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Market News Bitcoin Completes Consolidation in a Triangle

Bitcoin Completes Consolidation in a Triangle

Since June, the price of bitcoin has moved at the right angle to a triangle formed by a descending resistance line, a horizontal support of $18,800, and a rising support line.

Cory Russell
2022-10-19
282

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At the time of writing, the price of bitcoin is $19,550, up 1.4% over the previous day. The day before, U.S. stock indexes had taken a significant jump forward, and by the opening of European trade, index futures were consolidating their gains. The demand for crypto assets is supported by a strong stock market background, although overall changes are exceptionally muted.


Since June, the price of bitcoin has moved at the right angle to a triangle formed by a descending resistance line, a horizontal support of $18,800, and a rising support line. Usually, a rise in volatility on the way outside the range solves this problem.


Not sooner than the break of the prior highs at $20.4K or the failure beneath $18K, with the second variation having a higher likelihood, should be watched for confirmation of the break of the long-term consolidation. However, it should be noted that the BTCUSD downturn has lasted about a year, wiping off more than 70% of the high price and making long-term purchasers more interested.


After a modest outflow the week before, CoinShares reports that investments in cryptocurrency funds somewhat increased last week. Total money coming in was $12 million. Investments in Bitcoin rose by $9 million, while those in Ethereum fell by $4 million. $7 million more was invested in funds that support bitcoin shorting. Investor apathy persists; according to CoinShares, flows over the previous five weeks have barely topped 0.05% of assets managed.

News context

The connection between Bitcoin and conventional risk assets may be severed. According to LookIntoBitcoin, this may occur as a result of investors realizing that governments and fiat currencies provide the majority of hazards. According to prior cycles of investor capitulation, the time is right now for tactical BTC purchases.


Rich investors still prefer to invest in digital assets, according to GlobalData's global poll of asset managers. Additionally, they are ready to assume the greatest amount of risk since cryptocurrencies only make up 1.4% of their portfolios.


The local authorities have granted French investment bank Société Générale's subsidiary authorization to store, purchase, trade, and exchange bitcoins.


A new Coincub research claims that in the third quarter of 2022, Germany overtook Switzerland, Australia, the United Arab Emirates, and Singapore to claim the title of nation most conducive to operating a cryptocurrency company. Due to its unfavorable tax laws and hazy crypto regulation, the US dropped from first to seventh rank.

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