132 days ago
Bitcoin price started a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again. Bitcoin is struggling to recover above the $58,500 zone. The price is trading below $58,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could struggle to recover above the $58,500 or $58,750 resistance levels in the near term. Bitcoin Price Faces Hurdles Bitcoin price extended losses below the $57,200 support level. BTC even traded below the $57,000 support. A low was formed at $55,591 and the price recently started a recovery wave. There was a move above the $56,500 and $57,000 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. The price even cleared the $58,000 level but faced sellers near $58,500. Bitcoin is now trading below $58,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair. On the upside, the price could face resistance near the $58,500 level. The first key resistance is near the $58,750 level or the 76.4% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. A clear move above the $58,750 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. A close above the $59,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance. Another Decline In BTC? If Bitcoin fails to rise above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,250 level and the trend line. The first major support is $56,850. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $57,250, followed by $56,850. Major Resistance Levels – $58,500, and $58,750.
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Bitcoin Price Recovery Shows Mixed Signals Amid Whale Activity Concerns and Market Metrics
Bitcoin’s recent price fluctuations and whale activity have raised eyebrows in the crypto community, as the digital asset navigates a narrow recovery zone. The market’s mixed signals suggest that while NewsBTC
Bitcoin vs Litecoin: What Are The Differences And Similarities?
Bitcoin (BTC) and Litecoin (LTC) are two of the most well-known cryptocurrencies in the world and have often drawn comparisons due to their similarities and origins. Also called the flagship cryptocurrency, Bitcoin is the world’s largest and most popular cryptocurrency. On the other hand, Litecoin may not be as well known as its peers but it ranks among the top twenty cryptocurrencies and aims to improve upon the perceived shortcomings of its predecessor. An Introduction To Bitcoin And Litecoin Bitcoin (BTC) was introduced in 2009 by the pseudo-anonymous Satoshi Nakamoto BTC to its reserves. Bitcoin is powered by the blockchain, a distributed, decentralized, public ledger that ensures complete security and transparency. All data (metadata, transaction information, buyer info, seller info) is stored in cryptographically connected blocks. Once added to the blockchain, the transaction becomes immutable and cannot be altered. Bitcoin uses the Proof-of-Work consensus mechanism to verify and add transactions to the blockchain. However, it has come under criticism because it requires enormous computational resources. It also uses the SHA-256 cryptographic hash function to encrypt the blockchain. Now, let’s look at Litecoin. Litecoin was introduced in 2011 by former Google engineer Charlie Lee and was one of the earliest altcoins in the cryptocurrency space, released only a couple of years after the Bitcoin whitepaper. It was designed to be a faster, lighter version of Bitcoin and address some of the latter’s perceived shortcomings. Like Bitcoin, Litecoin also uses blockchain technology as a decentralized currency. However, it has considerable enhancements to improve transaction speeds and reduce fees. According to supporters of Litecoin, it was created in response to Bitcoin’s perceived pivot towards centralization. Litecoin is closely related to Bitcoin and has adopted several features that Lee felt worked for Bitcoin in its early stages. However, it has also improved upon several of Bitcoin’s features. For example, while Litecoin also uses the Proof-of-Work consensus mechanism, it is considerably less reliant on computing power. It also uses Scrypt for its hashing function (more on this later). Key Differences Between Bitcoin and Litecoin Bitcoin and Litecoin have several differences that set them apart. Both serve different purposes, use a different hashing algorithm, and differ regarding block times. Let’s look at these differences in a little more detail. Purpose Satoshi Nakamoto created Bitcoin as a decentralized, digital alternative to traditional fiat currencies. It allows users to transact with one another without requiring a third party. According to its whitepaper, Bitcoin addresses the glaring inefficiencies and vulnerabilities of the traditional financial system, like high transaction fees, third-party intermediaries, and centralization of control. On the other hand, Litecoin was developed to improve upon Bitcoin and address its shortcomings, primarily speed, and scalability. Litecoin creator Charlie Lee intended to create a digital currency that could handle transactions efficiently without compromising on decentralization and security. Underlying Technology Now, let’s look at their underlying technology. Bitcoin uses the Proof-of-Work consensus mechanism to validate and add transactions to the blockchain. It uses SHA-256 for this consensus mechanism, making it require significant computational resources. This is what makes Bitcoin mining an energy-intensive and resource-heavy process. While highly secure, SHA-256 has been criticized for its negative environmental impact. Litecoin uses the Scrypt algorithm for its consensus mechanism, making it significantly less energy-intensive than SHA-256. Litecoin developers chose Scrypt to make Litecoin mining more accessible to users and reduce dependence on specialized mining hardware. Block Generation And Transaction Speeds Block Generation time is one of the most prominent differences between Bitcoin and Litecoin. Bitcoin has a block generation time of 10 minutes, although scaling solutions are attempting to address this. On the other hand, Litecoin generates a new block every 2.5 minutes. Thanks to Litecoin’s shorter block time, transactions are confirmed faster than on Bitcoin, making it ideal for smaller transactions, while Bitcoin caters to large and infrequent BTC transactions. Use Cases Bitcoin has seen widespread adoption as it has become a part of mainstream finance. Several companies and financial institutions have integrated BTC into their investment portfolios, while companies like MicroStrategy have added Bitcoin to their reserves. The launch of spot Bitcoin ETFs brought unprecedented interest in the cryptocurrency, with some of the largest investment banks launching exchange-traded funds, making it more accessible to retail users. Litecoin has not seen widespread adoption but is accepted as a mode of payment by several merchants, businesses, and financial institutions. Tokenomics Bitcoin’s supply has been capped at 21 million BTC , with over 19.8 million BTC currently in circulation. Bitcoin’s limited supply and periodic halving events significantly affect its scarcity and value, making it a deflationary asset. Litecoin’s supply is also capped at a maximum of 84 million LTC, with over 75 million in circulation. Similarities Between Bitcoin And Litecoin Now that we have examined the differences between Bitcoin and Litecoin, let’s look at their similarities. Bitcoin and Litecoin operate on a decentralized network, meaning no single entity or centralized authority can control them. Decentralization is a key feature of both cryptocurrencies and ensures transactions are transparent, secure, and censorship-resistant. Secondly, Bitcoin and Litecoin are both open-source projects. Their source code is publicly available and can be viewed and modified by anyone, encouraging transparency, trust, security, and developer participation, helping improve the network. Bitcoin and Litecoin both use cryptographic techniques and the Proof-of-Work consensus mechanism to validate transactions and secure the network. Both are highly resilient to attacks thanks to their decentralized nature and developer support. In Closing: A Compliment To Bitcoin Litecoin was created as a lighter, scalable, and practical medium of exchange, facilitating smaller and faster transactions. On the other hand, Bitcoin has established itself as a store of value, a hedge against inflation, and an investment asset. Litecoin’s similarities to Bitcoin have also made it a valuable testnet for Bitcoin, highlighted by Litecoin’s early adoption of the SegWit soft fork and why many believe Litecoin is the silver to Bitcoin’s gold. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. NewsBTC
