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Bitcoin Price Recovery: Here Are Challenges On The Road to Rebound

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Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid more downsides if it manages to recover above the $62,400 resistance.

  • Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
  • The price is trading above $61,500 and the 100 hourly Simple moving average.
  • There was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start another decline unless there is a close above the $62,400 resistance zone.

Bitcoin Price Faces Hurdles

Bitcoin price struggled to rise above the $62,400 resistance zone. BTC again declined below $62,000, but the bulls were able to protect the $60,550 support. The recent high was formed at $62,297 and the price is now consolidating.

Recently, there was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair. It is trading above the 50% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high.

Bitcoin price is now trading above $61,500 and the 100 hourly Simple moving average. If there is another increase, the price could face resistance near the $62,250 level. The first key resistance is near the $62,400 level.

Bitcoin Price

The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $64,400 resistance in the near term.

Another Decline In BTC?

If Bitcoin fails to climb above the $62,400 resistance zone, it could start another decline. Immediate support on the downside is near the $61,450 level and the 100 hourly Simple moving average.

The first major support is $61,150 and the 61.8% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. The next support is now forming near $60,550. Any more losses might send the price toward the $58,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $61,150, followed by $60,550.

Major Resistance Levels – $62,250, and $62,400.



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Hamster Kombat aims for Guinness World Record

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The popular clicker game Hamster Kombat is quickly gaining popularity on Telegram and other platforms.

The Hamster Kombat YouTube channel has surpassed the previous leader in subscriber growth and is now vying for a Guinness World Record.

Hamster Kombat’s Guinness World Record Ambition

According to the project team’s post, Hamster Kombat’s YouTube channel has surpassed popular YouTuber Mr. Beast in new subscriber count. While Mr. Beast still holds a larger total number of subscribers, he has never experienced the explosive growth that Hamster Kombat has seen.

Since its launch on May 24, over 30 million people have subscribed to Hamster Kombat’s YouTube channel. Remarkably, over 10 million subscribers joined in six days, 13 hours, and 15 minutes.

Given its swift ascent and widespread popularity, Hamster Kombat has a strong chance of securing a Guinness World Record. The game’s developers are actively pursuing this recognition, aiming to cement their place in gaming history.

Read more: Tap-to-Earn: What to Know About the Crypto GameFi Trend

Hamster Kombat YouTube Stats
Hamster Kombat YouTube Stats. Source: Social Blade

According to Social Blade, the total number of video views from game’s YouTube channel currently stands at 512 million. On average, the content gains 20 million views daily, generating estimated daily revenue between $4,000 and $69,000.

Hamster Kombat’s impressive growth on YouTube is easy to understand. Users receive in-game coins for watching new videos and updating tasks and content daily. The team behind the game also creates educational videos specifically designed for newcomers to Web3.

Telegram Games Keep Making Headlines

Hamster Kombat, a relatively new clicker game that emerged following the hype around Notcoin, appeared at the end of March. Several factors contribute to the project’s meteoric rise:

  • Accessibility: The game is easily accessible through the Telegram messaging app, eliminating the need for separate downloads.
  • Social Features: Hamster Kombat leverages Telegram’s large user base, enabling social interactions, friendly competition, and the sharing of scores and experiences.
  • Cross-generational Appeal: The game attracts a wide range of players, from children to adults, with its cute characters and simple gameplay.
  • Novelty: The unique and entertaining concept of fighting hamsters offers a refreshing change from traditional fighting games.

The game is played widely, but some governments see it as a threat. For instance, the Iranian government has labeled it a “special project of the West.” A report from BeInCrypto Russia revealed that players in Uzbekistan withdrawing coins from the game could face imprisonment for up to 15 days and hefty fines, highlighting the risks involved.

Amid these problems, Hamster Kombat’s team announced that it has attracted 200 million players. The milestone comes ahead of a planned token generation event in July 2024, which will integrate tokens into the game’s economy.

Read more: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token

The game’s growth trajectory is similar to other crypto-powered games like Notcoin, which has become a significant player in the crypto market with a valuation of $1.45 billion. Both games leverage TON blockchain, favored by Telegram for its Web3 integrations. BeInCrypto recently spoke to experts to determine whether tap-to-earn games have a sustainable future or will be forgotten once the hype is over.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Here Are Major Token Unlock Events to Watch Out for in July

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As July nears, the crypto market anticipates a significant wave of token unlocks, with projects set to release around $3 billion worth of assets.

Token unlocks involve gradually releasing coins to prevent early investors or team members from selling large amounts quickly. Market experts noted that this process can increase selling pressure on digital assets, which can affect the broader market.

Top Unlocks for July

CryptoRank, a prominent crypto research and analytics platform, has highlighted July’s top 10 token unlock events. These events will unlock over $3 billion in digital assets, including over $100 million in the first week of the month.

