Bitcoin seems to reverse up from the local dips. Are there enough reasons to buy it now?
Kevin Davitt, the analyst at CBOE: "Perhaps we are witnessing the maturation of a market. It's far too early to declare this the "new normal" but the persistent range over the last few weeks may be hinting at a structural shift. Time will tell."
After reaching its September highs last week, Bitcoin is trading in a range-bound market between the resistance at $6,595 and the support at $6,485. The digital currency keeps losing its volatility, as trading cryptocurrencies becomes less chaotic and more professional. Even the news factor did not affect the price for Bitcoin as it used to last year. Thus, the latest speculations around Tether failed to create a long-term market activity. Some analysts even compare the volatility of Bitcoin price to shares of some large corporations, showing how little they change. At the moment, the digital currency is trading near the 50-day MA at $6,522. Unexpected positive events on the market can force the price to rise above the resistance at $6,595 to the next resistance at $6,629. In case of negative factors, the price can fall below $6,485 to the next support at $6419.
In other news:
Tether destroyed 500 million of USDT tokens, still, more than 600 million coins remain outside the market for now. The capitalization of Tether fell below 2 billion dollars for the first time since January.
- Coinbase got a license from the state of New-York to provide custodian services for saving cryptocurrencies.
- Finance services agency in Japan gave an association of domestic crypto trading platforms official rights for regulating the crypto market.
- Chinese authorities are going to tighten the Blockchain start-up regulations.
- Sony developed a remote crypto wallet that is not needed to be plugged into the PC through the USB. Moreover, Blockchain and Ledger companies presented their co-developed digital wallet Lockbox.
- VanEck announced it destroyed all the possible reasons of a Bitcoin exchange-traded fund (ETF) rejection by the US Security exchange commission. A highly anticipated decision will be made on November 5.
- The Novatti Group will use Stellar blockchain for launching stablecoin backed by the Australian dollar.
- Bakkt announced a start of the trades of Bitcoin futures, however, we need to wait for the regulator's approval.
DASH $155.05 (-0.55%)
Ethereum $206.75 (+1.19%)
Litecoin: $51.88 (+0.62%)
The US inflation will come out today at 15:30 GMT+3. Traders can’t wait to see the numbers as they will impact all the pairs with the USD!
The greatest sale of Bitcoin continues! It has approached the psychological mark of $30,000. The traders’ focus remains on Thursday’s report on US inflation.
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?