New Buy The Dip in Bitcoin

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Market picture

The Bitcoin chart remains a horizontal straight line with several upward and upward pulsations over the past five weeks. The rate remains close to $16.8000 as the 1.6% intraday decline in the $16.55000 area was quickly dampened as markets closed in the US.

Bitcoin daily chart

The total crypto market capitalization remains close to $810 billion, a third of levels from a year ago. The market may need a real disaster like strict regulation for further lows. And without such news, current levels remain attractive to buy on Bitcoin declines. So many individual projects carry existential risk (which Bitcoin does not), and one needs to build a broadly diversified portfolio of 100 or 500 coins to spread the risk across the entire portfolio.

Meanwhile, the 50-day moving average in BTCUSD fell to $17.1K. The bulls task of giving a broad trend signal to break the downtrend becomes easier. But the market needs more liquidity and confidence in long-term potential amid this year’s problems with cryptocurrencies and regulatory fears.

News background

According to a survey by Accenture, an IT consulting firm, only 20% of its clients invest in cryptocurrency. Among those who have already purchased digital assets, 28% are determined to keep them for the long term. Some 16,000 respondents participated in the study.

The U.S. Securities and Exchange Commission (SEC) has recognized the bankrupt FTX exchange token as security. FTX management manipulated the price of the FTT token by buying it in large volumes on the open market and inflating the price.

In Brazil, bitcoin could be used as a means of payment and as an investment asset. The law that gave it to the president of the country signed this status.

by Alex Kuptsikevich, Senior Market Analyst at FxPros

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