Bitcoin retraces down from Fibonacci resistance

Bitcoin retraces down from Fibonacci resistance
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 17.04.2023 17:39 (UTC)
Post reading time: 1.31 min
539

Bitcoin renewed the bullish thrust last week. The price is above $29,400 currently after it advanced and reflected off the Fibonacci 261.8 resistance. The RSI entered the overbought zone again last week but then returned back into the neutral zone. The price bias remains bullish with price set to resume advancing unless bears regain market control from bulls in a market sentiment shift.



Ether (ETH) rose to $2,003 on Thursday, the eight-month high, after a successful network upgrade called Shanghai, or Shapella. The upgrade implemented during Asian hours allows withdrawals for users who have staked their ether, a process that helps secure and validate transactions on the blockchain.

 

A subsidiary of CoinDesk and the leading provider of digital asset indices by Assets Under Management (AUM )since 2014,   announced the launch of the Bitcoin Trend Indicator (BTI) last week. Asset managers and investors can use the BTI for long-only dynamic allocation strategies. The BTI provide one of five possible values, each corresponding to an indicated direction and strength of trend in the price of Bitcoin based on a technique known as moving average crossovers.

 

A final text of MiCA legislation is set to be voted on by the European Parliament later this month. The law proposes that providers of linked services – like crypto custodians, advisors or exchanges – will have to apply to one of 27 national authorities to get a license to operate across the whole bloc. It also requires that cryptocurrencies tied to other assets such as fiat should hold sufficient reserves, with trading volumes capped if they are tied to foreign currency.

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