(MENAFN-DailyFX) Cryptocurrency, Bitcoin Talking Points:
- Bitcoin, Ethereum rise, weaker USD encourages riskier assets
- Coinbase suspends its affiliate program to cut costs
- The price action is rising above the trendline resistance but the technical hurdles remain intact
Bitcoin, Ethereum and Dogecoin are trading higher in today’s session, with the industry’s total market cap climbing back above $1 trillion.
Just as speculation and crowd psychology fueled the rally that propelled Bitcoin to an all-time high of $69,000 in November, rising recession risks, persistently high inflation and aggressive rate hikes have dampened demand for risky assets and supported the safe-haven dollar.
As investors prepare for a possible 100 basis point rate hike at the FOMC in July, “crypto winter” has become increasingly common for the big players, with Three Arrows Capital, Celsius and Coinbase taking center stage.
Following the bankruptcies of Celsius and crypto hedge fund Three Arrows Capital, fears that the largest US crypto exchange Coinbase could run into trouble have intensified after the company announced plans to suspend its affiliate program.
For those who may remember, just last month, Coinbase CEO Brian Armstrong announced an 18% workforce reduction to cut costs.
Now, after merging its USD and USDC markets, the company has made the decision to suspend its affiliate program, which has contributed to the exchange’s success since its inception in 2019.
Technical Bitcoin Analysis
Despite heightened fears that the crypto giant might not survive the “winter”, bitcoin prices are currently trading around $22,400, a level initially rejected earlier this month (08 July). As the price action continues to be supported by the descending trend line (as of April 2022), a weaker USD could allow bulls to push prices back towards $23,000 with the next level of resistance at $24,383. However, for a beartrend resumption, a break of $20,000 and $18,000 brings into play the December 2020 low at $17,569.
Discover the basics of technical analysis
Bitcoin (BTC/USD) daily chart
Chart created by Tammy Da Costa using TradingView
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707
MENAFN18072022000076011015ID1104549233
Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We assume no responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality or reliability of any information contained in this article. If you have any complaints or copyright issues related to this item, please contact the above vendor.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.