Crypto analysts are looking at bitcoin's 50-day moving average to offer cues about the next possible move in the leading digital asset. Reports godbole17.
Bitcoin has come under pressure of late amid weakness in technology stocks and an uptick in bond yields. The pullback has some analysts focusing on a key average of bitcoin's price for cues about the next possible move in the cryptocurrency.
According to Alex Kuptsikevich, senior market analyst at FxPro, a potential violation of the 50-day SMA support would challenge the bullish market sentiment. The 50-day SMA is one of the most widely-tracked technical lines in traditional markets and cryptocurrencies. Crypto analystsCharts show a potential break below the 50-day SMA would expose former resistance-turned-support at $25,200.
According to Katie Stockton, founder and managing partner at Fairlead Strategies, the SMA support may be fleeting and could soon pave the way to a deeper decline.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin sinks to $27,000, and Gemini expands outside U.S. amid crypto crackdown: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Cory Klippsten of Swan Bitcoin explains what kind of investors are driving bitcoin's price.
Read more »
Ukraine to Adopt Europe’s Crypto Rules, Clarifies Taxation – Regulation Bitcoin NewsOfficials have revealed that Ukraine intends to implement the crypto market rules approved by the European Parliament.
Read more »
Non-Fungible Token Sales Spiked This Week Despite Crypto Market Volatility – Markets and Prices Bitcoin NewsIn the midst of a turbulent week for the crypto market, NFT sales have shown resilience, experiencing a surge of 7.74% in weekly sales.
Read more »
US Court Sentences Russian Crypto Ransom Launderer to Probation and Fine – Bitcoin NewsA Russian crypto entrepreneur, charged with laundering money from ransomware attacks, has been sentenced to probation and fined in the U.S.
Read more »
Report: US Revenue Collector IRS to Send Four Crypto Crime Investigation Agents Abroad – Bitcoin NewsThe secondment of the four agents is part of the revenue collection body’s pilot program that will run between June and September 2023. irs financialcrimes
Read more »
Declining Bitcoin-Ether Correlation Could Impact Crypto Investors’ Hedging Strategies: Coinbase.coinbase estimates that another 73,000 ether ($ETH) could be unlocked in partial withdrawals and 822,000 in full withdrawals, following the Shanghai upgrade of the ethereum blockchain, and this could take about 15 days to process. willcanny99 reports.
Read more »