Bitcoin Fluctuates in a Narrow Range as Bitcoin Rebounds Above $40k
Undoubtedly, BTC/USD has continued to be range-bound in a confined range as Bitcoin rebounds above $40k. The range-bound levels have been retested by the bears and bulls. The bulls have bought the dips on four occasions as sellers attempted to breach the $40,000 psychological price level. On the other hand, the bears have sold recent rallies as buyers attempted to push Bitcoin to the $50,000 psychological price level.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Today, the market declines to $40,804 as bulls buy the dips. The range-bound move has resumed as buyers push Bitcoin to the upper price level. If the bears have broken the current support and the bearish momentum is sustained, the downtrend would have resumed. BTC price will drop to $37,000 low. The selling pressure will extend to $30,000 if the $37,000 support cracks. Conversely, our bearish scenario may be wrong if buyers breach the $45,000 and $48,8000 resistance levels. BTC/USD will rally to the $52,750 price level.
A New Cryptocurrency Fund Is Now in Place in Switzerland
Switzerland has approved the first cryptocurrency fund. The cryptocurrency fund tracks the performance of the 10 largest cryptocurrencies from SIX Swiss Exchange’s Crypto Market Index 10. According to Swiss law, the Swiss Financial Market Supervisory Authority (FINMA) has approved the Crypto Market Index Fund. This was officially announced on Wednesday. The cryptocurrency fund is limited to qualified investors who invest primarily in cryptocurrencies or digital assets “based on the blockchain or distributed ledger technology.” According to Crypto Finance: “The objective of the Crypto Market Index 10 is to reliably measure the performance of the largest, liquid crypto assets and tokens and to provide an investable benchmark for this asset class,”
Meanwhile, the BTC price making an upward move but the uptrend was resisted at the high of $42,600 as Bitcoin rebounds above $40k. The bears are gradually pushing BTC’s price to the low of the $40,000 support. In previous price action, BTC price rose to $44,000 or $45,000 price levels. This is an indication that a breakdown is imminent.
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