Bitcoin’s price recently bounced back from the crucial support level at $53,980 and is now approaching the $60,000 mark. After hitting a low of $52,270, the cryptocurrency is showing strength, supported by favorable market conditions.

Currently trading at $60,048, BTC is targeting the critical resistance at $61,725. Breaking this level will be essential for sustaining its upward momentum, and investors are closely monitoring Bitcoin’s next price move.

Bitcoin Has a Shot

Bitcoin’s Network Value to Transactions (NVT) Ratio, a key metric for evaluating whether the asset is overvalued or undervalued, has shown a short-term decline. While the macro NVT remains on the rise, indicating potential overvaluation in the broader market, the recent dip suggests Bitcoin has a chance of breaking through the $61,725 resistance. If BTC flips this level into support, it could lead to further price gains and boost bullish sentiment among investors.

The short-term NVT drop indicates that network activity may be better aligning with Bitcoin’s valuation, pointing to a healthier price increase. With favorable macro conditions, a successful breach of $61,725 could mark the start of a new upward trend.

Read more: Bitcoin Halving History: Everything You Need To Know

Bitcoin’s macro momentum is showing promising signs, particularly with the Global In/Out of the Money (GIOM) indicator. This indicator reveals that 1.04 million BTC, worth over $62 billion, is on the verge of profitability if Bitcoin can surpass $61,725.

The majority of this supply was purchased between $58,854 and $61,231. This positions these holders for significant gains if Bitcoin breaks through this critical barrier.

If Bitcoin can breach $61,725, the bullish momentum is likely to accelerate as more BTC holders move into profit territory. This could spur additional buying pressure, further driving up Bitcoin’s price and reinforcing its bullish outlook. However, the challenge lies in overcoming this key resistance level, which has historically proven difficult to break.

BTC Price Prediction: Holdup Ahead

Bitcoin is currently trading at $60,048 as market conditions improve. After rebounding from the $57,720 support level, the cryptocurrency appears ready to challenge the $61,725 resistance. If Bitcoin breaks through this barrier, it could signal the start of a new bullish run, with a potential target of $65,000.

Reclaiming $65,000 as support would be a key milestone for Bitcoin, especially after failing to do so in late August. A successful break above this level could attract more buying interest and push the price higher. However, Bitcoin’s ability to sustain this momentum hinges on flipping $61,725 into support.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

If Bitcoin fails to breach the $61,725 resistance, it could consolidate below this level, weakening the bullish outlook. In that case, Bitcoin might struggle to gain new upward momentum, leading to a period of price stagnation as investors await clearer signals.

Shibarium, the Layer-2 scaling solution for the Shiba Inu ecosystem, is set for a major upgrade that will increase its security and scalability.

Shiba Inu’s marketing executive Lucie announced that the upgrade would target Puppynet, Shibarium’s testnet.

Puppynet to Get Update That Brings Ethereum’s ‘Best Practices to Shibarium’

Puppynet is scheduled for an upgrade on Friday at 2:30 a.m. ET at block 4,697,000. The changes include the Bor upgrade to version 1.3.7-bone-beta and the implementation of the Cancun hard fork. These enhancements aim to improve network performance, security, and overall efficiency, offering users a smoother experience.

“This upgrade is for Puppynet and it’s very important for developers! We’re rolling out some awesome changes that will make things run smoother, faster, and safer,” Lucie explained.

The upgrade will integrate Ethereum’s core software, Geth, into Shibarium’s testnet, bringing advanced features like faster smart contract execution, improved peer-to-peer networking, and better block propagation. It will also strengthen the network’s proof-of-stake (PoS) bridge, enabling smooth cross-chain asset transfers between Shibarium and other blockchains.

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Additionally, the update will optimize gas fees, making transactions more affordable, and prune historical block data to conserve disk space, keeping Shibarium lightweight as it grows. Security enhancements will include improved error handling, vulnerability patches, and bug fixes to ensure a more secure network.

Post-upgrade, users can expect quicker transactions, better security, stable cross-chain transfers, and improved disk management. Lucie highlighted that these updates could boost Shibarium’s adoption, potentially increasing SHIB token burn rates.

“To really reduce the supply in a big way, we need millions (even billions) of users! The plan is to build an epic system that brings in tons of people, using SHIBARIUM every day. The more users we have, the more SHIB can be burned, making it more valuable over time,” Lucie explained.

The Shiba Inu ecosystem team has advised node operators to update their software to version 1.3.7-bone-beta before the Cancun hard fork.

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

This upgrade reflects the meme coin’s dedication to advancing the SHIB ecosystem. Last month, Lucie announced that Shiba Inu plans to introduce decentralized governance as part of its growth strategy.

