Bitcoinโs price is asย ofย now facing a wholeย lotย of challenge as its downtrend threatens to breach the key levelย ofย support at $26,800, with a potential target of $26,000.ย
Theย pastย few price action suggests a bearish momentum in the market, raising concerns between investors and traders.
The critical levelย ofย support at $26,800 holds the key to Bitcoinโs short-term direction, and a decisive breakout below this level could pave the way for further downward pressure towards the $26,000 level.
As Bitcoinย (BTC) navigates this critical juncture, market participants are closely monitoring the price movements and indicators for potential indicates of a tendency reversal or continuation.
United States Is โLosingโ the Bitcoinย (BTC) Movement Cathie Wood
Cathie Wood, the founder of ARK Investment, recently expressed her concerns that theย Unitedย States is losing its grip on the Bitcoinย (BTC) movement owingย to its regulatory system.ย
She notedย that the Securities and Exchange Commission (SEC) plays a wholeย lotย of role in shaping the regulatory landscape for digitalย currencies in the country.
Wood criticized the SECโs approach of treating digital assets as securities, arguing that it is not suitable for checking theย capacity of these assets.ย
As evidence, she cited the ongoing disputes involving Ripple and Coinbase.
Wood likewise attributed theย pastย few collapses of Signature, Silicon Valley Bank, Silvergate, and the FTXย Tradingย Ltd cryptocurrency exchange aย yearย ago to their centralized nature.ย
She emphasized that the decentralized concept of Bitcoin, which resurfaced after the 2008 financial crisis, addresses the lack of transparency, audibility, and decentralization in traditional financial services, a critical factor in its popularity.
Cathie Woodโs remarks positively impacted Bitcoinย (BTC) prices on Wednesday, contributing to its upward movement.
Bitcoinย (BTC) Hodling Surges: Long-Term Investors Opt for Stability and Growth
Statistics from Glassnode indicate a growing tendency between Bitcoinย (BTC) owners to hold onto their coins for the longstanding instead of selling them for quick profits.ย
This behavior, commonly known as โhodling,โ reflects a maturing and stable perception of Bitcoinย (BTC) as an investment class, attracting investors with a positive outlook on its future prospects.
The data outlines that the proportion of Bitcoinย (BTC) supply that has remained unchanged for at least a year has reached a record high of 68%.ย
This impliesย that most Bitcoinย (BTC) users are longstanding investors who are not swayed by short-term price fluctuations.ย
Furthermore, on-chain data signifies that 40 percent of Bitcoinย (BTC) owners have held their coins for at least 3 years.
This tendency of increased hodling and reduced selling pressure on Bitcoinย (BTC) encourages its growth and acceptance. It likewise signifies that owners maintain optimism in Bitcoinโs longstanding value appreciation, regardlessย of potential challenges or uncertainties that may arise.
Bitcoinย (BTC) Ordinals Gain Traction as Ethereumย (ETH) Dominates Non-Fungibleย Tokenย (NFT) Market
Following Ethereumโs impressive $393 Million Non-Fungibleย Tokenย (NFT) volume in the 30ย days starting from April 23, surpassing Bitcoinโs volumeย ofย trading, Bitcoinย (BTC) ordinals have now taken the Second spot.ย
Reportsย by a Dune dashboard created by Domo, the bulkย of ordinals activity on Bitcoinย (BTC) is attributed to BRC-20 cryptoย token transactions.ย
Domo is the founder of the BRC-20 cryptoย token standard. The surge in BRC-20 volumes can be primarily attributed to traders seeking to capitalize on theย pastย few excitement.ย
Nonetheless, if the profits start to slow down, it is likely that trading activity for BRC-20 cryptoย tokens will likewise decrease.ย
Althoughย while the Non-Fungibleย Tokenย (NFT) market for Bitcoinย (BTC) is expanding, there has likewise been a renewed focus on trading memeย cryptocurrencies on the blockchain.
Cryptocurrencyย Market Profits Momentum as Hong Kong Allows Retail Trading
Tuesday saw a boost in digitalย currency values following the announcement by Hong Kongโs securities regulatingย authority that some cryptocurrency assets would be available for retail trade beginning on June 1.
Reportsย by Hong Kongโs Securities and Futures Commission, retail investors can now start trading certain digital assets from next month.ย
It would be allowed only on registered trading platforms.ย
Theย capacity boostย in the volume of retail investors from June 1, sparked optimism in the market and caped bitcoinโs losses on Wednesday.
Bitcoinย (BTC) Price Prediction
Bitcoinย (BTC) is currentlyย worth 26,800, decreasing by 2.21 % on Wednesday. Regardlessย of having supported fundamentals, Bitcoinย (BTC) lost all of its previous daily profits today.
Bitcoinย (BTC) is asย ofย now bearish, with engulfing candles and a potential reversal signal. Support is holding at $26,600, backed by a trendline.
ย A close over $26,600 may trigger a positiveย tendency move, but caution and confirmation through numerous candle closes are advised to avoid a sharp sell-off towards $26,500 and further downside to $26,200.
ย
The 50-day exponential moving average reinforces the bearish bias, especially if Bitcoinย (BTC) falls below the $27,000 resistance level.ย
Monitoring the $26,600 level is critical, as a close below itย canย potentially lead to more downside.
ย Conversely, a close over $26,600 opens opportunities for long positions, targeting $27,000 or higher at $27,400.
Keep an eye on the $27,200 level, as breaking over it may encounter resistance at $27,800.
Top 15 Digitalย currencies to Watch in 2023
Cryptonews Industry Talk presents an exciting lineup of digitalย currencies that are poised for a bright future in 2023.ย
These digital assets have been carefully selected for their promising outlooks, indicating substantial potential for growth both in the short and long term.ย
With their unique features and innovative technologies, these digitalย currencies are positioned to thrive and make wholeย lotย of advancements in the years to come.ย
Get ready to explore the exciting possibilities that lie ahead for these digital currencies.
Disclosure: The Industry Talk section features insights by cryptocurrency industry players and is not a part of the editorial content of Cryptonews.com.
Find The Best Price to Buy/Sell Cryptocurrency
