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When It Comes to Bitcoin and Art, Let’s Create a Better NFT Experience

Bitcoin artist Brekkie Von Bitcoin discusses NFTs and the need for artists to join the conversation around Bitcoin development and, in some cases, help spur it along.

The post When It Comes to Bitcoin and Art, Let’s Create a Better NFT Experience appeared first on Bitcoin Magazine.

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A little over a year ago, after I finally finished doing my own research (just kidding, that process never really ends …), I reached the conclusion that if anything in the world of “crypto” / “blockchain” / “distributed ledger technology” was going to change the world and make it a better place … it was going to be Bitcoin. This was around the same time I decided to dive back into my passion for artwork, and I set out to become a “Bitcoin artist,” which, in my mind, meant creating artwork that promotes Bitcoin and inspires others to learn more about it.

Bitcoin and art and NFTs
Art + Bitcoin Node, still a work in progress …

From day one of this art journey I have wanted to find ways to incorporate Bitcoin into my work — not just Bitcoin logos or symbols like the honey badger, but aspects of Bitcoin’s technology stack itself. In the past I’ve embedded Opendimes into my work and as I write this, the fluorescent orange paint is drying on a piece I’ll be debuting at the Bitcoin 2020 Conference that features a Bitcoin node from CasaHodl. You might think it’s gimmicky, but I’m nerding out pretty hard on the idea that I can self-custody bitcoin and confirm transactions using a node embedded in an actual work of art.

And yet I have to confess I would be lying if I didn’t admit to feeling some FOMO when I look at the burgeoning community of artists creating and tokenizing art on platforms like Ethereum. 

Here for the Monetary Maximalism

Around the time I dove back into art, I also decided that my works would be Bitcoin only. I swore to myself I would never tokenize on Ethereum or any other blockchain so long as I still believed in the promise and viability of Bitcoin. 

This wasn’t a dogmatic decision based on a “Bitcoin or bust” mentality, but rather on the premise that if I was going to tokenize my artwork, whether physical or digital, I wanted to do so on the chain with the highest level of security, censorship resistance, decentralization and potential longevity — and in my opinion, this remains Bitcoin. 

Another point I should mention, is that at the end of the day, I’m here for monetary maximalism. I’m not doing what I do to get rich or help further a revolution in the art world, but to help onboard people into a future built on sound money, on Bitcoin. Said another way, I don’t make Bitcoin art to make money. I make money so that I can make Bitcoin art.

So as a Bitcoiner, NFTs are secondary to my goals, but as an artist I do find their potential exciting. NFTs are non-fungible tokens, best understood as tokens that can be differentiated from one another. In theory at least, a bitcoin is the same as any other bitcoin, but NFTs are different from one another and they can be issued in various ways. For example, an artist could issue a 1/1 token or a set of 21 tokens, all of the same type. If a collector purchases a 1/1 token, for example, she or he might do so because of the inherent guarantee that the token is unique. It is verifiably rarer than a token that is 1 out of a set of 21, and thus might be more desirable and fetch a higher price. 

Really though, the ways in which NFTs are being issued and utilized by artists is still being figured out. Artists are experimenting, finding out through trial and error, what works and what doesn’t, and there is no right way to do it. If I create a digital painting, I could issue a “first edition” 1/1 token. I could then decide to issue a “second edition” of the same exact digital painting, but issue a set of 21 (or any other number) tokens and sell them cheaper than the first edition. 

A strategy like this would accomplish a number of things: It would allow for additional income for me as the artist; it would allow for more collectors to own a piece of my art; and it would also preserve the rarity of the first edition I’d already issued, ensuring that I don’t upset my first collector by “double-spending” my artwork. The ways in which artists utilize NFTs is really only limited by our imaginations. 

When it comes to using NFTs to represent ownership in a work of physical art (as opposed to the NFT being the art itself, i.e., art that is natively digital), I see NFTs as merely an improvement on using a piece of paper to signify ownership. And while I understand the novelty and cool factor of creating and collecting verifiably rare, digitally native artwork, many of the existing frameworks for NFTs are still dependent on less-than-ideal solutions. Issues, like linking on-chain assets (the NFTs) to off-chain visual assets (the artwork), have yet to be fully solved, even on Ethereum and other NFT-capable blockchains that have more NFT activity than Bitcoin and arguably better user experiences (for the time being). 

