Bitcoin – The Spring Compressed Tightly

Bitcoin is once again trading at $19.3K, as it has been seven of the last eight mornings. Again, attempts to extend the uptrend have been greeted with rising selling pressure. A flawless month-long flat has caused the rate to decrease by 1.5% in 24 hours, increase by 0.8% in 7 days, and increase by 2.4% in 30 days. Near $1300, Ethereum trades, dropping 2.4% in 24 hours but gaining 0.65% in 7 days.

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Bitcoin found room to move farther into the triangle's corner, pulling back from its upper boundary, and the 50-day moving average is now acting as resistance. All of this indicates that the financial world is awaiting additional clear signs before making a decisive move in either way.

Nevertheless, we continue to believe that the exit from this lull will be upward rather than downward - the downturn has been too protracted, and too much pessimism is already priced into prices.

At the same time, renowned crypto writer Ton Weiss predicted that Bitcoin's price may fall to $11,000 before regaining its footing. According to him, BTC is forming a downward triangle, similar to the triangle saw in 2018, when the value of the first cryptocurrency virtually halved. According to a second scenario, Bitcoin would continue to consolidate in a range until the end of the year.

History of the news

Glassnode cautioned that the drop in indicated and realized volatility towards historical lows portends an imminent increase in volatility.

Bitcoin was recognized as the oldest cryptocurrency, the first decentralized cryptocurrency, and the most expensive cryptocurrency in the most recent edition of the Guinness World Records ("Guinness World Records 2023").

Vitalik Buterin, co-founder of Ethereum, stated that network validators should be tolerant and refrain from censoring transactions that do not align with their values.

According to the Financial Conduct Authority (FCA) of the United Kingdom, bitcoin fraud has received the most investor complaints.

Interpol has established a dedicated unit to combat cryptocurrency crime. The Singapore-based team will help international law enforcement agencies with digital asset-related investigations.