China Urges Banks, Alipay to Crack Down Harder on Cryptocurrencies

The People’s Bank of China’s meeting came after China’s State Council, or cabinet, last month said it would tighten restrictions on bitcoin trading and mining. Beijing has sharply ratcheted up its campaign in the last few weeks.

The PBOC urged institutions at the meeting to launch thorough checks on clients’ accounts to identify those involved in cryptocurrency transactions, and promptly cut their payment channels. It did not mention when the meeting was held.

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth,” the PBOC said in a statement.

Other participants in the PBOC’s meeting included state-owned lenders Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (AgBank) and Postal Savings Bank of China.

Bitcoin’s bull run globally had revived speculative trading in China, where people buy cryptocurrencies using yuan via bank accounts or payment platforms.

Last month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.

The PBOC said its recent meeting with financial institutions was aimed at fully implementing State Council’s crypto ban.

Bitcoin tumbled almost 10% on Monday, with market players citing jitters over China’s expanding crackdown on bitcoin mining in thin liquidity for the losses. It was last down 8.3%, on course for its biggest daily drop in a month.

KNOW YOUR CUSTOMER

The PBOC asked banks and payment companies to invest more in technologies used to better identify crypto-related transactions, and know their customers better, the central bank statement said.

After the central bank’s notice, AgBank, ICBC, CCB and Alipay vowed to execute what they were told to do.

AgBank said that it would conduct due diligence on clients to root out illegal crypto-related activities and shut down suspicious accounts.

Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said in a separate statement that it would set up a regulator monitoring system targeting key websites and accounts to detect illegal crypto-related transactions.

Alipay added it would blacklist any merchants involved in virtual currency transactions.

Alipay and Tencent-owned Wechat Pay had been listed as means of payment on the websites of some over-the-counter markets, where Chinese individuals buy cryptocurrencies with the Chinese yuan

ICBC, China’s biggest lender, cautioned the public in a statement against the risks of cryptocurrency trading and initial coin offerings (ICOs).

As China ramped up its campaign against cryptocurrencies in recent weeks, bans on cryptomining have been issued in major bitcoin mining hubs, including Sichuan, Xinjiang, and Inner Mongolia.

Cryptomining is a big business in China, which accounts for over half of global bitcoin production.

China has also blocked a slew of cryptocurrency-related social media accounts, and barred the search for major cryptocurrency exchanges such as Binance and Huobi on baidu.com and Twitter-like platform Weibo.

(Reporting by Shanghai Newsroom; Editing by Sumeet Chatterjee and Alex Richardson)

Stocks Rebound At The Start Of The Week

Traders Buy Stocks After Sell-Off

S&P 500 futures are gaining ground in premarket trading as traders rush to buy stocks after the recent sell-off.

The yield of 10-year Treasuries has recently made an attempt to settle below 1.36% but lost momentum and rebounded towards 1.44%. It looks that traders rushed to buy U.S. government bonds to increase exposure to safe-haven assets, but optimism prevailed, and yields moved higher.

Meanwhile, the U.S. dollar is losing ground against a broad basket of currencies after the recent rally. Weaker dollar provided some support to precious metals so gold and silver are moving higher at the start of the week.

Cryptocurrencies Dive Amid Crackdown In China

China continued to put pressure on crypto mining and banned mining in Sichuan province. This move triggered a major sell-off in crypto markets. Bitcoin declined towards the support at $32,000 while Ethereum fell below the $2,000 level. Dogecoin was the biggest loser among major cryptocurrencies. Currently, it is trying to settle below the support at $0.2250.

It looks that the recent flight to safety in global markets served as an important catalyst for the current downside move, and traders preferred “safer” alternatives to cryptocurrencies.

It remains to be seen whether the current sell-off in crypto markets will have any notable impact on the stock market, but crypto-related stocks like MicroStrategy are under significant pressure in premarket trading.

WTI Oil Moves Higher After Hardline Candidate Wins Iran Election

WTI oil made an attempt to settle back above the $72 level after judge Ebrahim Raisi, who is under U.S. sanctions, won presidential election in Iran.

Traders bet that Iran nuclear deal negotiations may get more challenging after Raisi’s victory.  However, traders may be using political developments in Iran as an excuse to buy oil at higher levels, while the strongest drivers behind the recent rally are the robust rebound of oil demand and the successful implementation of OPEC+ deal.

For a look at all of today’s economic events, check out our economic calendar.

The U.S Crypto Morning Session – June 21st, 2021

It’s been a particularly bearish start to the day for Bitcoin and the broader crypto market.

Following an 8.64% fall last week, Bitcoin was in the deep red this morning alongside the broader market.

At the time of writing, Bitcoin, BTC to USD, was down by 9.45% to $32,264.6. A mixed start to the day saw Bitcoin rise to an early morning high $35,832.0 before hitting reverse.

Falling well short of the first major resistance level at $36,768, Bitcoin slid to a late morning intraday low $32,158.0.

Bitcoin fell through the first major support level at $33,953 and the second major support level at $32,274.

Steering clear of sub-$32,000 levels, however, Bitcoin briefly moved back through the second major support level to revisit $32,600 levels before falling back.

BTCUSD 210621 Hourly Chart

The Rest of the Pack

It’s been a bearish morning for the broader crypto market.

Bitcoin Cash SV (-16.52%) and Chainlink (-16.75%) led the way down.

Binance Coin (-11.59%), Cardano’s ADA (-10.97%), Ethereum (-14.27%), Litecoin (-15.54%), and Ripple’s XRP (-14.70%) also saw particularly heavy losses early on.