It is also important to note that some projects do store digital assets on-chain, but even for those that do, I don’t see how this could be a viable long-term solution when dealing with public blockchains that have limited and valuable block space.

Read more: Op Ed: How Tokenization Is Putting Real-World Assets On Blockchains

Is Ethereum Eating Bitcoin’s Lunch?

Will I have to just wait and watch as Ethereum eats Bitcoin’s lunch with regards to NFTs and artwork? Is the future of tokenized, verifiably rare artwork destined to exist separate and apart from Bitcoin?

My answer is tinged with a dash of hopium to be sure, but I believe the answer is a resounding no. Put this in your list of predictions to revisit in a couple of years, but I firmly believe that what we’ve seen so far with NFTs and art is merely the opening act — and a boring one at that. 

Okay, not entirely boring. As an artist, it’s pretty freaking awesome to see developers, artists and collectors innovating and interacting in a decentralized fashion, building an art market ecosystem where none existed before. But I would be far more excited if this were happening on Bitcoin.

So how do we change things and make sure that happens? Before I get into what we as artists and collectors need, I want to talk a little bit about where art NFTs and Bitcoin stand today. Please note that I am new to issuing NFTs on Bitcoin and thus am by no means an expert, not even close…

Wait a Second … NFTs on Bitcoin? They Exist? 

Yep, they do — they just don’t have ICO money or a foundation to promote them and fund development. And what’s more, Bitcoin NFTs have existed for a while now, thanks to the Counterparty Protocol. In fact, Bitcoin NFTs existed before the launch of Ethereum itself! 

If you’d like to learn about one of the earliest, best known, and oft misunderstood things to come out of CP, I’d highly recommend watching this video about RarePepes.

For more details on how Counterparty itself works, there is a pretty good FAQ, but in short, the protocol “extends Bitcoin’s functionality by ‘writing in the margins’ of regular Bitcoin transactions … allowing users to create and trade any kind of digital token … and to [w]rite specific digital agreements, or programs known as smart contracts, and execute them on the Bitcoin blockchain.” 

It’s also important to note that Counterparty does have its own native token, XCP, but due to the unique nature of its creation and usage in the Counterparty ecosystem, I would hazard a guess that its existence doesn’t ruffle too many feathers in the hardline maximalist community. 

Much like Bitcoin, Counterparty is open-source and completely community driven. But therein lies a potential problem because without enough community support, any project — no matter how well thought-out or designed — can fade into obscurity. This was the case with Colored Coins, an earlier attempt at bringing more functionality to Bitcoin that is now more of a historical footnote than anything else, though still worth lauding and mentioning.

Counterparty today is still around, people are using it (I created my first artist token just the other day!), and development is still ongoing. But to be perfectly honest there is a lot of room for improvement, and if you take a look at the Counterparty block explorer, you can quickly see that activity is intermittent at best. I am admittedly very new to the Counterparty community, so maybe I’m not looking in the right places, but it feels very fringe and very small and frankly, if nothing changes, on a precipice of stagnation. But there is no guarantee of what the future holds, and that is why I am sharing my thoughts with you. Because that future rests in our hands.

Improving on the Bitcoin NFT Experience

Before I get into what’s needed, I think it’s also important to ask whether artists and collectors actually want to utilize Bitcoin for art-related applications. A related question to ask is whether those tokenizing or collecting artwork on other chains are in fact loyal to those chains.

I can’t provide detailed analytics on this unfortunately, but I think I am plugged in to the Bitcoin and crypto art scenes enough to speak anecdotally of what I’m hearing from some of my fellow artists. From what I’ve seen and conversations I’ve had, many artists are simply using the NFT platforms that make the most sense for right now. 

In one such discussion, Josie Bellini, wrote:

A majority of my art is Bitcoin related and I would love to have it tokenized on BTC. I have spoken to my collectors about sending me their “Josie” NFTs so that I could burn them and reissue them on Bitcoin in some fashion. Though the process would be quite manual, most of my collectors are excited about this idea. The BTC NFT infrastructure would need to be solid before I made a move like this. I do think that BTC NFTs would bring new people into the space that have avoided NFTs on ETH. 

