The BTC price is struggling to get back to its recent highs above $60k. The flagship digital asset dipped to lows of $53K during the Asia-Pacific session but has since managed to gain some ground.
Bulls temporarily took over bitcoin’s price action resulting in a recovery above $54,500. During the European session, the BTC/USD exchange rate rebounded by over 2.5% and revisited the psychological price floor at $55K.
There was a retest of $57K as investors flocked to re-accumulate the king coin. That uphill move raised expectations among traders that BTC would hold above the support at $55K during the US session.
At the time of writing, the world’s leading cryptocurrency is down 3.43% at its price of $55,685. If bitcoin fails to correct higher above $56,000, there is a possibility of more downsides towards the $54K support in the near term.
BTCUSD Chart By TradingView
BTC Metric Shows Top is 350% Away
Even though BTC has failed to extend its rebound towards $58K, bitcoin’s Energy Value Oscillator says that the current bull cycle still has plenty of room to grow.
The metric, designed by renowned crypto analyst and bitcoin expert Charles Edwards, measures the amount of energy pumped into the BTC network at any given time to keep it operational.
The network’s proof-of-work algorithm takes that energy and converts it into monetary power via a complex process involving specialized computers called miners.
Edward’s metric measures that activity and converts it into a technical indicator based on fundamentals. According to the analytics tool, BTC investors can look forward to another 350% increase in the price of the coin.
Should the prediction come true, BTC would gain an additional $200K to its current price level, bringing the value per coin to around $260,000.
Bitcoin Energy Value Oscillator Says Bull Run Is Far From Over | Source TradingView
IOTA Price Rallies to 3-Year High
IOTA rose to its highest levels in over three years as traders anticipated the upcoming overhaul of its Internet-of-Things protocol, scheduled for next month.
The IOTA CEO, Dominik Schiener, gave details of the imminent makeover in an interview with ZDNet. He explained that the new framework would introduce a distributed ledger that does not require electricity, miners, or even transaction fees.
Mr. Schiener added that the technology dubbed Chrysalis is “going to be production-ready” and billions of users will be able to utilize and benefit from it.
Besides making the IOTA project more appealing to investors, Chrysalis will also get rid of the coordinator node, a controversial feature in IOTA that denotes the power to approve transactions to just a few nodes.
Following Schiener’s remarks, IOTA’s price exploded as market speculators pushed their bids for the token higher. The project’s native token is now up over 450% since the start of 2021.
IOTA/USD Chart by TradingView