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TA: Bitcoin Corrects From Record High, Dips Remain Attractive

Bitcoin broke the $65,000 resistance and traded to a new all-time high against the US Dollar. BTC is correcting gains, but dips could remain attractive near $63,000.

  • Bitcoin gained pace above the $65,000 and $65,500 resistance levels.
  • The price is now trading above $63,000 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but dips might remain limited below $62,000 in the near term.

Bitcoin Price Remains In Uptrend

Bitcoin price extended its increase above the $63,500 resistance zone. BTC broke the key $65,000 resistance zone and settled above the 100 hourly simple moving average.

It even spiked above the $65,500 resistance and traded to a new all-time high at $66,982. It is currently correcting lower and trading below the $66,000 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high.

An immediate support is near the $64,200 level. There is also a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $65,200 level. The first key resistance is near the $65,500 level. A clear break above the $65,500 resistance could open the doors for more upsides. The next major resistance sits near the $66,800 level, above which the price might rise towards the $68,000 level. Any more gains could lead the price towards the $68,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $65,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.

The first major support is now forming near the $64,150 level. It is near the 50% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high. The main support is near the trend line and $63,400, below which the price might decline towards the $63,000 support and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $64,150, followed by $63,400.

Major Resistance Levels – $65,500, $66,800 and $68,000.

MetaFlower super mega yacht NFT sells for $650k in The Sandbox

As the world of the rich and famous starts to sit up and take notice of DeFi opportunities there has been a massive land grab to secure the best digital assets in some of the most popular metaverse projects. Week after week, buyers are snapping up sought-after assets.  Just last week we reported that Fashion::Listen

As the world of the rich and famous starts to sit up and take notice of DeFi opportunities there has been a massive land grab to secure the best digital assets in some of the most popular metaverse projects. Week after week, buyers are snapping up sought-after assets. 

Just last week we reported that Fashion Street Estate in Decentraland sold for $2.4 million. This week it is all about The Sandbox community. A plot of land has sold in The Sandbox for a whopping $4.3 million and a luxury virtual yacht has sold for $650,000. It is clear that the world of digital assets is exploding. 

The three-storied yacht features two helipads, a dancefloor, hot tubs and a DJ booth. It was designed as part of a luxury NFT collection for The Sandbox. Private islands, speed boats and jet skis are some of the other digital assets available. The collection of 100 private islands sold out in under 24 hours.

The Sandbox is one of the leading metaverse games where players can build, own and monetize their virtual experiences. It also gives players access to free design tools like VoxEdit and Game Maker so that they can customize their experiences within The Sandbox. 

The seller was Republic Realm, an investor and developer of virtual real estate and other digital assets. They recently purchased virtual land in The Sandbox from Atari for $4.3 million, the biggest metaverse property sale to date. They also own about 2,500 plots of digital land across 19 worlds.

Metaverse property sales are exploding

This is a continuation of a trend happening across all metaverse platforms. Buyers are securing their place in the virtual world and sellers are cashing in on the action. People are spending more time escaping the real world in favor of virtual bliss. Why spend time in a reality where Covid is taking centre stage when you can hangout with fellow creators in a virus-free oasis.

The covid virus has without a doubt exacerbated this need to escape and crypto has allowed us to create new economies. Participation through games from Decentral Games and other community-led initiatives are demonstrating the sustainability of the metaverse. They also show how fast it is growing and evolving. 

Now that we have the technology allowing us to tap into new online communities, experience virtual events and participate in ways like never before, investors are grabbing every opportunity to get involved.

The post MetaFlower super mega yacht NFT sells for $650k in The Sandbox appeared first on CryptoSlate.

TA: Bitcoin Corrects From Record High, Dips Remain Attractive

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