This time Bitcoin was able to consolidate its separation from technology stocks “thanks to this week’s improved risk appetite,” he says. Craig Erlam, Oanda analyst to Bolsamania. “As we’re seeing elsewhere, your ability to take advantage of this will depend on the possibility of further weakness in economic data this week. As counterintuitive as it may be, that’s the world we live in right now,” he says.
Cryptocurrencies: what do analysts think?
“Bitcoin has shown its resistance to selling, so if the data doesn’t work out, it could get some good support“, adds Erlam. This Thursday the data of the labor market in the United States will be known. If there is a recovery in this market, the expectation that the Federal Reserve will implement a new significant rate hike of around 75 basic points to contain inflation is strengthened.
In terms of support and resistance to watch, the digital currency moves in a range between $17,500 and $22,500, in round numbers. But before going any further, the experts at ‘Newsbtc‘ point out that “could start a sharp rally if it breaks through the resistance of the $20,500“. “The price is trading above the $20,100 and the 100-hour simple moving average and on the hourly chart of the bitcoin/dollar pair there is an uptrend line with support near 20,150.”
The representatives of the governments of the European Union (EU) approved this Wednesday the text of the Regulation on Cryptoactive Markets, better known as MiCA Lawwith which the bitcoin (BTC) and cryptocurrencies market in the region will be regulated as of 2023.
What is the Bitcoin Lightning Network?
But while this news gives reason to the pessimists, the fundamentals of bitcoin are growing day by day, as the number of bitcoins in the lightning net continues to set all-time highs. There are almost 4,700 Bitcoin on the Lightning Network. Additionally, MicroStrategy announced Tuesday that it is working on solutions to bring millions of people onto the Lightning Network.
The Lightning Network is a scalability solution built on top of bitcoin, allowing users to quickly send and receive BTC with virtually no fees, “so if this is adopted globally, ‘crypto’ will have strong utility with a payment network,” says Sotiriou.
In the market, however, they are on alert due to the proximity of a possible “black swan” in September, which could take prices to their lowest levels for the year.
More cryptocurrency news
What can Bitcoin be used for today?
Payments with QR in crypto: how is the new function launched by Bitso in Argentina
What can currently be done in Argentina with cryptocurrencies
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
