Crypto market pressured by bigger trends

<p>Market picture</p><p>Bitcoin once
again failed to break through the $25K level. Initial technical resistance was
later supported by strong negative momentum in US equity indices, where the
Nasdaq100 lost 2.5%. </p><p>On the
weekly timeframe, the local situation looks like the market’s inability to move
into a bullish phase, as bitcoin sells off on touching the 50- and 200-week
moving averages. Without a bullish reversal in the coming days, be prepared for
another pullback to the $17.5K or even $16.5K area.</p><p>Glassnode
notes that bitcoin is holding up well in the face of current market dynamics
and regulatory pressure and attributes this to a change in participant
behaviour. The buy-the-dip pattern has re-emerged among short-term investors.
However, the number of „whale“ addresses with balances of 1,000 BTC
or more has fallen to mid-2019 levels, indicating that the retail sector is
acting as a buying driver and the whales are selling.</p><p>News Background</p><p>According to
Bloomberg, Chinese authorities have tacitly supported Hong Kong’s initiative to
establish a blockchain industry development centre in the metropolis. Companies
previously operating in mainland China can now register in Hong Kong.</p><p>Despite
rising prices, the Bank for International Settlements (BIS) estimated that the
average retail investor would lose around half of their bitcoin investment
between 2015 and 2022. The BIS reiterated its call for global coordination in
cryptocurrency regulation, warning of the risks of increased spillover effects
on the global financial system.</p><p>The Litecoin
blockchain has introduced a counterpart to the Ordinals protocol, which allows
users to post various objects in images, text, video, and other formats.</p><p>This article was written by
FxPro’s Senior Market Analyst Alex Kuptsikevich.</p>

This article was written by FxPro FXPro at

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