Bitcoin has finally hit the $70k mark again, and has a new all-time high within its sights... the question is, will we see it broken soon?
Flooz
5 min read โข Jul 30, 2024
Todayโs issue โคต๏ธ
1. ๐ Today in markets
2. ๐ Bullish charge for Bitcoin?
3. ๐ Educating your investments
4. ๐ฎ Flooz Top Picks
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Bitcoin decided to take matters into its own hands as it broke the $70k mark...
Will we see a push to a new all-time high this year?
Let's jump straight into the chart! ๐
It has been a while but we finally saw a push above the $70k mark for Bitcoin, which is great and could even set us up for an even higher move.
However, we did see a drop shortly after it hit, and we ended up closing bearish on the daily close, which means we now need a recovery as another bearish close could spark more bad news for Bitcoin and could send us closer to the $60k area if things get bad.
While this is a little worrying, if we do get a small recovery and can close indecisive or even bullish, it means that this drop was healthy and could shoot us up even higher in the short term as we come to the monthly close.
So far, Bitcoin and the market is looking good, and with elections fast appraoching and Ethereum ETFs trading live, we may see a leg up sooner than we think.
Although it is important to remember... not everything goes to plan and there is also a chance we see a deeper pull back before new all-time highs.
From the chart, you can see be pushed through the bullish resistance twice before a pullback, so there is another attempt on its way soon, and if it can push through it... we may see some more green candles across the board.
But for now, we simply wait and see what teh market has in store for us, and with us being over half way through the year and a new quarter approaching, perhaps we have some more positive movement on the way.
As always, stay safe frens!
We saw a big bullish move for Bitcoin yesterday...
But after a pullback, what is on the cards next?
This is the first time we've seen Bitcoin close to it's all-time high in a nearly a month, with us going as low as $54k.
And while it was exciting while it lasted, there may be a reason as to why we saw a rapid pullback shortly after.
We have seen a few bearish bits of news over the past few weeks, including Mt.Gox and the German government selling, and it has had an impact on the market.
Now this time, we have the US government moving around 30,000 Bitcoin, with many expecting a sell off.
Whether this Bitcoin is about to be sold is another question, but it comes shortly after political backing for Bitcoin in US elections, and is may have sparked some concern with the treasury.
Either way, this move for Bitcoin was bullish, and even though we have seen a drop in price since, it could be the fuel we need to see a bigger push upwards.
As always, it is a waiting game, so hopefully we see a lot more excitement in the upcoming months and see a bullish end to 2024.
We aim to give you a short educational topic each week to help you on your trading and investing journey.
This weeks topic: Research ๐
When it comes to choosing your investments, it is vital that you don't just jump into anything... especially if it is trending.
Why?
Because you are blind investing and it could end up impacting your portfolio negatively, and more so when only focusing on trends without any backed up research.
So... as boring as research may be, it is also a vital step in ensuring that you are picking the best investments for you, as it could be the difference between successful investing and unsuccessful investing.
And we know which side you'd rather be on.
Here are a few things you want to focus on when researching:
Tokenomics (Supply, market cap, price)
Whitepaper (The plan for the project)
Roadmap (The future plans for the project)
The team behind the project
Interest in the project (Holders, buyers, sellers etc)
Previous performance of the token
The impact that the project could have (Does it have a bright future?)
This list could go on for a long while, but these are a few to keep an eye out for.
It can take some time to fully research a project before deciding to invest into it, but these investments could also be the difference for your financial future, so make sure you take your time with this, so that you are in the best possible decision.
Things like FOMO will play a small part, especially as you start to do more research, which is why you need to try and be logical and not emotional here.
Many investors will likely skip this step and while it can work out for them, it could also hurt them too.
So... if you truly want to increase your chances of finding and investing into the best cryptos around, taking some time to do some research will likely be the difference between a successful and thriving portfolio.
Here are our three crypto picks of the week ๐
๐ First up on our list is $TOWER
The Tower ecosystem is a gaming platform on the blockchain with some incredibly impressive stats already including over 5M downloads and 250k players, not to mention they have games on some of the biggest app stores including Apple and Google.
Along with this, $TOWER is partnered with some big names, including... The Sandbox, Metamask and Animoca Brands and currently has just over a $6M market cap.
๐ Next up on the list, we have $UBXS
The UBXS utility token created by Bixos aims to connect the physical and virtual worlds through innovative applications of blockchain technology. Real estate has a market cap of over $100 trillion and $UBXS is looking to disrupt the market through the blockchain.
$UBXS can be found on the BSC chain and has a market cap of just $7M and has seen a drop of 14% in the last 14D, sparking a potential opportunity here.
๐ Our final pick of the week is $SIDUS
Sidus Heroes is a Web3 gaming ecosystem that has a unique economic model and is has a fantastic team of game developers and blockchain experts with over 20 years experience.
The gaming side of the blockchain has been growing fast, and $SIDUS has been included with this, with a current market cap of around $35M, with it being down 12% in the last 7D, this might be one to add to the watch list.