Today Report
The U.S. government announced that it will sell over $131 million worth of Bitcoin seized from the Silk Road dark web marketplace in 2013. The auction will take place on Feb. 3 and will offer 3,813 bitcoins in six lots.

Eco, a fintech startup that offers a digital wallet and rewards program for crypto users, acquired Join, a stablecoin shopping app that lets users earn cash back in crypto. The deal aims to expand Eco’s user base and offer more ways to spend and earn crypto.

Axiom, a startup that provides decentralized data access for Ethereum applications, secured $20 million in a Series A funding round led by Polychain Capital. The funding will help Axiom scale its platform and support more use cases for Web3.

Bitcoin and Ethereum bounced back from recent lows, as analysts suggested that the crypto market is still in a long-term bullish trend. Bitcoin regained the $30,000 level, while Ethereum pushed past $2,200. Some factors that could boost the crypto market include the launch of spot bitcoin ETFs, Tesla’s continued holding of bitcoin, and the growing adoption of Ethereum-based tokens.

Stellar, a blockchain network for cross-border payments, postponed its planned upgrade to introduce smart contracts after a bug was found in the new software. The bug, which was identified on Jan. 25, posed little risk to the network, but the Stellar Development Foundation decided to delay the upgrade until Feb. 8 to allow more testing and feedback from the community.
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The BTC/USD pair is currently trading at around $42,000, after reaching a new all-time high of $48,937 on January 26, 2024. The pair has been in a strong uptrend since breaking out of a symmetrical triangle pattern on January 8, 2024, which signaled a continuation of the bullish momentum.

The pair is also supported by the 50-day moving average (MA), which is a dynamic support level that indicates the long-term trend. The 50-day MA is currently at around $37,000, and has been rising steadily since November 2023. As long as the pair stays above the 50-day MA, the bullish trend is intact.

However, the pair is also facing some resistance and potential reversal signals, which could indicate a short-term correction or consolidation. The pair is currently trading near the upper Bollinger band, which is a volatility indicator that shows the standard deviation of the price from the 20-day MA. The upper Bollinger band is often considered as an overbought level, which could trigger some profit-taking or selling pressure.

The pair is also showing some bearish divergence on the relative strength index (RSI), which is a momentum indicator that measures the speed and strength of the price movements. The RSI is currently at around 70, which is the overbought threshold. However, the RSI has been making lower highs, while the price has been making higher highs, which indicates a loss of momentum and a possible reversal.

Therefore, the BTC/USD pair is facing a mixed scenario, where the long-term trend is bullish, but the short-term signals are bearish. The pair could either continue to rise and break the $50,000 psychological level, or pull back and test the $40,000 or $37,000 support levels. The pair could also trade sideways and consolidate within a range, until a clear direction emerges.

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