Heading into the week before an important Federal Reserve meeting, the potential impact on Bitcoin and other cryptocurrencies is being evaluated. While technical analysis firm Fairfield Strategies has been pretty optimistic over the next six months in the crypto sector, including Bitcoin and Ethereum, founder Katie Stockton says, based on her analysis, that the uptrend has been undermined significantly in the short to medium term.
“The $44,000 support level for Bitcoin will likely break”
According to Katie Stockton, a short-term break in the trend was confirmed on Sunday, as Bitcoin failed to bounce back to its last support at $53,000 from the September high and is now hanging well below that level. The analyst states that with $37,000 serving as the secondary technical support area, the next point to watch would be another support level at $44,000.
Katie Stockton thinks the risk is increasing in the near term and even in the next two months. Using chart models and momentum indicators to predict movements in assets from stocks to crypto, the popular analyst predicts that the $44,000 support level for Bitcoin will most likely break and the secondary support level that defined the recent uptrend in Bitcoin will be surpassed.
So is there reason to worry about another flash crash? Katie Stockton says it’s impossible to know for sure, but she believes most of the drop early last Saturday was likely kicked out as it was supported by the easing in derivatives.
Crypto heads to Washington
Popular digital asset exchange Coinbase Global Inc. Crypto executives, including those from COIN, have argued that their technology is promising for the future and that the growth of their $2 trillion industry should not be hindered by misguided laws.
cryptocoin.com As you follow in the news, the emerging industry hopes to force Congress to create a new regulatory framework for digital assets that can help them avoid a costly showdown with the US Securities and Exchange Commission. FTX CEO Sam Bankman-Fried told House Financial Services Hearing about the crypto markets:
A successful policy framework should allow crypto platforms to offer both spot and derivatives trading on crypto assets under a single unified system with a single rulebook and a single technology platform to manage risks associated with all trading activities in client accounts.
Stablecoin issuer Circle Internet Financial Ltd., Bitcoin mining firm Bitfury Group Ltd., cryptocurrency payment system Stellar Development Foundation and Blockchain firm Paxos Trust Co. officials also testified. The Wall Street Journal reported that the main concerns among crypto-wary lawmakers are that crypto’s rapid growth poses a threat to financial stability, is fraught with fraud and manipulation, and is not environmentally friendly as virtual currency mining uses so much energy.
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