© Reuters.
Investing.com – Conditions in the cryptocurrency market remain tight heading into today’s trading as the traded at $19,275 with a gain of 1.82%.
The steep price decline since the fall of last year, however, has not stopped cryptocurrency use cases from diversifying and more people from using digital currencies.
Cryptocurrencies are particularly popular in emerging countries, where people often do not have access to the banking system. A report from blockchain analytics firm Chainanalysis shows that China is now again among the top ten countries in terms of cryptocurrency adoption rates.
Last year, China dropped to 13th place due to the Chinese central bank’s crypto ban. The improved ranking seems to indicate that the bans have not been enforced effectively enough.
For the crypto community, this is a positive signal, because if even the Chinese government fails to fundamentally prevent access to digital currencies, it will be even less possible in other parts of the world.
Technical benchmarks of the course of the
Yesterday, bitcoin recorded a daily closing price below the 78.6% Fibo retracement support of $19,251. The door is therefore open to a test of the low of the cycle at 17,630 dollars. The positive divergence (green lines) persists, which could dampen the negative momentum.
Only if the bulls manage to sustainably break above the 78.6 percent Fibo retracement will it be signaled that short-term losses are stemmed. A rally towards the psychological mark of $20,000 and the resistance of the 61.8 percent Fibo retracement of $20,523 would then be possible.
By Marco Oehrl