This week is a case of “if in doubt, zoom out” as Bitcoin prepares for a showdown with Taproot and ETF approvals. After trapping leverage traders, Bitcoin is still on track to reach $90,000 in the coming weeks.
In November, Decentrader, a trading platform, highlighted popular sentiment on BTC price action in its most recent market update. Many analysts believe Bitcoin is far from bearish despite losing 4,000 in a single day on November 10 and trending sideways since then.
Short-term conditions are punishing leveraged long traders while funding rates remain high. Hence, holders may face additional pain before recouping their losses. An accompanying chart depicted the target and nearby support levels, with the closest focusing on an area around $59,000. Independent research suggests could act as a firm line in the sand for bulls when we compare this cycle to previous cycles from the most recent halving date.
Bitcoin is not precisely identical to the 2013 or 2017 bull runs. However, is still laying the groundwork for a “parabolic run-up.”
On Sunday, the final decision on whether to allow the first spot price US exchange-traded fund application will make. The short-term impact of an ETF rejection may be harmful to BTC/USD. 2017 demonstrated that major protocol upgrades have a cathartic effect.
Taproot is the most significant upgrade since Segregated Witness. It debuted four months before the $20,000 cycle highs of the previous year.
Dogecoin and Shiba Inu
Meme coins Dogecoin and Shiba Inu showed minor signs of recovery mid-week but experienced significant drops through Thursday. At the same time, DOGE is currently trading at 0.23. It went down 9.21 percent in the last 24 hours. Shiba Inu was at 0.000042, down 11.95 percent.
During a keynote address on Thursday, Prime Minister Narendra Modi said that all democratic nations must work together to ensure that cryptocurrency does not end up in the wrong hands, harming our youth. PM Modi made his first public comments on cryptocurrencies after convening a high-level meeting with market participants last week to discuss crypto regulation issues and hear concerns about the current state of affairs in India’s unregulated crypto market.
During this month’s parliamentary session, the government intends to introduce and pass a cryptocurrency law. Closer to home, the Chinese government isn’t backing down from its internal crypto crackdown, as popular cryptocurrency news outlets appear to be suspending operations. ChainNews and Daily have both become inaccessible in recent days, with neither outlet explaining. Instead, both outlets have continued to operate on Twitter and Telegram, which block in China.
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