Manoj B Rawal
Independent Analyst
- BTC breaks down on the short term charts.
- A bounce is all it needs.
- MAS turns up heat on ICOs.
King of cryptocurrencies, Bitcoin is trading in the red on the short term charts after breaking down of a critical support earlier in the week and is trading just below it. A bounce and some positive trigger is all that the bulls need to gain traction.
BTC/USD is down about 0.5 percent at $7,423 and not far off from day's low of $7,375.39 hit earlier in the day. On 360-minute chart, Bitcoin broke down of a downward sloping trendline support that has been helping prices in the recent past. Price of BTC though, is not very far off that trendline and some positive trigger is all that the bulls need to cross past this support-turned-resistance.
Among regulatory news surrounding crypto world, Singapore's central bank, Monetary Authority of Singapore (MAS) has stopped one ICO midway as it broke rules governing securities and futures contracts, as reported by Strait Times.
BTC/USD 360-minute chart:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP decline as President Trump’s team considers “broader and higher tariffs”
Bitcoin continues its decline, trading below $82,000 on Monday after falling 4.29% the previous week. Ethereum and Ripple followed BTC’s footsteps and declined by 9.88% and 12.40%, respectively.
XRP Price Forecast: Weak demand and rising supply could trigger a downtrend
Ripple's XRP is down 7% on Friday following bearish pressure from macroeconomic factors, including United States (US) President Donald Trump's tariff threats and rising US inflation.
Crypto Today: XRP, SOL and ETH prices tumble as South Carolina moves to buy up to 1 million BTC
Bitcoin price tumbled below the $85,000 support on Friday, plunging as low as $84,200 at press time. The losses sparked over $449 million in liquidations across the crypto derivatives markets.
Hackers accelerate ETH decline following $27 million dump, bearish macroeconomic factors
Ethereum (ETH) declined below $2,000 on Friday following a series of hacks traced to accounts of crypto exchange Coinbase users, which caused a loss of $36 million.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.