The "god candle" that everyone is waiting on is just what it sounds like – a massive green candle that can propel Bitcoin towards new all-time highs with divine force. As Bitcoin
(BTC) continues its consolidation below $60,000, investors and day traders alike anticipate a bullish breakout to the upside to continue Bitcoin’s march to $100,000.
Shortly after Tesla CEO Elon Musk announced that his company would accept Bitcoin as payment for its vehicles, Bitcoin proceeded to grind up steadily to $38,000 before blasting off more than 23% in a single day to a new all-time high of $46,747. The most recent move in history that comes to mind happened back in February of this year.
With that, it looks to be a done deal and a concise article to make, but there is one important thing to mention, which you can read in the last paragraph. For now, let us focus on the bearish elements at hand and the ones that need to be broken before markets can start speaking of an uptrend instead of a bear trend. If it were a bet, Bitcoin
price would be quoted at the betting shops 5 to 1 as currently, five bearish elements outweigh only one bullish signal.
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Noting the "legal risk," Yoon explained that the regulation surrounding chip sales in these two countries is hostile, bitcoin as is China or is in the process of being fully developed, even in the United States.
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A similar pattern can be spotted between April and May, where in May, the falling knife got executed that at one point had wiped out 30% of the market cap. Bitcoin price sees a sharp drop in volatility as the new monthly pivots come in more narrowly from each other than the ones in June. The risk at hand is that a similar move could happen in the coming month as almost two hands are needed to count all the bearish signals in Bitcoin.
BTC price is already mentioned in several articles in a downtrend marked by the death cross where the 55–day Simple Moving Average (SMA) has broken below the 200-day SMA, and to make it even worse, that same 55-day SMA is working as a cap on the price action moving alongside the downtrend as a watchdog. Parallel with that declining 55-day SMA, a red descending trend line is acting as the backbone of the downtrend, forming a bearish triangle with the base at $19,036 and acts as the upper leg of a bearish trend channel with the old blue ascending trend line as the lower leg. Reading back, that makes five bearish elements currently hanging over BTC price action and only dragging it further down.
The smart contract that makes this possible is the Flashloan which is described in the white paper (alternatively, you can take a look at this simpler explanation). If at the end, the loan repayment happens, then the transaction goes through and is broadcast on the blockchain. The computer code simulates the entire transaction. The world of smart contracts and immutable code in the crypto world provides an excellent example where we can see this phenomenon in action. This is a single atomic transaction that either succeeds completely or fails completely. If the loan repayment does not happen, then the entire transaction is reverted – the state is restored to what it was earlier. The loan is not granted and the transaction does not happen. In short, the flashloan borrower presents a smart contract that (a) executes the entire "arbitrage" and (b) repays the loan.
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