- BTC/USD is heading for its second consecutive week trading in negative territory.
- Over the past six weeks Bitcoin has lost over 30% in value.
The Bitcoin price was hit again on Friday, pushing it further within negative territory on the week, which has mentioned, marking another close within the red. These moves coming in-line with the rest of the crypto market, as it continues to encounter cooling.
Sentiment across the markets over the past weeks, has largely been within the bears favor. In terms of news flow; a Uni. Of Texas study suggested much of Bitcoin’s rise last year was due to price manipulation via Bitfinex, South Korean exchange Coinrail was hacked for around $40million and then SEC Chairman Clayton calling for regulatory oversight of cryptocurrencies.
Technically, BTC/USD on the daily time frame, is still well within a historically strong buying zone, which tracks from $6500-6000, an area that has proven to prop up the price. However, Bitcoin has tested this area on a few occasions within the past week, which may cause some concerns, as the bears may potentially be attempting a breakdown of this zone. On the flipside, there doesn’t appear to be much in the way of resistance, until back above $8000 area.
BTC/USD daily 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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.