Bitcoin bias turns neutral after Fibonacci resistance test

Bitcoin bias turns neutral after Fibonacci resistance test
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 24.04.2023 17:36 (UTC)
Post reading time: 1.73 min
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Bitcoin reversed all of the previous week’s gains last week. The price is below $27,500 currently after it retraced down following the test of the Fibonacci 261.8 resistance previous Friday. The RSI continued drifting to lower bound of neutral zone. The price forecast has turned neutral while bears wrangled market control away from bulls in a market sentiment shift to risk off.



Markets traded cautiously last week as an increasing number of Federal Reserve policymakers called for more rate hikes to rein in inflation. Investors are looking forward now to first quarter US GDP data, due this Thursday, expected to show that growth slowed further from the prior quarter. And a reading on the Personal Consumption Ex0penditure price index - Fed’s preferred inflation gauge - is expected to show that inflation remained high in March. Meanwhile EU lawmakers voted for a new crypto assets law, Voyager-Binance US sale deal was cleared tentatively and crypto investments recorded positive flows for fourth consecutive week.   

 

Lawmakers in the European Union voted last Thursday overwhelmingly in favor of a new crypto licensing regime, Markets in Crypto Assets. The  MiCA requires make crypto wallet providers and exchanges seek a license to operate across the bloc of 27 nations and require stablecoin issuers to maintain sufficient reserves.

 

The substantive parts of the Voyager Digital – Binance.US sale deal could be allowed to proceed even before a legal appeal is worked through, a court ruled last Wednesday against the backdrop of concerns rise that the buyer could pull out. The court document says the US government has now agreed that the bulk of Binance.US' $1 billion deal to purchase assets of the bankrupt crypto lender can proceed, despite concerns that the fine print of the contract would pardon breaches of tax or securities law.  

 

Digital asset investment products recorded net inflows totaling $114 million last week, according to data from CoinShares. The four-week run of inflows totaled $345 million as of April 17,2023 and  Bitcoin related products received the overwhelming majority of that new money at $104 million.

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