AltLayer, an Ethereum roll-up project deployer, will release around 684 million tokens worth $119 million on July 25. Token Unlocks data shows that these tokens represent 22% of the market cap. The assets would be distributed to its team, investors, advisers, protocol development, treasury ecosystem, and community.

Meanwhile, Layer-1 blockchain platform Aptos and Ethereum Layer-2 network Arbitrum will continue their monthly token releases. The two projects will cumulatively release $150 million worth of tokens for their team, advisors, and investors.

Read more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season

July token unlocks
Top 10 Token Unlocks in July. Source: Cryptorank

Worldcoin, the proof-of-personhood project, will start a major token unlock on July 24. This event will release 6.62 million WLD tokens, valued at approximately $18 million, daily over 730 days. The tokens are allocated to the community, the initial development team, and investors.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Other notable July unlocks include Uniswap (UNI), Ronin (RON), SUI, ImmutableX (IMX), SEI, Starknet (STRK), and Ethereum Name Service (ENS). Uniswap plans to release 8.33 million UNI tokens worth $77.88 million on July 16. Ronin will release 35.71 million RON tokens valued at $76.32 million starting July 27.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





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Deepfake Crypto Scams Cause $79.1 Billion Loss in 2 Years

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Bitget Research’s recent report highlighted a dramatic rise in scams featuring deepfake technology. According to their data, malicious technology use jumped 245% in 2024 alone.

These scams, usually leveraging fake celebrity endorsements, have become increasingly sophisticated, targeting unsuspecting investors and causing significant financial damage.

Deepfake Scams Caused $79.1 Billion Loss

Deepfake technology, which manipulates photos and videos to create hyper-realistic fake content, has been weaponized to promote fraudulent schemes. According to the report, users have lost $79.1 billion to cyberattacks involving deepfakes since the beginning of 2022.

The losses are increasing each year, with a significant surge in 2024, where the amount more than doubled, rising by 245%. Bitget estimates that potential damage from deepfake scams could reach $10 billion per quarter by 2025. 

“Deepfakes are moving into the crypto sector in force and there is little we can do to stop them without proper education and awareness. The vigilance of the users and their ability to discern scams and fraud from real offerings is still the most effective line of defence against such crimes, until a comprehensive legal and cybersecurity framework is in place on a global scale,” said Gracy Chen, the CEO at Bitget, commenting on the figures outlined in the report.

Read more: Crypto Social Media Scams: How to Stay Safe

Experts have identified several key methods of using deepfakes in the crypto industry. These include:

  • Social Engineering. Fraudsters impersonate famous people or employees of large companies to trick users into transferring cryptocurrency to them.
  • Bots. Deepfakes create fake accounts on social media and other platforms, which then spread misinformation and advertise fraudulent crypto projects.
  • Market Manipulation. Scammers use deepfakes to spread false news and rumors that can influence market prices.
  • Investment Fraud. Attackers create videos and presentations with deepfakes to attract funds to fraudulent projects.

Among these methods, social engineering and bot fraud accounted for 14.21% of all deepfake crimes in the first quarter of 2024. Analysts estimate the losses from these methods at $2.03 billion. If authorities do not take effective measures, the number of incidents involving malicious technology in the crypto industry could increase by 70% by early 2026.

An Ongoing Trend

The rise in deepfake technology has coincided with the growing popularity of celebrity tokens. Over the past couple of months, dozens of new meme coins have been launched, featuring both real celebrities and impersonators behind them.

Tokens such as JENNER, ZUMI, RICH, DOLL, and others have sparked intense debate within the crypto community, raising concerns about market manipulation, fraud, and the ethical implications of leveraging celebrity influence in cryptocurrency promotions.

Well-known entrepreneurs are frequent targets of scammers. On June 23, a five-hour YouTube Live broadcast featuring a deepfake of Elon Musk promoted a cryptocurrency scam, continuing the trend of similar fraudulent streams.

The now-removed video claimed to show a live Tesla event, using an AI-generated version of Musk’s voice to lure viewers to a website. The fake Musk urged viewers to deposit Bitcoin (BTC), Ethereum (ETH), or Dogecoin (DOGE) for a supposed giveaway, promising to “automatically send back double the amount.”

The stream attracted over 30,000 viewers at its peak, though bot inflation cannot be ruled out. It topped YouTube’s Live Now recommendations. The channel, @elon.teslastream, had the Official Artist Channel verification badge, suggesting a possible account compromise.

Read more:  Crypto Scam Projects: How To Spot Fake Tokens

Cryptocurrency users should be extremely vigilant and not trust everything they see online, especially on social media platforms like X, Instagram, and others, which are the primary channels for spreading deepfakes. Experts urge everyone to verify information and use only reliable sources carefully. Additionally, using two-factor authentication (2FA) is crucial, especially for accounts related to crypto.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





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