With significantly greater price volatility than traditional investments and the underlying technology constantly evolving, it can be difficult for potential investors to understand what they are buying and what their investment strategy should be.
With significantly greater price volatility than traditional investments and the underlying technology constantly evolving, it can be difficult for potential investors to understand what they are buying and what their investment strategy should be.
All of this confusion creates the perfect environment for scammers to operate, posing as credible cryptocurrency companies and taking advantage of eager newcomers to the crypto space. This is especially true of lesser-known cryptocurrencies, often referred to as “altcoins,” which can lure investors in by promising huge returns and then rip them off.
Thankfully, most cryptocurrencies are legitimate and not simply trying to take your money. These credible cryptocurrencies have active development teams, have clear goals and strategies for increasing the viability of their digital currencies, and are often covered by major financial and cryptocurrency publications, making them easier for investors to identify.
The inflows into the Bitcoin spot ETF market indicate a shift in sentiment.
BTC prices need to break through the $71,000 support level to start a bull run.
A break below the $61,000 support level would invalidate the bull run and potentially initiate a pullback.
The recent drop in Bitcoin (BTC) price has caused billions of dollars in open interest to evaporate and triggered hundreds of millions of dollars in liquidations. With upcoming events in the crypto and broader stock markets, the chances of a reversal are high.
Bitcoin Bias Check
Despite the positive uptrend in BTC spot ETF inflows, the price outlook for Bitcoin remains uncertain. Here are a few key levels to watch out for:
The 4-hour imbalance stretches from $62,994 to $64,733 and is a key area to accumulate BTC.
A weekly breakout above the $71,000 barrier could trigger a bullish bias and push BTC to a new all-time high (ATH).
Conversely, a break below the weekly support at $61,000 could trigger a bearish move in the crypto market.
How do crypto scams work?
There are a number of ways that investors can fall prey to crypto scams. These range from scam ICOs that raise funds for non-existent cryptocurrency projects to classic “pump and dump” schemes, where the majority owners of a coin hype demand for the currency to inflate its value, and then sell their crypto at a low price, artificially pumping it up to a high price for the leeks to take over.
Another form of crypto scam involves stealing people’s digital currency by hacking into investors’ crypto wallets or setting up fake wallets or exchanges. The classic Ponzi scheme has also made a comeback, taking advantage of the unregulated market and the difficulty people have in keeping up with developments in the cryptocurrency and blockchain space.
