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Market Moves: Bitcoin’s ‘Rich List’ Continues to Snap Up Cheap Coins
Technician's Take: Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests:

Dave Jevans, Cipher Trace CEO
Guy Hirsch, eToro US Managing Director
Lindsay Joo, BitBull Capital Investor Relations

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Polkadot (DOT): +11.7%
Litecoin (LTC): +7.9%
EOS (EOS): +5.4%
Bitcoin Cash (BCH): +5.2%
Uniswap (UNI): +5.0%
Stellar (XLM): +3.7%
Chainlink (LINK): +3.3%

Losers:

Algorand (ALGO): -6.7%
NuCypher (NU): -2.8%

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Bitcoin’s ‘Rich List’ Continues to Snap Up Cheap Coins

Blockchain data shows sustained bargain hunting by large bitcoin (BTC) holders despite persistent gloom and doom in the market.

Addresses carrying at least 1,000 BTC, known as the "rich list" or "whales," held 7.89 million coins at press time, an addition of 80,000 since May 19's price crash to $30,000, according to data provided by Santiment.
The total held by the rich list hit a three-month high of 7.91 million earlier this week.
"Whales aren't slowing down their accumulation," Santiment tweeted early today. "This is a strong vote of confidence for bulls, seeing top key stakeholders are increasing their bags."

Bitcoin held by addresses owning atleast 1K BTC (Source: Santiment)

The increase by long-term holders signals accumulation during the bear trend, according to blockchain analytics firm Glassnode.
The data show whales and long-term holders remain confident of the cryptocurrency's prospects.
Nevertheless, the cryptocurrency may see short-term losses if the U.S. consumer price index, scheduled for release at 12:30 UTC on Thursday, exceeds expectations, boosting concerns of an early unwinding of stimulus by the Federal Reserve.
"Large upside scare to the [CPI] print will make the downside below $30,000 very vulnerable, and we are most concerned with that now," QCP Capital said in its Telegram channel.
The impending death cross, or the bearish crossover of the 50-day and 200-day simple moving averages, is also hinting at the scope for deeper losses.
Prices rose more than 10% on Wednesday, hitting highs above $37,400 even as China announced a ban on virtual-currency mining operations in Qinghai province. El Salvador's decision to adopt bitcoin as legal tender likely buoyed sentiment.

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Bitcoin’s ‘Rich List’ Continues to Snap Up Cheap Coins

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Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K

Bitcoin (BTC) broke above initial resistance at $36,000 after a near 13% rise on Wednesday. The next resistance level is seen at $40,000, which capped upside moves over the past two weeks.

The short-term trend is improving after a series of lower price highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase.

Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView)

Bitcoin returned above the 100-period moving average on the four-hour chart and is approaching short-term overbought levels.
Buyers could remain active towards $40,000 which is also near the 200-day moving average. The cryptocurrency was trading around $38,000 at press time.
If a pullback occurs, bitcoin should find initial support around $34,000. Lower support around $30,000 was tested multiple times over the past two weeks as buyers return.
Bitcoin will need to break free of the short-term consolidation phase to maintain the bullish uptrend. For now, recoveries appear limited given strong overhead resistance.

Read the original story here:

Bitcoin Rallies from Oversold Levels; Faces Resistance at $40K

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In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

It’s Official! El Salvador Adopts Bitcoin as Legal Tender, Blockstream on Its Solar-powered Bitcoin Mining Project With Square

"First Mover" covers this historical time of firsts for crypto from El Salvador becoming the first country to adopt bitcoin as legal tender to TechCrunch founder Michael Arrington selling his apartment as an NFT. Joining the show is Adam Back, CEO of Blockstream, who offered to support El Salvador as the population begins to use bitcoin as money. Plus, Blockstream's project with Square to build a solar-powered bitcoin mining facility. Greg King, of Osprey Funds, has his crypto markets analysis.

Elizabeth Warren, US Lawmakers Put Bitcoin on Trial in Senate CBDC Hearing
While a Senate Banking Committee hearing ostensibly focused on central bank digital currencies, bitcoin’s role in the ecosystem drew much of the attention.
World’s Largest Meat Company Pays $11M in Bitcoin Ransomware Attack

The attack on the world's largest meat producer bore similarities to one on Colonial Pipeline two weeks earlier.
Bitstamp Hires New CCO to Guide Exchange Through ‘Evolving Regulatory Landscape’

Thomas Hook, who has extensive risk and compliance experience, is charged with maintaining a dialogue with global regulators.
Boson Pays Record $704K for Decentraland Plot to Create a Virtual Mall: Report

The blockchain protocol will allow users of Decentraland communities to exchange virtual and real-world products.
Developer of China’s Blockchain-Based Service Network Gets $30M in Series A Funding
The funding will go towards bolstering BSN's team as well as expanding the firm's global market for its platform.
Hardware Wallet Maker Ledger Gets $380M in Series C Funding Round

Funding will go towards furthering innovation of its hardware products and expanding its enterprise capabilities.
Denmark’s Century-Old Tax Code to Get Crypto Facelift: Report

The ministry cites a risk of fraud and an increased number of tax filing errors as the catalyst for cracking down on crypto tax evasion.
UK Financial Watchdog Warns That ICO Crypto Is a Clone Company
The firm was identified as using details of the legitimate company, Swiss Re Capital Markets.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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