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Bitcoin Holds Strong at $40,000 Amid SEC ETF Anticipation Bitcoin (BTC) continues its upward trend despite early Asian trading hours witnessing severe downturns. The anticipation around the U.S. Securities and Exchange Commission (SEC) approving cryptocurrency exchange-traded funds (ETFs) plays a significant role. Google even hints at this, stating that "advertisers offering cryptocurrency trust funds targeting the U.S. to advertise those products and services" starting January 29, 2024. Notably, this aligns with the expected approval of Bitcoin exchange-traded funds (ETFs) in the U.S. during the same month. Bitcoin's price bouncing back to the $40,400 low is a healthy reassessment, with the $40,000 psychological level holding as support. If this level remains steady, the idea of a new all-time high could emerge. While the potential for price increase remains strong for Bitcoin, the Relative Strength Index (RSI) has yet to surpass 70. However, the Awesome Oscillator (AO), displaying significant green histogram bars, indicates the bullish presence remains robust. The RSI may simply stay above 70. Increased buying pressure at the current level could drive Bitcoin to break through the weekly supply zone ranging from $40,698 to $46,999. A weekly candle closing above the $43,860 moving average will confirm the continuation of the uptrend. Such a move would set the stage for Bitcoin to turn the weekly supply into a trend-breaking tool, confirmed by action above the $48,725 resistance. In the case of a strong uptrend, Bitcoin may extend to challenge the $66,098 resistance, turning it into support. Conversely, if the weekly supply is defended as a significant resistance zone, Bitcoin may head south, breaking the $40,000 support. A weekly candle decisively closing below this level could push BTC into a downward spiral, possibly testing the $30,000 psychological level.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin Core Developer Flags Ordinals as Blockchain VulnerabilitBitcoin Core developer Luke Dashjr argues that Ordinals represent a vulnerability causing transaction fees to rise and need to be eliminated. Addressing this loophole would remove Ordinals from the BTC blockchain, clearing clutter from the text strings. BTC Price Surges Nearly 11% in the Past Week, Reaching $44,700 on Friday. The online bitcoin community is embroiled in a debate over whether Ordinals pose a threat to the BTC blockchain. While Bitcoin Core developers like Luke Dashjr view text strings as spam, others see them as a development for the BTC blockchain on the X social media platform. Read also: Solana Continues to Attract Capital from Ethereum, SOL Price Maintains Above $72 Ordinals Currently Identified as a Vulnerability Luke Dashjr informed his 83,300 followers in a recent tweet on X that text strings are exploiting a vulnerability in Bitcoin Core to spam the blockchain. Since 2013, Bitcoin Core has allowed users to set limits on the size of additional data in transactions they forward. Text strings surpass this limit, making them "vulnerable." Dashjr states that Bitcoin Core remains vulnerable in the upcoming v26 release and developers hope to address this issue by v27 next year. The developer argues that miners must be honest and non-malicious, but allowing text string alterations on the Bitcoin blockchain will increase transaction fees. While advantageous for miners, it constitutes an attack on the BTC blockchain network. Text strings are considered a technical vulnerability that could have long-term implications for Bitcoin users due to its impact on network security and integrity. At the time of writing, Bitcoin is priced at $43,694 on Binance, bringing nearly an 11% profit for BTC holders on Binance over the past week.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin: "Gold on Steroids" with Surging Institutional Investmen Bitcoin has often been compared to gold over the years. Initially viewed as a "safe haven" similar to gold, analysts are now comparing the two investments to determine if Bitcoin meets the criteria of being "gold on steroids." In the past 5 years, up to November, Bitcoin's Sharpe ratio has competed favorably when compared to gold and other proven assets in the market. The Sharpe ratio is defined as the difference between risk-free and investment returns divided by the standard deviation of the investment. Timmer argues that Bitcoin is more volatile than most other assets, but this volatility impacts both directions, and BTC investments come with their own risk-reward profile, akin to what has been observed over the past decade. According to a report by CoinShares, institutional investors continue to pour funds into Bitcoin funds, with a weekly inflow of $132.8 million recorded as of December 4th. At the time of writing, the price of Bitcoin stands at $44,162 USD on Binance.