Buyers are not allowed to go on the offensive
The week passed relatively calmly for the cryptocurrency. Bitcoin and ether maintain lateral movement in limited ranges. The price recovery was stopped by former US President Donald Trump, who in an interview with Fox Business said that the first cryptocurrency “looks like a scam.”
The market received support from the news from El Salvador. Who would have thought that speculators would cling to it. El Salvador is a small Central American country with a population of 6.5 million people. The crime rate in El Salvador is one of the highest in Latin America. The national currency in the country is the US dollar. Bitcoin was also added this week. It has become a legal tender. For investing in the country’s economy, 3 BTC is granted citizenship. There were other positive news for the crypto market, but buyers could not use them to resume growth.
Bitcoin is being legalized as an asset class in India
The Securities and Exchange Board of India (SEBI) will oversee the regulation of the digital currency. Online broker Interactive Brokers plans to add support for cryptocurrencies by the end of the summer due to growing demand from customers. Texas authorities have allowed banks to store cryptocurrency.
At the time of writing the review, bitcoin is worth $34903. Weekly losses are 2.53%. The market situation remains uncertain. The price dropped twice to $31 thousand. From the last increase from $31,000 to $38491, the correction left 50%. There is doubt that buyers will hold this level of $34,500, since on Friday the dollar closed higher against the major currencies. On the daily timeframe, “bearish” signals were formed for many currencies, which indicates a possible continuation of the strengthening of the dollar. If the price fails, then the $32900 level will act as support. To neutralize the “bearish” sentiment, the price needs to rise above $ 40 thousand. Regulators with their statements do not allow buyers to group up and go on the offensive. All attempts end in failure.
Ether at the time of writing the review loses 14.5% in a week. The ETH/USDt pair fell to $2,322. Ether is under pressure due to its sales in the ETH/BTC pair. The “bullish” mood on the alt is fading, which negatively affects the dynamics of the main pair with the dollar and the teaser (USDt). The situation is uncertain. It is unknown what news will cause a rally or another collapse in the market. Volumes are low. Buyers are depressed. For buyers, the task is to pass the $ 3000 level, for sellers — to lower the rate to $ 1700.