Bitcoin Today: The calm is bad for bulls
Price
Weekends passed in a lateral manner, the price was fluctuating between 6250 and 6000 levels. Prolonged lateral movement after the 6000 rebound speaks of uncertainty in the market and makes the emergence of a reverse Head and Shoulder the less likely (the figure needed a fast price movement above 7000). For now, the price fluctuates around pivotal point 6500, which could be a start of one-more testing of 6600 level, a breakthrough at the beginning of the week could be a good base for further bullish developments, though such breakthrough should be supported by positive fundamental feedback. 6000 – 6250 zone stays the major support for now.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
Weekends passed in a lateral manner, the price was fluctuating between 6250 and 6000 levels. Prolonged lateral movement after the 6000 rebound speaks of uncertainty in the market and makes the emergence of a reverse Head and Shoulder the less likely (the figure needed a fast price movement above 7000). For now, the price fluctuates around pivotal point 6500, which could be a start of one-more testing of 6600 level, a breakthrough at the beginning of the week could be a good base for further bullish developments, though such breakthrough should be supported by positive fundamental feedback. 6000 – 6250 zone stays the major support for now.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
- Binance Launches Fiat-to-Crypto in Liechtenstein
Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), has announced the launch of a fiat-to-crypto exchange, according to a press release published August 16.
Using a joint venture with LCX, they plans to build up a team of up to 15 professionals for the Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform. The new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and promised to add more trading pairs in the future. Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said:
“We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.”
- Andreas Antonopoulos says that BTC ETF could impact the market in a bad way
Recently, in a Q&A YouTube video, well respected cryptocurrency researcher and security expert Andreas Antonopoulos disclosed his stance on Bitcoin ETFs, firmly stating that he is against the introduction of ETFs in regulated markets.
Antonopoulos said that while ETFs have the ability to open the Bitcoin market to a group of institutional investors and retail traders that have not been able to trade the dominant cryptocurrencies due to issues pertaining to regulation, they also provide a platform for large investors to manipulate the price of BTC.
“Everybody is so excited about ETFs. What we have seen in other markets is that when an ETF becomes available, the price really increases dramatically, as suddenly that commodity becomes available to a lot more investors and these investors pile on. But, the other side of it, is that there are always these claims that the commodities markets are heavily manipulated and opening up these ETFs only increase the ability of institutional investors to manipulate the prices of commodities.”
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