Naeem Aslam
Zaye Capital Markets
More and more governments are beginning to recognize Bitcoin's power, and the EU just voted against banning Bitcoin. This is plainly a massively beneficial conclusion for Bitcoin and the cryptocurrency sector as a whole, but traders have yet to recognize it. This is because Bitcoin's price continues to fall today, and bulls appear to be unable to break the current negative market action.
Bitcoin price continues to threaten the 38K price level, and traders are hoping that it will stay above this level since it will enhance the chances of Bitcoin breaking over its 50-day SMA on the daily time frame, which is the immediate barrier.
Fundamentally, traders are looking forward to the Fed meeting as the major event for cryptos; an increase in interest rates is expected to boost the dollar index higher. However, regardless of how much interest rates are raised, inflation is projected to remain low for the remainder of the year, which should benefit Bitcoin's price.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended Content
Editors’ Picks
Ethereum whales turn bullish with Shanghai upgrade less than a month away
Ethereum (ETH) whales holding between 1,000 and 10,000 ETH have been scooping up the altcoin consistently for a week. With the countdown to the Shanghai upgrade and the ETH token unlock event, there is a spike in Ethereum demand among retail investors.
Ripple price to close the week with a bang as next week will be crucial for another 20% profit
Ripple price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.
Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?
Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend.
Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?
Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.