In spite of favorable occurrences, such as the U.S. Securities and Exchange Commission's approval of Bitcoin spot ETFs, Bitcoin faced substantial resistance leading to a noteworthy 15% decline.
Nevertheless, as the cryptocurrency nears a pivotal support area, there exists the possibility of a revived bullish momentum.
$40,000- Make or Break Level
Should the retracement persist, the $40K support zone is anticipated to play a pivotal role, potentially sparking a renewed bullish surge. Price has tried to break the $40,000 level 3 times in last 2 months.
50 EMA- A major hurdle
BTC broke past the 50 Day Exponential moving average. If the price keeps sustaining below the 50 EMA, it could trigger a fresh sell Rally. Price needs to break above it and sustain to begin a fresh rally.
On- Chain Analysis
Analyzing Bitcoin funding rates – a key indicator in futures market sentiment – reveals a significant decline despite the recent short-term correction. Notably, the metric still maintains positive values, indicating that the sentiment remains bullish. This cooling off of the futures market from being overheated suggests the potential for the price to resume its upward trajectory after completing the ongoing correction stage.
In the ever-evolving landscape of crypto trading, understanding Bitcoin's price movements is paramount. As we navigate the crypto seas, the interplay between resistance and support zones, coupled with insights from on-chain analysis, offers a comprehensive perspective on the current state of the market. Stay tuned for further updates as we monitor the crypto futures trading arena and decode the intricate dance of Bitcoin's price dynamics.
Frequently Asked Questions
Can I trade BTC/USDT on Density Exchange?
Yes, you can trade BTC/USDT (Bitcoin/Tether) on Density Exchange. They provide trading pairs for different cryptocurrencies, including popular pairs like BTC/USDT.
Does Density Exchange offer crypto derivatives trading?
Yes, Density Exchange offers crypto derivatives trading, allowing users to trade futures contracts and other derivatives based on various cryptocurrencies.
What are the best crypto trading apps in India?
Density Exchange is considered one of the best cryptocurrency exchanges in India. They offer a user-friendly app that allows you to trade cryptocurrencies, access real-time price data, and engage in derivatives trading.
How can I check the price of Bitcoin(BTC) in India on Density Exchange?
You can check the price of Bitcoin(BTC) in India on Density Exchange by visiting their website or using their app.
What are crypto futures in India?
Crypto futures in India are financial contracts that allow traders to speculate on the future price movements of cryptocurrencies like Bitcoin, Ethereum, etc. These contracts enable investors to profit from both rising and falling cryptocurrency prices.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor/trader must do his/her own research or seek independent advice, if necessary, before initiating any transactions in crypto products and NFTs. Density Exchange shall not be held liable for any acts or omissions, or losses incurred by the investors.