Bitcoin at rest – Bitfinex and Tether continue to trust the king of cryptocurrencies. Indeed, Tether has decided to reinvest 15% of its profits in Bitcoin, and Bitfinex seems to be doing the same.
Paolo Ardoino, the CTO of Bitfinex, explains that the company funnels part of the profits into bitcoin-related technologies. At the same time, the course of Bitcoin continues to move dangerously below $26,000. Bitcoin is slowing down, but it remains one of the best performing assets.
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Bitcoin price stagnates below $26,000
Bitcoin is experiencing a beginning of the week with very low volatility. Bitcoin price stagnates in 24 hours below $26,000 :
In one week, the price of BTC shows a down nearly 6%. In one month, the course down nearly 12%. Also, the BTC/ETH pair stagnates in 24 hours and displays a down 1% in one week.
Bitcoin Price Slows, But Still Best-Performing Asset Year-to-Date
The year has started off with a bang for the king of cryptocurrencies. In fact, in January, it was already posting a 40% increase. In March, the price of Bitcoin showed a 72% increase until reaching 84% in June.
On the other hand, since June, we have noticed that the trend is fading. In August, Bitcoin only shows a 57% performance since the beginning of the year. If the disappointment of not passing the wall of $30,000 is understandable on the side of cryptocurrency enthusiasts, the performance remains quite correct. In fact, the performance outperforms Ethereum, Apple, NASDAQ and S&P 500. For its part, gold has experienced very low volatility since March.
However, buyers will have to wake up. At this rate, NASDAQ or Apple could steal the limelight from the king of cryptocurrencies.
Towards a return to $25,000 for the price of Bitcoin?
BTC has recently fell below the $26,000 zone. For the moment, the price fails to break the institutional bias (EMA 9/EMA 18) bearish :
The course could be dismiss in the days to come, and return to the level of the bracket at $25,000. However, if the price reaches retake the area at $26,000 as supporthe could head for the resistance located at $26,700. The RSI must find a bullish momentum for buyers to regain control of the momentum. For this, it would be necessary to develop above 46. A fence below 32 would score a bearish momentum on the RSI in 4H.
The price has been falling since June, it now shows a performance of 57% since the beginning of the year. BTC has been falling for a few weeks, sure, but it’s still a better performing asset than Apple, NASDAQ, S&P 500 or gold. It is also more efficient than the prince of cryptocurrencies. In 4H, the price moves below the $26,000 zone. If the buyers don’t wake up, the price of BTC could go back to $25,000.
Closer to Bitcoin news
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