Bitcoin doesn’t hold $ 36,000, continues to trade in the range

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By Samuel Indyk

Investing.com Bitcoin failed to break through the $ 36,000 mark on Wednesday on a relatively calm news day for the world’s largest cryptocurrency.

After trading above $ 36,000 for the first time since June 20 on Tuesday, the coin fell back below $ 35,000 as traders wait for the next catalyst for a move.

Techniques

Traders could focus on a sharp break up of the 21DMA to $ 35,650 as a positive signal, ahead of a test of the 50 DMA which is around $ 37,800. A break above that level and the psychological grip of $ 40,000 will come into play, ahead of the 200DMA, which is around $ 43,800.

On the downside, $ 34,000 continues to serve as short-term support and if that gives way, the $ 30,000 level will become net again, after Bitcoin tested that level on Saturday.

Bitcoin’s stabilization follows a string of negative news over the past two weeks that has driven Bitcoin down, starting with the crackdown on mining in China and Elon Musk saying Tesla (NASDAQ: TSLA) would stop trading. accept Bitcoin on its energy consumption.

One thing the markets will be aware of in the coming weeks is the expiration of the Grayscale Bitcoin Trust (OTC: BCHG) blocking period, which analysts at JPMorgan (NYSE: JPM) said last week could be a downside risk.

JPMorgan analysts see some investors selling part of their shares, putting downward pressure on GBTC and more generally on Bitcoin.

However, for now, Bitcoin appears to be stuck in the $ 30,000- $ 40,000 range, which it has traded in the past few weeks, with the exception of a few hours on either side.

As of 1:13 p.m. BST, Bitcoin was trading around $ 34,980, down about 1.7% in the past 24 hours.

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