Bitcoin price momentum weakens despite Spanish bank Santander introducing BTC trading for Swiss clients
- Bitcoin price is holding thinly above critical support at $36,788, shy of $38,000 despite broader market optimism.
- BTC could drop below the $33,000 level with analysts anticipating double-digital losses for the king of crypto.
- Invalidation of the bullish thesis will occur once the people’s crypto decisively clears the $37,980 range high and tests $40,000.
Bitcoin (BTC) price remains northbound from a glance, but a close look reveals a correction could be underway. It comes amid waning momentum, but BTC holders will not relent and continue to cling to any straw of grass to delay what could be inevitable.
Also Read: Bitcoin Weekly Forecast: ETF delay and weekly swing failure could crash BTC to $30,000
Spanish bank Santander introduces Bitcoin trading for Swiss clients
Bitcoin (BTC) remains a hot topic on social media site X despite the US Securities & Exchange Commission (SEC) missing its eight-day window to approve spot BTC exchange-traded funds (ETFs). Instead, a new narrative for the delays has arrived, pointing to the financial regulator’s preference that the ETFs do cash creates rather than crypto and is reportedly engaging with exchanges.
Cash creates makes sense IMO bc broker dealers can’t deal in bitcoin so doing cash creates puts onus on issuers to transact in bitcoin and keeps broker dealers from having to use unregistered subsidiaries or third party firms to deal w the btc. Less limitations for them overall
— Eric Balchunas (@EricBalchunas) November 17, 2023
Nevertheless, the ETF narrative has been downplayed, with big moves by institutional players now driving the market. In the latest, Spanish bank Santander has introduced Bitcoin trading for its customers in Switzerland.
Santander Private Bank Introduces Bitcoin, Ethereum Trading for Clients in Switzerland
— Farron Su (@FarronSu63638) November 20, 2023
Santander Private Banking International is offering buy, sell and hold services with bitcoin and ether to clients with accounts in Switzerland.
CORRECTION (Nov. 20, 10:02 UTC): Corrects… pic.twitter.com/tVaz6A3XMv
The service is available even to customers outside Switzerland, provided they have accounts in the country. The service is provided only upon client request through relationship managers, with the assets being held in a regulated custody model where the bank stores the private cryptographic keys in a secure environment.
It is worth mentioning that the move is bold, considering that most big banks prefer to be twiddling around with tokenization and tend to avoid exposure to open-access blockchains and the cryptocurrencies that run on them.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
Bitcoin Price uptrend threatened as BTC holders cling to any signal
Bitcoin price is holding thinly above critical support at $36,788 after a foray into the supply zone extending from $36,276 to $37,301. For a continued uptrend, the price must decisively move above this level and clear the $37,972 resistance level.
Until then, the upside potential for Bitcoin price remains under threat, with the Relative Strength Index (RSI) flattened out. The Awesome Oscillator (AO) is also supporting the gloomy outlook, with its histogram bars taking on a red feel and edging toward the midline. If this goes on, the AO could soon flip negative.
Increased selling pressure could see Bitcoin price flip below the $36,788 support level and potentially fall below the ascending trendline to test the $35,410 support level. In a dire case, the slump could extend to the $34,000 psychological level, while BTC collects the buy-side liquidity (BSL on the chart) residing underneath.
However, to confirm a prolonged downtrend Bitcoin price must break and close below the $30,824 midline of the supply zone (now serving as a bullish breaker) extending from $30,126 to $31,524. If this level fails to hold as support, BTC could slide all the way to $29,753.
BTC/USDT 1-day chart
On the flipside, increased buying pressure could see Bitcoin price clear the $37,972 local top to test the $37,972 range high. In a highly bullish case, the gains could extend for BTC to test the $40,000 psychological level, almost 10% above the current price.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
