What 1-hour chart says?

Fundamental Development:-

Crypto conspiracy theories abound, but prop traders are just doing their job

Alameda Research is a cryptocurrency trading firm and liquidity provider founded by crypto billionaire Sam Bank man-Fried (SBF). Before founding his firm in 2017, SBF spent three years as a trader at the quantitative proprietary trading giant Jane Street Capital, which specializes in equity and bonds. In 2019, SBF founded the crypto derivatives and exchange FTX, which has quickly grown to become the fifth-largest by open interest. The Bahamas-based exchange raised $400 million in January 2022 and was valued at $32 billion. FTX’s global derivatives exchange business is separate from FTX US, another entity controlled by SBF, which raised another $400 million from investors including the Ontario Teachers’ Pension and Soft Bank. The self-made billionaire has big dreams, like purchasing finance giants like Goldman Sachs, and in July 2021, he previously mentioned that “M&A [mergers and acquisitions] is going to be the most likely use of the funds,” raised from investors. On June 18, crypto brokerage Voyager Digital announced that Alameda Research had agreed to give the company a 200 million USD Coin (USDC) loan and a “revolving line of credit” of 15,000 Bitcoin (BTC) worth $319.5 million at current prices.





Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $21,800-$20,800 ranges.BTC is made low 21,300 and now consolidating within a range. Yesterday it made high near $21,800 and then it continue to decline. Bitcoin is struggling to gain momentum above $21,500.


Alternative Scenario: If Bitcoin fails to clear the $21,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,800 level.
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