The founder of crypto exchange Huobi Global, Leon Li, is in discussions to sell nearly 60% of his investment in Huobi, which accounts for 5% of all crypto trading volume. Reports on Saturday indicate the deal is priced between $2 and $3 billion. Existing investors in Huobi, including Sequoia China and ZhenFund, were reportedly notified […]
Nuant prepares Q4 launch of first unified digital asset data, analytics, and portfolio intelligence platform
Nuant, a Swiss-based digital assets data and analytics Fintech, is launching a new platform to solve a vital industry-wide portfolio management problem for institutional funds invested in digital assets. As per the announcement, the new platform will mainly serve data fragmentation from exchange accounts, custodial wallets, on-chain wallets and data, and market data. The platform […]
Bitcoin is trading in a bearish zone below $39,000 against the US Dollar. BTC could accelerate lower if it continues to struggle below $39,500. Bitcoin is showing bearish signs below the $40,000 and $39,000 levels. The price is trading below $39,500 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $38,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate lower unless the bulls able to push the price above $39,550. Bitcoin Price Keeps Struggling Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC attempted a recovery wave from the $38,500 zone, but the price stayed below the$39,550 resistance. Recently, the price saw a fresh decline from the $39,550 resistance zone and the 100 hourly simple moving average. There was a clear move below the $38,800 and $38,500 support levels. The decline extended below the $38,000 support zone. A low is formed near $37,625 and the price is now consolidating losses. Bitcoin is slowly moving higher and trading above the 23.6% Fib retracement level of the recent decline from the $39,499 swing high to $37,625 low. The first major resistance on the upside is near the $38,550 zone. There is also a crucial bearish trend line forming with resistance near $38,550 on the hourly chart of the BTC/USD pair. The trend line coincides with the 50% Fib retracement level of the recent decline from the $39,499 swing high to $37,625 low. Source: BTCUSD on TradingView.com If there is a clear move above the $38,550 resistance zone, the price might rise further. The next major resistance sits near the $39,550 level, above which there are chances of a steady increase. In the stated case, the price could even attempt a move above the $40,000 resistance zone. More Losses in BTC? If bitcoin fails to clear the $38,550 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone. The next major support is seen near the $37,650 level. The main support sits near the $37,150 level. If there is a downside break below the $37,150 support, the price might gain bearish momentum. In the stated case, it could nosedive towards the $36,500 level or even $36,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,650, followed by $37,150. Major Resistance Levels – $38,550, $39,550 and $40,000.