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Thursday, December 1, 2022

Bitcoin Hits its Resistance Again

Bitcoin
ended Wednesday with symbolic gains, gaining 0.1% to stay around $44,100.
Ethereum rose 1.4%, and the other leading altcoins in the top ten also showed
mostly upward momentum, from 0.3% (Binance Coin) to 5.5% (Avalanche).

The
total capitalization of the crypto market, according to CoinGecko, grew by 0.9%
over the day, to $2.09 trillion. Altcoins were in high demand, which led to a
decrease in the Bitcoin dominance index by 0.3%, to 40.1%. The Fear and Greed
Index rose another 1 point to 52 (neutral).

For
the second time this month, Bitcoin’s growth is interrupted by attempts to gain
a foothold above $45,000. In the event of a pullback, traders should monitor
the dynamics near 42,000, where Bitcoin found support at the beginning of the
week. Consolidation between 42,000 and 45,000 can be regarded as a positive
signal, as it will consolidate confidence that the downtrend of recent months
will not resume after a pause.

The
US Securities and Exchange Commission (SEC) has launched an audit of the US
representative office of the Binance crypto exchange. The Canadian authorities
intend to track transactions in cryptocurrencies and block bank accounts in
order to cut off funding for the Freedom Convoy truckers’ protest movement.

Twitter
has added support for Ethereum addresses to the money transfer service within
its application. The Bank of Russia plans to start the second stage of testing
the cryptoruble in autumn.

On
Thursday morning, the markets and bitcoin experienced a downward momentum due
to news of shelling in Ukraine. Cryptocurrencies reacted impulsively as a risk
asset, but last week’s example shows that they can also act as safe havens, as some
investors may try to save capital using Bitcoin, Ethereum, and a number of
other large altcoins.

This
article was written by FxPro’s Senior
Market Analyst Alex Kuptsikevich.

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