The past 24 hours witnessed quite a sell-off across the cryptocurrency spectrum. Multiple factors contributed to this profit booking. Barclays in the UK stopped its customers from depositing money into crypto exchanges.
Global Financial institution, Bank of America Corp. created a new team dedicated to researching cryptocurrencies, marking Wall Street’s latest push to capitalize on investors’ frenzy for digital assets. Alkesh Shah will lead the effort, which will also cover technologies tied to digital currencies.
” As per the technical indicators, the long positions on Bitcoin started dropping. It was just a matter of time before the markets witnessed a sell-off. Polkadot, Solana remained subdued as they tanked by almost 8%. Bitcoin’s downside was a bit capped and is currently hovering around the $33,000 mark.” said Edul Patel, CEO and Co-founder of Mudrex.
Back home, Many cryptocurrency traders, shut out of the Indian crypto market by local banks, are now being restrained from buying virtual currencies from overseas markets.
India’s largest private sector bank
is telling customers remitting funds to invest abroad to give a declaration that the money will not be used to buy Bitcoin or other cryptocurrencies.
Crypto Cart: Quick Glance (Source:
coinmarketcap.com, data as of 09.30 hours, IST on July 09, 2021)
|Binance Coin||$308.79||– 4.13%|
|USD Coin||$1||– 0.08%|
Note: Price change in last 24 hours
Tech View by ZebPay Trade Desk
Bitcoin is likely to move out of its seven-week trading range of $30,000 to $40,000. Analysts believe that several indicators tracking the cyclical nature of price volatility suggest that a big move is on the horizon. Bollinger bandwidth, which is a measure of volatility, and is calculated by dividing the spread between its band, by the 20-day average of the asset’s price, has declined to a 2 month low of 0.15.
BTC saw similar action in December and April after the bandwidth fell to 0.15, and during both periods major movement was seen. Bollinger analysis places volatility bands 2 standard deviations away from either side of the 20-day price average. BTC has witnessed this phenomenon repeatedly in the past too, when it saw big moves during the 2017 bull run, namely when each time the bandwidth fell to 0.15.
The upside is likely to play out, above the 50-day moving average (MA) resistance, which currently sits at $36,000 levels. Most analysts believe that BTC has factored in most, if not all of the negative news during the May sell-off when the price fell from $60,000 to $30,000. Hence, the downside, if any, is likely to be fairly limited.
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)