Crypto.com Coin and Polkadot saw relatively modest losses of 9.88% and 9.15% respectively.

Through the early hours, the crypto total market rose to an early morning high $1,482bn before falling to a low $1,302bn. At the time of writing, the total market cap stood at $1,310bn.

Bitcoin’s dominance fell to an early low 45.20% before rising to a high 46.12%. At the time of writing, Bitcoin’s dominance stood at 46.06%.

For the Day Ahead

Bitcoin would need to move back through the major support levels and the $35,090 pivot to support a run at the run at the first major resistance level at $36,768.

Support from the broader market would be needed, however, for Bitcoin to break back through to $36,000 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $36,226.4 likely cap any upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $38,000 levels. The second major resistance level sits at $37,905.

Failure to move back through the major support levels and the $35,090 pivot would bring the sub-$32,000 levels into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the third major support level at $29,459.

Looking beyond the support and resistance levels, the 50 EMA pulled further back from the 100 and the 200 through the morning, supporting the extended sell-off.

We have also seen the 100 EMA pull back from the 200 EMA adding further downward pressure.

A further pullback of the 50 EMA from the 100 EMA would bring sub-$31,000 levels into play before any recovery.

Dogecoin Tumbles Amid Broad Sell-Off In The Crypto Markets

Dogecoin Retreats As Bitcoin Moves Towards The Support At $32,000

Dogecoin gained strong downside momentum and made an attempt to get to the test of the support level at $0.25 while other cryptocurrencies also found themselves under strong pressure.

Bitcoin declined below the support level at $35,000 and moved closer to the next support at $32,000. In case Bitcoin manages to settle below $32,000, it will gain additional downside momentum and head towards the psychologically important $30,000 level which will be bearish for Dogecoin and other cryptocurrencies.

Meanwhile, Ethereum declined towards the $2,000 level while XRP made an attempt to settle below the support at $0.70.

While some analysts point to the continued crackdown on miners in China as the reason for the crypto market sell-off, and looks that the recent flight to safety in most global markets, which was caused by the sudden change of Fed’s tone, served as the main catalyst for the current weakness.

Technical Analysis

dogecoin june 21 2021

Dogecoin managed to settle below the support at $0.28 and made an attempt to get to the test of the next support level which is located at $0.25. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin declines below the support at $0.25, it will head towards the next support level at $0.2250. A successful test of the support at $0.2250 will push Dogecoin towards the next support at $0.2150.

On the upside, the previous support level at $0.28 will serve as the first resistance level for Dogecoin. In case Dogecoin manages to get back above this level, it will head towards the resistance at $0.30. A move above this level will indicate that Dogecoin will try to get back to the upside mode.

From a big picture point of view, Dogecoin looks weak, and it will need material upside catalysts to rebound from current levels.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Bulls Wear Off with Immense Pressure from China

The recent “death cross” on Bitcoin’s daily and hourly charts weakened price stability as Bitcoin miners continue to face immense pressure from China in the wake of deadly coal accidents, further weakened Bitcoin bulls resolve to break above $38,000.

Price patterns reveal Bitcoin has lost about 13% in the past seven days.

High price swings currently in play at the pioneer crypto market makes it a magnet for intraday trading professionals who are able to monetize price swings in either direction, further suggest prices might continue to range in the coming days.

Though price patterns reveal long-term investors are considerably holding on the desirable store of value asset, the growing activity of retail investors has made market reactions choppy and consolidating in principle.

Additionally, trading activity in Bitcoin’s futures has dropped drastically, particularly relative to the $120 Billion in trading volumes that occurred during the capitulation event last month.

Although data from Glassnode, a crypto analytic firm that shows about $15 Billion in additional trading volumes came to play following the vote in El Salvador, the first country to adopt Bitcoin has a legal tender, hence current trading data expose volumes are tanking once again.

This is largely attributed to confusing signals, with a number of investors and crypto traders unsure about the macro market direction at Bitcoin‘s derivatives markets are unsure on the crypto market direction and thus keeping leverage levels significantly low.

Despite these mixed signals, it’s important to note long-term investors using the net monthly rate of Bitcoins maturing across the 155-day threshold, reveal a very large volume of Bitcoins were bought in the early bull phase, and have remained largely unsold.

Bitcoin and Ethereum – Weekly Technical Analysis – June 21st, 2021

Bitcoin

Bitcoin, BTC to USD, slid by 8.64% in the week ending 20th June. Reversing a 9.00% gain from the previous week, Bitcoin ended the week at $35,631.0.

A bullish start to the week saw Bitcoin rise to a Tuesday intraweek high $41,273.0 before hitting reverse.

Falling short of the 38.2% FIB of $41,592 and the first major resistance level at $41,890, Bitcoin slid to a Sunday intraweek low $33,411.0.

Bitcoin fell through the first major support level at $33,591 before a partial recovery to $35,600 levels.

5 days in the red that included a 5.85% slide on Friday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $36,772 pivot to support a run the first major resistance level at $40,132.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, last week’s high $41,273.0 and the 38.2% FIB of $41,592 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,634.

Failure to move through the $36,772 pivot would bring the first major support level at $32,270 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,910.

At the time of writing, Bitcoin was down by 0.55% to $35,436.0. A mixed start to the week saw Bitcoin rise to an early Monday high $35,832.0 before falling to a low $35,332.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTCUSD 210621 Daily Chart

Ethereum

Ethereum slid by 10.65% in the week ending 20th June. Following a 7.40% decline from the previous week, Ethereum ended the week at $2,242.90.

