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BTC Unable to Rally
Crypto bulls’ frustration continues this week. While other risk assets are breaking out in line with downgraded Fed rate hike projections, Bitcoin and other leading crypto assets are still stuck in a rut. The issue for crypto currently is the latest wave of negative news to hit the sector. The US regulator SEC is suing leading crypto exchange Binance over reported regulatory breaches. The news is the latest in a series of steps taken as part of the US government crackdown on crypto trading and comes on the back of several major crypto bankruptcies this year, leading to further uncertainty in the sector.
Binance Accused of Selling Bitcoin
Added to this are allegations that Binance has been selling its Bitcoin holdings in a bid to stabilise its native BNB coin. The company has denied these allegations though, again, the general backdrop for crypto traders currently Is not one of positivity. Despite the Fed widely expected to pause its tightening campaign later today, the market has been unable to rally, a sign of how constrained sentiment is currently. Unless we see a dovish surprise from the Fed today, such as a firm lowering of its dot plot forecasts, BTC looks likely to remain range bound near-term.
Technical Views
BTC
The correction lower in BTC has seen price trading within a corrective bear channel. Recent attempts to break back above the 27415 level have failed so far. However, while 24930 hods as support, the structure can still be viewed as a bull flag, keeping the focus on an eventual break higher towards the 32185 level.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.