This week the total cryptocurrency market capitalization bounced back to $1.9 trillion, which was a 20% weekly increase and the highest level seen since May 20. Bitcoin will continue to pay close attention to inflationary expectations because inflation has been a driver of Bitcoin to go higher for quite some time. It does make sense that traders would see attention paid to the 10-year note. That interest rate is something that a lot of people will be paying close attention to as well, thereby driving whether or not there will be attempts to protect wealth via Bitcoin and many other assets. While the fresh bullish momentum attracted the attention of investors, Bitcoin's move from $33,400 to $45,900 was pretty much in line with the rest of the market. Yesterday Bitcoin hit and stopped at psychological levels around $45,000, and traders will be the next. The current price stopped at 50% Fibo retracement level after testing and confirming 23.6 Fibo level as a support. $50,000 level is a significant support level from the past and a major psychologically important level that will attract a lot of headlines and also matches with 61.8 Fibo retracement level. If the 50K level is a breakthrough, experts will expect to see prices around $60,000 which are very close to the April all-time high. In the bearish scenario, it is possible to test the 38.2 Fibo level again at the prices around $42,000 or 23.6 at $37,000 or far down to the strong support level around $28,000.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals; therefore, it cannot be held liable nor guarantee any profits or losses.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals; therefore, it cannot be held liable nor guarantee any profits or losses.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.