A bullish start to the week saw Ethereum rise to a Tuesday intraweek high $2,640.00 before hitting reverse.

Falling short of the 38.2% FIB of $2,740 and the first major resistance level at $2,820, Ethereum slid to a Sunday intraweek low $2,042.50.

Ethereum fell through the first major support level at $2,230 before a partial recovery to $2,240 levels.

4-days in the red that included a 6.91% slide on Wednesday and a 5.85% fall on Friday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,308 to bring the first major resistance level at $2,574 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $2,640.00 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $3,000 before any pullback. The second major resistance level sits at $2,906. Ethereum would need plenty of support, however, to breakout from the 38.2% FIB of $2,740.

Failure to move through the pivot at $2,308 would bring the first major support level at $1,977 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels and the 62% FIB of $1,725. The second major support sits at $1,711.

At the time of writing, Ethereum was down by 1.08% to $2,218.75. A mixed start to the week saw Ethereum rise to an early Monday high $2,259.10 before falling to a low $2,212.69.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 210621 Daily Chart

The Crypto Daily – Movers and Shakers – June 21st, 2021

Bitcoin, BTC to USD, rose by 0.17% on Sunday. Following a 0.77% decline on Saturday, Bitcoin ended the week down by 8.64% to $35,631.0.

A mixed start to the day saw Bitcoin rise to a mid-morning high $35,983.0 before hitting reverse.

Falling short of the major resistance levels, Bitcoin slid to midday intraday low $33,411.0.

Bitcoin fell through the first major support level at $34,777 and the second major support level at $33,984.

Finding afternoon support, however, Bitcoin rallied to a late intraday high $36,226.4.

Falling short of the first major resistance level at $36,405, Bitcoin slipped back to end the day at sub-$36,000 levels.

The near-term bullish trend remained intact in spite of the latest slide back to $33,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Bitcoin Cash SV and Crypto.com Coin slid by 4.36% and by 5.78% to buck the trend on the day.

It was a bullish day for the rest of the majors.

Chainlink rallied by 6.79% to lead the way.

Cardano’s ADA (+2.97%) and Ethereum (+3.59%) also found strong support.

Binance Coin (+1.53%), Litecoin (+1.50%), Polkadot (+1.75%), and Ripple’s XRP (+2.07%) trailed the front runners, however.

It was also a mixed week for the majors, in the week ending 20th June.

Polkadot bucked the trend in the week, rising by 2.62%.

It was a bearish week for the rest of the majors, however, which joined Bitcoin in the red.

Ripple’s XRP slid by 12.32% to lead the way down, with Ethereum and Litecoin falling by 10.65% and by 9.44% respectively.

Binance Coin (-7.35%), Bitcoin Cash SV (-8.95%), Cardano’s ADA (-8.41%), Chainlink (-7.26%), and Crypto.com Coin (-7.62%) also struggled, however.

In the week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Sunday low $1,367bn. At the time of writing, the total market cap stood at $1,462bn.

Bitcoin’s dominance rose to a Wednesday high 46.26% before falling to a Sunday low 45.04%. At the time of writing, Bitcoin’s dominance stood at 45.25%.

This Morning

At the time of writing, Bitcoin was down by 0.79% to $35,351.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,832.0 before falling to a low $35,332.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin found early support, rising by 2.40%.

It’s been a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP and Chainlink were down by 1.38% and by 1.33% respectively to lead the way down.

BTCUSD 210621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $35,090 pivot to bring the first major resistance level at $36,768 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $36,226.4.

Barring a broad-based crypto rally, the first major resistance level and resistance at $37,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $39,000 before any pullback. The second major level sits at $37,905.

A fall through the $35,090 pivot would bring the first major support level at $33,953 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $32,274.

The Crypto Daily – Movers and Shakers – June 20th, 2021

Bitcoin, BTC to USD, fell by 0.77% on Saturday. Following a 5.85% slide on Friday, Bitcoin ended the day at $35,570.0.

A mixed start to the day saw Bitcoin fall from an early high $36,316.0 to an early morning intraday low $34,819.0.

Steering clear of the first major support level at $34,593, Bitcoin rose to a midday intraday high $36,447.0.

Falling well short of the first major resistance level at $37,640, Bitcoin slipped back to $35,500 levels and into the red.

The near-term bullish trend remained intact in spite of the latest slide back to $35,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Bitcoin Cash SV and Crypto.com Coin rose by 3.58% and by 2.79% respectively to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Polkadot fell by 4.80% to lead the way down, with Chainlink and Ripple’s XRP (-X%) ending the day down by 4.40% and by 4.46% respectively.

Cardano’s ADA (-2.27%), Ethereum (-3.14%), and Litecoin (-2.50%) also struggled.

Binance Coin saw a more modest 0.97% loss.

In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Friday low $1,435bn. At the time of writing, the total market cap stood at $1,454bn.

Bitcoin’s dominance rose to a Wednesday high 46.26% before falling to a Saturday low 45.05%. At the time of writing, Bitcoin’s dominance stood at 45.61%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $35,484.2. A mixed start to the day saw Bitcoin rise to an early morning high $35,736.0 before falling to a low $35,330.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 3.07% to lead the way down.

BTCUSD 200621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to back move through the $35,612 pivot to bring the first major resistance level at $36,405 into play.

Support from the broader market would be needed for Bitcoin to break back through to $36,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $36,447.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $38,000 before any pullback. The second major level sits at $37,240.

