- 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 Weekly Forecast: Slow but positive start
Bitcoin edges slightly lower, trading around $96,500 on Friday after an over 2.5% recovery this week, with historical data showing modest average January returns of 3.35%. On-chain metrics suggest the bull market remains intact, indicating a cooling-off phase rather than a cycle peak.
Stellar bulls aim for double-digit rally ahead
Stellar extends its gains, trading above $0.45 on Friday after rallying more than 32% this week. On-chain data indicates further rally as XLM’s Open Interest and Total Value Locked rise. Additionally, the technical outlook suggests a rally continuation projection of further 40% gains.
BTC, ETH and XRP eyes for a rally
Bitcoin’s price finds support around its key level, while Ethereum’s price is approaching its key resistance level; a firm close above it would signal a bullish trend. Ripple price trades within a symmetrical triangle on Friday, a breakout from which could signal a rally ahead.
Could XRP surge to new highs in January 2025? First two days of trading suggest an upside bias
Ripple's XRP is up 7% on Thursday, extending its rally that began during the New Year's Day celebration. If long-term holders (LTH) continue their recent accumulation, XRP could overcome the $2.9 resistance level and aim for a new all-time high.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.