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  4. Bitcoin fails to hold $36,000, continues to trade in range
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Bitcoin fails to hold $36,000, continues to trade in range

By Samuel Indyk AiVIF.com – Bitcoin failed to hold a break above $36,000 on Wednesday in a relatively quiet day in terms of news for the world’s largest cryptocurrency. After...
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Bitcoin fails to hold $36,000, continues to trade in range

By Samuel Indyk

AiVIF.com – Bitcoin failed to hold a break above $36,000 on Wednesday in a relatively quiet day in terms of news for the world’s largest cryptocurrency.

After trading above $36,000 for the first time since 20th June on Tuesday, the coin fell back below $35,000 as traders await the next catalyst for a move.

Technicals

Traders may be focusing on a clean break to the upside of the 21DMA at $35,650 as a positive signal, before a test of the 50DMA which is around $37,800. A break above that level and the psychological $40,000 handle will come into play, before the 200DMA, which resides around $43,800.

On the downside, $34,000 continues to act as near term support and if that gives way, the $30,000 level will come into focus again, after Bitcoin tested that level on Saturday.

The stabilisation in Bitcoin comes following a raft of negative news over the last two weeks which sent Bitcoin lower, beginning with the crackdown on mining in China and Elon Musk saying Tesla (NASDAQ:TSLA) would stop accepting Bitcoin over its energy usage.

One thing markets will be aware of in the coming weeks is the expiry of the lock-up period in the Grayscale Bitcoin Trust (OTC:BCHG), which JPMorgan (NYSE:JPM) analysts last week said could be a downside risk.

The analysts at JPMorgan see some investors selling some of their shares, leading to downwards pressure on GBTC and on Bitcoin more generally.

However, for now, Bitcoin appears stuck in the $30,000-$40,000 range, which it has traded in for the last few weeks, apart from a few hours either side.

At 13:13BST, Bitcoin was trading around $34,980, down around 1.7% in the last 24 hours.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

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↑ Sell

Moving Avg:

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Sell (10)

Indicators:

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Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

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↑ Buy

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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↑ Sell

Moving Avg:

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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Moving Avg:

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Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

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Moving Avg:

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DAX

17,921.95

-196.37 (-1.08%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

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Moving Avg:

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Sell (12)

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Bayer AG NA

27.35

-0.24 (-0.87%)

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Moving Avg:

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

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Moving Avg:

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Adidas AG

226.40

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Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

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Siemens AG Class N

175.90

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15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
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