Bitcoin continues to struggle near the 200-day MA. So far, buyers have managed to push the price back above this line. The situation is similar to what we saw in March, with the only difference being that back then the market was trading around this line, and now it acts as support.
BNB has found support in the 50-day moving average, which is currently passing through $1,050. In September, the coin’s price peaked in the same area, further strengthening the support effect.
Crypto News
Seller pressure on Bitcoin is easing, as indicated by the increase in BTC outflows from Binance, according to CryptoQuant. Market participants prefer to hold assets rather than sell them.
Bitcoin risks repeating the dynamics of soybean prices in the 1970s, which led to a 50% decline in the asset’s value, said Factor CEO Peter Brand. In his opinion, BTC is now forming a rare ‘expanding top’ pattern, which usually precedes a sharp decline.
Asia’s first Solana-based spot ETF has been approved in Hong Kong. Solana has become the third cryptocurrency, after Bitcoin and Ethereum, to be approved for a spot exchange-traded fund in Hong Kong.