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Bitcoin Price Reclaims $9K as US Gov’t Asks for Another $3 Trillion

Bitcoin Price Reclaims $9K as US Gov’t Asks for Another $3 Trillion

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Bitcoin price has recovered from its weekend losses back above $9,000 as the U.S. government seeks another $3 trillion in an attempt to revive the economy.

On May 5, Bitcoin (BTC) price recovered a significant portion of its losses from Sunday’s weekly close correction and data from Cointelegraph Markets and CoinMarketCap shows that within the last hour the digital asset crossed above the $9K mark again. 

Despite correcting to $8,500 on Sunday, Bitcoin price quickly rebounded and found support in the $8,700-$8,850 range before spending the majority of Monday consolidating in this zone.

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

Interestingly, Bitcoin’s quick recovery to its previous trading range occurs as modeling from the United States Center for Disease Control and Prevention expects that a rising rate of COVID-19 infections will lead to 134,000 deaths in the U.S. by June 1. This comes as many states execute plans that allow people to return to work in an effort to revive the economy. 

Further bearish news for markets came at the market close today when The Treasury Department announced that it plans to borrow $3 trillion this quarter, bringing the total U.S debt closer to $25 trillion. 

Currently, more than 30 million Americans have filed for unemployment, and a government-supported program designed to provide financial assistance to small businesses expended all allocated funds within the first few days of rolling out. 

Given the recent correlation between traditional and crypto-markets, all of these factors should negatively impact crypto prices but at the moment this is clearly not the case with Bitcoin. 

Bitcoin bulls target $9,500 

In the 4-hour timeframe, traders will notice that Bitcoin had been in a day-long struggle to maintain above the 20-MA and the price was pinched between the $8,700-$8,550 where there are two high volume nodes on the volume profile visible range. 

The hourly time frame shows that the price had already rejected three times at $8,950 and a move above $8,970 was crucial for gains above $9,000. 

Within the last hour, BTC/USD broke above this resistance, allowing the price to rise to $9,100 in an attempt to knock out resistance at $9,130. Above $9,140 traders will target $9,440 and $9,600. 

BTC USDT 1-hour chart

BTC USDT 1-hour chart. Source: TradingView

The 4-hr chart also shows that the MACD is on the verge of converging with the signal line, and over the past 8 hours, the RSI has shifted from 47 into bullish territory at 60. 

On the hourly chart, traders will note that profit-taking is occurring as demonstrated by the long upper wicks of the last two candles, along with the rise in selling volume, sloping RSI and CMF. 

BTC USDT 1-hour chart

BTC USDT 1-hour chart. Source: TradingView

As the current 1-hour candle is on the verge of closing, traders should keep an eye on volume to see if momentum wanes and the price drops below $9,000 or whether Bitcoin price can push above the resistance zone from $9,140-$9,200.

As stated in multiple analyses, the key area to break for a continuation of the uptrend is $9,500-$9,600. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Zelenskyy, Trudeau Honor Actual 3rd Reich Nazi With Standing Ovation

Zelenskyy, Trudeau Honor Actual 3rd Reich Nazi With Standing Ovation

Canadian Prime Minister Justin Trudeau and Ukrainian President Volodomyr…

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Zelenskyy, Trudeau Honor Actual 3rd Reich Nazi With Standing Ovation

Canadian Prime Minister Justin Trudeau and Ukrainian President Volodomyr Zelenskyy - who commands a battalion of neo-Nazis - honored an actual WWII Nazi with a standing ovation on Friday.

Yaroslav Hunka, 98, fought in a Third Reich military formation accused of war crimes.

On Friday, he was honored during a session of Canadian parliament in which Zelenskyy addressed the lawmakers to thank them for their support since Russia invaded Ukraine, saying that Canada has always been on "the bright side of history."

Hunka stood for standing ovation and saluted, according to Canadian television.

According to the Associated Press, Hunka "fought with the First Ukrainian Division in World War II before later immigrating to Canada," another name for the 14th Waffen Grenadier Division of the SS, the Nazi party's military wing, also known as the SS Galichina.

Related:

Formed in 1943, SS Galichina was comprised of Ukrainians from the Galicia region in the western part of the country. It was armed and trained by Hitler's Nazis and commanded by German officers. The next year, the division received a visit from SS head Heinrich Himmler, who had high praise for the unit's effectiveness at slaughtering Poles.

The SS Galichina subunits were responsible for the Huta Pieniacka massacre, in which they burned 500 to 1,000 Polish villagers alive.

One of several photos on a blog by an SS Galichina veterans’ group that shows Yaroslav Hunka, the Ukrainian immigrant honored by the Canadian Parliament during a visit by Ukrainian President Volodymyr Zelenskyy. Hunka is in the front row, middle.

In fact, during the Nuremberg Trials, the Waffen-SS was declared to be a criminal organization responsible for mass atrocities.

