Bitcoin and Ethereum prices had started to rise at the beginning of the week, after falling heavily last week. The Federal Reserve’s plans of a tighter monetary policy have halted crypto’s advances though. Bitcoin fell as low as $35,460 on Thursday and is still trading close to that level. If it continues its downtrend, it may find support around $33,000, while if the price of Bitcoin goes up, it may find resistance at $43,000 and further up at $44,300.
Ethereum fell below $2,400 and if the downtrend continues, it may find support around $2,150 and further down at $1,700. In case its price goes up, it may find resistance around $3,220 and further up around $3,400.
Recent statements from regulatory bodies around the world about launching a crackdown on cryptocurrencies are also reducing the appeal of cryptocurrencies. On Monday, the Monetary Authority of Singapore published a set of guidelines that restrict cryptocurrency marketing and advertising, becoming the latest in a number of countries such as Italy, Spain, and the UK, to propose restrictions on mining and advertising, putting pressure on cryptocurrencies. Russia’s Central Bank had also proposed banning the use and mining of cryptocurrencies on Russian territory, but Russian President Vladimir Putin spoke in favour of cryptocurrencies on Wednesday. Putin backed cryptocurrencies, stating that Russia has competitive advantages in crypto mining given the low cost of electricity and the trained personnel available in the country.
BTC/USD 1h Chart
ETH/USD 1h Chart
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
Fill in the registration
form and click
Once you are in the client secure area, please proceed with uploading your Proof of Identity and Proof of Residence.
When your live account is approved, you can deposit funds and start trading on your chosen platform!
The website you are now viewing is operated by TopFX, a trade name of Fondex Limited, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.
If you wish to proceed, please confirm that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX or any other entity within the Group.
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.