The Bitcoin price is at a standstill, trading around $59,039 and meeting resistance at $59,420 within a sustained downward range.
Despite several attempts, the price has struggled to break above this critical level, signalling a continued bearish sentiment.
Traders are closely watching this key resistance, as a failure to overcome it could lead to further declines toward $57,724.
Bitcoin-Backed Loans Boost Capital Velocity, Says Ledn CEO Adam Reeds
Ledn CEO Adam Reeds highlighted how Bitcoin-backed loans can enhance the velocity of money in an economy. Traditional banks often don’t accept Bitcoin as collateral, leaving long-term holders with limited borrowing options.
To solve this, Ledn allows people to borrow money against their Bitcoin holdings. This provides quick access to cash, especially for small companies that might otherwise face long wait times with regular banks. Reeds argues that Bitcoin is a superior form of collateral compared to real estate or stocks, as it doesn’t depreciate over time.
Key Benefits:
Quick access to cash without selling Bitcoin Ideal for countries with limited banking services or high inflation Boosts confidence in Bitcoin within mainstream financeThis increased integration of Bitcoin in finance could be contributing to the recent rise in BTC prices.
Crypto Leaders to Host Kamala Harris Fundraiser, Eye $100K for Support
U.S. cryptocurrency executives are organizing a fundraiser for Vice President Kamala Harris on September 13, aiming to raise over $100,000. The event, hosted by the Drua Fund, seeks to influence Harris’s stance on crypto, particularly in light of the current administration’s restrictive policies.
Key Details:
Fundraiser aims to raise $100,000+ Hosted by the Drua Fund, with support from the Blockchain Foundation and WilmerHale Focus on gaining Harris’s support for crypto innovation and expanding capital accessOrganizers, including leaders from the Blockchain Foundation and lawyer WilmerHale, hope Harris will advocate for crypto innovation and broader capital access, especially for people of color.
While Harris hasn’t publicly shared her views on crypto, her campaign has engaged with major firms like Coinbase and Ripple.
This effort is boosting market confidence and has contributed to a rise in BTC prices, signaling a potential shift toward more crypto-friendly policies under a Harris administration.
Bitcoin Faces Bearish Pressure Below $59,420 Resistance—Will the Downtrend Continue?
Bitcoin (BTC/USD) is currently trading at approximately $59,039, under pressure from a persistent downward channel on the 2-hour chart. This channel has effectively capped any significant upward movement, with resistance firmly set around the $59,420 level.
Despite several attempts to break above this resistance, Bitcoin has repeatedly faced rejection, indicating that bearish sentiment continues to dominate the market in the short term.
The Relative Strength Index (RSI) is hovering around 45.35, suggesting there’s still room for further decline if selling pressure intensifies. If Bitcoin fails to break above the $59,420 resistance, it could continue its bearish trend, potentially targeting the lower boundary of the channel near $57,724.
Bitcoin Price Chart: Source: TradingViewResistance: $59,420 (critical for potential reversal)
Support: $57,724 (lower boundary of the channel)
Traders should keep a close eye on a clear breakout above $59,420 for any signs of a bullish reversal. However, as long as Bitcoin remains confined within this channel, the outlook leans towards further downside.
Why Pepe Unchained ($PEPU) Is a Strong Addition to Your Crypto Portfolio
Transitioning from the buzz around Pepe Coin, it’s clear that meme coins are making waves in the crypto market. Among the promising newcomers, Pepe Unchained ($PEPU) is rapidly gaining attention for its potential to deliver substantial returns.
Presale Advantage: Investing in $PEPU during its presale phase could result in significant gains, according to crypto experts like Jacob Crypto Bury. Passive Income Opportunity: The 499% APY staking feature offers an excellent chance to generate passive income, making $PEPU a strong contender in the market. Investor Confidence: With 321 million PEPU tokens already staked, there’s clear evidence of strong investor confidence in the project’s long-term success.Don’t Miss Out on the Pepe Unchained Presale
Secure Investment: Pepe Unchained’s smart contract has undergone thorough audits by Coinsult and SolidProof, ensuring a secure investment opportunity.
Easy Purchase Options: Buying $PEPU is simple, with options to purchase using ETH, USDT, BNB, or even a credit card.
Take Action Now: With the presale nearing its next price increase, it is time to potentially grow your wealth significantly.
This optimistic outlook is supported by popular crypto YouTuber Jacob Crypto Bury, who predicts strong growth for meme coins this year and emphasizes the benefits of investing early in presales like Pepe Unchained.
Buy $PEPU Presale Now
As of the latest update, the presale has raised $11.30 million out of its $11.60 million goal.
Currently, 1 $PEPU is priced at $0.0094226, but the clock is ticking for the next price increase. Secure your investment before the price goes up!
Buy PEPU Here
The post Bitcoin Price In A Standstill: Is An Upward Trend Coming Next Week? appeared first on Cryptonews.
