News Updates May 18, 2023

1. BIT Price Analysis: Will BIT Price Continue its Bearish Pursuit? The BIT Price is currently trading near the supply zone of the market structure. The price is taking a critical resistance from 200 EMA it is predicted to see a further decline within the next few days as per the price action despite the buyer’s support as exhibited by the bullish engulfing candle. After making a double top (M) pattern near the $0.5500 level it has observed a 15% downfall in the last few weeks. 

The technical indicators are presently conveying a bearish perspective for the near future. The Oscillators are steadily approaching the oversold levels on the daily timeframe; The EMA and SMA are presenting a contrasting outlook regarding the present price action which may impact its future value.

The current price of the BIT token is $0.50, it has a total market cap of $926.02M.

Social Engagement and Dominance Comparison of BIT Token

The Investor’s sentiments regarding the BIT token are bullish according to the metrics given by the LunarCrush platform. The total Bullish sentiment is observing a significant increase of 132.2% whereas total Social Engagement levels have surged by 128% in the last week which suggests that buyers are getting more active regarding the token across various social media platforms.

BIT Price Facing Strong Resistance From 200 EMA on the (Daily Timeframe)

After making a head and shoulder pattern, which is a bearish trend reversal pattern, BIT’s price is making a double top pattern. The chart patterns made by price action is suggesting a change can take place in the upcoming trend. The price of BIT is facing a resistance at the $0.5261 mark from the neckline of the M pattern. 

The RSI line is making a higher high and low pattern. The current RSI value is 52.29 points; the 14 SMA is providing support to it at 46.50 points. The downward curve of the BIT token suggests that it may continue moving towards oversold levels.

The stochastic RSI is trading at the overbought level of 84.44 points making a double-top pattern. The present situation suggests a negative turn of the price trend in the near future. The %K line may soon give a downward cross-over to the %D line. 


BIT’s price is trading under bearish influence. After taking a rejection with strong momentum from the 200 EMA the price is making a dark cloud cover pattern.

Technical levels –

Support –$0.4500

Resistance – $0.5261

2.Robinhood Struggles with April Demand as Trading Volume Falls

Demand for options contracts decreased 25 percent month-over-month.

It had 11.5 million active users in April.

Robinhood Markets (Nasdaq: HOOD) witnessed a slowdown in demand in April, with declining active users and trading volume, the broker revealed in its training metrics published on Wednesday.

Is Robinhood Facing Declining Demand?

The brokerage ended the month with 11.5 million monthly active users, which is down by about 300,000 from the previous month. The number of these users fell 26 percent from the same month of the previous year. However, the number of net cumulative funded accounts improved by about 30,000 to reach 23.1 million.

In addition, trading volume on the platform took a significant hit in April. Trading with equities instruments was $38.9 billion, which sank 32 percent from March and 29 percent from April 2022. Options trading, which brings the highest chunk of Robinhood’s trading volume, also depleted to 75.3 million contracts, a monthly decline of 25 percent but an increase of 7 percent year-over-year.

Moreover, cryptocurrency trading faced demand dullness as trading volumes declined to $3.7 billion from the previous month’s $3.9 billion. On a yearly basis, crypto trading volume on the platform decreased by 47 percent.

A Popular Platform

Robinhood is a popular retail trading platform that has grown with a zero-commission model and an intuitive interface. The popularity of the platform even forced other established players across the globe to introduce zero-fee trading.

However, the retail trading platform was at the center of a number of controversies, mostly due to its opaque business model. Over the years, the platform has paid heavy fines for multiple violations: $30 million in 2023 to the NYDFS, $70 million in 2021 to FINRA, and $65 million in 2020 to the SEC. Alabama state regulators recently fined the platform $10.2 million for a system outage in 2020.

While the revenue of the trading platform continues to grow, its losses are mounting. It generated $441 million in revenue in the first quarter of 2023, while losses at $511 million deepened by over 200 percent.