Bitcoin price analysis: After the false breakout, breakdown is real; Walmart won patent for electrical grid to be powered by BTC and other digital currencies

Bitcoin leads the fall of major cryptos in this recent sell-off.
Walmart wins patent for electrical grid that uses BTC and other cryptos.

Manoj B Rawal Independent Analyst

Bitcoin the poster boy of cryptocurrencies has led from the front to take all the other cryptocurrencies on the southward journey wherein April lows have been broken and is now eyeing swing low of February.

BTC/USD is up more than one percent for the day at $6,467 near high of the day. On the 360-minute chart, BTC broke down of the very trendline it broke out earlier, which resulted into a false break out and now has been trading below it throughout this week. Immediate resistance now in the form of this descending trendline stands at $6,834.

Among the positive news wihch are rare to come by these days, Walmart has won a patent for the development of electrical grid that will use Bitcoin and other cryptocurrencies according this patent application of June 14 on the U.S. Patent and Trademark Office.

BTC/USD 360-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

Dogecoin Price Forecast: Smart money flees DOGE, exposing a 12% downside risk

Dogecoin price hovers around $0.0850 at press time on Monday, keeping steady after a 5% rebound the previous day from the February 6 low at $0.08000. On-chain data show that large-wallet investors with 100 million to 1 billion DOGE have reduced their holdings to a five-month low, providing the downside pressure.

Cardano Price Forecast: ADA downtrend persists as bearish setup caps whale-backed rebound

Cardano remains under pressure, trading below $0.170 on Monday after a massive correction in the previous week. The bearish price action is supported by the uncertainty surrounding Charles Hoskinson’s remarks last week, which weighed heavily on market sentiment.

Crypto Overview: Zcash, Bittensor, and Ethereum stall after a mild rebound

The broader cryptocurrency market shows a stalled rebound after Friday's crash linked to the US Jobs data release. Bitcoin hovers above $63,000 at press time on Monday, while Zcash, Bittensor, and Ethereum emerge as top performers over the last 24 hours.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC under pressure, ETH breaks support, XRP weakens targets $1

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure at the start of this week after losing more than 14%, 15%, and 13%, respectively, in the previous week. BTC struggles below $63,000, ETH loses key support zones, while XRP’s momentum indicators continue to favor further downside.

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.

Legal Text

Editor's Picks