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin's Potential Drop to $42,000 Hinges on US NFP ReportBitcoin's Price Faces Potential Decline Bitcoin is currently trading at $43,241, struggling to surpass the $44,500 mark, leading to minor corrections. While the broader market outlook leans towards an upward trend at the time of writing, the short-term picture suggests a potential downside. This is evidenced by the Convergence Divergence Moving Average (MACD) indicator. The diminishing green bars indicate a weakening upward trend, signaling a potential decline in Bitcoin's price. However, BTC is likely to retreat to $42,000 or $40,000 if the previously established support level is breached. This is a short-term scenario contingent on a stronger-than-expected NFP report. Yet, if the report is weaker or broader market signals shift towards an upward trend, a recovery from the $42,000 level becomes plausible. This would fuel an upward trajectory, pushing Bitcoin beyond $44,500 and undermining the bearish sentiment. The market dynamics are closely tied to the upcoming NFP report, and a divergence from expectations could significantly impact Bitcoin's price movements. Traders will be watching for signals of either a deeper correction or a potential recovery based on the economic data.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin (BTC) Price Rally Sparks Enthusiastic MomentumAfter a period of consolidation, Bitcoin has undergone a rapid and decisive price surge. Successfully maintaining its position above both the 50-day and 200-day moving averages, indicative of robust and sustained bullish sentiment. The fanning out of the moving averages is often interpreted as a sign of increasing momentum. Furthermore, recent green candles on the chart, characterized by large bodies, reflect strong buying pressure. The absence of long wicks suggests that pullbacks are swiftly being bought, demonstrating a solid presence of fundamental buying strength in the market. This scenario often aligns with institutional investment activity, as institutions tend to execute strategic, large-scale purchases rather than quick transactions. In the immediate term, Bitcoin appears to be approaching resistance levels at recent highs, with potential pullbacks likely to test the strength of current support levels. As Bitcoin enthusiasts closely monitor these developments, the market dynamics indicate a shift towards a more optimistic outlook, driven by both technical indicators and institutional investment behavior.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin Price Expected to Surge by 20% to $50,000 The price of Bitcoin (BTC) is currently on an upward trend. Surpassing the psychological level of $42,000 has sparked optimism, with Bloomberg setting an ambitious target for the largest cryptocurrency by market capitalization. According to the news outlet, Bitcoin reaching $42,000 is just the beginning of a new crypto super cycle that could propel the world's largest token to over $500,000, as advocates claim it heralds a new monetary order making waves on Wall Street. Meanwhile, the price of Bitcoin is caught within a weekly supply zone ranging from $40,517 to $46,972. To confirm the continuation of the primary trend (upward on the weekly timeframe), the price needs to break and close above the midpoint of the supply barrier at $43,860. A decisive move above this level could see Bitcoin extending its rally, turning the supply zone into a bullish trend-breaking tool as BTC aims for the forecasted psychological level of $50,000. In the case of a significant price increase, the surge may encounter resistance at $55,560. It is even plausible to extrapolate these increases to the highest range of $66,098. Such a move would constitute a 56% increase from the current level. The Relative Strength Index (RSI) supports this outlook as its upward movement indicates bullish momentum. Similarly, the bars on the Awesome Oscillator (AO) chart are green in the positive zone, signaling that the bull camp is leading the market. These factors add confidence to the optimistic viewpoint. As Bitcoin continues to make headlines, market participants are closely watching for potential breakthroughs and milestones in its price journey.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin Price May Drop to $40,000, Key Indicators Suggest The price of Bitcoin (BTC) is approaching the psychological level of $40,000 and could erase it before undergoing a correction. Several bullish indicators, including the Relative Strength Index (RSI), have strengthened the prospects for further price increase. The RSI, a momentum indicator, indicates increasing momentum with its position at 68, suggesting there is still room for upward movement before the cryptocurrency king could be considered overbought. Furthermore, the Awesome Oscillator (AO) is in positive territory, with green bars on the chart, indicating that the bullish camp is leading the market. Therefore, increased buying pressure could see the price of Bitcoin rise from the current level of $39,462 (as of 8:00 AM GMT), surpassing the recent high within the range of $39,778 before testing the psychological level of $40,000.