Following the war, thousands of SS Galichina veterans were allowed to leave Germany and resettle in the West - with around 2,000 moving to Canada. By that time, they were known as the First Ukrainian Division.

A blog by an association of its veterans, called “Combatant News” in Ukrainian, includes an autobiographical entry by a Yaroslav Hunka that says he volunteered to join the division in 1943 and several photographs of him during the war. The captions say the pictures show Hunka during SS artillery training in Munich in December 1943 and in Neuhammer (now Świętoszów), Poland, the site of Himmler’s visit. 

In posts to the blog dated 2011 and 2010, Hunka describes 1941 to 1943 as the happiest years of his life and compares the veterans of his unit, who were scattered across the world, to Jews. -Forward

So, the same leftists who called Trump supporters Nazis for years are now honoring an actual Nazi - while Germany has notably locked up several concentration camp guards in their 90s for their involvement in Nazi activities.

University of Ottawa Political Scientist Ivan Katchanovski lays it out...

Meanwhile, here's Ukraine's Azov Battalion of neo-Nazis that everyone with a Ukraine flag in their bio is supporting...

Odd, they don't look like Trump supporters.

Maybe these Nazis can shed some light? Careful, "X" thinks this is sensitive material (that might redpill people?).

Meanwhile...

Tyler Durden Sun, 09/24/2023 - 14:25

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Kerry Acknowledges Need For Nuclear Power As Climate Diplomacy Dominates New York City

Kerry Acknowledges Need For Nuclear Power As Climate Diplomacy Dominates New York City

Authored by Nathan Worcester via The Epoch Times,

While…

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Kerry Acknowledges Need For Nuclear Power As Climate Diplomacy Dominates New York City

Authored by Nathan Worcester via The Epoch Times,

While addressing an Atlantic Council meeting on nuclear energy, U.S. Climate Envoy John Kerry made it clear he doesn't think wind and solar alone will be sufficient to meet global energy needs while achieving policy plans to rapidly scale back the use of hydrocarbons in the name of addressing climate change risks as outlined by the United Nations.

"You will have to have some component of nuclear—yet to be determined how big or where it'll go. That's going to be a market-based reaction," said Mr. Kerry, who served as a Democratic senator from Massachusetts before serving as Secretary of State under former President Barack Obama.

The 2004 Democratic candidate for president said that "most scientists will tell you" the goal of Net Zero 2050 cannot be achieved "unless we have a pot, a mixture of energy approaches."

"Clearly, we're going to need nuclear to be a part of that," he said on Monday.

Mr. Kerry's pro-nuclear remarks come as climate-related diplomacy and other climate-themed events overtake New York City.

Over the weekend, protesters demonstrated against fossil fuels in the streets of New York City, with Rep. Alexandria Ocasio Cortez (D-N.Y.) among the participants.

Mr. Kerry voiced support for those demonstrators in his speech to the Atlantic Council.

In addition, the U.N. will hold its inaugural Climate Ambition Summit on Sept. 20.

U.N. statement on the event states it "will showcase leaders who are 'first movers and doers' from government, business, finance, local authorities, and civil society who have credible actions, policies and plans to keep the 1.5°C degree goal of the Paris Agreement alive and deliver climate justice to those on the front lines of the climate crisis."

The Climate Ambition Summit comes ahead of the next annual United Nations Climate Change Conference, which will begin in late November. It's taking place in Dubai, United Arab Emirates.

Even as he praised climate protesters, Mr. Kerry noted that a previous generation of environmental activists had fought hard against nuclear power, now seen as a pragmatic solution by many climate hawks.

"In my state of Massachusetts, where there was a huge fight over Seabrook Nuclear Plant in New Hampshire, we now happily get about 20 percent of all our energy from Seabrook, and nobody's complaining—maybe about the prices a little bit, because that's normal in today's world," he said.

A view of the Seabrook Nuclear Power Plant in Seabrook, N.H., on March 21, 2011. (Emmanuel Dunand/AFP via Getty Images)

"The United States is now therefore committed, based on experience and based on reality, to trying to accelerate the deployment of nuclear energy, as part of the Biden program," he added.

The diplomat, who came under fire from Republicans earlier this summer for his unwillingness to share details of his staff at a Congressional hearing, commented positively on Bill Gates' TerraPower, which plans to build the next-generation Natrium nuclear reactor in Wyoming.

He also drew attention to his recent trip to Romania, where he visited a control room simulator for a small modular reactor developed by the American firm NuScale.

Mr. Kerry took issue with the continued construction of unabated coal-fired power plants and with the existence of subsidies for fossil fuels.

An International Monetary Fund (IMF) study identified $1.3 trillion in "explicit" subsidies for fossil fuels in 2022, a stark increase from $500 billion in 2020. Such subsidies are ascribed to fossil fuel prices when they are lower than they would otherwise be if producers fully bore supply costs. The IMF authors attributed a substantial proportion of the increase to "temporary price support measures," in line with surging fossil fuel prices during that period.

