15.08.22 - 22.08.22
Last week results
Instruments:
The cryptocurrency market has stabilised. Bitcoin is currently moving slowly towards a critical resistance level. Altcoins are trying to follow suit.
▶️ Markets are seeing a net capital inflow into crypto funds ahead of The Merge on the ETH network, which is forming positive sentiment in the digital currency market.
❗️ Iranian authorities, being under full-fledged sanctions, have conducted the country's first official import transaction using cryptocurrency. As such, cryptocurrencies are attempting to act as a means of payment at the state level.
▶️ On the negative side, the US Securities and Exchange Commission (SEC) initiated an investigation into the business model of the Coinbase cryptocurrency exchange.
These week’s key events
The cryptocurrency market has stabilised. Bitcoin is currently moving slowly towards a critical resistance level. Altcoins are trying to follow suit.
▶️ Markets are seeing a net capital inflow into crypto funds ahead of The Merge on the ETH network, which is forming positive sentiment in the digital currency market.
❗️ Iranian authorities, being under full-fledged sanctions, have conducted the country's first official import transaction using cryptocurrency. As such, cryptocurrencies are attempting to act as a means of payment at the state level.
▶️ On the negative side, the US Securities and Exchange Commission (SEC) initiated an investigation into the business model of the Coinbase cryptocurrency exchange.
📈 Bitcoin struggles to break resistance at $24,600
Bitcoin (BTCUSDT) remains above a significant support level of $22,950. On a technical level, this could allow for expectations that Bitcoin's price will rise once the correction is over, but there are also a few fundamental reasons for growth.
💡 Here are three reasons to buy Bitcoin right now:
🔹 North American pension funds are showing increased interest in cryptocurrencies despite the prolonged drop in the digital asset market. They see the decline as an opportunity to acquire crypto at an attractive price.
🔹 Major exchanges are again facing a net Bitcoin outflow, which testifies to fairly high demand for Bitcoin. The current outflow is around 28,000 BTC per month. As a result, the overall BTC balance on exchanges is shrinking. That can cause a rise in prices.
Fig. Bitcoin exchange net position change. Source: Glassnode
🔹 Technical analysis: The $24,600 level (the July high) looks like a very strong resistance. Bitcoin (BTCUSDT) has tested this level three times but has so far failed to consolidate above it. Nevertheless, a breakthrough of this level could be seen as a buying opportunity with an initial target of $27,980.
❗️Seize this opportunity to open a trade at the right time.
Exchange BTC
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.