BITSTAMP:BTCUSD
by Larissa-Trader
2
Bitcoin Soars in January: ETFs Await Approval & Price Prediction The Bitcoin Spot ETF may see widespread approval in January, according to insights from Eric Balchunas, a Bloomberg ETF analyst, who detailed the updated application from asset manager BlackRock. Bitcoin prices continue their upward trajectory, triggering a short-term liquidation of $8.94 million. The total number of entities issuing Bitcoin Spot ETFs has risen to 13, following Pando's ETF registration. Pando, a European ETF giant, has submitted an S-1 application for the Pando Asset Spot Bitcoin Trust. Eric Balchunas, the Bloomberg ETF analyst, highlighted the late filings and shared details about BlackRock's meeting with the Securities and Exchange Commission's Trading and Markets division. Balchunas informed his followers through a recent tweet that the asset management giant presented a modified physical model based on feedback received during their November 20 meeting. The U.S. financial regulatory agency had previously requested Bitcoin Spot ETF applicants to amend their profiles to create liquidity. Applicants may continue debating cash creation and ETF distribution using physical assets with the regulatory body. Predictions surrounding the Bitcoin Spot ETF have spurred a recovery in both the spot and futures markets. Seyffart recently provided detailed information on ProShares BITO, an ETF futures fund that recently reached an all-time high. Grayscale Bitcoin Trust's GBTC discount has narrowed, touching a record low in anticipation of BTC ETF approval. Bitcoin holders are eagerly awaiting the potential approval of various BTC Spot ETFs in January 2024. According to Coinglass data, the Bitcoin price surge led to the liquidation of $8.94 million in sell orders overnight. Anonymous crypto analyst Crypto Tony assessed the Bitcoin price chart and predicted a rise to $40,000 before a potential correction, marking an initial decline to around $36,000. In summary, the outlook for Bitcoin includes the possibility of widespread approval for Spot ETFs, contributing to market optimism, while analysts anticipate further price increases before a potential correction.
BITSTAMP:BTCUSD
by Larissa-Trader
"Bitcoin Could Rally Northward on Potential RSI Intersection" Bitcoin (BTC) has breached the resistance level of $38,008, though not decisively, currently trading at $38,139 at the time of writing. There is still potential for an extension towards the higher range at $38,414 or, in the case of a strong upward movement, pushing towards $40,000. The Relative Strength Index (RSI) is moving upward and is on the verge of crossing above the signal line (yellow band). Historically, each time this intersection occurs, BTC has responded with a bold upward move, interpreting it as a buying signal. Similarly, the Awesome Oscillator (AO) indicator remains in positive territory, indicating that the bullish camp maintains control despite strong downward price pressure. On the flip side, increasing selling pressure could lead Bitcoin to drop below the support level of $38,008 or, worse, test the support level of $35,487. In a more severe scenario, a downturn could cause BTC to lose the confluence support between the horizontal line and the 50-day Simple Moving Average (SMA) at $33,912. Breaking and closing below this level would invalidate the bullish argument, setting the stage for a further southward extension towards the psychological level of $30,000.
