Bitcoin price continues to threaten the $38K price level

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.

Author

Naeem Aslam

Zaye Capital Markets

Based in London, Naeem Aslam is the co-founder of CompareBroker.io and is well-known on financial TV with regular contributions on Bloomberg, CNBC, BBC, Fox Business, France24, Sky News, Al Jazeera and many other tier-one media across the globe.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Dogecoin ticks lower as low Open Interest, funding rate weigh on buyers

Dogecoin extends its decline as risk-off sentiment dominates across the crypto market. DOGE’s derivatives market remains weak amid suppressed futures Open Interest and perpetual funding rate.

Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates

Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.