Bitcoin continues to hit support at the 200-day MA

Market Overview

The cryptocurrency market turned to growth at the start of the day on Thursday, raising the total capitalisation to $3.7 trillion from a local low of $3.6 trillion at the start of the day. The top ten coins by capitalisation (excluding stablecoins) are up from 24 hours ago, while smaller coins are trading without any clear trend.

Bitcoin continues to struggle near the 200-day MA. So far, buyers have managed to push the price back above this line. The situation is similar to what we saw in March, with the only difference being that back then the market was trading around this line, and now it acts as support.

BNB has found support in the 50-day moving average, which is currently passing through $1,050. In September, the coin’s price peaked in the same area, further strengthening the support effect.

News Background

Seller pressure on Bitcoin is easing, as indicated by the increase in BTC outflows from Binance, according to CryptoQuant. Market participants prefer to hold assets rather than sell them.

Bitcoin risks repeating the dynamics of soybean prices in the 1970s, which led to a 50% decline in the asset’s value, said Factor CEO Peter Brand. In his opinion, BTC is now forming a rare ‘expanding top’ pattern, which usually precedes a sharp decline.

Asia’s first Solana-based spot ETF has been approved in Hong Kong. Solana has become the third cryptocurrency, after Bitcoin and Ethereum, to be approved for a spot exchange-traded fund in Hong Kong.

The number of users of the largest stablecoin, USDT, has exceeded 500 million, said Tether CEO Paolo Ardoino. He called reaching this milestone ‘the most important achievement in financial inclusion in history.’

Bloomberg notes that the largest exchanges in Hong Kong, India, and Australia refuse to list companies with cryptocurrency reserves. According to BitMine CEO Tom Lee, there is already an oversupply of such companies on the market, their shares are falling, and many are already cheaper than their crypto reserves.

The FxPro Analyst Team