BITSTAMP:BTCUSD
by Larissa-Trader
Asian Stocks Advance Amid Dollar's Decline vs Fed's Rate OutlookAsian equities saw positive momentum on Tuesday, coupled with the US dollar hitting a three-month low, reflecting investor confidence in the Federal Reserve's completion of the interest rate hike cycle. The focus remains on a pivotal inflation report slated for later this week. MSCI's broadest index of Asia-Pacific shares outside Japan recorded a 0.39% increase, signaling an impressive nearly 7% surge in November – the strongest monthly performance since January. Japan's Nikkei, despite a 0.20% slip, achieved an 8% gain for the month, marking its most robust monthly performance in three years. Rodrigo Catril, Senior FX Strategist at the National Australia Bank (NABZY), emphasized the significant role of central bank policy outlook in boosting risk appetite in November. Indicators of easing inflationary pressures align with the belief that numerous central banks have concluded their tightening cycles, setting the stage for anticipated interest rate cuts next year, as stated by Catril. Current market expectations suggest a 96.8% likelihood that the US central bank will maintain interest rates next month. The likelihood of rate cuts is projected to increase in mid-2024, according to CME's FedWatch tool. Investors will closely monitor the Fed's preferred inflation gauge on Thursday and eurozone consumer inflation data this week for a clearer understanding of inflation trends. European Central Bank President Christine Lagarde, on Monday, asserted that the central bank's efforts to control price growth are ongoing. She cited robust wage growth and lingering uncertainties, even as inflation pressures ease in the eurozone. Fed Chairman Jerome Powell's Friday speech will be scrutinized for insights into potential future interest rate directions. China's CSI 300 index declined by 0.23%, and Hong Kong's Hang Seng Index dropped by 0.70% a day after data indicated slower profit growth in Chinese industrial companies for October. Monday's US data revealed a larger-than-expected decline in new home sales for single-family homes in October due to higher mortgage rates. However, the housing segment remained supported by persistent shortages of available properties. Weaker-than-expected data impacted Treasury bond yields, with the 10-year benchmark yield shedding 9.6 basis points on Monday. During Asian hours, they rose by 1.6 basis points to 4.404%. The US Dollar Index, gauging the greenback against a basket of currencies, declined to 103.11, its lowest since August 31. The Japanese yen gained 0.28%, reaching 148.25 per USD. Oil prices rebounded on Tuesday following a significant decline the previous day, with investors anticipating the OPEC+ meeting this week and potential supply constraints in the coming year. US crude oil rose by 0.31% to $75.09 per barrel, and Brent returned above $80.00. Gold spot prices increased by 0.1% to $2,015.00 per ounce, slightly below the three-month high reached on Monday.
BINANCE:BTCUSD
by tatumhodosy
Bitcoin Mining Tool Cleanspark Gaining MomentumThe daily chart below provides a more detailed view of the early stages of the red wave III. From the December 2022 low, a bullish price cycle unfolded within the red wave 1. In this context, the black wave ((v)) displays an expansive phase, concluding the red wave 1 in July 2023 at $7.60. From the peak, an accumulation pattern within the red wave 2 emerged in the form of a zigzag. Firstly, the black wave ((a)) found its bottom in August 2023 at $4.91. Subsequently, a recovery in the black wave ((b)) set a pivot in the same month at $6.86. From there, the black wave ((c)) broke below the $4.91 low, initiating a downtrend. The target range of $4.16-$2.50 was achieved, and the price is now rebounding. The preferred outlook suggests that the red wave 2 concluded in October 2023. With the price above $3.38, the next bullish phase within the red wave 3 has commenced. The short-term target is the range of $9.25-$12.88, and potentially even higher. For long-term scenarios, the current price below $6 presents an excellent investment opportunity. While medium-term investors can anticipate a potential 7-fold reward for their risk, long-term rewards may reach up to 25 times and beyond, considering the current commitment.
