This week’s weekly crypto asset flows dipped, sending Bitcoin into a declining trend, but its support has emerged as a key area for traders to focus on.
Crypto technical indicators have oscillated between neutral and bearish signals in the last few days. Overall, the weekly crypto asset flows also suffered a hit. Data reveals how the previous week recorded huge inflows through the spot Bitcoin ETFs. Meanwhile, this week has seen a trend reversal, although the outflows aren’t big enough to cause panic sell-offs.
Due to Bitcoin’s price, the broader crypto technical indicators looked much better than being in the red. The token has traded in a range of approximately $5,500 this week, between $66,000 and $71,500. Bitcoin’s price is unlikely to go to $60,000 due to unwavering support from bulls. But a decline to $63,000 could be possible if bearish pressures increase.
On the contrary, an upside to $72,000 is also likely. BTC has repeatedly faced stiff resistance at this level in recent months. This weekend could see lower volatility, as usual, followed by a pick-up next week. In hindsight, the US Fed meeting’s outcome failed to cause a major dent in the crypto market. Another crucial zone for BTC could be its 20-day moving average. It needs to go above this zone to initiate a rally.
Apart from market developments, there were other interesting events emerging from Australia this week. The country has been in the news for over two weeks once it approved a spot Bitcoin ETF. Other discussions at the Blockchain Australia week ranged from stablecoin regulation to blockchain technology aiding the economy’s growth.
Deutsche Bank, a major bank, was also in the news amongst the crypto community, mainly for its research paper. Partnering with other financial services firms, it published a paper on blockchain interoperability, an issue that experts in blockchain have flagged for years.
Another bank, Itaú Unibanco of Brazil, launched a crypto trading feature for millions of users. As the largest bank in Brazil, this feature will encourage crypto adoption among millions.
In Europe, users of MoonPay, a crypto payments infrastructure firm, can now use PayPal to buy crypto. MoonPay announced this week, citing its partnership with PayPal for the service. On the other hand, PayPal has already created a stablecoin for smooth cross-border transfers.
These tokens surged the highest during the week:
But these tokens suffered the highest losses:
From the two graphs above, one can notice that the quantum of weekly returns was on the lower side. Major tokens like BTC and ETH did not record positive weekly returns. On a brighter note, the consolidated crypto market cap is trading just a bit lower than $2.5 trillion. Once sentiments go upward, the crypto market could start rallying.
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