BITCOIN (BTCUSD) – Week 29 – Low volatility
Bitcoin futures trading is becoming more competitive. Two unnamed people familiar with the subject informed Coindesk that Bank of America has begun enabling select clients to buy bitcoin futures. Futures trading has become a significant element of institutional cryptocurrency activity. Large institutional investors may be hesitant to own Bitcoin directly due to regulatory concerns. Bitcoin futures, on the other hand, allow institutions to get exposure to Bitcoin and other cryptocurrencies without having to possess the underlying assets.
PayPal raises the weekly cryptocurrency purchase limit to $100,000 and eliminates the annual limit. Customers could initially only buy bitcoin and other cryptocurrencies for up to $20,000 each week, with annual transactions restricted to $50,000. Now, the massive payments firm has announced that users will be able to buy bitcoin and other cryptocurrencies for up to $100,000 each week. More significantly, the firm was eliminating the yearly spending cap and replacing it with an unrestricted budget.
Square, the US-based payments startup run by Twitter CEO Jack Dorsey, is doubling down on its Bitcoin (BTC) approach with decentralized finance (DeFi)-related initiatives. This project will eventually be created in the open, according to the CEO: "Open roadmap, open development, and open source."
Technically, Bitcoin is pretty much in the same spot as it was in the last week’s technical report. It moved up a little higher, then continued with a low volatility move to the downside. If the price stays beneath the orange trendline we may see a continuation to the downside, until the price reaches the important support area. For the price to go higher and touch the resistance we must first see a break of the orange trendline. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
PayPal raises the weekly cryptocurrency purchase limit to $100,000 and eliminates the annual limit. Customers could initially only buy bitcoin and other cryptocurrencies for up to $20,000 each week, with annual transactions restricted to $50,000. Now, the massive payments firm has announced that users will be able to buy bitcoin and other cryptocurrencies for up to $100,000 each week. More significantly, the firm was eliminating the yearly spending cap and replacing it with an unrestricted budget.
Square, the US-based payments startup run by Twitter CEO Jack Dorsey, is doubling down on its Bitcoin (BTC) approach with decentralized finance (DeFi)-related initiatives. This project will eventually be created in the open, according to the CEO: "Open roadmap, open development, and open source."
Technically, Bitcoin is pretty much in the same spot as it was in the last week’s technical report. It moved up a little higher, then continued with a low volatility move to the downside. If the price stays beneath the orange trendline we may see a continuation to the downside, until the price reaches the important support area. For the price to go higher and touch the resistance we must first see a break of the orange trendline. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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