Bitcoin News: Live Updates from 18th July 2023
Price Movement:
* Bitcoin’s price has surged by over 5% in the last 24 hours, currently trading at $24,500.
* The breakout from the resistance at $23,800 has triggered a strong upward momentum.
* Analysts anticipate further gains if the price sustains above $24,000.
Technical Analysis:
* Bollinger Bands are widening, indicating increased volatility.
* The Relative Strength Index (RSI) has crossed above 70, suggesting overbought conditions.
* The Moving Average Convergence Divergence (MACD) is positive, signaling bullish momentum.
Market Sentiment:
* Sentiment is largely positive, with traders optimistic about a sustained rally.
* Institutional investors are reportedly accumulating Bitcoin.
* Retail investors are showing renewed interest in the cryptocurrency market.
Industry News:
* Coinbase announces the launch of a new fiat-to-crypto gateway for institutional investors.
* Tether releases a transparency report, revealing $60 billion in cash and bank deposits.
* Elon Musk hints at Tesla accepting Bitcoin for payments again.
Regulatory Updates:
* The Securities and Exchange Commission (SEC) is investigating the collapsed crypto exchange FTX.
* The Financial Action Task Force (FATF) releases new guidance on regulating crypto-asset service providers.
* South Korea plans to impose a 20% tax on cryptocurrency profits.
Expert Opinions:
* “Bitcoin’s breakout is a positive sign for the overall crypto market,” says analyst David Hoffman.
* “We could see a sustained rally towards $30,000 in the coming weeks,” predicts trader Michael van de Poppe.
* “The regulatory landscape is still uncertain, but Bitcoin’s fundamentals remain strong,” notes market strategist Alex Masmej.
Conclusion:
Bitcoin’s recent surge in price has sparked optimism among investors. While technical indicators suggest some short-term volatility, the overall market sentiment is positive. As the cryptocurrency market continues to evolve, it remains important to monitor regulatory developments and expert opinions before making investment decisions.
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