News updates April 08, 2022
1. Bitcoin Steadies Above $43K, Why BTC Could Recover Higher:
Bitcoin is consolidating losses above the $43,000 support against the US Dollar. BTC could correct higher towards the $44,275 resistance or $44,850.
* Bitcoin managed to stay above the $43,000 support zone.
* The price is still well below $45,000 and the 100 hourly simple moving average.
* There is a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
* The pair could start an upside correction if it settles above $43,800
Bitcoin Price Consolidates
Bitcoin price extended decline below the $45,000 support zone. BTC even spiked below the $43,000 level, but the bulls protected more downsides.
The price started trading in a range above the $43,000 level. However, it is still well below $45,000 and the 100 hourly simple moving average. It is now trading near a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair.
More Losses in BTC?
If bitcoin fails to clear the $44,875 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,000 level.
The next major support is seen near the $42,900 level or the recent low. A downside break below the $42,900 support zone could accelerate losses. In the stated case, the price could drop towards the $42,200 support in the near term. The next major support might be $42,000.
2. Bitcoin (BTC) Technical Indicators Mixed After Rally Breaks Down:
Bitcoin (BTC) has bounced at a confluence of short-term support levels, which are expected to initiate a relief rally.
The weekly chart shows that Bitcoin is still trading above the $43,000 area, which had acted as support in November 2021 before turning to resistance in February 2022. It’s possible that the area will act as support once again. BTC broke out during the week of March 21-28, amid a bullish engulfing candlestick (green icon). The current decrease is still contained inside the body of that candlestick, currently near its midline.
BTC breaks down
The daily chart provides a more bearish picture. BTC has been falling since reaching a local high of $48,189 on March 28. Initially, it bounced at the $44,800 horizontal area on April 1 (green icon). This seemingly validated the area as support.
However, BTC failed to initiate an upward move and broke down from the area on April 6.
The six-hour chart shows that BTC has been trading inside a descending parallel channel since the aforementioned March 28 high.
On April 7, it bounced at a confluence of support levels, created by the:
*Support line of the channel
*0.5 Fib retracement support level.
* $42,900 horizontal support area.
If the rebound continues, the midline of the channel near $44,300 would be expected to provide resistance. However, apart from the oversold RSI, there are no signs of a potential bullish reversal.
3. Bitcoin (BTC) Price Is Set To Rally On These Two Key Factors:
Bitcoin (BTC) is currently moving in the $43k-$45 range after plummeting from the $48k level within a week. On-chain data indicates a bullish divergence and a rise in whale activity at current levels. Thus, the Bitcoin (BTC) price could see a strong upward movement from here. At the time of writing, the Bitcoin (BTC) price is trading at $43,615, rebounding nearly 2% in the last 24 hours.
Bitcoin (BTC) Price Builds Bullish Momentum:
On-chain analytics platform Santiment announced in a tweet on April 8 about the Bitcoin (BTC) price indicating bullish divergence as the number of unique tokens on the network moves into bullish territory. The Bitcoin (BTC) NVT token circulation model data points to an upcoming rally in Bitcoin price at the current market levels
Bitcoin (BTC) Upcoming Price Trend:
The Bitcoin price is currently trading sideways at the moment. With the mid-having event scheduled on April 11, the price should break higher above the $45,500 level to confirm a bullish rally. However, if the Bitcoin (BTC) price fails to build momentum and breaks the 43,000 level, we could see more downside in price
As per CoinMarketCap, the Bitcoin price is down nearly 3% in the last week.
4. National Bank of Georgia to Regulate Country’s Crypto Sector
The National Bank of Georgia is taking steps to regulate the crypto market in the Southern Caucasus country, its governor revealed in a recent interview. While companies in the industry are to expect a licensing regime, financial institutions have already been banned from providing crypto-related services.
5. Senator Kempis Rallies To Make Bitcoin Legal Tender In Mexico
Mexico is lining up to be the next potential adopter of Bitcoin as legal tender. Mexican Senator Indira Kempis, has revealed that a bill to adopt Bitcoin as legal tender in the Latin American country will land in parliament in the next two months.
6. US SEC Approves Third Bitcoin Futures ETF Application from Teucrium
The United States Securities and Exchange Commission (SEC) has approved America’s third functional Bitcoin Exchange Traded Fund (ETF) product that tracks the futures price of the world’s largest crypto asset.
Per the approval contained in a filing published on the commission’s website on Wednesday, the new fund grants permission to both the applying firm, Teucrium, and the NYSE Arca Exchange to issue the shares to US investors.
7. Aussie opposition under fire as election looms: ‘7 words is not a crypto policy:
Australia’s opposition Labor party is facing criticism over its lack of formal policy regarding the cryptocurrency industry just days before a national election is expected to be called.
Prime Minister Scott Morrison, from the Liberal Party, is expected to fire the starters pistol for a Federal election this weekend. However, the Australian Labor Party (ALP) is well ahead in the polls at this stage and their crypto policies are less than comprehensive.
With at least 18% of Australians having invested in crypto at some point according to new figures from Gemini, cryptocurrency is becoming an election issue that cannot be ignored.
Crypto venture capitalist Mark Carnegie said at the Australian Financial Review Cryptocurrency Summit this week that he believes crypto should be a key talking point for the election candidates. "The idea that the Labor Party does not have a policy about what we’re doing about this, it just shows you the failure of leadership," he said.
8. Comodity expert: Crypto is ‘coming out ahead’ in the ebbing tide of inflation and low stock market.
As the cryptocurrency market begins its slow recovery after a bearish streak and barely manages to remain above the $2 trillion market capitalization, some experts believe that crypto assets are ahead of the other markets.
One of them is Bloomberg’s senior commodity strategist Mike McGlone, who commented on the current trends in finance and digital assets in an interview with The Daily Dive’s Cassandra Leah on April 5.
McGlone, who is a strong believer in the ‘divergent strength’ of cryptocurrencies, has illustrated this strength in the context of the currently developing financial situation.