Failure to move back through the $35,612 pivot would bring the first major support level at $34,777 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$34,000 levels. The second major support level sits at $33,984.

What Is The New Norm In The Stock Market When It Seems Normal No Longer Exists?

Yet when we look at the stock market charts they continue to go up.  We have bad jobs data – the markets respond and go up.  We have poor CPI – the markets go up.  The housing data misses – the markets go up.  It is like bouncing off Teflon.  What used to cause rifts in the markets now cause the opposite.  In this upside-down world, this has become the norm.

Since March 18, 2020 until now we have had the following gains:

  • S&P – 71% increase
  • NASDAQ – 97% increase
  • Russell – 90% increase
  • Dow – 64% increase
  • Silver – 120% increase
  • Gold – 50% increase
  • BitCoin – 385% (was as high as 767%)

So, we ask how in the heck is this happening?  How can it be that the markets respond in a positive way to the bad economic news?  The continued slow economic recovery.  The largest debt this world has ever seen.  What on this earth is fueling all this?  It took me a while to figure it out, but it is simple.

In short, these markets like the bad news because it forces quantitative easing and keeps interest rates down.  This is akin to the FED hitting the gas on the economy while driving on a sheet of ice.  Most would expect the Fed to proceed with caution but instead, they are going for broke.

So, every time we see bad numbers the markets respond positively, and bad news is good news.  We have seen this since the breakdown of the markets in March of 2020 and it has continued.  The problem is that we are creating another bubble and when that finally bursts, we are going to have to move fast and furious.  Nobody knows when that will be – next week, next month, or a year from now.  All we can do as traders is to be cautious and execute trades that have defined risk.

Take a look at the most recent recession in 2020 – where we saw the VIX climb as high as 85. At that price, the market is expecting extreme risk. Ultimately, the VIX is the industry standard to help traders and investors have a standardized view of market risk through implied volatility.

The VIX is useful because it can give us a hint at what the market is expecting since it is an example of implied volatility. Typically, IV is derived using an options pricing model, such as the Black–Scholes. Using these models, the theoretical value of an option can help guide us to the measurement of implied volatility at a particular point in time.

Traders and investors can use IV to find attractive options trades to hedge, enter or exit a position, or to speculate on a future outcome in the market.

HISTORICAL VOLATILITY

While the VIX is a measure of implied volatility, there are many historical measures of volatility that can be useful. One common example is the beta coefficient. This is a historical calculation measured by taking the returns associated with a security and comparing that the price action of the market over the same time period. A security with a beta less than 1 implies that the security is theoretically less volatile than the market as a whole. A security with a beta greater than 1 would be more volatile than the market.

For those that want to have a full picture of the risk of a security, the beta coefficient can help separate market risk with individual security risk. These types of measures can help you diversify properly with respect to your individual risk tolerance.

A historical volatility calculation like beta gives you a basic understanding of what the price of a security has done in the past. While past performance is not indicative of future results, historical volatility calculations can be used to help measure risk and ultimately help determine if a security is right for you.

THE VOLATILITY OF THE VOLATILITY – VVIX

To further confuse new traders there is such a thing called the volatility of the volatility or AKA the VIX of the VIX (VVIX).  No this is not an exercise on doublespeak if you are a subscriber you would have seen me talk about this before.  The VVIX is simply a measure of the change of volatility in the VIX volatility index.

The VVIX is the VIX of the VIX like the VIX is the VIX of stocks.  Ok if you are not thoroughly confused by now then congrats because this stuff can get pretty confusing.  Another way to put it is, the VVIX measures how rapidly S&P 500 volatility changes, and is thus a measure of the volatility of the index.  Investors can use the VVIX and its derivatives to hedge against volatility swings on changes in the VIX options market. You can hedge the hedge!

WHY YOU SHOULDN’T BE AFRAID OF VOLATILITY

All told, volatility is just a measurement that can give you insight into the potential risk of a security. It’s important to remember that actual volatility is almost always less than implied volatility. No measure of risk is going to be totally accurate, anything can happen in the financial markets. Even so, volatility measurements can offer a clear view of the risk the market expects.

If you want to learn more about how to trade options, about how to take all factors of options pricing into consideration, and about how to account for volatility in your options trading, please look into our Options Trading Signals.  We send trade alerts out weekly and do daily updates on our positions as to why we got in and out along with the factors to our strategies.  We trade proprietary strategies you will not find anywhere else.  Our goal is to make the market work for us and not try to work the market like everyone else.

We are also offering a live course tomorrow, Saturday, June 19th at 10:00 am with Neil Szczepanski, our Options Trading Specialist! Learning the basics of options trading is the foundation required for more advanced consistent income trading strategies.

You owe it to yourself to have the best tools and subject matter experts on had to ensure you are set up for ultimate success.  Don’t trade with one hand behind your back. Rather, expedite your learning curve with the Options Trading newsletter service.

Have a wonderful weekend!

For a look at all of today’s economic events, check out our economic calendar.

Chris Vermeulen
Founder & Chief Market Strategist
www.TheTechnicalTraders.com

 

China’s Cryptocurrency-Mining Crackdown Spreads to Sichuan

Cryptomining is big business in China, accounting for more than half of global bitcoin production. But the State Council, China’s cabinet, last month vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks.

Other popular mining regions, such as Inner Mongolia, have cited cryptocurrency mining’s use of electricity generated from highly polluting sources such as coal in orders targeting the industry.

