2nd February Latest Bitcoin Magazine

In this one of the latest bitcoin magazine, you will get to know all the weekly updates regarding the market. Last week was dominated by the tussle between the WallStreetBets Reddit page followers and the hedge funds who had heavily shorted the GameStop stock. The Redditors aggressively bought the GameStop stock sending it soaring, squeezing the shorts, and inflicting huge losses on the hedge funds.

The trading patterns of the past few days show that retail traders are mixing emotions with their trading decisions, which usually leads to losses. Several traders who may have purchased Dogecoin and XRP at higher levels lost over 50% of their investments within a short time. Therefore, traders should avoid getting sucked into emotional trading and keep their greed under check. Traders should stick to their trading strategy and aim to generate wealth over the long-term instead of taking undue risks.





Bitcoin witnessed frenzied buying on January 29, which pushed the price above the downtrend line, resulting in a short squeeze that drove the price to £28,000. However, the bulls could not hold on to the breakout and the price gave back a large part of its gains and re-entered the triangle on the same day.

The BTC/GBP pair has been clinging to the downtrend line for the past four days, which is usually a positive sign. If the bulls can propel and sustain the price above the downtrend line, the pair may again rally to £28,000 and then to £30,000.

A break above the £30,936 could resume the uptrend, but we give it a low probability of occurring at this juncture. The 20-day EMA has flattened out and the RSI is near the midpoint, which suggests a few days of range-bound action.

The first sign of weakness will be a break below the 50-day SMA. If that happens, the pair could drop to the £21,000 support. This is an important level to watch out for because, if this cracks, a deeper correction could start.

We do not find a reliable buy setup and the indicators are also not pointing to a clear advantage to the bulls. Therefore, we are not proposing a trade in it.

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News Highlights

Featuring in this weeks Edition



Elon Musk: Bitcoin is on the verge of seeing broader acceptance by finance

Bitcoin is about to see broader adoption in the traditional finance world, says the world’s richest man. Bitcoin (BTC) is on the verge of seeing broader acceptance, Elon Musk, the CEO of Tesla, said in a Clubhouse conversation on Feb. 1.

GameStop effect: Robinhood raises additional funds worth $2.4 billion from investors

Amid the recent GameStop share hike frenzy, Robinhood faced much criticism from enraged users and policy-makers alike, for suspending trading services for retailers. According to the Wall Street Journal, Robinhood has raised another $2.4 billion from its shareholders.

Bitcoin Subreddit Grows to 2.2 Million Members

While price-wise, the Bitcoin market is calm and in a resting stage around $33,000, the same is not the case for its adoption.
One of the areas we see this growing adoption is the subreddit for the currency of the Internet, Bitcoin, whose members have surged to more than 2.2 million.