Bitcoin’s price is as of now facing a whole lot of challenge as its downtrend threatens to breach the key level of support at $26,800, with a potential target of $26,000.
The past few price action suggests a bearish momentum in the market, raising concerns between investors and traders.
The critical level of support at $26,800 holds the key to Bitcoin’s short-term direction, and a decisive breakout below this level could pave the way for further downward pressure towards the $26,000 level.
As Bitcoin (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 ‘Losing’ the Bitcoin (BTC) Movement Cathie Wood
Cathie Wood, the founder of
ARK Investment, recently expressed her concerns that the United States is losing its grip on the Bitcoin (BTC) movement owing to its regulatory system.
She noted that the Securities and Exchange Commission (SEC) plays a whole lot of role in shaping the regulatory landscape for digital currencies in the country.
Wood criticized the SEC’s approach of treating digital assets as securities, arguing that it is not suitable for checking the capacity of these assets.
As evidence, she cited the ongoing disputes involving Ripple and Coinbase.
Wood likewise attributed the past few collapses of Signature, Silicon Valley Bank, Silvergate, and the FTX Trading Ltd cryptocurrency exchange a year ago to their centralized nature.
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 Wood’s remarks positively impacted Bitcoin (BTC) prices on Wednesday, contributing to its upward movement.
Bitcoin (BTC) Hodling Surges: Long-Term Investors Opt for Stability and Growth Statistics from Glassnode indicate a growing tendency between Bitcoin (BTC) owners to hold onto their coins for the longstanding instead of selling them for quick profits.
This behavior, commonly known as “hodling,” reflects a maturing and stable perception of Bitcoin (BTC) as an investment class, attracting investors with a positive outlook on its future prospects.
The data outlines that the proportion of Bitcoin (BTC) supply that has remained unchanged for at least a year has reached a record high of 68%.
This implies that most Bitcoin (BTC) users are longstanding investors who are not swayed by short-term price fluctuations.
Furthermore, on-chain data signifies that 40 percent of Bitcoin (BTC) owners have held their coins for at least 3 years.
This tendency of increased hodling and reduced selling pressure on Bitcoin (BTC) encourages its growth and acceptance. It likewise signifies that owners maintain optimism in Bitcoin’s longstanding value appreciation, regardless of potential challenges or uncertainties that may arise.
Bitcoin (BTC) Ordinals Gain Traction as Ethereum (ETH) Dominates Non-Fungible Token ( NFT) Market
Following Ethereum’s impressive $393
Million Non-Fungible Token ( NFT) volume in the 30 days starting from April 23, surpassing Bitcoin’s volume of trading, Bitcoin (BTC) ordinals have now taken the Second spot.
Reports by a Dune dashboard created by Domo, the bulk of ordinals activity on Bitcoin (BTC) is attributed to BRC-20 crypto token transactions.
Domo is the founder of the BRC-20 crypto token standard. The surge in BRC-20 volumes can be primarily attributed to traders seeking to capitalize on the past few excitement.
Nonetheless, if the profits start to slow down, it is likely that trading activity for BRC-20 crypto tokens will likewise decrease.
Although while the Non-Fungible Token (
NFT) market for Bitcoin (BTC) is expanding, there has likewise been a renewed focus on trading meme cryptocurrencies on the blockchain. Cryptocurrency Market Profits Momentum as Hong Kong Allows Retail Trading
Tuesday saw a boost in digital currency values following the
announcement by Hong Kong’s securities regulating authority that some cryptocurrency assets would be available for retail trade beginning on June 1.
Reports by Hong Kong’s Securities and Futures Commission, retail investors can now start trading certain digital assets from next month.
It would be allowed only on registered trading platforms.
The capacity boost in the volume of retail investors from June 1, sparked optimism in the market and caped bitcoin’s losses on Wednesday.
Bitcoin (BTC) Price Prediction
Bitcoin (BTC) is currently worth 26,800, decreasing by 2.21 % on Wednesday. Regardless of having supported fundamentals, Bitcoin (BTC) lost all of its previous daily profits today.
Bitcoin (BTC) is as of now bearish, with engulfing candles and a potential reversal signal. Support is holding at $26,600, backed by a trendline.
A close over $26,600 may trigger a positive 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.
Bitcoin (BTC) Price Chart – Source: Tradingview
The 50-day exponential moving average reinforces the bearish bias, especially if Bitcoin (BTC) falls below the $27,000 resistance level.
Monitoring the $26,600 level is critical, as a close below it can potentially lead to more downside.
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.
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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 Digital currency Price Tracker – Source: Cryptonews