Friday’s move in Sichuan – where miners mostly use hydropower to run the specially designed computer equipment used in verifying bitcoin transactions – suggests the crackdown is more broadly based.

The Sichuan Provincial Development and Reform Commission, and the Sichuan Energy Bureau issued a joint notice, dated Friday and seen by Reuters, demanding the closure of 26 suspected cryptocurrency mining projects by Sunday.

Sichuan is China’s second-biggest bitcoin mining province, according to data compiled by the University of Cambridge. Some miners move their activities there in the rainy summer to take advantage of its rich hydropower resources.

The notice orders state electricity companies in Sichuan to conduct inspections and make corrections, reporting their results by Friday. They are to immediately stop supplying electricity to cryptomining projects they have detected.

The authorities urged local governments in Sichuan to start combing for cryptomining projects and shut them down. It banned new projects.

Other regional mining centres including Xinjiang, Inner Mongolia and Yunnan have ordered crackdowns on bitcoin mining.

Friday’s notice appears to indicate that Beijing’s displeasure with cryptocurrency mining extends beyond cases where it uses electricity generated by burning coal.

“Renewable power does not help,” said Winston Ma, NYU Law School adjunct professor and author of the book “the Digital War”.

“The four largest mining regions – Inner Mongolia, Xinjiang, Yunnan and Sichuan – have implemented similar crackdown measures, even though mining in the latter two are mostly based on hydropower, whereas the first two are on coal,” Ma told Reuters.

Some miners have been considering moving elsewhere due to the crackdown.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Samuel Shen in Shanghai and Alun John in Hong Kong; Editing by William Mallard)

 

The Crypto Daily – Movers and Shakers – June 19th, 2021

Bitcoin, BTC to USD, slid by 5.85% on Friday. Following a 0.71% loss on Thursday, Bitcoin ended the day at $35,845.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $38,184.1 before hitting reverse.

Falling short of the first major resistance level at $39,266, Bitcoin slid to a late afternoon intraday low $35,137.0.

Bitcoin fell through the first major support level at $37,134 and the second major support level at $36,194.

Steering clear of sub-$35,000 support levels, however, Bitcoin revisited $35,900 levels before easing back.

Resistance at $36,000 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact in spite of the latest slide back to $35,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Polkadot rose by 1.17% to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Chainlink slid by 9.26% to lead the way down.

Bitcoin Cash SV (-6.12%), Crypto.com Coin (-6.75%),  Ethereum (-5.85%), Litecoin (-6.44%), and Ripple’s XRP (-5.33%) weren’t far behind.

Binance Coin (-4.42%) and Cardano’s ADA (-4.40%) also struggled.

In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Friday low $1,433bn. At the time of writing, the total market cap stood at $1,483bn.

Bitcoin’s dominance rose to a Wednesday high 46.26% before falling to an early Saturday low 45.18%. At the time of writing, Bitcoin’s dominance stood at 45.23%.

This Morning

At the time of writing, Bitcoin was down by 0.13% to $35,800.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,677.1 before rising to a high $35,950.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, falling by 1.95% to join Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 1.03% to lead the way.

BTCUSD 190621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $36,389 pivot to bring the first major resistance level at $37,640 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $38,184.1 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major level sits at $39,436.

Failure to move through the $36,389 pivot would bring the first major support level at $34,593 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level at $33,342 should limit the downside.

Fed-Fuelled Dollar Rises as Bears Make for Exits

The dollar index, which tracks the greenback against six major currencies, was up 0.37% at 92.213, its highest since mid-April. That puts the index on pace for a weekly gain of nearly 2%, its best weekly jump in about 14 months.

The jolt to foreign exchanges was triggered on Wednesday by Fed forecasts showing 13 of the 18-person policy board saw rates rising in 2023, versus only six previously, with the median board member tipping two hikes in 2023.

Investors’ risk appetite took another hit after St. Louis Federal Reserve President James Bullard said on Friday that the U.S. central bank’s shift this week toward a faster tightening of monetary policy was a “natural” response to economic growth and particularly inflation moving quicker than expected as the country reopens from the coronavirus pandemic.

“I think this is a direct echo of the 2013 taper tantrum. You are seeing a perceived shift in the Fed’s reaction function driving investors into the safety of the U.S. dollar,” said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.

With investors pricing in a sooner-than-expected tapering of extraordinary U.S. monetary stimulus, the euro and the yen have come under selling pressure over the last few trading sessions.

“Essentially, the entire world was short the dollar going into this, everyone from speculative traders to corporates to investors,” Schamotta said.

“You are seeing a wholesale unwind here,” he said.

The unwind of sizeable bearish bets against the dollar is expected to provide support for the greenback in coming days, investors said.

Goldman Sachs Asset Management’s head of currency, Arnab Nilim, who had been short the U.S. currency headed into the June Fed meeting, told Reuters he has reduced the position and expects the U.S. dollar to perform well, especially against the low-yielding currencies.

With a dovish European Central Bank seemingly far behind the Fed in the monetary policy cycle, traders will be reluctant to buy euros against dollars.

“The U.S. central bank is one step ahead and as a result USD is likely to remain well supported against the EUR,” Commerzbank strategists said in their daily note.

With equity markets hurting, the Australian dollar – seen as a proxy for risk appetite – was down 0.68% at 0.74995, its lowest since December 2020..

Sterling extended its fall against the U.S. dollar on Friday, dropping below $1.39, hurt by the Fed’s hawkish surprise and an unexpected fall in Britain’s retail sales.

