Bitcoin has reached its annual highs in the $25,000 range for the third time in the last few days, while ether is attempting to update the $1,732 resistance level. Now, before we discuss the technical picture, let me say a few words about the news regarding the $250 million deposit that was still made for Sam Bankman-Fried, a co-founder of FTX.
The two guarantors' names were made public last week as soon as a Manhattan federal judge approved the prosecution's motion to make this kind of information available to the general public.
Let me remind you that Bankman-Fried was charged with fraud last December and released on bail for $250 million. His parents were one of the four total guarantors, which allowed Bankman-Fried to resume house arrest and remain at home until the trial rather than being detained.
The other two guarantors are Andreas Paepcke, a distinguished researcher at Stanford University, and Larry Kramer, president of the William and Flora Hewlett Foundation and dean emeritus of Stanford Law School. Let me remind you that Barbara Fried and Joe Bankman are also Stanford faculty members.
"Joe Bankman and Barbara Fried have been close friends of my wife and me since the 1990s. During the last two years, when my family faced serious problems and was fighting cancer, they were the most loyal friends — they brought food, provided moral support, and were ready to help at any moment. In turn, we decided to support them when they faced their crisis," Larry Kramer said in an interview after information about him was disclosed. Kramer said he was acting on his behalf and has no business relationship or interest in the matter other than helping his friends.
He was the one who agreed to pay the $500,000; Paepcke offered a $250,000 guarantee.
Paepcke received his doctorate from Harvard University. He declined to speak with reporters.
Let me remind you that the above-mentioned individuals signed two bonds and his parents' home as security for Bankman-Fried's release. The former bitcoin billionaire is scheduled to show up in federal court in October and appear before a Manhattan federal judge soon to discuss his bond requirements. Bankman-Fried entered his not-guilty plea in January of this year.
Regarding the technological state of bitcoin right now, demand is still very high. The bulls easily rebounded to the annual maximum in the area of $25,030 after recovering from a low of $23,300. After fixing at $25,000, which would restart the bullish trend with the possibility of updating to $25,700, it will be feasible to discuss the purchasers' capture of a new initiative. The $26,770 level will be the farthest target, where significant profit-taking and a rollback of bitcoin down may take place. In the case of renewed pressure on the trading instrument, protecting the $24,000 level will take priority because a breach by sellers would be detrimental to the asset. This will put pressure back on bitcoin and create a direct path to $23,300. The world's first cryptocurrency will "drop" to about $22,500 if this level is broken.
The breaking of the nearest resistance at $1,720, which restrained the growth last week, is what ether purchasers are currently concentrating on. This will be adequate to level the playing field and eliminate the threat of a new greater sale. Only after the $1,820 update, which will return the balance to the ether with the possibility of growth to a maximum of $1,885, will it be possible to maintain the upward trend. The $1,950 range will be a further target. The $1,650 level will be in effect when the pressure on the trading instrument resumes and declines, below which $1,565 is considered. Their success will raise the trading instrument to at least $1,474.
