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Bitcoin managed to produce a significant reversal yesterday after testing mid-term lows on Tuesday, but the cryptocurrency world continues to be fragile.
After touching a low of nearly 25,350.00 on Tuesday and exhibiting a strong hint of price velocity, BTC/USD has managed to produce a reversal higher in the past day and a half. Yesterday’s high for Bitcoin reached around 26,800.00 momentarily. The price of BTC/USD as of this writing is near the 26,500.00 mark with the last handful of hours demonstrating rather consolidated trading, which will likely disappear suddenly.
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The world of cryptocurrencies remains focused on the saga surrounding Binance and the value of the Binance coin has been under pressure. Intriguingly, BNB/USD has climbed a little in the past day, which may correlate to the upward momentum in BTC/USD. While the digital asset Bitcoin remains the ‘king’ of behavioral sentiment swaying trading perceptions in the world of cryptocurrencies, BTC/USD doesn’t trade in a vacuum. Bitcoin speculators should keep an eye on the value of BNB/USD while day trading because Binance continues to generate negative news coverage.
The speed of the downward movement of BTC/USD on Tuesday was a warning sign that increased volatility in Bitcoin can flourish almost instantly. What some technical and ‘fundamental’ traders of BTC/USD would like to figure out is if the price velocity lower on Tuesday was a bottom generated by a large amount of selling by a larger holder of Bitcoin to steady cash flow concerns regarding another asset like Binance coin. Or if the decline in BTC/USD was simply a technical reaction, which happened when built-up momentum on a large amount of downward pressure suddenly was caused by a group of nervous traders.
- BTC/USD remains speculative for all-day traders, and the recent price action in the digital asset shows again that unexpected moves frequently happen.
- BTC/USD remains within the lower part of its one-month range and the digital asset will have to climb back above 27,000.00 and sustain values before buyers likely wager in mass on upside action again.
Nervous trading sentiment in cryptocurrencies has helped spark additional momentum lower in BTC/USD the past week and a half. A dive lower on Wednesday of last week is certainly still within the mindset of traders. The question bearish speculators may be asking is where support levels will be targeted next. The 26,000.00 level certainly needs to be watched.
If prices are sustained above this ratio in the near term it may spark some buying positions which seek quick-hitting moves higher. However, if BTC/USD were to fall below this juncture and not climb above 26,000.00 for a day or so, more selling pressure could develop and new lows could certainly be tested.
Current Resistance: 26,700.00
Current Support: 26,300.00
High Target: 27,100.00
Low Target: 25,490.00
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