Bitcoin still headed lower

Bitcoin still headed lower
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 15.05.2023 17:12 (UTC)
Post reading time: 1.73 min
611

Bitcoin trading range widened last week while upper and lower bounds of the range moved significantly lower from the previous week’s positions. The price is below $27,500 currently, below the middle of two Fibonacci levels. The RSI moved down toward the lower bound of the neutral zone before rebounding to its starting value. The price bias remains bearish as bears retained market control though bulls are pushing the price higher currently.  



Equities traded sideways last week amid weaker US inflation data: Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared with expectations of a 5%, while wholesale prices rose less than expected in April. There is still uncertainty how the data may affect the Federal Reserve policy makers’ resolve for continuing monetary tightening while Fed Governor Michelle Bowman said on Friday Federal Reserve will probably need to raise interest rates further if inflation stays high. Meanwhile long-term Bitcoin holders added to their holdings, EU regulators signaled they could veto stablecoins during MiCA approval process and Liechtenstein plans to accept Bitcoin for payments to state.  

 

Long-term bitcoin holders are continuing to the CoinDesk Bitcoin Trend Indicator (BTI). Long-term supply is defined as coins that investors have been holding for 155 days or more and Long-term holders’ 30-day change in bitcoin supply has been trending higher since March 31.

 

The European Banking Authority (EBA) chair Campa said “Central banks should have the power to veto the widespread introduction of so-called stablecoins” if they affect public policy goals. European Union’s Markets in Crypto Assets regulation (MiCA) framework, which will require stablecoin issuers to gain a license and hold suitable reserves, is set to receive final endorsement from finance ministers next week, and its provisions will likely take effect around July 2024.

 

Liechtenstein is planning to add bitcoin (BTC) as a payment option for government services. Any crypto received will immediately be exchanged for Swiss francs, Prime Minister Daniel Risch said. Risch, who is also the country`s finance minister, did not specify a timeline for adding the payment option.

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