Bitcoin suffered significant losses today as regulatory pressures hit market confidence. With prices falling, many traders are wondering if the cryptocurrency could fall below the critical support level of $27,000.
Despite this uncertainty, some traders remain bullish and place large bets on a possible rally. However, as the market continues to face regulatory challenges, it remains to be seen whether these bullish bets will ultimately help or hurt the BTC price in the near term.
Bitcoin Weekly Death Cross: Technicians Suggest Busier Days Ahead
According CoinMarketCap, the price of Bitcoin is currently at $27,346, but the last 24 hours have been quite difficult for the cryptocurrency, causing the coin to lose 3.16%. The past week has been more painful, as the alpha coin saw a 10.12% decline.
These numbers indicate that market sentiment towards Bitcoin remains shaky, leaving many investors wondering if the time is right to buy or sell.
Despite having a market capitalization of over half a trillion dollars, the Bitcoin market is still highly volatile compared to the traditional stock industry. Technically, the Bitcoin price may experience more volatile days ahead as the weekly death cross between 50 and 200 MA holds.
#Bitcoin $29,500 โ $30,000 is a level that I would like to go short if it gets rejected.
Price is currently sitting in TL's support. If you lose $28,000, higher chances that we will test $25,500 โ $26,000 and continue to go higher.
Note: Bitcoin daily TF is still trading above 50EMA ๐ pic.twitter.com/oC6PPhPRUG
โ Mikybull ๐Crypto ๐ฌ (@MikybullCrypto) April 21, 2023
In light of this, a well-known cryptanalyst On twitter, Mikybull, expects Bitcoin to remain in correction mode if it does not break above the $29k level in the next few days. This uncertainty has left many investors wondering if the time is right to invest in Bitcoin or wait for a more stable market.
New Memecoins Steal BTC Thunder As EU Passes MiCA Regulations
Bitcoin's market dominance has been on a downtrend of late, with new meme coins like WOJAK and PEPE rising in popularity. According to market data from TradingView, Bitcoin's dominance stood at around 47.16% of the total crypto market capitalization.
Ethereum came in second with a market dominance of around 18.7%. The total capitalization of the crypto market was around $1.23 trillion, with a daily traded volume of approximately $60.8 billion.
Bitcoin (BTC) total market cap currently at $527 billion on the weekend chart at TradingView.com
However, the most significant development in the cryptocurrency world last week came from the European Union parliament. After months of deliberation, EU regulators approved the Crypto Asset Market Law (MiCA) with overwhelming support.
The legislation standardizes regulations and establishes harmonized rules for crypto assets across the European Union. This move is expected to provide a more stable and regulated environment for cryptocurrency investors and businesses operating in the EU.
As for the US, we have not yet witnessed the cryptocurrency market move towards a greener course.
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