After a week of global stocks selling off and BTC managing to hold quite well, the pressure continues as SPX futures dropped sharply as fear and uncertainty regarding Evergrande’s $300B debt crisis remain.
The decreasing supply of bitcoin and the growing adoption from various investors could propel BTC to $100K by the year's end, said Bloomberg's McGlone.
BTC has been showing near-term signs of strength, especially after reclaiming the 200-moving average on the 4-hour chart and holding $47.2k, a key level of support.
BTC’s near-term technicals continue to show strength as the price has reclaimed the 200-day moving average and $47.2k – a key level according to the UTXO Realized Price Distribution metric.
PayPal has officially rolled out its cryptocurrency services to customers in the United Kingdom, making it the company's first international expansion.
According to the Head of Binance - Changpeng Zhao - traditional financial institutions and investors have started to rapidly enter the cryptocurrency space.
Interactive Brokers teamed with Paxos Trust Company to enable its customers to trade cryptocurrencies alongside other asset classes that the firm provides.
After the nearly 20% plunge in BTC price, the cryptocurrency spent the next day consolidating and retesting the critical 200-day moving average at $46k.
Bitcoin’s recent 2-week consolidation breakout above $50.5k has likely concluded Phase D of Wyckoff Accumulation, preparing the cryptocurrency to enter the Phase E mark up.
After 2 weeks of consolidation, Bitcoin managed to make a weekly close above the critical $50k level, marking another step forward in bull market continuation validation.
BTC made an intraday push above the critical $50k level yesterday, reaching a high of $50.3k, but struggled to hold onto gains before dropping back below $50k.
BTC is starting off the month of September on a positive note gaining 7.9% from yesterday’s lows and with today’s attempt in retesting $50k for a potential breakout.
BTC managed to make a third weekly close above the 21-week and 200-day moving average as the largest cryptocurrency continues the bull market continuation validation phase.
The 5-star Chedi Andermatt hotel, the Venezuelan carrier - Turpial Airlines, and the Belgian bar - Dolle Mol - are the latest names to adopt cryptocurrencies as a means of payment.