The risk-off move hit crypto currencies as well, with bitcoin failing to get a lift from the news that Spanish bank BBVA would open a bitcoin trading service to all private banking clients in Switzerland. Bitcoin was down 7.0% at $35,451.09.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Julien Ponthus and Tom Westbrook; Editing by Catherine Evans, Andrea Ricci and Jonathan Oatis)

 

Dogecoin and XRP Jockey for the No. 6 Position in Rankings

The cryptocurrency market downturn is continuing into the weekend, with all of the top-10 coins trading in the red, including Dogecoin. The meme coin has shed 5% in the last 24-hour period and has been jockeying for position with XRP for the No. 6 ranking on CoinMarketCap.

Doge was briefly muscled out of position by XRP and fell to the No. 7 spot. Both cryptocurrencies have a market cap of around USD 38 billion currently, give or take, so the juggling could continue until there is some major move by one of the coins. As it stands, Dogecoin is back in the No. 6 ranking but the situation is fluid.

‘Springing’ Endorsement

It is not unusual for Dogecoin to win the endorsement of famous people. Elon Musk and Mark Cuban have both shown a preference for the meme coin, and now the Doge community can add another name to the list.

Jerry Springer, who previously hosted a tabloid-fueled talk show that bore his name, has given a message to the Dogecoin community on Twitter, posted by an account called “TheDogeGlory.”

Springer joked with the Dogecoin community, saying they have “good character” because none of them ever made an appearance on his show. Springer, who was seemingly making a tongue and cheek reference to the dramatic nature of his former program, closed out the message by saying, “Dogecoin to the moon,” much to the delight of DOGE investors.

 

Damaging Sentiment

For every crypto fan, however, there is a critic. Michael Burry, the famous trader who inspired the movie “The Big Short” after betting on the collapse of the housing market, isn’t taking any chances on cryptocurrencies. And apparently he doesn’t want anyone else to, either.

Not only that, but Burry has reportedly gone on a tweetstorm about the current condition in the financial markets, and he is not impressed. The tweets, which have since been deleted, contain an ominous warning, with Burry starting off:

“People always ask me what is going on in the markets. It is simple. Greatest Speculative Bubble of All Time in All Things. By two orders of magnitude. #FlyingPigs360.”

Burry was likely suggesting that investors have become too greedy in reference to the saying,  “Bulls make money, bears make money, pigs get slaughtered.”

In one fell swoop, the former hedge fund manager took aim at bitcoin in addition to the meme stocks that have caught on like wildfire in the stock market. The Scion Asset Management Founder returned to Twitter after recently deleting his account to say that bitcoin is reminiscent of the housing bubble that made him famous.

Burry also lumped electric vehicles and meme stocks into bitcoin’s category, as he is no fan of Tesla stock, which he is short according to regulatory filings. Bloomberg was able to capture Burry’s latest scathing tweet, which stated:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History ain’t changed.”

This was not the first time that Burry has taken aim at bitcoin.

Is Bitcoin An Investable Asset Class? Goldman Sachs Analysts Are Divided Over This

Bitcoin has gained massive adoption over the past year, with traditional banks and institutional investors entering the market in droves. However, there is still an ongoing debate about Bitcoin’s position as an asset class. This has caused a difference in opinion amongst Goldman Sachs analysts.

Goldman Sachs analysts can’t decide on Bitcoin’s position

Goldman Sachs has been changing its views regarding Bitcoin for a while now. Some of the bank analysts don’t see it as an investable asset class, while the others do. This latest development comes despite the bank expanding its presence in the cryptocurrency market.

Wall Street investment bank Goldman Sachs published a report titled “Digital Assets: Beauty Is Not in the Eye of the Beholder.” In the report, the bank analysts said the leading cryptocurrency is not a long-term store of value or an investable asset class. The views from this report contradict Goldman Sachs’ May 21 report titled “Crypto: A New Asset Class?” In this report, Matthew McDermot, global head of digital assets at Goldman Sachs, classified Bitcoin as an investable asset class after its performance over the years.

The investment bank has changed its decisions on Bitcoin numerous times over the past few years. Last year, the Bitcoin published a presentation detailing reasons why it thinks Bitcoin is not an investable asset class.

In this latest report, the Goldman Sachs analysts said they wanted to play it safe regarding Bitcoin. They didn’t want to attach any positive or negative sentiment to the cryptocurrency. The report said, “We have refrained from repeating the positive and negative hype that surrounds this ecosystem because we do not want clients to be seesawed, even swayed by a cacophony of assertions, many of them unsubstantiated.”

Bitcoin’s price has historically gone up

Despite the argument regarding Bitcoin and its status as an asset class, its price has gone up since it was first launched in 2009. The surge in Bitcoin’s value comes despite intermittent bear markets such as the one experienced in 2018 and 2019.

BTC/USD chart. Source: FXEMPIRE

At the time of this report, Bitcoin’s (BTC) price is down by 3.6% over the past 24 hours, and it is trading below the $40k mark again. Bitcoin has struggled to surpass the $40k mark in recent weeks, and it is still nearly 40% down from its all-time high price of $65,000.

The U.S Crypto Morning Session – June 18th, 2021

It’s been a relatively bearish start to the day for Bitcoin and the broader crypto market. Following a relatively bullish day on Thursday, Bitcoin and broader market struggled through this morning.

At the time of writing, Bitcoin, BTC to USD, was down by 0.29% to $37,961.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,184.1 before hitting reverse.

Falling well short of the first major resistance level at $39,266, Bitcoin fell to a late morning intraday low $37,074.0.

