China’s central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in digital currency transactions.
Bitcoin has fluctuated the previous day after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services. However, the numero uno digital token made a swift recovery.
“The past 24 hours witnessed a steady rally across several altcoins. The second-largest cryptocurrency by market cap, Ethereum, shot up more than 4 per cent after facing severe selling pressure earlier in the day. Polkadot shot up more than 7 per cent,” Edul Patel, CEO and Co-founder of Mudrex.
“The situation was a bit different for Bitcoin, which continued to remain under steady selling pressure throughout the day. The momentum in the markets is not bullish at the moment. However, the higher traded volumes indicated that we might shortly witness the markets moving out of the consolidation phase.”
Indian banks and cryptocurrency exchanges continue their love-hate relationship. Crypto exchange Zebpay has found an innovative way to draw investors. It has decided to pay interest on cryptos that investors keep in their wallets.
Tech View by ZebPay Trade Desk
Bitcoin has been pretty range-bound over the past few days. The asset has been trading in the $32,500- $36,500 range. The Bitcoin taproot upgrade is due soon, and while the impact of that of the same prices remains to be seen, this development is likely to have a positive impact on the asset.
Volumes have held up well, and the activity across the network is also good. Bitcoin remains the favourite, as the crypto markets ride the recovery trend. BTC post making the low of $28,800 has shown good signs of recovery and has started moving upwards.
Technically, on the four-hour time frame, the asset is trading in an ‘Ascending Triangle’ pattern, where the prices are taking support at the rising trendline. BTC is facing stiff resistance around $36,000 to $36,500. Hence, to further rally the asset needs to trade and close above $36,500.
Support: $28,800, $30,500
Resistance: $36,500, $42,500
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)