Bitcoin Hangs On to Crucial Support, Records Eighth Consecutive Red Weekly Candle
Crucial support seems to have formed near $28,600 and BTC rebounded from that level on May 20 to give the bulls some hope going into this week. At the moment, the downtrend line looks to be a source of resistance and bulls would need to break it for further upside.
A breakout could see BTC test the 20EMA near $31,800, a level the bears will try to defend vigorously. If they succeed, we could see another fall to $28,600. BTC/USD could potentially drop to $26,700 after that, however, if the bulls manage to push Bitcoin above $31,800, we could see a bear market rally to $34,800.
Last week, the S&P500 briefly fell into bear market territory. Due to its tight correlation with the US equities markets, BTC has suffered immense pressure in the last few months. Bitcoin also formed its eighth consecutive red weekly candle, but things could be turning around, at least in the short term.
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CRYPTO NEWS WEEKLY ROUNDUP:
Major Crypto Companies Launch ”Chainabuse”, A Scam Reporting Tool
Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic have partnered to launch Chainabuse – a community-driven scam reporting tool. The tool enables users to discuss ongoing fraudulent activity in real-time and issue warnings if necessary.
“Chainabuse was designed to make it easier for more people to play an active role in advancing that culture,” said Joe McGill, Chainabuse’s Chief Architect.
TRM Labs highlighted in the announcement that crypto companies often issue warnings on social media platforms such as Twitter and Discord that are easily missed. Chainabuse allows companies to leave comments and provide extra information about potential illicit activity.
Brazilian Stock Market Set to Launch BTC and ETH Futures
B3, the Brazilian Stock Market, confirmed that it intends to launch its first official cryptocurrency product – Bitcoin futures trading. Andre Milanez, CFO of B3, said, “We plan to launch bitcoin futures in the next three to six months.”
Jochen Mielke de Lima, director of IT, said in January that B3 would be launching several products with exposure to crypto in 2022, including BTC and ETH futures.
Currently, Brazilian traders and investors can trade in 11 ETFs with exposure to cryptocurrencies. This would open up a whole new ecosystem for traders in the crypto-friendly country.
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