Bitcoin (BTC) and ether (ETH, Ethereum) are resisting quite well, like other risky assets (equities in particular), the good employment figures unveiled last Friday in the United States (good health of the labor market, which supports the idea of fairly rapid monetary tightening by the Fed). At more than $24,000 at the time of writing, bitcoin is climbing not far from its summer peaks, while ether is hitting a new high since June 10. “The crypto-asset market continues to show positive signs, despite the obvious volatility still in play for price levels,” said Simon Peters, market analyst at eToro.
From a technical analysis perspective, the bearish bitcoin trend is currently showing some signs of weakness. After having recently taken support from the 23-day moving average and the 34-day exponential moving average, the queen of cryptocurrencies extracted itself from the top of a descending channel and overtook the 67-day moving average (which acted as of dynamic bearish resistance). It now seems to be heading towards the resistance cluster at $24,641-25,835 (horizontal hurdles, 100-day moving average and other mathematical resistance).
Ether, bitcoin… Cryptocurrencies are slowly climbing the slope
In the UK, the Crypto and Digital Assets All Party Parliamentary Group (APPG) “has launched an inquiry into the crypto-asset sector and is seeking to advise London on the next steps for cryptocurrency”, notes Simon Peters, while the The Financial Services and Markets Bill was recently launched, with key provisions on crypto-assets.
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This sector “is at a critical moment in the United Kingdom, in terms of development”, according to the expert, for whom “positive and innovation-friendly consumer and investor protection measures will help to build confidence”, while allowing the UK to “remain a hub for the development of this technology”.
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Author’s declaration of interests