BINANCE:BTCUSD
by classiedescombes1234
Bitcoin's Price Trend Questioned as ETF Momentum FadesBitcoin price action raises questions about the upward trend as ETF momentum wanes. With buyer liquidity collected on November 9th at $39,149, the potential for a BTC reversal is significant. Leading indicators are present - decreasing volume, diminishing liquidity, bearish divergence, and more. Given these signals, if BTC undergoes a correction, it is likely to explore the following support zones: Reasonable price range, extending from $32,833 to $30,299. Weekly support level at $31,376. Psychological level at $30,000 USD. While a correction seems plausible, investors should note that any announcements regarding the approval of a Bitcoin ETF still have the potential to propel BTC higher. Therefore, bearish proponents must exercise extreme caution, as a sudden reversal could push Bitcoin beyond the $40,000 mark.
BITSTAMP:BTCUSD
by rezakaleigh261
Bitcoin Aims for $40,000 with Tether Whale SupportThe price of Bitcoin surpassed the $38,300 mark for the first time in 18 months as demand for BTC steadily increased. Catalysts such as anticipation of the U.S. financial regulatory authority approving the physically settled Bitcoin ETF and growing demand from Tether whales could potentially push the BTC price even higher. Among the contributors to Bitcoin's rise to $38,300, prominent Tether whales have emerged. Based on data from the cryptocurrency information tracking tool Santiment, the top 100 Tether addresses have added an additional $1.67 billion to their holdings in the past six months. As the buying power of these stablecoin whales increases, the likelihood of Bitcoin reaching $40,000 also rises. To establish the correlation between Tether whales and the Bitcoin price surge, Santiment highlights the reduction in holdings of USDT tokens by whales over two weeks, coinciding with BTC rising to $38,300. Tether whales have utilized their stablecoin to accumulate Bitcoin and drive demand for the largest cryptocurrency. During the Bitcoin price decline in August, stablecoin whales accumulated BTC tokens. The current trend for Bitcoin has been upward since November 2022, with the price of BTC at $37,795 on Binance after a recent pullback from the local peak of $38,380. Bitcoin is targeting the $40,000 mark, representing an almost 6% increase from the current level.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin Price Analysis Bitcoin broke through a strong resistance level at $37,980 on November 24, but the bullish camp is struggling to sustain the breakthrough. This indicates strong defense from the bearish side. Both moving averages are sloping upward, and the Relative Strength Index (RSI) above 61 suggests minimal resistance to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000. This level could witness another tough battle between bulls and bears, but if buyers gain the upper hand, this pair could surge to $48,000. Time is running out for the bears. To weaken momentum, they would have to push the price below the 20-day EMA. The short-term trend will turn negative below $34,800.
BITSTAMP:BTCUSD
by Larissa-Trader
Bitcoin Holds Above $37,000 Amidst Thanksgiving Holiday TradeCryptocurrency values experienced a modest decline on Thursday, attributed to lower trading volumes in Bitcoin and Ether during the Thanksgiving holiday. Meanwhile, some altcoins demonstrated upward momentum even as the major cryptocurrencies saw a dip in their prices. After surpassing the $37,000 threshold earlier in the week and testing the $38,000 resistance multiple times, Bitcoin (BTC) saw a retracement of short-term profits on Thursday, as traders opted to secure gains ahead of the Thanksgiving holiday. Notably, Crypto Myths pointed out that a significant portion of selling pressure on leading cryptocurrencies stems from short-term holders liquidating their BTC positions back into exchanges after breaching the $37,000 mark.
