US stock is mixed and Bitcoin movement is flat…Institutional interest in Bitcoin futures decreased, and BTC will show a bearish sign

고다솔 인턴기자 iufcsol0122@coinreaders.com | 기사입력 2020/07/14 [10:56]
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US stock is mixed and Bitcoin movement is flat…Institutional interest in Bitcoin futures decreased, and BTC will show a bearish sign

고다솔 인턴기자 | 입력 : 2020/07/14 [10:56]


US stock market was mixed due to some factors: a news for developing COVID-19 vaccine; the surge of pandemic; tech giants stock falling. On 13th(ET), the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index ended at 26,085.80, climbed 0.04%; S&P 500 Index ended at 3,155.22, dipped by 0.94%; the tech-heavy Nasdaq ended at 10,390.84, fallen by 2.13%.

 

For the last 24 hours, Bitcoin(BTC) stick to trade at USD 9,200. "BTC price was increased for the first time in 4 weeks. The MACD is in the bullish zone. Moreover, traders in the option markets are anticipating the bullish trend of BTC, which is likely to test the long-term downward-sloping trendline, the USD 9,920," reported Coindesk. "BTC, however, won't be bullish in the market if it breaks below the USD 8,905 level," it added.

 

"BTC can surpass the USD 9,500 resistance zone, after BTC bulls clear both two downside corrections below USD 9,300 and USD 9,200, and the USD 9,400 resistance zone. Its next crucial hurdle will near the USD 9,600 and USD 9,800. Meanwhile, if BTC fails to maintain the USD 9,250 supporting line, bears would dominate the market, leading BTC fallen by the supporting line between USD 9,200 and USD 9,120," said Aayush Jindal, an analyst of NewsBTC.

 

"Last week, BTC showed a sign of rally, but it was not enough to fully change the market flow. It briefly bounces back, but the first resistance line is fallen from USD 9,500 to USD 9,400. Retail traders are mostly trading the cryptocurrency, but they are less likely to hold BTC for long time. Furthermore, BTC lacks new capital flow and daily volatility is continuously declining. BTC may drop by the USD 8,700, after failing to break above the USD 9,500," argued Neo, an analyst of OKEx.

 

Institutional capital flow into Bitcoin has decreased since its last attempt to break above $10,000. An analyst of Phi Deltalytics said that the “lack of interest” has led to a concerning drop in the Chicago Mercantile Exchange’s (CME) Open Interest Money Flow index.

 

CME money flow index is the indicator interprets institutional interest in Bitcoin futures based on readings from zero to 100. A drop below 50 indicates a declining bitcoin trend among affluent investors – and vice versa. So it appears, the index lately dropped below 30.

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