There are also those who use non-Bitcoin NFTs, in the meantime, for propaganda purposes. Bitcoin artist, Lucho Poletti, a good friend and a Bitcoiner through and through, has been tokenizing Bitcoin-focused digital artwork on Ethereum for a while now. He does so to make money of course and to spread the Bitcoin gospel among Ethereum users. 

Bitcoin and Art: Lucho Poletti

Some artists simply don’t know about the options that do exist on Bitcoin. Literally as I write this, another artist, Yonat Vaks, just joined the telegram group I mentioned earlier. She was in a position similar to the one I was in, unsure where to start and curious to learn more. 

Thanks to both Yonat and Chiefmonkey for allowing me to post this.

Artists do want to use Bitcoin for their artwork, and of course some are already doing so, but if we want to create a future in which Bitcoin NFTs are the standard, then things need to change. There are obstacles that need to be overcome, and artists’ and collectors’ needs that need to be addressed. And this isn’t a matter of waiting around for it to just magically happen.

Bitcoin and Art: An Opportunity Waiting to Be Seized

Artists and collectors, myself included, need to be more vocal about what they need and want by engaging in the public discourse. And at the risk of pissing off artists and developers alike, we all need to put ourselves into each others’ shoes. More artists need to learn to code, and more developers need to pick up a paintbrush. And of course, code can also be art, but the reality is, if artists wait around for others to create the things they need, then either it won’t get done, or it won’t get done as well as it could have been.

I mentioned earlier that Bitcoin NFTs are on a precipice of stagnation, but I think it’s better to think of the current situation as an opportunity waiting to be seized. The reason for this being that when it comes to NFTs, there is no standard. There is no perfect platform. Not yet.

A great opportunity still exists in further developing NFTs and how people interact with them. Artists and collectors alike need better UI/UX. This goes for issuing NFTs as well as viewing them and even displaying them in meatspace. We also need more control over things like royalties. Artist Chiefmonkey writes,

I would like the option to have 10% of all future resales … some may ask for higher some lower like 1% … a standard/common figure will come about naturally.

I’ve had innumerable conversations with other artists about what’s left to be desired with NFTs, and my point here is this: Because there is still so much uncertainty around where NFTs are going, the possibility that Bitcoin could eat Ethereum’s lunch is just as valid as the opposite possibility.

NFTs: Beginning and Ending With Bitcoin

Development on Bitcoin is at an exciting stage right now. The Lightning Network is enabling all sorts of new experimentation into what is possible, and Blockstream’s Liquid Network could prove equally as exciting. Bitcoin Magazine reporter, Vlad Costea, did some great coverage on the RGB project from Giacomo Zucco and Alekos Filini, and the general idea with that is to leverage research from Colored Coins (not entirely a historical footnote!) in order to establish an NFT standard on top of the Lightning Network. Maybe we’ll see some sort of hybrid approach that leverages Counterparty, Lightning Network and Liquid? Who knows!

What I do know, is that Bitcoiners are some of the most brilliant, hardworking, out-of-the-box-thinking people in the entire world, and that if we work together and figure out how to make NFTs really work on Bitcoin, and work for everyone, then there is nothing stopping us from creating a world of our own design, a world in which Bitcoin NFTs are the standard.

But this only happens if we make it happen. If you’re an artist and a Bitcoiner, go try out Counterparty. Think about what you like and what you don’t. Join the RGB telegram group and contribute your thoughts. I just joined myself, and after I get up to speed, maybe I’ll be able to make some meaningful contributions. As artists and collectors, we have to join the conversation and, in some cases, help spur it along.

To close, again with the words of Chiefmonkey, who describes himself as “99 percent maximalist” and is far more experienced in all of this than I: “NFT’s began with Bitcoin … and they’ll end with Bitcoin.”

And finally, finally … Thank you to Bitcoin Magazine for letting me share my thoughts. If you’ve read this far and want to learn more, you can follow me on Twitter or sign up for my newsletter that explores the intersection of art and Bitcoin. 

