. Weekly Crypto Analysis - Bitcoin's Plunge Below $36,500 Raises Regulatory Concerns

Weekly Crypto Analysis – Bitcoin’s Plunge Below $36,500 Raises Regulatory Concerns

Weekly Crypto Analysis – Bitcoin’s Plunge Below $36,500 Raises Regulatory Concerns

18 Nov 2023

Introduction:

In the world of cryptocurrency, Bitcoin remains resilient amid SEC discussions on spot ETFs, but a lack of momentum below $36,500 leaves it vulnerable to potential declines. The SEC’s unmet goals and a preference for cash created in ETFs contribute to the uncertainty. Optimism for a 2023 spot BTC ETF approval diminishes, with various sell signals indicating a possible downturn. Solana sees a 10% decline in 24 hours, and Ethereum risks a 5% slump if it loses critical support at $1,935.

Bitcoin:

Bitcoin BTC unfazed as the SEC engages exchanges for spot ETFs.

The lack of momentum keeps Bitcoin below the $36,500 mark, making it vulnerable to a potential decline in price.

Bitcoin (BTC) continues to stand firm below the $36,500 threshold, attributed to the US Securities and Exchange Commission (SEC) failing to meet its objectives. Despite a recent development related to this matter, as noted by ETF specialist Erica Balchunas, the financial regulator’s preference for cash creates in ETFs has not affected BTC positively.

Bitcoin (BTC) is ensnared beneath the $36,500 threshold, and optimism for the approval of a spot BTC ETF in 2023 is dwindling. Various sell signals are in play, indicating a decline in momentum and rendering the leading cryptocurrency vulnerable to a potential downturn.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 36451.39 | Negative Crossover | Bearish
  • MA 20: 35768.07 | Positive Crossover | Bullish
  • MA 50: 32855.13 | Positive Crossover | Bullish

Simple:

  • MA 5: 36403.60 | Negative Crossover | Bearish
  • MA 20: 35768.07 | Positive Crossover | Bullish
  • MA 50: 31834.63 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.51| Buy Zone | Bullish

Stochastic Oscillator: 5.86| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 36730.60 | R2: 40005.93
  • S1: 34757.50 | S2: 31521.63

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 37874.99 | Take Profit: 40005.93 | Stop Loss: 36651.67.

Elsewhere In the Crypto Market.

Doge coin price has surpassed a descending trend line on the weekly chart, indicating a bullish revival. Solana experiences a decline of over 10% within a 24-hour period. There is a potential for Ethereum price to face a minimum 5% decline, reaching the $1,864 level, should it fail to maintain crucial support at $1,935.

Bitcoin down (0.45%) at 36,461.0, Ethereum down (1.01%) at 1,942.2, Litecoin down (1.31%) at 69.20, Solana down (3.61%) at 56.81, Doge coin down (3.91%) at 0.82.

Key Economic Events & Data Release for Upcoming Week:

(GBP) BoE Gov Bailey Speaks (Tuesday).

(AUD) RBA Meeting Minutes (Tuesday).

(CAD) Core CPI (MoM) (Oct) (Tuesday)

(USD) Existing Home Sales (Tuesday).

(USD) FOMC Meeting Minutes (Wednesday).

(USD) Initial Jobless Claims (Wednesday).

(USD) FOMC Meeting Minutes (Thursday)

(EUR) German GDP (QOQ) (Q3) (Friday)

(EUR) ECB President Lagarde Speaks (Friday)