China News Official Today TheBitTimes.com

Bitcoin is at the pivotal 50-day SMA support and a drop below this level could result in accelerated selling in BTC and altcoins. Bitcoin (BTC) plunged to $29,000 on July 24, signaling that bears are trying to seize control. It looks like the failure to hold on to the higher levels may have tempted short-term bulls to book profits and aggressive bears to initiate short positions. Although the near term looks bearish, long-term investors remain unfazed and they continue to hold on to their positions. Glassnode data shows that Bitcoin’s Long-Term Holder Supply made a new high of 14.52 million Bitcoin, “equivalent to 75% of the circulating supply.” Daily cryptocurrency market performance. Source: Coin360 While the cryptocurrency markets have turned soft in the near term, the United States equities markets remain on a strong footing. The Dow Jones Industrial Average has risen for ten straight days, its longest streak since 2017. However, things could change this week with a slew of key ea...

Market observers will closely watch the United States CPI data and the Fed’s policy decision to provide direction to the stock and crypto markets. After the tough sell-off seen in the past week, the cryptocurrency markets will be looking for some support from the macroeconomic data this week. The all-important United States Consumer Price Index report on June 13 will be followed up by the Federal Reserve’s policy decision on June 14.  Both these events could trigger a sharp response from equities and crypto traders. While a knee-jerk reaction is expected, it will be interesting to note if there is any follow-up to it. Traders may remain cautious as market volatility is likely to pick up over the next few days. Daily cryptocurrency market performance. Source: Coin360 Although the lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase has weakened sentiment, Bitcoin (BTC) whales are using this opportunity to increase their holdings. Behavior analytics ...