Side note: If you are an artist looking to tokenize works on Bitcoin using Counterparty, check out this guide, and if you’d like help or just want to talk about Bitcoin and NFTs, join this telegram group. For collectors or folks who want to try issuing their own NFT on Bitcoin without needing to acquire the XCP token, check out Freeport.io

The post When It Comes to Bitcoin and Art, Let’s Create a Better NFT Experience appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/when-it-comes-to-bitcoin-and-art-lets-create-a-better-nft-experience?utm_source=rss&utm_medium=rss&utm_campaign=when-it-comes-to-bitcoin-and-art-lets-create-a-better-nft-experience

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Crypto Price Analysis & Overview September 25th: Bitcoin, Ethereum, Ripple, Chainlink, and Tezos

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Bitcoin

Bitcoin dropped by a total of 3% over the past seven days of trading as it reached the $10,600 level today. The cryptocurrency briefly pushed above the $11,000 mark last Friday but could not sustain this level as it broke beneath it during the weekend. On Monday, BTC saw a precipitous 7.5% fall as it dropped from $10,910 to reach as low as $10,200.

Bitcoin continued to head lower on Wednesday as it reached $10,140 before the buyers regrouped to initiate a rebound, which happened yesterday. During the rebound, BTC managed to break back above the 100-days EMA and reach as high as $10,760 – where it ran into resistance at the bearish .382 Fib Retracement.

The coin has dropped slightly from there to trade at $10,600 today.

Looking ahead, if the bulls can continue above the $10,760 level, higher resistance lies at $10,900 $11,000, and $11,200. Added resistance is expected at $11,340 (bearish .618 Fib Retracement), $11,500, and $11,600.

On the other side, the first level of support lies at $10,430 (100-days EMA0. This is followed by support at $10,330, $10,140, and $10,000.

btcusd-sep25
BTC/USD. Source: TradingView

Ethereum

Ethereum suffered a steeper 11.3% price decline over the past week as it reached the $346 level today. The coin was trading above $380 last Friday but started to drop lower during the weekend. On Monday, Ethereum fell from $365 to reach as low as $335 (100-days EMA).

The price decline continued on Wednesday, which saw ETH drop as low as $320. Luckily, the bulls regrouped for a rebound on Thursday in which ETH managed to reach the $252 resistance (bearish .236 Fib Retracement). It also produced a bullish engulfing candle, which is a strong bullish signal.

Moving forward, if the buyers can break the $352 level, resistance lies at $364 (2019 high), $382, $390, and $400.

On the other side, support is first expected at $336 (100-days EMA). Beneath this, support lies at $320, $306, and $300.

ethusd-sep25
ETH/USD. Source: TradingView

Ethereum also struggled against Bitcoin this week as it fell from 0.035 BTC to reach as low as 0.0311 BTC yesterday. The coin had found support yesterday at the .618 Fib Retracement, which allowed it to bounce higher to the current 0.0326 BTC level.

Looking ahead, if the bulls push higher, the first level of resistance lies at 0.033 BTC. Above this, resistance is located at 0.0337 BTC (March 2019 Support), 0.0347 BTC, and 0.0352 BTC.

On the other side, the first level of support lies at 0.032 BTC. This is followed by support at 0.0315 BTC (100-days EMA), 0.0311 BTC (.618 Fib Retracement), and 0.030 BTC.

ethbtc-sep25
ETH/BTC. Source: TradingView

Ripple

XRP witnessed a 5.5% price fall this week as the coin dropped from $0.25 to reach as low as $0.22 yesterday. The cryptocurrency managed to rebound from there to get as high as $0.24 today. However, the market is facing resistance at the 100-days EMA and must pass this to continue higher.

If the bulls break $0.24, the first level of resistance lies at $0.251 (bearish .382 Fib Retracement). Following this, resistance lies at $0.261 (bearish .5 Fib Retracement), and $0.271 (bearish .618 Fib Retracement).

On the other side, the first level of support lies at $0.235 (200-days EMA). This is followed by support at $0.23, $0.22, and $0.217.

xrpusd-sep25
XRP/USD. Source: TradingView

XRP is also struggling against BTC as it posted a fresh 2-month low at 2165 SAT (downside 1.414 Fib Extension) yesterday. The coin had slipped from 2300 SAT last Friday and continued lower until it hit the 2165 SAT support.

