== LATEST NEWS OVER THE WEEKEND ==
1. In a recent article, El Salvador is handing out up to $117 million worth of Bitcoin to its citizens. Nayib Bukele (El Salvador's President) spoke to the nation this week, revealing that bitcoin will become legal tender as of September 7. Nayib Bukele said that adults who download the Chivo e-wallet and go through the indentifcation process, will each receive $30 in BTC.
2. Bitcoin mining difficulty could see record drop over 20% in next adjustment. That would be the largest difficulty drop ever in Bitcoin's history and will also be the first time that the network records difficulty drops for three times in a row since December 2018. The hash rate on the Ethereum network has also taken a hit, dropping by 20% since earlier this month.
3. Coinbase stock (COIN) traded at new all-time record lows last week as the broader crypto market cools off. The Coinbase stock has seen a drop of nearly 50% from its IPO in mid-April. The stock finished the week trading at just below $225 a share.
== TECHNICAL ANALYSIS ==
The daily chart shows price-action on the daily time-frame with Bitcoin continuing to trade within a consolidation phase with 42k as the upside level of resistance and 28k as the downside support. Currently Bitcoin is trading below the 200 SMA which is a bearish signal by the general rule of thumb. Should Bitcoin break below 28k, the next level of support to monitor would be the 25k area followed by 22k. On the upside, if Bitcoin manages to climb back above the 42k level along with the 200 SMA, this will be a bullish indication that further upside should be warranted.
1. In a recent article, El Salvador is handing out up to $117 million worth of Bitcoin to its citizens. Nayib Bukele (El Salvador's President) spoke to the nation this week, revealing that bitcoin will become legal tender as of September 7. Nayib Bukele said that adults who download the Chivo e-wallet and go through the indentifcation process, will each receive $30 in BTC.
2. Bitcoin mining difficulty could see record drop over 20% in next adjustment. That would be the largest difficulty drop ever in Bitcoin's history and will also be the first time that the network records difficulty drops for three times in a row since December 2018. The hash rate on the Ethereum network has also taken a hit, dropping by 20% since earlier this month.
3. Coinbase stock (COIN) traded at new all-time record lows last week as the broader crypto market cools off. The Coinbase stock has seen a drop of nearly 50% from its IPO in mid-April. The stock finished the week trading at just below $225 a share.
== TECHNICAL ANALYSIS ==
The daily chart shows price-action on the daily time-frame with Bitcoin continuing to trade within a consolidation phase with 42k as the upside level of resistance and 28k as the downside support. Currently Bitcoin is trading below the 200 SMA which is a bearish signal by the general rule of thumb. Should Bitcoin break below 28k, the next level of support to monitor would be the 25k area followed by 22k. On the upside, if Bitcoin manages to climb back above the 42k level along with the 200 SMA, this will be a bullish indication that further upside should be warranted.