Naeem Aslam
Zaye Capital Markets
Bitcoin is struggling to find any direction and it will not be a stretch statement to say that the price has been very much consolidating for the last number of days. This is quite interesting because if we look at the news flow, there is ample optimism. Every day, almost, we hear more major institutions, including some big banks issuing statements that they will be offering Bitcoin to their wealthy clients. But if we look at the Bitcoin price, it seems like it is struggling to keep hold of its gains.
From a technical price points, things are looking weaker. The reason for this is that the Bitcoin price has clearly lost the battle with the 50-day SMA on the daily time frame, and the price has moved below this important average. In addition to this, the price is also struggling to stay above the 100-day SMA as well. Traders will also need to pay attention to the 4-hour time frame where things are looking uglier. I am saying this is chiefly because the price has crossed below the 50, 100, and 200-day SMA, which means we are likely to see more sell-off if the price doesn't move above any of these averages any time soon.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.