Bitcoin to jump above 50K, or time to reverse?

Bitcoin to jump above 50K, or time to reverse?
Analysis
Ahura Chalki
Author:
Ahura Chalki
Published on: 10.08.2021 19:49 (UTC)
Post reading time: 1.49 min
1122

Executives leave crypto exchanges.


The Crypto market receives conflicting news, some positive, some negative. As exciting and noteworthy news, have to remember about Executive leaving the different companies. 

Binance CEO in the US resigned just four months after starting the position, following the latest conflicts with regulators, especially remembering that he mentioned building BinanceUS trust with regulators as one of his main priorities when he began the Job. This fast leaving the company is not just about Binance. Brett Redfearn also left Coinbase, just four months after working as a VP of Capital Markets, after what he called a shift in Coinbase’s priorities. 

Knowing about ongoing tensions between the regulators and markets about Stable-coins, these changes tell us that we must think twice before any investment. Christopher J. Waller, an American economist and member of the Federal Reserve Board of Governors, supported private innovations in money and stable coins issued by the private sector. On the other hand, the SEC and US Treasury asked for more regulation on stable-coins.


Bitcoin, on the other hand, carelessly has been rising in the past few days. Today also in the first half of the day, it was growing. However, from its multi-month high, a shy under 46,800 started sending some returning signals from this level. The H1 chart, with RSI at 45 and a flat OBV trend line, lowering the market volume, signaling that it is a fundamental level. The asset now is back to its Pivot Point and 50 HMA, at 44,831. ANy breaching under PP will put the first support at 43,400 in the spotlight, and then 39,900 will be the next target. On the flip side, with closing above PP, we can wait for its jump above 50K and then re-test its all-time high above 60K once more. 


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