Weekly Crypto Recap with NewsCrypto
Hello, crypto enthusiasts! Get ready to dive into the exciting world of cryptocurrencies with the latest edition of the NewsCrypto newsletter.
Just like a treasure map leads you to hidden gems, our newsletter will uncover the most valuable insights and trends in the crypto market. So grab your virtual pickaxe and let's start exploring!
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. US defaulting on its debt?
4. Funniest Meme of the Week
Breaking News Recap
· Dubai developer to build world's first Bitcoin tower
· Hong Kong to open crypto exchange access for retail users
· Ron DeSantis 'Vows' to Protect Bitcoin Rights as President
· Germany officially enters into a recession
· Russia to use crypto exchanges to settle cross-border transactions
Do you want to read more about each piece of news?
Check out the News section on our educational platform here:
https://app.newscrypto.io/news
Bitcoin TA analysis
· Crypto Fear and Greed Index Update
· Bitcoin Daily Time Frame - Bullish Outlook
Last week, Bitcoin took us on a rollercoaster ride, plunging to the depths of $26,000 before pulling a phoenix and soaring to a local peak of $28,500.
Now, if you're squinting at the analysis above, let me break it down for you. Bitcoin didn't just bounce back - it smashed through the $27,400 barrier like a bull in a china shop. And if that wasn't enough, it also leapfrogged over the EMA21 & EMA50 indicators. When our friend EMA21 (the blue line) gives EMA50 (the green line) the old one-two, it's time to pop the champagne because we're in the bullish territory!
But before we start seeing green, there are a couple of party poopers in the room - the pesky trendline and the $29,000 resistance. Once Bitcoin kicks these obstacles to the curb, we can expect it to shoot for the stars.
· Bitcoin Daily Time Frame - Bearish outlook
Alright, crypto comrades, let's flip the Bitcoin chart on its head and take a look from a different angle. What do we see? A range has set up camp, with $27,650 strutting its stuff as the top and $26,400 playing it cool at the bottom.
Now, here's where things get interesting. We've seen a deviation at the bottom of the range, a quick jaunt back into the range, and then a daring break above the range. If Bitcoin were a movie, this would be the plot twist. We could be in for another deviation, which would send Bitcoin's price on a detour back into the range.
But wait, there's more! The price has gone rogue and broken the market structure. To get back on the uptrend, we need to see a higher low. The perfect plot for Bitcoin would be to dip its toes back into the range, fill the daily FVG (that's the blue square for the uninitiated), and then make a beeline for the $30k mark. So, grab your popcorn and keep your eyes on the screen - this is one show you don't want to miss!
Republicans and Debt Ceiling: A love story
In a plot twist that could rival a Hollywood blockbuster, House Republicans and the White House have reached a tentative agreement on the hot-button issue of raising the debt ceiling. House Speaker Kevin McCarthy emerged from the shadows of Capitol Hill to drop this bombshell, though he played coy with the juicy details.
"After weeks of negotiations that would put a chess match to shame, we've reached an agreement in principle," McCarthy announced, adding a dash of suspense. "We've still got mountains to climb, but I believe this agreement is a tribute to the American people."
According to our man McCarthy, this isn't your run-of-the-mill agreement. There are no new taxes or shiny government programs, but there's "a treasure trove within the bill." He went on to boast about "historic" cuts in spending and game-changing reforms that promise to catapult people from poverty to the workforce.
But don't pop the champagne just yet. The next act in this drama involves Republican leaders and President Biden convincing enough members of Congress to get on board. If they pull it off, they'll dodge a potential debt ceiling default that's been ominously marked as X-day on June 5th.
Votes are likely to kick off this week and president Biden is hoping to seal the deal pronto to avoid the nightmare scenario of a historic US Default.
Funniest Meme of the Week
