Tanya Abrosimova
Independent Analyst
- Bitcoin is rangebound during Asian hours.
- The latest report shows crypto theft and money laundering tripled in 2018.
Bitcoin is trading at $6,604 to press time, up about 2.4% percent over the recent 24 hours and unchanged since the start of the day. The cryptocurrency no.1 sits comfortably above $6,483 resistance level, which is followed by 6300. Fundstrat’s Robert Sluymer highlighted it as critical for recovery earlier this week.
The cryptocurrency market cap has risen from $263B to $273B with the best part of the growth taking place within as little as six hours. Meanwhile, the industry is plagued by theft and security breaches as hackers stole from exchanges three times more in the first half of 2018 than all of 2017, CipherTrace report shows. This trend is in sync with rising money-laundering activity.
Bitcoin technical picture
Bitcoin got back above $6,483 handle, which is important Fibo retracement level and previous 2018 low. It is a positive signal confirmed by the fact that the coin stays above all intraday MAs (1-hour chart). The local support comes at $6,500 with 100-SMA at $6,495. The critical $6,300 is strengthened by 200-SMA. Once it is cleared, the sell-off may be extended to $6,000. The upside is capped by Wednesday's high at $6,796 and psycological $7,000 handle.
BTC/USD, the 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethena plans to leverage USDe to integrate DeFi, CeFi and traditional finance
Ethena (ENA), a protocol developed on the Ethereum blockchain offering a synthetic stablecoin (USDe) that operates across various DeFi applications, announced on Friday that itsUSDe will integrate DeFi, CeFi and traditional finance as part of its 2024 roadmap.
XRP hovers above $0.50 as Ripple joins alliance to simplify recovery of digital assets
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Toncoin price surges as Notcoin gains attention across the crypto community
TON saw a brief rally on Thursday following a recent announcement that Binance and OKX will launch Notcoin (NOT) as the newest token on the Binance launchpool and the OKX Jumpstart.
AI crypto coins rally ahead of ChatGPT creator OpenAI plans to announce Google search competitor on Monday
Barely before the hype around NVIDIA stock gain is over, AI crypto tokens have another bullish catalyst coming their way, which could provide more tailwinds to drive the price of the sector’s tokens.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.