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Bitcoin

Bitcoin Regains Strength, Why Bulls Eye Strong Rally above $40K

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Bitcoin price started a fresh increase above the $38,500 resistance zone against the US Dollar. BTC even broke $40,000 and it is now correcting gains.

  • Bitcoin gained traction above the $38,500 and $39,500 resistance levels.
  • The price is now trading above $40,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but the bulls are likely to remain active near $39,000.

Bitcoin Price Turns Green

Bitcoin price formed a base above the $37,600 level and started a fresh increase. BTC broke the key $38,500 resistance level to move into a positive zone.

The price even broke the $39,000 resistance level and settled well above the 100 hourly simple moving average. Finally, there was a break above the $40,000 resistance zone. There was also a break above a key bearish trend line with resistance near $39,000 on the hourly chart of the BTC/USD pair.

The price traded as high as $41,395 before there was a downside correction. Bitcoin traded below the $40,500 support level. There was a break below the 23.6% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high.

It is now consolidating near the $40,000 support zone. On the upside, an initial resistance is near the $40,500 level. The first key resistance is near the $40,750 level and a connecting bearish trend line.

Bitcoin Price

Source: BTCUSD on TradingView.com

Therefore, a close above the $40,750 resistance zone and the trend line might trigger a steady increase. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term.

Fresh Decline in BTC?

If bitcoin fails to climb above the $40,750 and $41,500 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $49,000 level.

The first major support is now near the $39,500 zone. It is near the 50% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high. A clear downside break below the $39,500 support might lead the price towards the $38,500 support.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $39,500, followed by $38,500.

Major Resistance Levels – $40,500, $40,750 and $41,500.

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Ethereum

Bitcoin, Dogecoin, Ethereum Recede Over Regulatory Worries But These Altcoins Are Going Strong

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Major cryptocurrencies lost ground on Tuesday night as the global cryptocurrency market cap fell 2.43% to $1.56 trillion.

What Happened: Bitcoin (CRYPTO: BTC) traded 3.42% lower at $38,247.65 over 24 hours at press time. The largest cryptocurrency by market cap is down 2.29% for the week.

Ethereum (CRYPTO: ETH) was lower by 4.98% at $2,496.74 over 24 hours. The cryptocurrency gained 9.34% over a seven-day period.

See Also: How To Buy Ethereum (ETH)

Shiba Inu-themed Dogecoin (CRYPTO: DOGE) was down 3.44% at $0.20 and fell 2.55% for the week.

DOGE traded flat against BTC falling 0.05% and rose 1.73% against ETH over 24 hours. 

Over 24 hours, Terra (CRYPTO: LUNA) saw the most gains rising 15.84% to $14.52. Over a seven-day trailing period, LUNA rose 53.02%.

LUNA is up 19.20% and 21.32% against BTC and ETH respectively over 24 hours. 

Other coins that rose in 24 hours included, Celo (CRYPTO: CELO), Voyager Token (CRYPTO: VGX), and Cardano (CRYPTO: ADA).

CELO rose 10.61% to $2.93, VGX was up 3.2% to $2.91 and ADA traded 2.5% higher at $1.35 in the period.

Why It Matters: On Tuesday, U.S. Securities and Exchange Commission Chair Gary Gensler said at the Aspen Security Forum that in his belief a large number of initial coin offerings and cryptocurrency tokens might violate U.S. security laws, reported CoinDesk.

He said, “I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.”

Gensler reportedly made the observation that a typical trading platform has more than 50 tokens on it and while each token’s legal status may vary on facts and circumstances “the probability is quite remote that, with 50 or 100 tokens, any given platform has zero securities.”

See Also: Is Ethereum On Track To Cross $3,000 Mark?

Meanwhile, Blockchain Association’s Karen Smith said on Tuesday that the SEC is unlikely to approve a BTC ETF anytime in the near future. Smith noted Gensler’s passion for consumer protection.

“I think that Gary Gensler is very passionate about consumer protection, and wants to see more robust regulation of the underlying spot market for crypto.”

The U.S. is not the only jurisdiction that is clamoring to regulate cryptocurrencies. Last month the deputy governor of the People’s Bank of China said “Global stablecoins may bring risks and challenges to the international monetary system.”

Europe and West African countries are also mulling regulatory measures.

Read Next: Axie Infinity (AXS) Is The ‘Foundation’ Of An ‘Emerging Economy’ That Is Play-To-Earn Games, Says Ark Invest

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