- Square Crypto announces the plan to build a Lightning kit for developers to aid in the adoption of Bitcoin.
- Bitcoin recovers above $8,700 but the resistance at $8,800 still stands in the way of movements to $9,000.
Bitcoin bulls took over control of the price during the American session on Tuesday allowing for gains above the former resistance at $8,700. However, the recovery only occurred after a minor dip back to the support at $8,500. The momentum above $8,700, unfortunately, fizzled out shy of the 100 SMA on the 1-hour chart.
In the meantime, Bitcoin is trading at $8,720 amid a building bullish momentum. The largest is still fighting to correct the subtle bearish movement on Wednesday. The bullish trend coupled with the right volume and high volatility levels is the right ingredient for the recovery to $9,000.
The 1-hour chart features a forming falling triangle pattern. The improving bullish picture is likely to force the price above the triangle resistance. If broken, Bitcoin will only have one more hurdle at $8,800 before smoothly sailing to $9,000.
For now, Bitcoin is trading between the support and resistance of the moving averages. The 50 SMA is offering support at $8,656 while the 100 SMA hinders growth at $8,754. The ranging RSI suggests that the ongoing sideways action could last longer. As far as support goes, $8,500 will continue to function as the most significant. Other anchor areas include $8,400, $8,250, $8,000 and if push comes to shove, $7750 will come to the bulls' rescue.
Square Crypto to develop a Bitcoin Lightning kit
Square Crypto, the digital branch of the firm founded by Twitter’s CEO Jack Dorsey has announced its intentions to develop a Lightning kit that will aid in the adoption of Bitcoin. The move is to help Bitcoin wallet developers easily integrate micropayments network with the products they already have. The kit will include features such as an API, demo applications, and language bindings among others.
BTC/USD 1-hour chart
-637152677647749822.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.