XRP has since bounced higher to reach the 2250 SAT level today.

If the bulls can break 2250 SAT, resistance is first located at 2300 SAT (bearish .382 Fib Retracement). Above this, resistance lies at 2350 SAT (bearish .5 Fib Retracement), 2400 SAT, and 2460 SAT.

Alternatively, support lies at 2200 SAT, 2165 SAT, and 2111 SAT.

xrpbtc-sep25
XRP/BTC. Source: TradingView

Chainlink

LINK saw a substantial 10% price fall over the past seven days, which saw the coin breaking beneath the $10 level and hitting as low as $7.31. There, it found support at a downside 1.272 Fib Extension level, which allowed it to rebound yesterday to reach the $9.90 resistance level today.

If the bulls can break $10, the first level of resistance lies at $10.40. Above this, resistance is found at $11.37 (bearish .382 Fib Retracement), $12, and $12.63 (bearish .5 Fib Retracement).

On the other side, support first lies at $9.00. Beneath this, support is found at $8.67, $8.00, and $7.31.

linkusd-sep25
LINK/USD. Source: TradingView

Against BTC, LINK dropped as low as 0.00072 BTC during the week. It was trading above a 3-month-old rising trend last Friday, but it went on to collapse beneath this support over the weekend. After reaching 0.00072 BTC, LINK bounced higher to get to the current 0.000935 BTC level today. Notice that it has returned to the previous rising trend line, which is now acting as resistance.

Looking ahead, the first level of resistance lies at 0.00095 BTC. This is followed by resistance at 0.001 BTC, 0.00103 BTC (bearish .382 Fib Retracement), and 0.00112 BTC (bearish .5 Fib Retracement).

On the other side, support is first found at 0.00091 BTC. This is followed by support at 0.0082 BTC, 0.00072 BTC, and 0.0007 BTC.

linkbtc-sep25
LINK/BTC. Source: TradingView

Tezos

XTZ saw the steepest price fall on this list as it dropped by 13% over the past 7 days. The coin fell beneath the $2.32 (.618 Fib Retracement) support on Friday and continued lower to crate a new 5-month price low as it reached $1.91. This support held over the past few days, and Tezos rebounded from here yesterday to reach $2.15 today.

Looking ahead, if the bulls break $2.20, resistance is found at $2.32, $2.53 (bearish .382 Fib Retracement), and $2.72 (bearish .5 Fib Retracement).

On the other side, the first two levels of support lie at $2.00 and $1.91. Beneath this, support is expected at $1.74 (.786 Fib Retracement), $1.68, and $1.56.

xtzusd-sep25
XTZ/USD. Source: TradingView

Tezos is suffering further against BTC as it produced a 7-month price low this week after reaching 18,600 SAT. The coin has since bounced from here to break back above 20,000 SAT today.

Looking ahead, the first level of resistance lies at 21,000 SAT. This is followed by resistance at 22,000 SAT, 21,750 SAT, and 24,300 SAT.

On the other side, beneath 20,000 SAT, support lies at 19,380 SAT, 18,600 SATm ad 17,600 SAT (.886 Fib Retracement). Added support lies at 16,600 SAT and 15,600 SAT.

xtzbtc-sep25
XTZ/BTC. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Source: https://cryptopotato.com/crypto-price-analysis-overview-september-25th-bitcoin-ethereum-ripple-chainlink-and-tezos/

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Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update

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Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days.

The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather promising until Monday when the price shot up to about $11,000.

Unfortunately, it was then when Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, it was a couple of days of sideways action until Wednesday when it dipped even further, calling questions whether or not $10,000 will hold. In the late hours of Thursday, however, Bitcoin bulls woke up and pushed its price to where it currently rests around $10,650.

Elsewhere, on Sunday, Buzz Feed reported that major banking giants such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, were knowingly facilitating the transfer of up to $2 trillion related to suspicious and even criminal activity. This further supports the narrative that cash is used for illicit activities way more than Bitcoin. After all, $2 trillion is roughly 10x Bitcoin’s total market capitalization.

In another interesting development, the world will finally have its first official Bitcoin exchange-traded fund, though it may not be quite where people expected. It’s a collaboration between Nasdaq and a regulated Brazilian fund manager and will be launched on the Bermuda Stock Exchange (BSX).

