- The downtrend in the cryptocurrency market is likely to take longer.
- In the short-term Bitcoin is still positive and is likely to trend higher.
Bitcoin appears not to have found a bottom since the year-long declines in 2018. Moreover, it is feared that the bottom could sink further down. Bitcoin is currently trading at $3,410 after defending the vital support at $3,400 on Monday. The weekend trading saw Bitcoin brush shoulders with $3,475 but started to cancel the gains.
According to Mike Novogratz, a popular Bitcoin bull, the downtrend in the cryptocurrency market is likely to take longer. Novogratz who is the CEO of Galaxy Digital still maintains that it will be institutional buyers who will help remedy the status of the market.
In the meantime, Bitcoin upside is immediately capped by the resistance at $3,425. An area that has a high concentration of the sellers and coincides with both 50-day and the 100-day hourly Simple Moving Average (SMA).
However, in the short-term Bitcoin is still positive and is likely to trend higher. The Relative Strength Index (RSI), on the other hand, is heading moving upwards. In addition, it has stayed above the oversold levels since February started. If the price manages to step above $3,425, there is a higher chance that Bitcoin will trend towards the weekend high at $3,475.
BTC/USD 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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.
Recommended Content
Editors’ Picks
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The circulating supply of ALT, WLD and ID will see a hike next week, with over $200 million unlocks in sight. All tokens involved in upcoming unlocks are up in the past 24 hours. ALT will see the highest unlock share, with $115 million worth of new tokens entering circulation.
Why these altcoins may not rise despite Ethereum ETF impact
Altcoins market cap against Ethereum has been on a multi-year decline. Ethereum has outperformed several altcoins despite wider market assumptions that they provide leveraged exposure to its price. 2x long ETH could yield better results than purchasing altcoins ahead of the Ethereum ETF launch, said analyst.
Institutions anticipate potential Tuesday Ethereum ETF launch after making strategic moves
Grayscale lowered its Ethereum Mini Trust fees to 0.15% in a bid to reduce potential outflows from ETHE when ETH ETFs go live. Galaxy Digital increased its staked Ethereum assets to $3.3 billion after acquiring CryptoManufaktur, reveals CoinDesk.
Binance to begin investing customer fiat funds in US Treasuries
Binance received court approval on Friday, allowing it to invest certain customers' fiat funds in US Treasury bills. Following the announcement, the BNB token saw a 5% rise as crypto community members debated the potential impact of this approval on Ethena's USDe token.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.