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Bitcoin had a remarkable first half of 2023. The cryptocurrency appreciated by a mammoth 84% from the beginning of January to the end of June. This compared with Nasdaq’s 37.5%, the index's best first half performance in 40 years.
Following a strong first half to the year, ETH/USD kicks off the new quarter in an upbeat mood, above key technical levels
Cryptocurrencies are being influenced by the regulatory outlook in the USA. The Securities and Exchange Commission is currently reviewing applications for the establishment of exchange-traded funds that would hold Bitcoin.
Bitcoin has charted a series of higher troughs followed by higher peaks. This puts the cryptocurrency into an uptrend. In April, BTCUSD challenged the psychological $30,000 level but was unable to break through conclusively. It has been in corrective mode since reacting off this key level since then.
Bitcoin has dropped to under $25,000 after the Federal Reserve dot plot suggested higher rates ahead. This, despite pausing after 10 consecutive rate increases over a 15-month period. The Fed sees two more rate hikes for 2023 and no cuts.
The Securities and Exchange Commission (SEC) on Monday filed thirteen charges against crypto firm Binance, as the regulatory environment continues to tighten in the US
Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.
ETH/USD heads to the conclusion of a mixed month after April’s 2023 high, as this week’s strong start is capped by the upper border of the daily Ichimokou Cloud
The bitcoin daily chart is trying to break out of its bearish channel between the lower blue and red bands. To this end, we are keeping an eye on its RSI.
Bitcoin has declined below $27,000 as investors considered news of reduced crypto-trading businesses from two major institutional liquidity providers in the U.S. Bloomberg recently reported that Jane Street and Jump Crypto, two of the largest crypto market makers, are stepping back from crypto trading in the U.S. due to the country's regulators cracking down on the industry.
Technically, the cryptocurrency has found $30,000 to be a strong psychological level. Its latest decline is within a larger sideways pattern that has charted since the end of March. Bitcoin's current momentum is neutral, with the RSI currently oscillating around 50.
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