Tanya Abrosimova
Independent Analyst
- Bitcoin is grinding higher amid quiet trading session.
- Monex CEO believes in bright future of crypto assets.
Bitcoin is back in green zone as European traders are back to their trading desks and eager to look around. The digital coin No.1 has gained 1/25% since the start of the day and moved above short-term resistance created by 50-SMA on the hourly chart.
The fundamental background is mildly positive for the crypto universe as Hong Kong regulator confirmed that virtual currencies do not pose substantial risks in terms of stimulating criminal or illegal activities. Read more about it here.
At the same time, Oki Matsumoto, Wall Street veteran and CEO of Japanese online broker Monex, provided positive insights, saying digital assets may repeat the success of derivatives, that were new and innovative 38 years ago, but considered to be very common now.
"Regulators really hated derivatives in 1980 but just soon after that they really embraced them," he said on stage at the Japan Society in New York on Tuesday. "What's happening in the crypto world today is very similar to derivatives in the 1980s, and sooner or later all of those regulatory frameworks will be fixed."
Bitcoin technical picture
The threshold at $9,000 proved its strength as fresh buying interest clustered around this level helped the price to recover towards $9,134. On the intraday level, BTC/USD has made its way above 50-SMA at $9,100, which improves the short-term technical picture. The first local support is created by $9,000 and followed by $8,700 and $8,000. The resistance is created by $9,120 and $9,200 (100 and 200-SMAs, hourly chart).
BTC/USD, the hourly 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
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.