Bitcoin has chosen violence. The first crypto by market cap trades at $57,873 with a 3% loss in the daily and an 11.2% loss in the weekly chart.
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview
After making a push close to $60,000 Bitcoin was rejected and has trended to the downside for the past 2 hours. The benchmark crypto might have reacted to the potential re-appointment of the U.S. FED Chair Jerome Powell to his position for a second term.
Related Reading | This Bitcoin Metric Hints At Bottom, Is BTC Out The Woods?
Data from Material Indicators suggest the move to the upside was driven by investors with orders with an estimated value above $1 million (whales). As seen in the chart below, these investors, along with retail investors and others with bid orders above $1,000 sold as soon as BTC’s price reached $59,000.
FireChart BTC/USD Source: Material Indicators
As the chart shows, there is almost no resistance or support for Bitcoin at the levels. To the downside, significant supports (below the blue line, BTC’s price, in the chart) sit at around $55,000, and to the upside, $60,000 stands as the biggest resistance (above the blue line in the chart) for BTC’s price in the short term.
According to data from Glassnode, the Short-Term Long Term Realized Valued (SLRV) for Bitcoin is back to below 0.4. As seen in the chart below, whenever BTC’s price hits these levels, the cryptocurrency tends to appreciate.
Related Reading | Bitcoin Bounces To $58K, Why Bears Could Spill More Blood
Pseudonym analyst On-Chain College commented the following on what this indicator suggests for Bitcoin in higher timeframes:
What I find most interesting is the relationship of this ratio between now and the run up earlier this year. Notice the SLRV Ratio rising as price rose in the beginning of this year vs. a steady decline/consolidation as price rose a few months ago… Bullish
Bitcoin Still On A Moon Mission?
Despite the recent downwards price action, Bitcoin’s fundamentals remain bullish. Additional data provided by Glassnode noted an increase in the number of addresses with an estimated balance above $0.
This metric indicates a rise in adoption most likely triggered by the approval of the Bitcoin Law in El Salvador and the growth and its second-layer solution Lightning Network. Since BTC’s price made a run from its yearly open ($29,000) to an all-time high ($69,000), the market became overheated.
The approval of the first BTC-linked ETF in the U.S. didn’t contribute to the above with the derivatives sector recording an increase in positive funding rates. This metric has returned to a neutral state after BTC’s recent crash.
Related Reading | Bitcoin Resumes Decline, What Could Trigger More Downsides
However, experts believe that BTC still needs to flash out the short-term holders and speculators before re-entering price discovery. NewsBTC’s Editorial Director Tony Spilotro expects Bitcoin to retest support around $56,000 in the short-term following a similar pattern that in September before BTC broke away from a previous range and above $65,000 for the first time since its inception.
BTC dancing on support in the 4-hour chart. Source: Tony Spilotro via TonyTrades BTC Trading Channel
It’s Official! Online Retail Giant Newegg Confirms That It Will Accept Shiba Inu
In a recent tweet, Newegg said, “Coming soon to Newegg…$SHIB”.
— Newegg (@Newegg) November 26, 2021
After Raising $5.3 Million, Astra Guild Ventures (AGV) Gears for Series B & Public Token Sale
Astra Guild Ventures (AGV) has successfully raised $3 million for its Series A funding round led by some notable venture capitalists such as CSP DAO Inc, Halvings Capital Ltd, Oracles Investment Group, GDA Capital and Deltahub Capital.
The raised funds will be used for marketing AGV’s public token sale, covering operational and management expenses, and for the acquisition of new nonfungible tokens (NFTs) and equities on companies that develop play-to-earn (P2E) games.
At the time of writing, AGV has raised a total of $5.3 million after its Seed and Series A funding rounds. They have a total of 2,036 Axie Infinity scholars, 50,000+ Discord community members and 75,000+ Facebook followers. Recently, AGV has invested $800K in BMG, a Florida-based gaming studio behind the play-to-earn NFT games Kart Racing League and Realms of Ethernity (ROE).
AGV Series B and public sale
AGV is set to launch its Series B, or private token sale, on its website on November 17, 2021 at 2 pm UTC, and its public token sale on December 17, 2021. AGV has been audited by Certik.
What is Astra Guild Ventures (AGV)
Astra Guild Ventures (AGV) is a decentralized autonomous organization (DAO) that invests in NFTs, P2E games and other blockchain projects. The DAO aims to build a global community of investors, tech leaders, NFT and blockchain enthusiasts and P2E players.
AGV boasts itself as the first DAO and NFT gaming guild that completely discloses its real-time earnings through its earnings dashboard and has a completely verifiable and publicly available list of assets.
AGV will also be launching its DAO Governance Board where AGV holders are able to propose and vote changes on the DAO’s rules and decisions. This makes AGV one of the first NFT gaming guilds to fully launch a decentralized platform.
Transparency and growth: Driving reasons for investments in AGV
With a lot of projects launching in the blockchain and crypto space, finding the right project to invest in is difficult — this is exactly what the AGV investors realized and what made them trust AGV. The transparency features that AGV meticulously integrated into its operations as a DAO was one main turning point.
Astra Guild has its own earnings and governance dashboard integrated together to provide a one-stop platform to AGV holders where they participate and decide for the DAO and view their investment status. The rapid growth of the Astra Guild community has also been a factor, in just three months Astra Guild’s membership blew up to 51,000+ members, hailing it as one of the fastest-growing NFT gaming guilds in the world — clear evidence that the NFT and blockchain market is on the rise.
List of investors
Encrypted Investments Limited, Vespertine Capital, Three M Capital, GDA Capital, Kangaroo Capital, DEC.Ventures, CSP DAO, Connectico Capital, Halvings Capital, DeltaHub Capital, NFT Technologies, Oracles Investment Group, Mars Dao, Point3 Ventures, International Blockchain Consulting Group, Follow[the]Seed, Interstellar Ventures, CrowdCreate, Ruby Capital Singapore, Dot Finance LTD, NFT Stars Limited, GAINS Associates, Seedthrift Ventures, Almora Capital, BIP32 Ventures and Wolf of Markets. Some notable Angel Investors include Alexander Kondrashov, Moon Carl and Ronny Roehrig.
Anyone interested in joining Astra Guild Ventures’ Series B, may register here to receive instructions and announcements straight to their inbox.
AGV will be distributing 37,500,000 AGV with 10% to be released on Token Generation Event and the remaining 90% is subject to 12 months vesting.
Original Article: newsbtc.com
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