Philippe Albor

The country instituted a ban on financial institutions and payment services companies offering crypto-related services and even made some mass arrests on people using cryptocurrencies in controversial ways. China is a significant country for Bitcoin, with almost 50% of miners domiciled there. The recent crackdown dented Bitcoin’s infrastructure, which subsequently weighed heavily on the price of the coin.

Here we are looking at BTCUSD Daily on the Daily TF… Last week we talked about Bitcoin trading within this ascending channel, and how this formation was a bearish structure. At the time WAVES of my initial post, I said to expect BTC to test support, and ultimately shared my belief that BTC would break through the ascending channel support. There has been tons of talk about Bitcoin’s similarity of the current bottom reversal with the 2019 one. A lot of comparisons have been made, we’ve started doing that since November, but the time has come that BTC either confirms or dismisses the 2019 fractal.

What is Bitcoin?

Gold has, for years, been considered a safe haven and a hedge against inflation and fiat – qualities that btcusd trading now portrays. Additionally, the price of gold is measured in USD, something shared by the BTCUSD pair. By sharing fundamental economic qualities, gold and Bitcoin have developed a positive correlation that traders should always consider. The year 2021 has been a whirlwind for the flagship cryptocurrency, Bitcoin. The pairing, BTCUSD started the year with strong momentum, having already broken above the 2017 highs.

In order to start trading, your account needs to be verified. Liquidity providers can generate yield by providing funding to traders wanting to trade with leverage. Funding is traded on an order book at various rates and periods. The team operates based on the years of market expertise and experience of serving over 3 million clients worldwide. BTC/USD represents the Bitcoin price quoted against the US dollar.

Trade Forex, CFDs on Stocks, Metals and More

This will only increase in the future, so by learning to trade BTC/USD now you are future-proofing your trading career. Plus cryptocurrencies like Bitcoin are one of the few markets available for trading on the weekend. Regulation continues to cast a huge shadow over Bitcoin in 2021. In particular, China has been consistent in its aggression towards cryptocurrency.

• The momentum and negative sentiment towards the sector strongly suggest a breakdown could be on the cards towards $20K…
• The future of bitcoin and bitcoin’s price remains uncertain.
• FBS offers a wide range of trading instruments including Forex major and exotic currency pairs, metals, Indices, and stocks.

Will btcusd trading resistance to confirm the downward move. What you need to know… The S&P 500 Index ($SPX ) Thursday closed down -1.85%, the Dow Jones Industrials Index ($DOWI ) closed down -1.66%, and the Nasdaq 100 Index ($IUXX ) closed… Morning Markets March S&P 500 futures this morning are up +0.37%, and March Nasdaq 100 E-Mini futures are up +0.75%.

Bitcoin

The bullish pressure sustained for the entire first quarter of 2021, and Bitcoin managed to print its all-time high of around $65,000. Various analysts and experts started making Bitcoin price predictions of $100,000, $200,000, and even $500,000, but the coin faced massive headwinds and lost over 50% of its value to settle just above $30,000 in May 2021. A rate hike would pressure the BTCUSD price lower, while any rate cut would provide tailwinds for the crypto pair. To put this into perspective, in November 2018, the BTCUSD pair traded at $3,778.

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Trade BTC / USD as a spot trade

Mainstream adoption of Bitcoin caused the December 2017 peak of just below $20,000. But as major regulatory bodies sought to impose strict rules governing the space, the crypto party has faced challenging times. Regulation will continue to be a mixed pill for Bitcoin and other cryptocurrencies. Good headlines will push the BTCUSD price higher, while bad headlines will pressure it lower. This scarcity has always fuelled the demand for Bitcoin, and it is one of the key reasons why its value started at a measly $0.003 in its early days and exploded to above 5-digits within a few years. The retail investing public took notice of Bitcoin in 2017 when it quickly accelerated above $10,000 and managed to print a then-high of just below $20,000.

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The price has also been consolidating in the $30,000-$40,000 price range for a while now, and it is only a bit realistic to anticipate a breakout soon. Volatility will likely come sooner rather than later in either direction. On the other hand, any regulation that will cause friction with the idea of decentralisation and blockchain will see investors express pessimism in the value of BTCUSD. This has partly been observed when Bitcoin retraced during the start of 2021. In the BTCUSD pair, Bitcoin is the base currency, while the US dollar is the quote currency. When, for instance, the price of the BTCUSD pair is 10,000, it means that one would require 10,000 US dollars to acquire 1 Bitcoin.

Bitfinex has a bespoke offering expertly tailored to meet the specific needs of professional and institutional traders including sub-accounts, expedited verification, and dedicated customer support. Bitfinex facilitates a graphical trading experience with advanced charting functionality that allows traders to visualise orders, positions and price alerts, tap to modify order properties, and annotate to their trading strategy. Bitfinex offers order books with top tier liquidity, allowing users to easily exchange Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO and many other digital assets with minimal slippage. Using CEX.IO Broker, you don’t need to own Bitcoin or USD to trade the BTC/USD pair. To trade any currency pair on the platform, you can fund your trading accounts with ETH, USDT, as well as BTC. So, you can choose BTC as your trading account currency, but you don’t have to.