Bitcoin traders took a relaxed approach to the asset until it reached the $20,000 support level. The S&P 500 and Bitcoin have a strong correlation. Crypto traders should be aware of developments in US stock market, as they could be affected by the Federal Reserve Board’s latest decisions.
Although the crypto asset’s flagship has dropped by nearly 10% over the past seven days, the 24-hour volume showed an increase of 8%. BTC dominance stands at 42.2%.
BTC traded at $19,100 as of the writing of this article.
Chart for Bitcoin (BTC).
Bitcoin rallied by almost 24% to $21,888 after hitting a low of $17622. However, the bulls failed to push prices above $23,000 resistance and Bitcoin started to move down.
BTC currently has two “Doji” candles, which indicates indecisiveness and trend. Bitcoin currently has $17,000 as its support, while $23,000 will be its resistance. The asset’s future trend will be determined by breakouts at either end of the range.
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in cryptocurre ncies viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. Author’s analysis is intended for informational purposes only. It should not be considered investment advice.
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