Current trend
Last week, the BTC/USD pair was trading in a sideways range of 36000.00–32500.00, where it is currently. Cryptocurrency assets lack significant drivers to resume growth, and the external background remains negative for the sector.
The interest of institutional investors in digital currencies is slowly declining: in the USA, monetary policy adjustments are still expected, and global regulators continue to put pressure on the Binance trading platform, which is one of the leading cryptocurrency exchanges. Last week it became known that claims to the trading platform appeared at the Thai Securities Commission, which accused Binance of illegal operations. Back in April, the Thai regulator sent a letter to the company's management demanding an explanation of the exchange's activities, but received no response. Now, a criminal case has been opened against Binance for violating local legislation on working with cryptocurrencies. The company's management faces fines, and even real terms of imprisonment. Representatives of the exchange said that they are serious about the requirements of regulators and will continue to work with them. The increased pressure on Binance could create additional hardships for cryptocurrency traders.
Support and resistance
Today the price tested the upper border of the sideways range of 36000.00–32500.00, but then resumed its decline. Active movement of quotes will become possible after the price leaves the range. Consolidation of the asset above 36000.00 will give the prospect of growth to 41200.00 (June highs) and 43750.00 (Murray ). In case of a breakdown of 32500.00, the decline may continue to 29200.00 (June lows) and 25000.00 (Murray ).
Technical indicators don't provide a clear signal: Bollinger Bands are horizontal, MACD histogram is stable in the negative zone and Stochastic is reversing upwards.
Resistance levels: 36000.00, 41200.00, 43750.00.
Support levels: 32500.00, 29200.00, 25000.00.
Last week, the BTC/USD pair was trading in a sideways range of 36000.00–32500.00, where it is currently. Cryptocurrency assets lack significant drivers to resume growth, and the external background remains negative for the sector.
The interest of institutional investors in digital currencies is slowly declining: in the USA, monetary policy adjustments are still expected, and global regulators continue to put pressure on the Binance trading platform, which is one of the leading cryptocurrency exchanges. Last week it became known that claims to the trading platform appeared at the Thai Securities Commission, which accused Binance of illegal operations. Back in April, the Thai regulator sent a letter to the company's management demanding an explanation of the exchange's activities, but received no response. Now, a criminal case has been opened against Binance for violating local legislation on working with cryptocurrencies. The company's management faces fines, and even real terms of imprisonment. Representatives of the exchange said that they are serious about the requirements of regulators and will continue to work with them. The increased pressure on Binance could create additional hardships for cryptocurrency traders.
Support and resistance
Today the price tested the upper border of the sideways range of 36000.00–32500.00, but then resumed its decline. Active movement of quotes will become possible after the price leaves the range. Consolidation of the asset above 36000.00 will give the prospect of growth to 41200.00 (June highs) and 43750.00 (Murray ). In case of a breakdown of 32500.00, the decline may continue to 29200.00 (June lows) and 25000.00 (Murray ).
Technical indicators don't provide a clear signal: Bollinger Bands are horizontal, MACD histogram is stable in the negative zone and Stochastic is reversing upwards.
Resistance levels: 36000.00, 41200.00, 43750.00.
Support levels: 32500.00, 29200.00, 25000.00.