BTCUSD Signal Today 27/05: BTC Bullish Momentum Dips (Chart) – DailyForex.com

BTCUSD Signal Today 27/05: BTC Bullish Momentum Dips (Chart)
Bitcoin price remained in a tight range during the weekend as investors reflected on key events in the crypto, political, and macro environment. The BTC/USD pair was trading at 69,000 on Monday, much lower than last week’s high of over 72,000.
There have been several important events in the crypto industry. First, the Securities and Exchange Commission (SEC) gave approval of spot Ethereum ETFs by companies like VanEck and Blackock. These ETFs will provide institutions with access to Ether without the need for having wallets.
There are chances that these funds will have more demand because of Ethereum’s role in the crypto industry. It is the second-biggest crypto in the world and one of the most liquid in the industry. It has a market cap of over $460 billion and daily traded volume of over $13 billion.

Top Forex Brokers


    The other important crypto news was an announcement by Donald Trump at the Libertarian Conference. In it, he affirmed his support for Bitcoin and self-custody, which is a change of tune from what he advocated during his first administration. He also warned that his administration would not support a Central Bank Digital Currency.
    Meanwhile, the crypto fear and greed index turned green, signaling that investors have turned greedy. The same is happening in the stock market where the top US indices like the Dow Jones and Nasdaq 100 closed at their highest levels on record.
    This performance is happening even as the Federal Reserve turned hawkish. Minutes released last week revealed that most officials were concerned about inflation, with some proposing another rate hike.
    Meanwhile, Congress passed a closely-watched crypto bill that sets clear several aspects of the industry. For example, the regulations explained that the SEC will be the sole regulator for cryptocurrencies.

    BTC/USD technical analysis

    The BTC/USD pair surged to a high of 72,000 last week and then quickly erased those gains as the momentum faded. On the 4H chart, the pair has retreated below the first resistance of the Woodie pivot point. It also remains slightly above the 25-period and 50-period moving averages.
    The pair has moved below the neutral point of 50 and the first support of the Andrew’s pitchfork tool. Therefore, the pair’s outlook is mildly bearish, with the next point to watch being at 67,230, its highest swing on April 24th.
    Ready to trade our free trading signals? We’ve made a list of the best Forex crypto brokers worth trading with. 
    Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.

    source

    Leave a Comment

    Your email address will not be published. Required fields are marked *

    Scroll to Top