Bitcoin Records First Green Weekly Candle Since March
Last week, BTC faced a race against time to record its first green weekly candle since March. A jittery few hours at the end didn’t affect this mission – Bitcoin closed near $29,900, comfortably in the green.
On-chain data shows that smart money may have started accumulating BTC, with net outflows from major crypto exchanges reaching 23,286 BTC, the highest since May 14.
The week started with a surge to $32,200, filling investors and traders with confidence. However, this was short-lived; Bitcoin dropped below the 20-DMA and stayed there for the rest of the week.
At the time of writing, Bitcoin has started the week strong again, rising to $31,200 and above the 20-DMA. However, Bitcoin will face resistance at higher levels. A positive for bulls is that BTC did not break below the support at $29,300.
On the upside, the bulls will have to push and sustain the price above $32,659 to suggest that a new uptrend could be starting. This could add much-needed momentum and help BTC close above the 50-SMA.
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CRYPTO NEWS WEEKLY ROUNDUP:
US Restaurant Chain Chipotle Adds Crypto Payments
Popular Mexican fast-food chain Chipotle is now accepting cryptocurrency payments at all of its 2,950+ US-based restaurants. Chipotle has partnered with digital payments provider Flexa for this initiative and will accept 98 cryptocurrencies including BTC, ETH, DOGE, and USDC.
Chipotle flirted with crypto earlier in the year when it gave away $100,000 worth of Bitcoin along with free burritos on National Burrito Day.
FTX Launches in Japan, Crypto.com Obtains Provisional License in Dubai
It’s well-known that Japan has strict rules for crypto exchanges wanting to operate in the country. That’s why this development is made even more significant – FTX, the second-largest centralized exchange in terms of volume, has launched FTX Japan after it acquired the Liquid crypto exchange.
Meanwhile, Crypto.com announced that the Dubai Virtual Assets Regulatory Authority (VARA) has given the exchange provisional approval based on initial compliance checks. VARA will carry out further due diligence before issuing a full operating license, but this is good news for crypto in the Middle East.
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