Hello guys and welcome to the moon. My name is carl and i’m going to bring you this cryptocurrency video and let’s start off with the bitcoin price, of course, because we are seeing a correction and then there are. There are two big reasons that people are talking about as to why this is happening, so i’m gon na go into the fundamental reasons first and then talk about the technicals, so here’s the first reason that everyone is talking about right now, so bitcoin price drops below 44, 000 after the fed reconfirms plans to hike the rates. So basically, if the federal reserve uh pushed the rates up, that creates some fund for crypto, saying that if inflation goes down, then that’s bad for crypto, because of course bitcoin is an inflation hedge. That’S the whole branding around bitcoin right um, so the more inflation um, the more uh bitcoin would be needed.
So this is one big reason: um, that why peop people are saying that bitcoin is falling and actually right after we got this federal reserve news, bitcoin started to go down, so i think uh. Definitely this um could have triggered the sell-off, and here is the second reason, because um bitcoin slumps, as the kazakhstan miners power down markets, wrap so basically um. The um bitcoin trades down below 44k as miners in kazakhstan power down due to a forced internet outage by the nation’s government. This also happened exactly as the uh. The price start to go down, so the bitcoin price goes down as global hash rate declined earlier.
So, basically, as soon as the hash rate uh dropped, we saw the bitcoin price start to go down. So these are two big events that happened at the same time, and just very very shortly after the bitcoin price started to go down. So i think it is safe to assume that these two events here definitely uh cost this sell-off. So those are the fundamental reasons, but then we also have the technicals. I’Ve been telling you guys for a couple of weeks here that we have a potential head and shoulders and um.
If we break this support line, then we are probably going to get a sell-off and right now you can see that exactly as expected. When we broke the the neckline, we did see a sell-off, and what i have been saying guys is that if we break the neckline, then i think we’re very likely coming down re-testing the 41 000 level, so i’m still watching 41 000, because it’s a huge level. Previous massive resistance right, like this and previous huge support um. So this is obviously a level we have to uh pay close attention to currently bitcoin is at 42 point yeah, almost 43 um, so yeah 41 000 is my big level to watch and, as i’ve said for quite some time now, as long as we’re above 41 000 bitcoin is still looking good on the bigger time frames, because this is the previous low. As long as we’re above that low, we still have a higher low, but if we break below 41 000 that means we’re creating a lower low on the bigger time frame, which would be bad but um yeah.
Let me know down in the comments right now. Do you think that forty one thousand dollars is going to hold and we’re gon na see a a um bounce back up like this? Let me know right now in the comments and also guys leave a thumbs up down below right now, if you think that bitcoin is still bullish on the weekly time frame and bullish for the big bitcoin bull cycle, let me just go to the weekly timeframe: real Quick and show you the weekly ema ribbon. This is very, very important. You can see right now that we are going below the ribbon and we did that back here as well, and we did that back there back there.
So, on the weekly time frame, we have to get a weekly close above the weekly ribbon. If we close below the ribbon, that would mean that we’re likely getting a weekly downtrend, but right now we’re still bullish on the weekly um. I want to see a weekly close above the weekly ribbon, but preferably also above 41. 000 is very, very important and also guys a big shout out to everyone who joined the buy bit launch pad because casta is now live on by bit. Some people were a little bit sad, though, because the bibit um exchange was down when they launched and buybit came out on twitter and took full responsibility for that.
And i was also trying to log in, but i was not able to which is not so nice but um at the end of the day. I think this is it. We were too many people. At the same time, we were like three hundred thousand people uh jumping in on the bible exchange. At the same time, bibit told me that they never saw this before they never ever had so many people, so many castians jumping in at the same time.
So their servers got completely overloaded and never before seen, the volume was something that they never saw before, and they just couldn’t take care of that, which is a little bit sad, of course, but everyone who joined in on the launch pad you guys made some significant Uh gains so i’m very very happy to see that big shout out to all of you guys who um who participated, and i also saw that many people are asking why they were not able to get uh the the full uh allocation of point. Five thousand casa tokens, but remember guys it’s up to nine point. Five thousand and on the buy bit launch pad the instructions were very, very clear. Uh you had to do x amount of the staking to get x. Amount of caster tokens by bits tells me that their customer support is overloaded with these things um, but yeah it’s on the buy bit launch pad.
