Bitcoin declined yesterday by 4.57% following the shock news that Binance Holding’s CEO Changpeng Zhao pled guilty to anti-money-laundering violations and will step down from the crypto exchange. Binance, which is owned by Zhao, has also pled guilty and will pay $4.3 billion in fines, with Zhao agreeing to pay $50 million. Moreover, Zhao may face an 18-month prison term as federal guidelines.
BTC/USD consolidates last month’s gains at critical resistance, despite the Fed’s dovish tilt, while markets also digest the quarterly results of Coinbase
On a longer-term basis, bitcoin has reestablished its uptrend. It has charted a higher trough followed by a higher peak on its monthly chart.
BTC/USD soars as the industry is hopeful of ETFs launch, while the greenback slides along with bond yields, ahead of key events
Bitcoin is well off its high for the week (red arrow). It reached around $30,000 before pulling back and is currently trading near $28,450. However, the weekly chart does have positive aspects to it.
BTC/USD rises today despite the proposal of stricter regulatory framework from Australian authorities, likely helped by news that iconic sports car maker Ferrari accepts crypto payments in the US
The daily bitcoin chart is trading in its bullish channel between the upper blue and red bands. The daily RSI is on the bullish side of 50 (green rectangle). If the indicator can maintain above 50, an underlying bullish momentum is likely to be bitcoin supportive.
Bitcoin ran as high as $28,597 yesterday before selling kicked in. The cryptocurrency has a resistance area around the $28,167 area (red shaded horizontal), which is proving tough to overcome. The cryptocurrency is currently trading around $27,450.
Bitcoin soared by 3.8% on Sunday. Most of the gain came within a 15-minute window with BTCUSD jumping from $27,233 to $27,880. The cryptocurrency is now trading near $28,290. There does not seem to be an outright catalyst for the move, with many market participants referring to “Uptober.”
Bitcoin is down about 1.8% today due to concerns about risky investments following the Federal Reserve's statement and press conference. In the last 24 hours, the price of Bitcoin has dropped to trade at $26,660. This decline was driven by the Fed's decision to keep interest rates the same but hinted at possible rate increases. As a result, Bitcoin has returned to the familiar range around $26,000, which has been…
Bitcoin’s green 5-day EMA is above its orange 10-day EMA. This puts the EMAs into bullish formation. Moreover, its stochastic has pushed above 80 (green rectangle). The longer it maintains at this level, the higher the probability of further price increases.
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