Bitcoin Price Slips by 2% – Time to Buy BTC Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
- Turkey’s President Recep Tayyip Erdogan is said to have said that the country’s cryptocurrency law is “complete”.
- Bitcoin has had a hard few weeks, falling by up to 33% since hitting an all-time high of around US$69,000 (A$95,000) on November 10.
- Bitcoin price prediction remains bullish above the $49,677 trading level.
On Sunday, the BTC/USD is trading slightly bearish at the $49,987 level. The closing of candles above resistance becomes the support level, supporting an uptrend in BTC/USD. Previously, Bitcoin surged to above $51,000, its highest level in more than two weeks, boosted by a general uptick in financial market optimism.
The largest cryptocurrency has lost about 3% in the last two days, plunging from $51,948 to $49,677. Ether, the second-largest coin, was trading at close to $4,100. Bitcoin investors had a wonderful Christmas surprise this morning, as the blockchain reached a two-week high.
A quick price review of Bitcoin and major altcoins
Bitcoin has had a difficult few weeks, dropping by up to 33% since reaching an all-time high of around US $69,000 (A $95,000) on November 10.Since then, the coin has been trading in the $45,000-$50,000 range, losing more than $23,000 in value. However, the coin appears to be rallying in the year’s final week, rising by 4% in the last two days alone. It has risen by an amazing 8% in the last week.
And, as the market leader, Bitcoin is dragging other cryptocurrencies with it. Coinmarketcap’s top ten digital assets are mainly trading in the green. Ether, the native cryptocurrency of the Ethereum blockchain and the second-largest overall, was up about 1% in the last 24 hours and 3% in the last seven days. At the same time, Cardano was up 4% on the day and 16% on the week, whereas Ripple XRP was not far behind, with a daily gain of 1.3% and a weekly gain of 11.4%.
Following the news of Bitcoin’s price increase, Bloomberg cited a technical study that showed that if the coin’s value rises much further, significant gains could be on the horizon. According to the study, the $53,000-$55,000 level is critical for bitcoin since it tests the token’s strength and might spark another surge.
With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Bitcoin and rise with the market.
Turkish President Erdogan Says Cryptocurrency Law Is Ready
Turkey’s President, Recep Tayyip Erdogan, is said to have said that the country’s cryptocurrency law is “complete” and will be submitted to parliament “without delay.” Meanwhile, Binance Turkey has reportedly been punished by Turkey’s Financial Crimes Investigation Board (MASAK) and has reportedly been punished for infractions discovered during routine inspections that govern cryptocurrency exchanges.
According to ABC Gazetesi, Turkish President Recep Tayyip Erdogan stated at a press conference on Friday that the country’s cryptocurrency law is complete. At a presentation on crypto legislation: The legislation is complete, and we will submit it to the legislature as soon as possible.”
Following Erdogan’s announcement, the Turkish Financial Crimes Investigation Board (MASAK) penalized Binance’s Turkish exchange (BN Teknoloji) with 8 million lira ($751,314) for infractions discovered during routine inspections, according to the state-owned Anadolu news agency on Saturday. Without going into greater detail, Anadolu stated: ”
The sanction issued on BN Teknoloji was the first since the authorities assumed oversight of crypto-asset service providers in May.”
Binance Turkey later published a statement underlining its “open” communication and cooperation with regulatory and supervisory agencies. According to the exchange, it “actively follows the evolving policies, rules, and legislation in this new industry.” Binance Turkey also stated that it seeks to “build a sustainable, healthy, and safe environment.”
President Erdogan stated in September that Turkey is “at war” with Bitcoin, and Binali Yldrm, deputy chairman of the Justice and Development Party (AK Party), stated, “Unfortunately, cryptocurrency opens the door to disputes.” As a result, it necessitates strict management. ” Two cryptocurrency exchanges, Thodex and Vebitcoin, were probed for fraud, and Turkey announced some rules for crypto trading platforms in the official gazette in May. In addition, the Turkish central bank has prohibited the use of cryptocurrencies for payment.
Bitcoin technical outlook – Upward channel underpins BTC/USD at 49,650
The Bitcoin price prediction remains bullish above the $49,677 trading level. The BTC/USD coin has tested the support level of $49,677, which is being extended by an upward trendline.
In the 4-hour timeframe, the 50-day exponential moving average (EMA) supports an uptrend at the $49,677 level. The closing of candles above the 50 EMA line signals the chances of an uptrend in Bitcoin. The BTC/USD’s immediate resistance stays at the $51,900 level on the bullish side. Continuation of an uptrend could lead BTC/USD towards the 53,900 level.
On the flip side, a bearish crossover under 50 EMA lines can trigger a downtrend until 48,090 or 45,700 support levels. The RSI and Stoch RSI are holding in a buying zone. Therefore, the idea is to look for a buy trade over the 49,670 level and vice versa. All the best.
Buy Crypto at eToro from just $10 Now!
