Bitcoin Won’t Give Up $20k

[forex4you]

Bitcoin Won't Give Up $20k

<p>Market picture</p><p class="MsoNormal">Bitcoin has
lost 1.2% in the last 24 hours, trading at $20.1K. The plunge below a
meaningful round level late Wednesday afternoon did not last long. Ethereum
pulled down 0.3% to $1610 while the crypto community awaits the market's
reaction to The Merge (move to PoS algorithm). We can describe sentiment across
the crypto market as a cautious wait-and-see.</p><p class="MsoNormal">Short-term
Bitcoin momentum indicates that sellers wanted to swing the market at the end
of the day yesterday and snap stop orders, taking advantage of a period of
reduced liquidity on Wednesday. </p><p class="MsoNormal">As we see,
it failed, and BTCUSD returned precisely to where it started its local decline.
However, the balance of power is now on the bears' side, as the global risk
demand is suppressed, and critical technical levels (50- and 200-day MA,
200-week MA) are above the price.</p><p>News background</p><p class="MsoNormal">Major US
companies Charles Schwab, Citadel and Fidelity have announced the launch of
digital asset exchange EDX Markets (EDXM), which will be available to retail
and institutional investors.</p><p class="MsoNormal">Another
recalculation resulted in a 3.45% increase in bitcoin mining complexity to
32.05 trillion hashes, the highest in the network's history.</p><p class="MsoNormal">Network
service provider Cloudflare announced that its gateways support the upcoming
transition of the Ethereum network to the Proof-of-Stake (PoS) consensus
algorithm on September 15.</p><p class="MsoNormal">Bloomberg
Intelligence expert Mike McGlone believes the crypto market will begin a
bullish trend after The Merge update. In his opinion, ETH's move to PoS will
have a revolutionary impact on cryptocurrencies and the entire financial
system.</p><p class="MsoNormal">Changpeng
Zhao, chief executive of cryptocurrency exchange Binance, said the EU's
crypto-asset regulation principles could become the global standard for the
entire industry.</p><p class="MsoNormal">This article was written by <a href="https://www.fxpro.com/" target="_blank">FxPro'</a>s Senior Market Analyst Alex
Kuptsikevich.</p>

                This article was written by FxPro FXPro at forexlive.com.

Source: Bitcoin Won't Give Up $20k

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