BITSTAMP:BTCUSD
by Larissa-Trader
1
BTC/USD Technical Analysis: Bitcoin Faces Downward Pressure Bitcoin's price experienced a decline on Tuesday and Wednesday following a series of significant legal developments in the industry. The BTC/USD pair dropped to a low of $36,260, significantly below the year's peak of $38,000. The BTC/USD pair retreated after reaching a high of $37,800 on Tuesday. On the 4-hour chart, it remains within an ascending channel represented by black lines. It is currently consolidating at the Exponential Moving Average (EMA) 50 and EMA 25. The Relative Strength Index (RSI) has moved below 50. Upon closer inspection, it has also formed a triple-top pattern, often a sign of a price decline. The neckline of this pattern is at $34,740, the lowest point on November 14th. Therefore, the outlook for this currency pair suggests a potential price decrease, with the next level to watch being $34,738. This perspective will be confirmed if the price moves below the lower boundary of the ascending channel. An alternative scenario is a recovery for this pair, moving above this week's high of $37,800.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin Price Faces Key Support Check Amid Market Weakness The price of Bitcoin (BTC) is displaying weakness, registering a 3% decline in a day, with most of these losses attributed to news surrounding the Binance exchange. Testing a crucial support level at $36,788, and with the Relative Strength Index (RSI) indicating weakening momentum, BTC could face further declines. Increased selling pressure below the critical $36,788 level within the extended supply zone ranging from $36,276 to $37,301 could present an opportunity for an extended downturn, with experts predicting a potential drop to the psychological level of $30,000. Currently, the bars on the Awesome Oscillator (AO) charts have dipped into the red and inch slightly towards the daily midpoint. This signals a gradual dominance by the bearish camp. Conversely, rising buying pressure from investors seeking to capitalize on the $36,788 retest could push the Bitcoin price higher. The first target would be surpassing the local peak at $37,972 before testing the upper range at $37,980 and ultimately achieving the psychological level of $40,000, representing a 10% increase from the current level.
BITSTAMP:BTCUSD
by Larissa-Trader
2
Bitcoin ETFs: Catalyst for Crypto's ComebackThe imminent approval of Bitcoin exchange-traded funds (ETFs) signals a potential resurgence for digital assets, attracting institutional and retail investors alike. The U.S. SEC is expected to greenlight ETFs by mid-January, opening the door for influential players like BlackRock and Fidelity to allocate a portion of their portfolios to cryptocurrencies. This regulatory shift comes in the aftermath of FTX's industry-shaking moves, dampening crypto enthusiasm despite recent market recovery. While traditional investors remain cautious, the normalization of Bitcoin through ETFs could redefine the market, offering transparency and liquidity benefits. The anticipated change holds promise but will likely take time to unfold, marking a potential turning point for digital assets.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin ETF to Further Democratize Financial Access Navigating the intricate landscape of blockchain technology and cryptocurrencies, roundtable host Rob Nelson engaged in a insightful conversation with Lule Demmissie, CEO of eToro USA. Their discussion delved deep into the future of digital assets and the evolving trends in cryptocurrency finance. Demmissie outlined how eToro users can trade not only bitcoin but also ether and over 20 other cryptocurrencies, emphasizing the democratizing aspect of digital assets. This democratization has enabled a broader audience to access a variety of alternative assets. According to Demmissie, this shift reflects the growing diversity in digital asset ownership. The conversation touched upon recent events in the cryptocurrency world, including the legal case involving Sam Bankman-Fried. Nelson pointed out that such fraud cases are not exclusive to cryptocurrencies but are common challenges in the financial world. He highlighted the cleansing effect these incidents have on the cryptocurrency space, supporting the potential democratization of bitcoin as a decentralized currency. The discussion then shifted focus to the anticipated launch of exchange-traded funds (ETFs) for bitcoin. Nelson expressed his belief that these ETFs would significantly democratize bitcoin, a sentiment echoed by Demmissie, who emphasized the importance of not solely concentrating on spot ETFs. She advocated for expanding the use of digital assets and decentralized finance (DeFi), envisioning a future where traditional finance (TradFi) and DeFi coexist to diversify risks in an increasingly complex world. As the conversation concluded, Demmissie underscored the potential of blockchain technology and tokens to empower communities and revolutionize non-profit sectors. She emphasized the role of technology in breaking down access barriers and democratization, a theme resonating throughout their discussion on the future of cryptocurrency. The dialogue between Nelson and Demmissie provided valuable insights into the current state and future potential of cryptocurrency, highlighting the crucial role of technology in democratizing finance and creating new opportunities in the realm of digital assets.
