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Bitcoin Battles Support Levels as Leverage Wipeout Punishes Longs

Bitcoin (BTC) sought relief on Dec. 20 after Wall Street’s opening, as a sharp leverage flush continued to impact late bullish traders. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing back above $96,000 on Bitstamp. Despite a 1.5% daily decline, Bitcoin created challenging trading conditions, revisiting $92,000 lows from earlier in December, hitting long positions hard. “The cascade of support loss has indeed occurred,” noted trader and analyst Rekt Capital on X, adding, “Bitcoin is now down -15% on this pullback.” Rekt Capital had previously cautioned about potential corrections during bull markets, typically occurring six to eight weeks after breaking prior all-time highs. He remarked that the current dip “almost matches” a similar event from 2021. “These corrections tend to last a few weeks,” he explained. “Also, there tend to be up to 4 Price Discovery Corrections at most until a Bull Market ends. This is the first Price Discovery Correction in this cycle, which means it is an optimal re-accumulation opportunity with a high probability of price reversal to the upside.” Liquidation data painted a stark picture for crypto traders. Monitoring resource CoinGlass reported $1.4 billion in liquidations across the crypto market over the past 24 hours. Analyzing the source of Bitcoin’s short-term weakness, CryptoQuant contributor J. A. Maartun highlighted sell-side pressure originating from the United States. Coinbase, the largest U.S. exchange, showed particularly strong selling activity. Maartun shared on X that the Coinbase premium — the price difference between Bitcoin on Coinbase and Binance — remained significantly negative. As Bitcoin continues to test key support levels, traders are closely watching for signs of a reversal or further downside risk. CoinOtag

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Bedrock Launches brBTC, Introducing BTCFi 2.0 — The Future of Bitcoin Staking

December 20, 2024 – Singapore, Singapore Bedrock , one of the leading multi-asset restaking protocols, introduces brBTC – a transformative BTC derivative asset designed to redefine Bitcoin’s role in DeFi (decentralized finance). As Bedrock’s innovative LRT (liquid restaking token), brBTC maximizes Bitcoin yield by enabling holders to deposit a variety of Bitcoin derivatives and earn rewards through a curated selection of advanced restaking protocols. BTCFi 1.0 – A foundation with room to grow The evolution of BTCFi began with BTCFi 1.0, which laid the groundwork for Bitcoin’s integration into DeFi. This phase introduced staking protocols that allowed Bitcoin holders to generate yields, providing a glimpse of Bitcoin’s potential in DeFi. However, BTCFi 1.0 also revealed key challenges – liquidity was fragmented across platforms, restaking opportunities were limited and real-world applications remained largely untapped. A vision for BTCFi 2.0 The launch of brBTC marks the beginning of BTCFi 2.0 – a new concept aimed at addressing current key challenges in BTCFi, such as fragmented liquidity, limited restaking opportunities and a lack of real-world use cases. BTCFi 2.0 introduces a more unified and efficient ecosystem, providing sustainable yield strategies, enhanced security through layer-two solutions and integration with collaborative platforms. In sharing his thoughts on brBTC’s launch, Zhuling Chen, core contributor at Bedrock, said, “BrBTC will be the catalyst for driving BTCFI into its next phase, BTCFI 2.0. It will enable multi-source yield through interoperability and help to secure and unite the fragmented liquidity in the ecosystem.” Echoing this sentiment, Calvin Zhou, another core contributor at Bedrock, added, “By enhancing Bitcoin’s utility and staking capabilities, BTCFi 2.0 and brBTC not only unlock new financial opportunities but also strengthen the overall security and resilience of the decentralized ecosystem.” BrBTC – A game-changer for Bitcoin yield Launching initially on Ethereum and BNB Chain, with plans to expand to additional chains, brBTC empowers investors through three core features. Unified ecosystem BrBTC addresses the challenge of market fragmentation by integrating Bitcoin seamlessly across multiple DeFi platforms. By accepting a wide range of BTC derivative assets as collateral – including WBTC, FBTC, mBTC, cbBTC, BTCB and uniBTC – brBTC creates a cohesive and dynamic ecosystem. Collateral allocations are optimized across multiple staking protocols to ensure holders benefit from the most competitive yields. Enhanced yield strategies BrBTC offers diversified yield-generation options, extending beyond traditional staking by leveraging restaking protocols such as Babylon, Kernel, Pell, SatLayer, Mellow and Symbiotic. Furthermore, to further strengthen brBTC’s liquidity and expand sustainable yield opportunities, Bedrock partners with Thena and MEV Capital. These collaborations ensure a solid and well-supported ecosystem, empowering users to access competitive and scalable restaking solutions. With scalability in mind, additional protocols and partnerships will be introduced over time to enhance yield strategies and unlock even greater opportunities. Real-world applications Engineered with versatility in mind, brBTC bridges the gap between digital assets and tangible utilities. Its applications extend to collateral in financial products, enabling microtransactions, and supporting other real-world financial needs, enhancing Bitcoin’s relevance in both DeFi and TradFi (traditional finance). With BTCFi 2.0, Bedrock is pioneering a new era for Bitcoin holders, offering tools to maximize yield, navigate a more cohesive ecosystem and explore real-world applications. Driven by innovation and collaboration, brBTC is set to play a pivotal role in shaping the future of Bitcoin in DeFi. About Bedrock Bedrock leads the DeFi space with its unique offerings. As the first multi-asset restaking protocol, Bedrock supports BTC, ETH and IOTX liquid restaking. This capability allows users to unlock impressive yields, with some exceeding three digits – all while maintaining asset exposure. Bedrock has proven its dominance by providing the highest Babylon points in cap one and cap two. Backed by notable investors like OKX Ventures and Babylon’s co-founder, Bedrock ensures robust security and seamless cross-chain functionality. Official links Website | App | Docs | Blog | X | Discord | Telegram Contact Adam Wong , head of marketing at Bedrock This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility. Follow Us on Twitter Facebook Telegram Check out the Latest Industry Announcements The post Bedrock Launches brBTC, Introducing BTCFi 2.0 — The Future of Bitcoin Staking appeared first on The Daily Hodl . CoinOtag