BeInCrypto’s comprehensive Europe Crypto Roundup covers the latest news and trends shaping the continent’s crypto landscape. With reporters across key markets like Germany, France, and the UK, we provide in-depth insights into evolving regulatory environment, adoption rates, major industry events, and market movements. 

This week’s roundup covers the launch of Zondacrypto’s education center in Poland, Telefónica’s integration with Polygon’s identity solution Privado ID, and other stories.

Zondacrypto Launches Poland’s First Cryptocurrency Education Center

Zondacrypto, a cryptocurrency exchange, is launching Poland’s first physical Education Center in Katowice, located at 21 Staromiejska Street. The center will offer free education on cryptocurrencies and safe investments to the public. The goal is to make cryptocurrencies and investments more accessible, even to those unfamiliar with the field.

This initiative marks a big step for the Katowice-based platform, which aims to promote crypto education in Europe. The center will operate from Monday to Friday, providing expert guidance to both beginners and experienced investors. Posts from the company’s X account hinted at the event but kept details under wraps until recently.

Agata Fit, Head of Community Relations & Skills, explained that the center was created to meet the growing demand for education on cryptocurrencies.

“We want to realize our mission and brand vision, which is to popularize cryptocurrencies in an accessible way. Also bring them closer to those who have never dealt with them before or know little about digital currency, but would like to learn more,” she said.

Read more: 4 Best Crypto Learn and Earn Platforms in 2024

Fit also highlighted the center’s role in fostering a closer relationship with Zondacrypto users and people interested in safe investments. Katowice is just the start, with plans for more locations in the future.

Greece Plans New $330 Million Data Center to Boost AI Expansion

Paris-based Data4 is planning to invest around $330 million to build a major AI data center hub in Greece. This project aims to improve the country’s digital infrastructure and economy.

On September 12, Data4 announced that the new data center would be located in Paiania, near Athens. According to Bloomberg, the company’s CEO, Olivier Micheli, mentioned that they are negotiating with existing lenders and local Greek banks. He added that the site would greatly benefit the local economy and digital ecosystem.

Data4 operates several data centers across six European countries, and aims to invest €7 billion in expanding its operations. In addition, the company plans to build two more data centers at the Greek site for an extra €200 million.

Telefónica Tech Joins Polygon’s Privado ID as System Integrator

Spanish telecom giant Telefónica has become a system integrator for Polygon’s identity solution, Privado ID. On September 10, Telefónica Tech announced it will integrate Privado ID’s tools into its managed blockchain service, TrustOS. This collaboration aims to develop proof-of-concept projects for various digital identity applications, including age verification and e-signature solutions.

“This will allow users to automatically issue accreditations — such as training diplomas, academic qualifications, or attendance at seminars — as verifiable credentials, which can then be loaded into digital wallets,” said the companies.

Read more: Decentralized Identity and the Future of Web3: What To Know

The move comes as the EU prepares to introduce the European Digital Identity Regulation, a framework designed to provide citizens, residents, and businesses with a universally recognized digital identity for accessing public services and conducting transactions.

Privado ID relies on zero-knowledge (ZK) cryptography, a technology that allows users to verify information without disclosing additional personal data. This approach will strengthen privacy within the European digital ID wallet system.

“The regulation aims to create a more secure and standardized framework for electronic identification and trust services across Europe, making it essential for businesses and individuals to adopt compliant and innovative identity solutions,” the companies stated.

Polygon recently spun off its digital ID service and tested it through proofs-of-concept with several financial institutions, including Deutsche Bank.

Ireland Investigates Google’s AI Model for Data Protection Compliance

The Irish Data Protection Commission (DPC) has launched a cross-border investigation into Google Ireland Limited to assess whether the company complied with EU data protection laws during the development of its artificial intelligence model, Pathways Language Model 2 (PaLM2).

Announced on September 12, the DPC will examine whether Google used EU citizens’ personal data while training PaLM2, which was introduced on May 10, 2023. PaLM2 is an advanced language model known for its multilingual, reasoning, and coding capabilities.

The DPC emphasized the importance of a Data Protection Impact Assessment to ensure individuals’ rights are considered and protected, especially when processing personal data that poses a high risk. The inquiry is part of a broader initiative by the DPC and other EU/EEA regulators to oversee AI development and data usage.

“This statutory inquiry forms part of the wider efforts of the DPC, working in conjunction with its EU/EEA (European Economic Area) peer regulators, in regulating the processing of the personal data of EU/EEA data subjects in the development of AI models and systems,” DPC stated. 

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

Google’s PaLM2 is available in four sizes — Gecko, Otter, Bison, and Unicorn — designed for various use cases, with Gecko optimized for mobile devices, even offline. Google has plans to release updated versions as the model integrates into more products.

This investigation follows the DPC’s recent conclusion of a probe into the social media platform X, which complied with EU data protection regulations.