On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
It's a frustratingly sideways market for Bitcoin bulls as August ends and September, which is typically a boring month for BTC price, looms.
Bitcoin (BTC) continued to range below $50,000 on the last day of August as analysts demanded higher levels in order to continue the bull run.
$51,000 remains the deal-breaker for BTC
Data from Cointelegraph Markets Pro and TradingView painted a dull picture for investors Tuesday as BTC/USD continued to trade in a four-day-old descending channel.
Despite highly encouraging on-chain metrics and fundamentals, BTC price action disappointed the market throughout the weekend and beyond as a lack of momentum kept $50,000 at bay.
Major resistance, now solidified on exchanges at $51,000 and above, remains firmly in place and analysts say the outlook remains muted until this level is turned to support.
According to Cointelegraph contributor Michaël van de Poppe, "We clearly stated that $51,000 is the level that Bitcoin has to break through.''
According to van de Poppe:
"...If that happens, we most likely are going into a new impulse wave back to $58,000 at first and then probably a new all-time high."
Despite historic highs being just $17,000 away, these levels seem to be a distant target at the time of writing.
A look at buy and sell levels on major exchange Binance confirmed the need for significant buyer support in order for Bitcoin to exit its current trading zone.
Accumulation set to stave off a major price dip
Others shared the view that Bitcoin was drifting not towards resistance, but to a retest of demand which nonetheless has cemented itself thanks to the previous accumulation phase.
Related: Betting on a Bitcoin bull run? Not in September, BTC price data says
"Slowly but surely, BTC is inching closer and closer toward its next major demand area," said popular trader and analyst Rekt Capital.
The extent of accumulation in the $40,000 range is significant and data suggests that it is unlikely that a significant price drop will ensue.
"With prices pushing above $50,000, and some notable profit-taking covered last week, the market currently sits at the top end of a very high on-chain volume node," analytics firm Glassnode wrote in its latest weekly report on August 30.
The report showed that 1.65 million BTC has a cost basis between $45,000 and $50,000.
"On net, this indicates that a fairly strong set of high conviction investors remain in the market and is a powerful signal for the bulls," analysts added.
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