The resolution of the Ripple-SEC dispute brought some positive sentiment over the crypto market, however, SEC Chair Gensler is not ready to give up on the idea to put the crypto industry “in order”. Initial positive sentiment was put on hold during the previous week, as Gensler asked the US Senate to approve additional $72 million above the current SEC`s budget for this year, in order for this institution to continue to “regulate” the crypto industry. By his expectations, this means that all players in the US crypto industry would need to comply with current Securities Law. On the opposite side is the crypto industry, which is continuously noting that this field needs special regulation and cannot be fitted into current Securities laws. It seems that the US court will be a place where new laws will be written in the coming period. Bitcoin was testing $30K for the last two weeks, but previous week it managed to modestly go below $30K line, reaching minimum weekly level at $29.5K. Selling pressures are dominant for BTC, however, decreased daily trading volumes are not able to push the price to the lower grounds. Highest weekly level was $30.4K.
BTC was traded within a relatively short range during the previous week, so RSI followed that path. The indicator was moving between levels of 53 down to 50. Investors are still holding above the 50 line, indicating that they are not ready to push the price toward the oversold side. Moving average of 50 days continues its divergence path from MA200, without any indication that potential cross might come soon.
BTC clearly slowed down during the previous week, as well as market players. Daily trading volumes significantly decreased during the week, which made it hard to push the price lower from the $30K support line. This line continues to be tested. A clear break of the current support would lead BTC toward the short term stop at $28K. A potential for a lower ground is currently not indicated on the charts. The best scenario for BTC in a week ahead would be to hold $30K support. A move toward the higher grounds could happen only in case of some quite positive fundamental news. It should be also considered that the FOMC rate decision is in the week ahead, which could impose some sudden market moves.
BTC was traded within a relatively short range during the previous week, so RSI followed that path. The indicator was moving between levels of 53 down to 50. Investors are still holding above the 50 line, indicating that they are not ready to push the price toward the oversold side. Moving average of 50 days continues its divergence path from MA200, without any indication that potential cross might come soon.
BTC clearly slowed down during the previous week, as well as market players. Daily trading volumes significantly decreased during the week, which made it hard to push the price lower from the $30K support line. This line continues to be tested. A clear break of the current support would lead BTC toward the short term stop at $28K. A potential for a lower ground is currently not indicated on the charts. The best scenario for BTC in a week ahead would be to hold $30K support. A move toward the higher grounds could happen only in case of some quite positive fundamental news. It should be also considered that the FOMC rate decision is in the week ahead, which could impose some sudden market moves.
