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Mike Novogratz, CEO of Galaxy Investment Partners, in an interview with CNBC, said that the forced deleveraging in the crypto space was over and the markets may have hit an equilibrium. He said that Bitcoin “remains a really good macro asset for an environment where the macro is pretty uncertain.” Novogratz added that Ethereum’s
upcoming Merge in September could be a major catalyst that may generate enthusiasm among investors.

The Goerli testnet successfully shifted to the proof-of-stake consensus mechanism on August 11, increasing confidence that Ethereum’s Merge will finally happen in September. Ethereum co-founder Vitalik Buterin tweeted on August 12 that the terminal total difficulty was set to 58750000000000000000000. And according to, the Merge is expected to happen around September 15.

The bulls repeatedly pushed Bitcoin above the overhead resistance at $24,666 last week but they could not sustain the higher levels. This suggests that the bears are aggressively defending this level.

However, a minor positive is that the bulls have not given up much ground. This suggests that the traders are not rushing to the exit as they expect the up-move to continue.

The upsloping 20-day exponential moving average (EMA) and the relative strength index (RSI) in the positive territory suggest that the path of least resistance is to the upside.

If buyers sustain the price above $24,666, the bullish momentum could pick up and the BTC/USD pair could rally to $28,000. This level may again act as a major hurdle but if bulls push the price above it, the rally could reach $32,000.

The first sign of weakness will be a break and close below the 20-day EMA. Such a move will indicate that the short-term traders may be booking profits. That could pull the price down to the 50-day simple moving average (SMA).

This level is likely to attract buyers.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Globiance

- MetaBrewSociety

- AiBook.Art

- WeedoVerse

- Age of Zalmoxis

- CleanCarbon

- HoneyWood

- H2O Securities

- Coinhaven

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