Following an overnight rally to surpass the $50K resistance, BTC has started testing new resistance levels.
A First For Almost Four Months
Various metrics indicate that BTC is already attempting to sustain the $51k levels following a surge past the $50K level, a first since May. Thus, BTC is testing whether it can flip this level to support even though it acts as resistance all summer.
BTC/USD 1-hour chart. Source: TradingView
While analyzing the king coin’s 7-day chart, one of REKT capital’s top analysts opined that any decline into the orange zone would result in turning this level to resistance instead of support.
BTC/USD 7-day chart. Source: REKT capital
Right now, BTC is bouncing around the $51k levels, which constitutes its lower highs. However, famous crypto analyst, Micheal van de Poppe, opined that bitcoin would only maintain these levels provided it meets some support level conditions. “First, it should never decline the $47k level and must strive to use the $50K level as support,” van de Poppe suggested via his YouTube channel. He also said that once the king coin surges past its current price, it is likely to attain its April peak price and remain at that range for the remainder of the year.
Altcoins Offer Mixed Signals
Despite BTC consolidating in price, the leading altcoins have been flat since yesterday. Only XRP made slight profits today to rise by about 6.30%. The Dutch crypto analyst predicted that the altcoins would soon follow BTC’s rally provided BTC can maintain its current rally. One altcoin outside the known ones with appreciable gains was FTT; it shot by 16% to surge past the $71 price range.
One possible reason for the spike in FTT price is the announcement that FTX users can mint NFTs from their FTX dashboard. But the exchange further said there is a fee of $10 before an NFT can be minted. The FTX CEO stated that the exchange created this fee structure to avoid spammy images.
No Crypto Sponsorships, Adverts, Or NFT Sales For NFL Teams
The Athletic media reports that the US NFL has banned NFL teams from putting on crypto-sponsored jerseys and selling NFT-related works till the league develops a policy to that effect. An NFL member who wouldn’t want his name in print revealed that “the NFL has already informed all teams of this development.”
The NFL’s ban on NFT sales goes against what’s obtainable with a few soccer teams (notably, arsenal and PSV Eindhoven) and even the NBA. What’s confusing is that the official statement from the NFL was that teams are free to discuss any crypto-related sponsorship deal, provided it only promotes the firm’s brand.
Some sports stars, such as Lionel Messi and Naomi Osaka, have been public about being crypto advocates. Two months ago, a top NFL star agreed for part of his endorsement earnings to be paid in bitcoin. The star stated he agreed to receive bitcoin payments so that inflation won’t affect his earnings.