events and clubs.
Some of these platforms are built on the Ethereum blockchain. Some of the more popular ones are Decentraland, Axie Infinity, and SecondLive. In Axie Infinity, users can own a piece of virtual land in the virtual world and play games to earn money. The Ethereum-based Axie Infinity system, for example, allows users to own a xie that is non-fungible and has over 500 parts. You can also breed Axies, and the offspring can be sold on the platform.
The Metaverse is expected to grow to five billion users by 2030. Although there are some challenges to the future of the metaverse, investors are already putting significant resources behind it. Several companies are investing in it, including Facebook and Dapper Labs.