Whitehouse Touts ADVANCE Act

Mr. Kerry wasn't the only high-level Democratic politician who addressed the Atlanticist forum on Monday.

In pre-recorded remarks, Sen. Sheldon Whitehouse (D-R.I.) touted the bipartisan, nuclear power-related ADVANCE Act, which passed the Senate as part of the National Defense Authorization Act (NDAA) in July. The bill has not moved ahead in the House.

"Our legislation would strengthen the Nuclear Regulatory Commission's ability to safely and efficiently review the expected influx of applications and prepare them to license HALEU [high-assay low-enriched uranium] fuels," the lawmaker said.

Russia currently dominates the production of HALEU fuels, which are key for most next-generation nuclear reactors. Uncertainty about Russian supplies of HALEU has been a worry for TerraPower and a central motivation for the Nuclear Fuel Security Act, another successful NDAA amendment.

"We spend nearly $1 billion each year on Russian uranium. Russia uses these revenues to fund its invasion of Ukraine," Sen. John Barrasso (R-Wyo.) said in the Senate as the measure was under consideration.

Sen. John Barrasso (R-Wyo.) in Washington on Dec. 1, 2020. (Bill O'Leary-Pool/Getty Images)

'Decarbonize Beyond Electricity'

Other speakers at the event expanded on how nuclear energy could be used to cut carbon emissions.

"We need to decarbonize beyond electricity," said John Wagner, director of the Idaho National Laboratory. He cited industrial heating and hydrogen production as examples of such applications for nuclear energy.

Sama Bilbao y León, director general of the World Nuclear Association, concurred.

"Yes, we need to electrify as much as we can of our economy, but it is not going to be possible to electrify everything," she said.

Ben Pickett of Nucor Corporation, which operates mills that recycle scrap steel using electric arc furnaces, explained that his company's operations require "billions and billions of kilowatt hours per year."

Earlier this year, Nucor signed a memorandum of understanding with NuScale Power. The latter could potentially develop small modular reactors for use in conjunction with Nucor's steel production facilities.

"We've got customers now that are demanding much cleaner steels," Mr. Pickett said.

He conceded that the idea of running steel production on advanced nuclear has met with a "mixed" reaction in his industry.

Tyler Durden Sun, 09/24/2023 - 15:00

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WaPo Scrambles After Own Poll Accidentally Shows Trump Crushing Biden

WaPo Scrambles After Own Poll Accidentally Shows Trump Crushing Biden

A new poll from the Washington Post and ABC News accidentally revealed…

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WaPo Scrambles After Own Poll Accidentally Shows Trump Crushing Biden

A new poll from the Washington Post and ABC News accidentally revealed that former President Trump would crush Joe Biden in a hypothetical 2024 matchup, so they cast doubt on their own polling.

Illustration via the Pittsburgh Post-Gazette

The poll shows Trump leading Biden by 10 percentage points (52% vs. 42%), which the Post immediately noted "does not match other recent polling" and may be "an outlier."

Screenshot via MxM News

Via the Washington Post:

Biden and former president Donald Trump appear headed for a rematch of their 2020 contest, although more than 3 in 5 Democrats and Democratic-leaning independents say they would prefer a nominee other than the president. But Biden’s advisers have argued that he is the strongest Democrat for 2024 and those who wish for someone else share no consensus on who that should be, with 8 percent naming Vice President Harris, 8 percent naming Sen. Bernie Sanders (I-Vt.) and 20 percent saying they prefer “just someone else.”

The Post-ABC poll shows Biden trailing Trump by 10 percentage points at this early stage in the election cycle, although the sizable margin of Trump’s lead in this survey is significantly at odds with other public polls that show the general election contest a virtual dead heat. The difference between this poll and others, as well as the unusual makeup of Trump’s and Biden’s coalitions in this survey, suggest it is probably an outlier.

According to Trump adviser Jason Miller, "Heads are EXPLODING" over the WaPo poll.

The NY Post further breaks down the poll, noting that 44% of those surveyed say their financial picture has deteriorated under Biden, while just 30% have favorable views on Biden's handling of the economy.

37% approve of Biden's overall performance, while 56% disapprove.

On immigration, Biden’s approval clocks in at 23%, with 45% strongly disapproving.

Then, a considerable 74% of voters feel that he’s too old for another term, wile about 50% say the same about Trump. -NY Post

It's not just WaPo's poll either...

The Post also doesn't want you to believe your lying eyes, claiming that "the Post-ABC poll is an outlier in finding Trump with a lead," then proceeds to post a picture of Trump leading in 3 out of 5 polls with a fourth being a tie.

Poll below:

Tyler Durden Sun, 09/24/2023 - 15:35

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