Are the new Bitcoin Visa debit cards a sell-the-news event?

Bitcoin price is down 5% during the month of October.
FTX Exchange announces a Visa debit card partnership.
The technicals are not in alignment with the bullish news.

Bitcoin price is witnessing a sell-off after long-anticipated bullish news hits the market.

Bitcoin price mudslides south

Bitcoin price is currently down 2% since the weekend, which brings the total decline for the month of October to 5% in lost market value. The bears have been flexed and persistent in pushing the price lower, although a ricocheting-rebound effect can be seen within the price action, which suggests the downtrend may be weakening.

Bitcoin price currently auctions at $19,190. The bears have successfully breached the 8-day exponential and 21-day simple moving averages. The bears are producing steep engulfing candles like the initial Monday morning candle that breached support from the Relative Strength Index,

BTC-USDT 30 Min Chart

Bitcoin’s bearish market conditions come at an interesting time in the market. Over the weekend, FTX Exchange announced they would release a Bitcoin Visa card. According to FTX, the crypto-backed debit card would be “rolled out globally in over 40 countries, including many in Latin America”.

As the news solidifies the worldwide adoption nuances for crypto enthusiasts, the technicals surprisingly do not match. If Market conditions persist, a fall into $18,900 support levels will be a likely occurrence.

Investors with a long-term outlook should consider a dollar cost average approach near the current levels as Bitcoin is known for notoriously producing V-shaped recovery after sharp-sell-offs. The macro-outlook maintains Bitcoin's bullish interpretation so long as $13,880 does not get tagged.

For more information on the macro interpretation, please consider reading:

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: Who will catch the falling knife?

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram