Bitcoin price momentum weakens despite Spanish bank Santander introducing BTC trading for Swiss clients

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  • Bit­coin price is hold­ing thin­ly above crit­i­cal sup­port at $36,788, shy of $38,000 despite broad­er mar­ket optimism.
  • BTC could drop below the $33,000 lev­el with ana­lysts antic­i­pat­ing dou­ble-dig­i­tal loss­es for the king of crypto.
  • Inval­i­da­tion of the bull­ish the­sis will occur once the people’s cryp­to deci­sive­ly clears the $37,980 range high and tests $40,000.

Bit­coin (BTC) price remains north­bound from a glance, but a close look reveals a cor­rec­tion could be under­way. It comes amid wan­ing momen­tum, but BTC hold­ers will not relent and con­tin­ue to cling to any straw of grass to delay what could be inevitable. 

Also Read: Bit­coin Week­ly Fore­cast: ETF delay and week­ly swing fail­ure could crash BTC to $30,000

Spanish bank Santander introduces Bitcoin trading for Swiss clients

Bit­coin (BTC) remains a hot top­ic on social media site X despite the US Secu­ri­ties & Exchange Com­mis­sion (SEC) miss­ing its eight-day win­dow to approve spot BTC exchange-trad­ed funds (ETFs). Instead, a new nar­ra­tive for the delays has arrived, point­ing to the finan­cial regulator’s pref­er­ence that the ETFs do cash cre­ates rather than cryp­to and is report­ed­ly engag­ing with exchanges.

Nev­er­the­less, the ETF nar­ra­tive has been down­played, with big moves by insti­tu­tion­al play­ers now dri­ving the mar­ket. In the lat­est, Span­ish bank San­tander has intro­duced Bit­coin trad­ing for its cus­tomers in Switzerland. 

The ser­vice is avail­able even to cus­tomers out­side Switzer­land, pro­vid­ed they have accounts in the coun­try. The ser­vice is pro­vid­ed only upon client request through rela­tion­ship man­agers, with the assets being held in a reg­u­lat­ed cus­tody mod­el where the bank stores the pri­vate cryp­to­graph­ic keys in a secure environment.

It is worth men­tion­ing that the move is bold, con­sid­er­ing that most big banks pre­fer to be twid­dling around with tok­eniza­tion and tend to avoid expo­sure to open-access blockchains and the cryp­tocur­ren­cies that run on them.

Cryptocurrency prices FAQs

Token launch­es like Arbitrum’s ARB air­drop and Opti­mism OP influ­ence demand and adop­tion among mar­ket par­tic­i­pants. List­ings on cryp­to exchanges deep­en the liq­uid­i­ty for an asset and add new par­tic­i­pants to an asset’s net­work. This is typ­i­cal­ly bull­ish for a dig­i­tal asset.

A hack is an event in which an attack­er cap­tures a large vol­ume of the asset from a DeFi bridge or hot wal­let of an exchange or any oth­er cryp­to plat­form via exploits, bugs or oth­er meth­ods. The exploiter then trans­fers these tokens out of the exchange plat­forms to ulti­mate­ly sell or swap the assets for oth­er cryp­tocur­ren­cies or sta­ble­coins. Such events often involve an en masse pan­ic trig­ger­ing a sell-off in the affect­ed assets.

Macro­eco­nom­ic events like the US Fed­er­al Reserve’s deci­sion on inter­est rates influ­ence risk assets like Bit­coin, main­ly through the direct impact they have on the US Dol­lar. An increase in inter­est rate typ­i­cal­ly neg­a­tive­ly influ­ences Bit­coin and alt­coin prices, and vice ver­sa. If the US Dol­lar index declines, risk assets and asso­ci­at­ed lever­age for trad­ing gets cheap­er, in turn dri­ving cryp­to prices higher.

Halv­ings are typ­i­cal­ly con­sid­ered bull­ish events as they slash the block reward in half for min­ers, con­strict­ing the sup­ply of the asset. At con­sis­tent demand if the sup­ply reduces, the asset’s price climbs. This has been observed in Bit­coin and Litecoin.

Bitcoin Price uptrend threatened as BTC holders cling to any signal

Bit­coin price is hold­ing thin­ly above crit­i­cal sup­port at $36,788 after a for­ay into the sup­ply zone extend­ing from $36,276 to $37,301. For a con­tin­ued uptrend, the price must deci­sive­ly move above this lev­el and clear the $37,972 resis­tance level.

Until then, the upside poten­tial for Bit­coin price remains under threat, with the Rel­a­tive Strength Index (RSI) flat­tened out. The Awe­some Oscil­la­tor (AO) is also sup­port­ing the gloomy out­look, with its his­togram bars tak­ing on a red feel and edg­ing toward the mid­line. If this goes on, the AO could soon flip negative.

Increased sell­ing pres­sure could see Bit­coin price flip below the $36,788 sup­port lev­el and poten­tial­ly fall below the ascend­ing trend­line to test the $35,410 sup­port lev­el. In a dire case, the slump could extend to the $34,000 psy­cho­log­i­cal lev­el, while BTC col­lects the buy-side liq­uid­i­ty (BSL on the chart) resid­ing underneath.

How­ev­er, to con­firm a pro­longed down­trend Bit­coin price must break and close below the $30,824 mid­line of the sup­ply zone (now serv­ing as a bull­ish break­er) extend­ing from $30,126 to $31,524. If this lev­el fails to hold as sup­port, BTC could slide all the way to $29,753.

BTC/USDT 1‑day chart

On the flip­side, increased buy­ing pres­sure could see Bit­coin price clear the $37,972 local top to test the $37,972 range high. In a high­ly bull­ish case, the gains could extend for BTC to test the $40,000 psy­cho­log­i­cal lev­el, almost 10% above the cur­rent price. 

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