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Bitcoin has recovered slightly from last week's fall. And interestingly, the descending flag, which was marked at the beginning of the month, has been clearly worked out. Now we see two bearish flags on the daily chart, and these figures, as you know, often go in pairs.
Thus, the bearish signal can be considered completed, while the support zone of 40,977.38 - 41,980.24 has resisted. Now the question that probably interests everyone is: where next?
From a technical point of view, we can now see the drawing of the second flag canvas - consolidation in the range between the support area 40,977.38 - 41,980.24 and the resistance at 44,807.24 (red dotted line).
Further, the direction will depend on which of the boundaries of the aforementioned sideways trend is broken through by BTC/USD. If the price goes up, the price may return to $48,000 per coin, which will give investors hope for further growth.
But the breakdown of the support area at 40,977.38 - 41,980.24 and consolidation below it will be a clear bearish signal. And then the milestones on the road to $30,000 per coin would be $36,000 and $34,000 per coin.
Now let's look at the fundamental background. Last week, negative news rained down on Bitcoin: first, a flight from risk amid the crisis of the Chinese developer Evergrande (this threat has not yet passed), then the unflattering comments of SEC Chair Gary Gensler. On Friday, pressure intensified amid another announcement by China about a new wave of repression against cryptocurrency.
This week promises to be fun too. The industry's attention will be focused on voting on the infrastructure bill. It was approved in the Senate, but today (if not postponed), a final vote is due.
It is important for the crypto market because the version of the document adopted in the Senate contains a controversial description of a" broker", which can have far-reaching consequences for the US cryptocurrency business. Efforts are still being made to change its language, and leaders include figures such as Wyoming Senator Cynthia Lummis and defender Caitlin Long.
In the current text, a broker is described as "any person who is responsible for the regular provision of any digital asset transfer service on behalf of another person." And so far it is completely unclear who will eventually be obliged to pay the tax.
As for the likelihood of bitcoin falling even lower, the statement that 40,000 for bitcoin is a new 10,000 has not yet lost its relevance. Whether cryptocurrencies will be able to defend this support, we will probably see in the near future.
Another interesting announcement came today from Anthony Scaramucci, manager of one of the leading hedge funds Skybridge Capital. In a recent interview with Bloomberg, he stated that most institutional investors remain wary of investing in the cryptocurrency market and blockchain technology.
This statement is in stark contrast to the general perception that large participants have entered the cryptocurrency market and are supposed to keep the market from plummeting. Scaramucci claims that there are no institutions on the market, and if there are, then there are no more than 10% of them.
But he does not deny that this class of investors will soon actively enter the industry. Scaramucci said that institutional giants or Wall Street banks will start buying crypto startups soon and hope that decentralized finance (Defi) will go mainstream.
Scaramucci himself, on behalf of Skybridge Capital, has applied for a Bitcoin ETF with the US SEC and is currently awaiting approval. The firm also bought carbon credits to offset the carbon footprint of storing bitcoins.
This hedge fund manager is one of the biggest proponents of bitcoin and cryptocurrencies, so his comments came as a surprise to many.
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