It’S very very uh clearly stated, and there are many many complaints against buybit currently uh, because people are blaming bibit for not being able to buy the casa token at four cents. But remember guys if you have three hundred thousand people jumping in on, buy it at the same time um. Even if, even if the website did not crash, it would still be impossible for everyone to buy at the those lowest prices, because people are jumping in here with apis. People are jumping in like you cannot be. That fast, like these milliseconds, are already too long to jump in and that’s why the price went up very, very fast uh and by bit they are telling me that there’s nothing they could have done um.
Even if the website didn’t go down so guys, i’m not going to blame bibit for that. I think that um yeah, the sheer amount of traffic they got was just overwhelming and um, even if this was on finance or or wherever q coin. I think this would still have happened for sure, because there’s no other coin that i ever saw launched before that had so much hype like cast out. So, at the end of the day, i think that this would have happened not only to buy, but it would have happened to bioness and q coin as well and whatever so um yeah. That’S what i think.
That’S what i’m firmly believing and some people are speculating that bibit did this on purpose. But let me tell you this guys: no bible did not go down on purpose the castians broke by bit, because there were just too many castians at the same time. Here you can see the tweet that bibit uh tweeted. They said that our platform was was momentarily overwhelmed by your love for casa tonight, but has since bounced back by bit, takes every service disruption customer grievance and our promise of transparency seriously. Here is what happened.
So you can go there and click the link, i’ll put the link and everything on my twitter. So this is a statement regarding the service outage when they launched the token uh. Let me just read this through here so uh on january private experienced a significant disruption in service affecting web and app users. The issue has since been solved, and all systems are currently working. Normally the root cause of the disruption was an abrupt surge in the trading volume of the enthusiastically received casa, usdt spot pair that overwhelmed our services.
We expand emergency capacity immediately as our technical specialists fixed the issue. In parallel, no customer funds were at risk during the entire episode following the incident by bit immediately re-evaluated our simulation of peak capacity and adjusted the same to prevent future recurrence. We are working hard to upgrade all our systems to be able to deal with even higher loads in the future. The cto of bibit, said quote by bit, has grown faster than even our most optimistic plans. Since the rollout of the bibit launch pad.
We have been on a learning curve of the crypto community’s enthusiasm for some of the most popular projects and improving our platform and services. Accordingly, the latest outage has highlighted the need to keep expanding on our capacity to meet the overwhelming demands of a rapidly growing industry. We seek to provide the best possible experience for all our customers, including those who haven’t joined us yet immediately. After fixing the issue, we have taken steps and committed significant resources for a comprehensive upgrade of our systems. The results of our work should become visible very soon, and the the ceo and the founder of buy with ben says quote by bit, has always served our customers with a reliable, highly liquid and transparent exchange platform.
Unfortunately, extreme loads on our systems cost us to fail to deliver on that promise for a brief, but still notable moment on january the 5th. This is not acceptable for our quality standards and i guarantee that our technology stack will undergo all the upgrades necessary to keep it operating at full speed, um and the bible says that by bit commits to robust contingency plans in times of turbulence, timely customer care and Follow-Up actions, all users who have been personally affected by the outage, are welcome to contact bybet’s customer support, who will handle their cases as soon as possible. Buybit will communicate any further information regarding the incident in its official channels, including social media and accounts, and on the blog all right guys. So there you got it by bit, they’re taking full responsibility for the mess up. That happened, and i want to make it very clear that the casta team could not have done anything better.
I’M very very happy about what carl the ceo was doing. The cto all people in the casta team were working 24 7. To make sure the launch was as good as possible, there is nothing that they could have done better of that. I’M sure the fact that pipe it went down is um, something that happened and by bit will learn from this and they’re telling us here that this is not going gon na happen again uh, but other than that. There’S not much that we could have done um to to make the launch better than it actually was, but guys.
Thank you so much for being part of the castings out there. I’M so happy that all of you guys are part of this journey together and of course, some people are are are sad about the bibit outage. But overall the positive feedback has been very, very overwhelming for us and people are so happy that castle is finally live and – and i’m so happy that you guys are so bullish on castle. I can see that you guys have been tweeting like crazy um about castel about um this year, price predictions and everything, and i’m so happy to see that. Thank you so much guys, um.
If you want to go and watch my uh, my folks, business exclusive interview where i was talking about casta, live on fox business, go and click right there right now, and i will see you guys over there bye you