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DeFi markets continue to boom as the total value locked in lending protocols surpassed $10 billion this week.

In any case, it’s interesting to see whether or not the hype will continue or if we will soon witness the burst of what many consider to be a DeFi-fueled bubble.

Market Data

Market Cap: $337B | 24H Vol: 105B | BTC Dominance: 58.3%

BTC: $10,613 (+2.46%) | ETH: $344.46 (+2.61%) | XRP: $0.237(+5.3%)

cryptopost_friday_1

World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. Nasdaq has collaborated with a regulated Brazilian fund manager to launch the world’s first Bitcoin exchange-traded fund (ETF). It should go live by the end of the year on the Bermuda Stock Exchange (BSX).

CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts. According to a recent report by CoinGecko, 23% of people involved in the cryptocurrency field invest in yield farming. However, 40% of them can’t read smart contracts, leaving them seriously exposed to inherent risks associated with failures in the code.

FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors. Leaked screenshots of a Telegram group chat that includes some of the most popular Ethereum proponents have sparked a tweetstorm in Crypto Twitter. It appeared as if the participants were planning to create a token, airdrop it to themselves, hype it up, and dump it on the community.

Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet. The popular venture capitalist Chamath Palihapitiya has said that his best investment bet so far has been on Bitcoin. This is despite him having invested in countless successful companies and startups.

Gemini Has Now Opened Doors to Crypto Investors in the UK. The popular US-based Bitcoin trading platform Gemini has officially launched operations for its entire range of services in the United Kingdom. This comes weeks after it received a license from the country’s Financial Conduct Authority (FCA).

Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap. Buzz Feed reported on a major document leak that suggests that major banks have been facilitating the transfer of up to $2 trillion associated with illicit and criminal activities. To put things in perspective, this is roughly 10x Bitcoin’s total market cap.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Tezos – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-maintains-10k-as-crypto-market-lost-16-billion-in-7-days-the-weekly-crypto-market-update/

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Bitcoin Price Needs to Break This Key Level Before $11,000 is Possible (BTC Analysis)

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Bitcoin bulls appear to be recharging after successfully breaking back into the main channel (yellow) above $10,360 and surging to $10,790.

An influx of $5 billion into the global crypto market cap over the past 24 hours has really helped prop up BTC prices above $10,700 and is also giving several altcoins a moment in the sun.

However, while this is promising news, we still need to see the global crypto market set a new higher-high above $355 billion (total market cap) to break the current downtrend and confirm the market has flipped bullish.

Right now, the only thing standing in the way of Bitcoin returning to the psychological $11,000 level is the 50-EMA line (blue) on the following daily BTC/USD chart. Currently around $10,780.

Price Levels to Watch in the Short-term

The daily 50 EMA is the main target right now for bullish traders; however, just slightly above that at $10,787, we also have the 4-hour 200 EMA (red), which received a noticeable reaction from bearish traders yesterday during Bitcoin’s surging rally.

These two price points will need considerable buying pressure to break, but if bulls are successful again, it should be an easy ride to $11,000.

Looking above that, we have the $11,200, the $11,360, and the $11,530 as the next set of likely resistances if Bitcoin manages to sustain its current momentum.

If bearish traders manage to defend the daily 50-EMA line, however, then we should look to the $10,580 as the first area of support, followed by the $10,440 and the main channel support line at approximately $10,390.

On the daily RSI indicator, we can see that Bitcoin has still not broken above the long-standing resistance (yellow arrow) with a higher high since August 1, 2020. This will be a crucial factor to observe over the next week as the leading crypto asset attempts to retake $11,000. If the indicator line moves above this resistance it will provide a strong buy signal to traders and could help drive prices up towards a new monthly high.

Total market capital: $347 billion

Bitcoin market capital: $198 billion

Bitcoin dominance: 57.1%

*Data provided by Coingecko.

Bitstamp BTC/USD Daily Chart

bitcoin price chart
BTC/USD chart via Tradingview

Bitstamp BTC/USD 4-Hour Chart

bitcoin price
BTC/USD chart via Tradingview
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-needs-to-break-this-key-level-before-11000-is-possible-btc-analysis/

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