Bitcoin suffered significant losses today as regulatory pressures took a toll on market sentiment. With prices dropping, many traders are left wondering if the cryptocurrency could fall below the critical support level of $27,000.
Despite this uncertainty, some traders remain optimistic, placing big bets on a potential rebound. However, as the market continues to face regulatory challenges, it remains to be seen whether these bullish bets will ultimately help or hurt the price of BTC in the short-term.
Bitcoin Weekly Death Cross: Technicals Suggest Choppier Days Ahead
According to CoinMarketCap, Bitcoin’s price currently stands at $27,346, but the past 24 hours have been quite rough for the cryptocurrency, as it has caused the coin to lose 3.16%. The past week has been more painful, as the alpha coin saw a 10.12% decline.
These numbers indicate that the market sentiment towards Bitcoin remains shaky, leaving many investors wondering whether it’s the right time to buy or sell.
Despite having a market capitalization of over half a trillion dollars, the Bitcoin market remains highly volatile compared to the traditional stock industry. Technically, the Bitcoin price may experience more volatile days ahead as the weekly death cross between the 50 and 200 MA holds sway.
#Bitcoin 29500$ – 30000$ is a level I’ll like to take a short, if it is rejected.
Price is currently sitting on TL support. If it loses 28000$, higher chances that we test 25500 – 26000$ and continue upward.
Note: Bitcoin daily TF is still trading above 50EMA ???? pic.twitter.com/oC6PPhPRUG
— Mikybull ????Crypto ???? (@MikybullCrypto) April 21, 2023
In light of this, a well-known crypto analyst on Twitter, Mikybull, expects Bitcoin to remain in correction mode if it fails to break above the $29k level in the coming days. This uncertainty has left many investors wondering if it’s the right time to invest in Bitcoin or to wait for a more stable market.
New Memecoins Steal BTC’s Thunder As EU Passes MiCA Regulations
Bitcoin’s market dominance has been on a bearish trend lately, with new meme-coins such as WOJAK and PEPE rising in popularity. According to TradingView’s market data, Bitcoin’s dominance stood at around 47.16% of the total crypto market capitalization.
Ethereum came in a close second with a market dominance of about 18.7%. The total crypto market capitalization hovered 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 crypto world this past week came from the European Union’s parliament. After months of deliberation, the EU regulators passed the Markets in Crypto-Assets Act (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 companies operating in the EU.
As for the US, we’re yet to witness crypto’s market movement to veer off to a greener course.
-Featured image from Regional Medical Group
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Author: Christian Encila