Bitcoin is up by a solid 6% today as the primary cryptocurrency surged by over $3000 over the past 24 hours.

Quick recap: bitcoin is recovering after a heavy correction over the past week, in which the cryptocurrency dropped by around 25% as it broke beneath the February ascending price channel (as shown on the daily chart below) and tumbled into the support around $43K – $44K.

It managed to rebound nicely from there, breaking above a falling wedge, as we mentioned on Monday. After touching $50K, yesterday Bitcoin corrected to $47K but managed to quickly recover (candle wicks on the short-term timeframes in favor of the bulls), and today, following the breakout of the critical daily EMA-20 line at around $48,200, Bitcoin was able to spike back above $50K.

As of now, Bitcoin is facing a huge horizontal resistance area between $51,400 and $51,800.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $50,000, $48,000, $47,200, $46,000, $44,750.

Key Resistance Levels: $51,400, $51,800 – $52,000, $53,150, $54,000, $54,625, $56,000.

Moving forward, the first level of resistance lies at $51,800. This is closely followed by $52,000. Beyond this, additional resistance lies at $53,150 (short term 1.414 Fib Extension), $54,000, $54,625 (short term 1.618 Fib Extension), and $56,000.

On the other side, the first support lies at $50,000. This is followed by $48,000 (20-EMA line), $47,200 (.382 Fib and yesterday’s low), $46,000, and $44,750.

The daily RSI is now back above the midline as the buyers re-take control of the market momentum. If it continues to rise above 50, the bullish momentum will increase and push BTC back to the ATH levels again.

Bitstamp BTC/USD Daily Chart

Bitstamp BTC/USD 4-Hour Chart

[PRESS RELEASE – Please Read Disclaimer]

Victoria, Seychelles, 3rd March, 2021, // ChainWire //

KuCoin, an IDG-backed crypto exchange, announced that its leveraged tokens have been made available for beta test. The first batch of leveraged tokens to be introduced are BTC3L, BTC3S, ETH3L and ETH3S, and invited users will be able to trade the tokens in the KuCoin Sandbox. The feature will be officially launched in the middle of March.

Leveraged tokens are a new type of crypto derivative without any due date. Its trading experience is quite user-friendly as it’s essentially the same as trading in the Spot market. Compared to perpetual contracts on KuCoin Futures, traders of leveraged tokens can also amplify their investment returns with leverage. While the biggest advantage of leveraged tokens is that they will never be liquidated.

Take the BTC3L and BTC3S, for example. The underlying asset is Bitcoin (BTC) and both leveraged tokens have been applied with 3 times leverage. It means that when Bitcoin’s price increases by 1%, the net value of BTC3L will increase by 3%, whereas that of the BTC3S will drop by 3%.

KuCoin Global CEO Johnny Lyu stated, “As an innovative derivatives product, KuCoin Leveraged Tokens have unique features, such as zero margin fees and no risk of liquidation. With the launch of this service, KuCoin will give users easier access to more advanced investment tools. Next, KuCoin Leveraged Tokens will support more top coins like LTC and trending coins in the DeFi field or Polkadot ecosystem, complementing KuCoin’s ecosystem as a leading crypto trading service provider.”

As a derivative product that has been well developed in the traditional financial market, leveraged tokens are suitable for a large majority of crypto investors. The product is particularly tailored for investors who want to make a profit from the market volatility but do not want to bear the risk of liquidation.

Based on the example given by KuCoin, if the Bitcoin price rises 10% for four consecutive days, the theoretical return of BTC3L on KuCoin can be 185%, more than 3 times higher than the gains in the Spot market.

About KuCoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 6 million users in 207 countries and regions around the world. In 2018, KuCoin has secured $20 million in Round A funding from IDG Capital and Matrix Partners.

The popular blockchain project TRON will introduce the DLT-agnostic prediction market Prosper to its ecosystem. TRON users and TRX holders will be able to provide liquidity and enhance the success-rate of the prediction market solution.

TRON Teams Up With Prosper

Justin Sun’s TRON announced its latest partnership in a press release shared with CryptoPotato earlier today. It informed that the two blockchain projects have teamed up to address some of the issues related to decentralized prediction markets.

Such tools have been active for a while, but the statement highlighted the lack of sufficient liquidity as a major hurdle on their way to receive mass adoption. This comes mostly because each prediction market “has traditionally been segregated to a single chain,” and not enough users could provide the necessary liquidity to produce accurate predictions.

Prosper works similarly – the higher the liquidity is, meaning more users are involved, the more “predictions are made, leading to a more accurate and robust prediction outcome based on greater collective insight from the crowd.”

Furthermore, Prosper operates a cross-chain platform, which enables it to aggregate liquidity into its platform regardless of the user’s access point.

With the introduction of TRX, one of the largest digital assets by market cap, TRON and Prosper expect a surge in the liquidity to the underlying pool. Additionally, the integration will enable users to receive access to new applications that could impact their investment strategies and potential earnings.

The statement also touched upon a free insurance pool provided by Prosper. It allows the platform to repay any funds stolen from hacks from an emergency fund that is automatically set aside.

This partnership with TRON is an extension of Prosper’s efforts to collaborate with the biggest players of the DeFi world.” – said Iva Wisher, co-founder of Prosper.

TRON Aims at Ethereum

The announcement further explained that TRON is currently “working to create a competing DeFi ecosystem that rivals its counterparts while allowing for inexpensive transactions, creating a win-win situation for platform users.”

The PR outlined Ethereum’s major role in the space but touched upon its scaling issues, which have caused significant transaction delays and high gas costs.