Bitcoin fell through the first major support level at $37,134 before a return to $37,900 levels.

BTCUSD 180621 Hourly Chart

The Rest of the Pack

It’s been another mixed morning for the broader crypto market.

Binance Coin (+0.39%), Bitcoin Cash SV (+0.40%), and Cardano’s ADA (+0.09%) found support early on.

It’s been a bearish morning for the rest of the pack, however.

Chainlink (-2.88%) and Crypto.com Coin (-2.16%) led the way down.

Ethereum (-1.62%), Litecoin (-0.83%), Polkadot (-1.75%) and Ripple’s XRP (-0.27%) also saw red.

Through the early hours, the crypto total market rose to an early morning high $1,569bn before falling to a low $1,521bn. At the time of writing, the total market cap stood at $1,553bn.

Bitcoin’s dominance fell to an early low 45.50% before rising to a high 45.80%. At the time of writing, Bitcoin’s dominance stood at 45.77%.

For the Day Ahead

Bitcoin would need to move through the $38,326 pivot to support a run at the run at the first major resistance level at $39,266.

Support from the broader market would be needed, however, for Bitcoin to break back through to $39,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $39,519 likely cap any upside.

In the event of a broad-based crypto rally. Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $40,458.

Failure to move through $38,326 pivot would bring the first major support level at $37,134 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$37,000 levels.

The second major support level sits at $36,194.

Looking beyond the support and resistance levels, the 50 EMA pulled away from the 100 and the 200 in the late morning, supporting a partial recovery from early lows.

We have also seen the 100 EMA continue to hold its ground on the 200 EMA supporting the late morning move northwards.

A further widening of the 50 EMA on the 100 EMA would bring $40,000 levels and the 38.2% FIB of $41,592 into play. Bitcoin would need plenty of support, however, to break out from Wednesday’s high $40,460.0.

Shiba Inu Remains Under Pressure

Shiba Inu Continues To Pull Back After The Recent Upside Move

Shiba Inu moved back below $0.000008 and is heading towards the support at $0.000007 while the crypto market remains under pressure after Bitcoin’s failure to settle above the key resistance level at $40,000.

Bitcoin has recently made an attempt to settle above the key resistance at $40,000 but lost momentum and pulled back towards the support at $37,000. This move put pressure on other cryptocurrencies. Ethereum declined towards the support level at $2,300.

Dogecoin, which has a material impact on Shiba Inu dynamics, moved to the support level at $0.30. Dogecoin’s RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum. If Dogecoin settles below $0.30, it will head towards the support at $0.28 which will be bearish for Shiba Inu.

Technical Analysis

shiba inu june 18 2021

Shiba Inu has recently managed to settle below the support at $0.000008 and is trying to get to the test of the next support level at $0.000007. In case Shiba Inu manages to settle below this level, it will head towards the support at $0.0000063. A move below $0.0000063 will open the way to the test of the support at $0.0000055.

On the upside, Shiba Inu needs to get back above $0.000008 to have a chance to gain upside momentum in the near term. The next resistance level is located at $0.000010. This resistance level has already been tested several times in June and proved its strength.

In case Shiba Inu settles above $0.000010, it will gain additional upside momentum and head towards the next resistance which is located at $0.000012.

From a big picture point of view, the recent attempt to gain upside momentum faced significant resistance at $0.000010, which is a worrisome development for the bulls.  The technical picture for Dogecoin does not look good, which is another bearish factor for Shiba Inu. At this point, it looks that Shiba Inu will need additional upside catalysts to get back to the upside mode.

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – June 18th, 2021

Bitcoin, BTC to USD, fell by 0.71% on Thursday. Following a 4.48% slide on Wednesday, Bitcoin ended the day at $38,073.0.

A bullish start to the day saw Bitcoin rise to a late morning intraday high $39,519.0 before hitting reverse.

Falling short of the first major resistance level at $39,830, Bitcoin slid to a late intraday low $37,387.0.

Bitcoin fell through the first major support level at $37,491 before a late move back through to $38,000 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$38,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Polkadot fell by 1.45% to lead the way down.

Cardano’s ADA (-0.22%) and Crypto.com Coin (-0.60%) also joined Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Chainlink and Binance Coin led the way, with gains of 1.53% and 1.59% respectively.

Bitcoin Cash SV (+0.83%),  Ethereum (+0.21%), Litecoin (+0.36%), Ripple’s XRP (+0.89%) saw modest gains on the day.

In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Thursday low $1,522bn. At the time of writing, the total market cap stood at $1,568bn.

Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Wednesday high 46.26%. At the time of writing, Bitcoin’s dominance stood at 45.62%.

This Morning

At the time of writing, Bitcoin was up by 0.16% to $38,135.0. A mixed start to the day saw Bitcoin fall to an early morning low $37,902.0 before rising to a high $38,136.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink (-0.10%), Crypto.com Coin (-1.04%), Litecoin (-0.16%), and Polkadot (-0.16%) saw red early on.

It was a relatively bullish start to the day for the rest of the pack, however.

At the time of writing, Binance Coin was up by 0.31% to lead the way.

BTCUSD 180621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $38,326 pivot to bring the first major resistance level at $39,266 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $39,519.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,458.

Failure to move through the $38,326 pivot would bring the first major support level at $37,134 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,194 should limit the downside.

The U.S Crypto Morning Session – June 17th, 2021

It’s been a bullish start to the day for Bitcoin and the broader crypto market. Following another bearish day on Wednesday, Bitcoin and broader market found much-needed through this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 2.38% to $39,258.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,211.0 before finding support.

