The BTC rate stabilised around 27,413 USD on Monday. The weekly loss is estimated at 2%.
The leading cryptocurrency rose today above intermediate resistance at 27,300 USD. This may force sellers to reduce volumes, but for a solid rise, the quotes need to secure above the 29,300 USD level. The target to secure is at 31,500 USD and from there to 32,700 USD.
The market focus is on the situation with the US budget and the public debt limit. Time is running out: by 1 June, the federal government may run out of money to finance its own needs. If this happens, BTC could become a defensive asset for a while.
The cryptocurrency market capitalisation has recovered to 1.143 trillion USD, with BTC’s share returning to 46.5% and ETH’s share rising to 19.7%.
The number of investors in BTC is on the rise
Glassnode notes that the number of Bitcoin addresses holding at least 1 BTC has surpassed the one million mark. According to the service, this number has increased by 190,000 since 1 February 2022.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
US cryptocurrency companies move to Bermuda
US cryptocurrency companies are increasingly choosing the jurisdiction of Bermuda to continue their operations as the US regulatory environment becomes increasingly complex and aggressive towards the industry. Coinbase was previously licensed by the Bermuda Monetary Authority.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024