BITSTAMP:BTCUSD
by Larissa-Trader
We Could See a Macro Wyckoff Accumulation In my opinion we can see the big guys left their footrpints in shape of secondry test which plays a major roll in Wyckoff Accumulation Method I am not sure yet because of there are diffrent typs of Wyckoff Accumulation and Distribution so cant ruled it out which one is going to playout but the best method is wait and watch either we could find support at 15500$ which will be aslo considered as a Wyckoff Accumulation or we could take out that low to make ATL ( bottom ) for BITCION WHATS MORE LIKLY ? In my opinion more likely Bitcoin has to take that low to create a bottom arround 10K to 8K before new bullrun
Short
by MemoCrypto
5
"Bitcoin Price Rises Northward in Recovery Effort" Bitcoin's price is trending upward, attempting to recover recent losses that wiped out $90 million in open interest from the market. With the 25-day Exponential Moving Average (EMA) hovering at $34,572, BTC is striving to reclaim territory above the crucial resistance level at $36,788. To confirm an upward move, investors should monitor Bitcoin's price breaking and closing above $36,788. This would set the stage for BTC to target the highest range within $37,972 before reaching the psychological level of $38,000. In the case of a strong uptrend, Bitcoin's price could extend its reach to the psychological level of $40,000, representing a 10% increase from the current level. The Relative Strength Index (RSI) is pointing upward, indicating increasing momentum, while the Awesome Oscillator (AO) remains in positive territory, providing additional confidence in the bullish argument. Conversely, another rejection from the $36,788 resistance could lead to Bitcoin losing support from the 25-day and 50-day EMAs at $34,572 and $32,456, respectively, before descending into the supply zone, becoming a trend-reversal tool. In this scenario, it may test the 100-day EMA at $30,528.
BITSTAMP:BTCUSD
by Larissa-Trader
"Bitcoin Slides on ETF Closure Fears, $90M Profits Vanish" Bitcoin witnessed a nearly 5% decline on Tuesday, dropping to $35,500 as the cryptocurrency market grows apprehensive ahead of November 17. This downturn resulted in the liquidation of 119,246 million dollars in long positions, erasing $90 million in open interest for BTC. Alternative currencies also faced liquidation, totaling $194.57 million, under substantial selling pressure. Bitcoin holders and the entire cryptocurrency market are eagerly anticipating developments from the U.S. Securities and Exchange Commission (SEC) following recent statements that the financial regulatory body has a narrow 8-day window to approve or reject a Bitcoin spot ETF. With the closing window, the market is increasingly on edge. Bitcoin's 5% drop and the liquidation of $120 million in long positions come as the SEC remains silent just three days before the deadline. The lack of clarity or hints from the SEC regarding the ETF registration has led to a negative market response.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin Dips Below $37,000 Ahead of US CPI Data Bitcoin experienced a surge to nearly $38,000 last week, marking its first such peak since May 2022. However, the cryptocurrency faced a retreat, sliding to $36,880 as traders awaited the release of Consumer Price Index (CPI) data on Tuesday. The overall CPI, a closely watched inflation indicator tied to changes in the cost of living, is expected to show a 0.1% increase from the previous month in October. This marks a significant shift from the 0.4% rise observed in September. In his recent speech, Federal Reserve Chairman Jerome Powell stated that the US central bank would not hesitate to raise interest rates to ensure price stability. Powell expressed skepticism that the Fed had reached a sufficiently restrictive stance. Bitcoin traders remain cautious as the core CPI inflation rate, excluding volatile items like food and energy, indicating a long-term inflation trend, is predicted to stay at 4.1% YoY and 0.3% MoM. This price dip in Bitcoin ahead of the CPI data underscores the market's sensitivity to inflation figures and central bank policies. Investors are monitoring these developments closely as they assess the potential impact on the cryptocurrency market amid broader economic uncertainties.
BITSTAMP:BTCUSD
by Larissa-Trader
1