Steering clear of the first major support level at $37,491, Bitcoin rose to a late morning high $39,519.0.

Falling short of the day’s first major resistance level at $39,830, however, Bitcoin eased back to sub-$39,500 levels.

BTCUSD 170621 Hourly Chart

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

Through the morning, Crypto.com Coin bucked the trend, falling by 0.52%.

The rest of the majors were in positive territory, however, with Chainlink leading  the way, rallying by 4.71%.

Binance Coin (+3.41%), Cardano’s ADA (+2.23%), Ethereum (+2.49%), Litecoin (+2.71%), and Ripple’s XRP (+2.64%) also found strong support.

Polkadot trailed the front runners, however, rising by just 0.40%.

Through the early hours, the crypto total market fell to an early morning low $1,516bn before rising to a high $1,613bn. At the time of writing, the total market cap stood at $1,603bn.

Bitcoin’s dominance fell to an early low 45.63% before rising to a high 45.96%. At the time of writing, Bitcoin’s dominance stood at 45.90%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the $38,976 pivot to support a run at the run at the first major resistance level at $39,830.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $39,519.0.

Barring an extended crypto rally, the first major resistance level and resistance at $40,000 likely cap any upside.

In the event of a broad-based crypto rally. Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $41,315.

A fall back through $38,976 pivot would bring the first major support level at $37,491 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$37,000 levels.

The second major support level sits at $36,637.

Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 and the 200 early on before widening again in the late morning.

We have also seen the 100 EMA hold its ground on the 200 EMA supporting the upside through the morning.

A further widening of the 50 EMA on the 100 EMA would bring sub-$40,000 levels and the 38.2% FIB of $41,592 into play. Bitcoin would need plenty of support, however, to break out from $40,500 levels.

The World Bank Can’t. But the IMF Might Help El Salvador With Bitcoin Adoption

The World Bank has rejected El Salvador’s request for technical assistance on implementing Bitcoin as a legal tender. Now the Central American country will have to look at other financial bodies such as the International Monetary Fund (IMF) for support.

World Bank Says No to El Salvador

El Salvador made history last week when it became the first country to officially adopt Bitcoin as a legal tender. However, there is still work to do before the citizens start using the cryptocurrency to conduct daily transactions. There are technical aspects that need to be sought out before people can use BTC comfortably alongside the US Dollar in El Salvador.

The Central American turned to the World Bank to help with the technical aspects, but its request was denied. A World Bank spokesperson told Reuters that although it wishes to help El Salvador in numerous ways, including for currency transparency and regulatory processes, adopting Bitcoin is not one of them.

“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,” the spokesperson added. The situation is tough for financial bodies because El Salvador is using the US Dollar as its official legal tender, and adding Bitcoin could make things complicated.

IMF might be the solution

The World Bank has rejected El Salvador’s request, but the Finance Minister Alejandro Zelaya has revealed that they are now in talks with the IMF. The minister said talks are progressing positively, and the IMF doesn’t have an issue with El Salvador adopting Bitcoin as a legal tender.

Last week, the IMF said it envisions macroeconomic, financial and legal issues with El Salvador’s adoption of Bitcoin. If the IMF doesn’t help, El Salvador could turn to the Central American Bank for Economic Integration (CABEI). The financial agency has already offered to provide technical assistance to El Salvador regarding its implementation of Bitcoin as a legal tender.

BTC/USD chart. Source: FXEMPIRE

Bitcoin’s price has slipped below $40k again after rising above that resistance level earlier this week. The leading cryptocurrency is still unable to mount a rally that could propel it towards its all-time high price of $65k again.

Bitcoin Finds Support At 20 EMA But Stays Below Key Resistance At $40,000

Bitcoin Tries To Get Back To The Resistance at $40,000

Bitcoin managed to find support at the 20 EMA at $38,300 after yesterday’s pullback but continued to trade below the key resistance level at $40,000.

Yesterday, cryptocurrencies found themselves under pressure after Fed indicated that it may raise rates sooner than expected. Fed members project that rates may rise in 2023. Fed’s hawkish message provided support to the U.S. dollar and put pressure on riskier assets like stocks and cryptocurrencies.

Ethereum declined below the $2,500 level but is currently trying to rebound. Dogecoin moved towards $0.31, and its technical picture is looking rather weak at this point. However, it should be noted that Fed’s new message did not cause a major sell-off in the crypto market, which is a welcome development for crypto bulls.

Technical Analysis

bitcoin june 17 2021

Bitcoin failed to settle below the support at the 20 EMA at $38,300 and trades in the range between the 20 EMA and the resistance at $40,000. RSI remains in the moderate territory, and there is plenty of room to gain upside momentum.

However, recent attempts to settle above the key resistance at $40,000 yielded no results although Bitcoin managed to trade above this important level for some time.

Bitcoin needs to settle above $40,000 to have a chance to develop additional upside momentum. If Bitcoin manages to settle above this level, it will head towards the next resistance at the 50 EMA near $42,000.

A move above the 50 EMA will signal that Bitcoin is ready to continue its upside move. The next resistance is located at $44,000. A move above $44,000 will push Bitcoin towards the resistance at $46,000.

On the support side, a move below the 20 EMA will open the way to the test of the next support level which is located at $37,000. In case Bitcoin declines below the support at $37,000, it will gain additional downside momentum and head towards the next support level at $35,000.

For a look at all of today’s economic events, check out our economic calendar.