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BTCUSD pair sees more rangebound trading

Bitcoin advanced 0.41% to $57,184 on Wednesday, December 1. Buyers once again failed to mount a successful offensive. The $59,000-59,300 resistance zone still remains in place. After reaching $59,053, the BTCUSD pair dropped to $55,777. Buyers started to cover shorts amid risk aversion following reports that the first case of Omicron infection was reported stateside.

Investors fear that any travel/trade restrictions could quickly reverse any progress made in supply chains. This does not directly apply to cryptocurrencies, but it is sensitive to what is happening in foreign markets.

On the hourly TF, support has shaped up in the range of $55,280-55,875. The next support level is located at $53,250. The dollar has been trading lower against most currencies on Thursday. Excellent conditions are in play for buyers to pare losses and push the price action back to $58,450.

It’s hard to say when the side trend will come to an end and what event will trigger a sharp rise or fall in the BTCUSD pair. The market is being barraged by a steady flow of positive news followed by negativity.

SEC chairman Gary Gensler said that Bitcoin is a competitor to the US banking system and its worldwide consensus. He made these remarks during the DACOM 2021 summit. In his view, BTC poses risks to the US banking system, since this instrument is not controlled by anyone. This is why the SEC does not approve of spot Bitcoin ETFs. On December 8, the US Congress will debate the status of cryptocurrencies.

The Chicago Mercantile Exchange (CME) will launch Micro Ether futures on December 6. These futures will be one-tenth the size of one ether.

 

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