The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
After yesterday's major sell-off, Bitcoin has dropped to around $84,000, and the market is currently undergoing a correction that could evolve into something more interesting, provided there is at least some solid fundamental reasoning behind it, which has been difficult to find lately.
Meanwhile, the chief banking inspector of the Federal Reserve, Michelle Bowman, stated in an interview that she plans to establish new rules for banks and stablecoins to ensure healthy competition among Wall Street, fintech, and cryptocurrency companies.
Bowman emphasized the need for a balanced approach that would not stifle innovation in the rapidly evolving fintech sector while ensuring adequate consumer protection and financial stability, as required by the Genius Act. According to her, the existing regulatory framework supports new business models arising from the convergence of finance, technology, and cryptocurrencies.
The new rules are expected to focus on ensuring transparency of reserves, maintaining liquidity, and managing operational risks for stablecoin issuers. Additionally, requirements for capital and auditing are likely to be established to ensure the financial resilience of companies dealing with stablecoins.
In any case, the statements from Federal Reserve officials regarding the cryptocurrency market, albeit in an indirect manner, reflect a growing recognition that regulation must adapt to changes in the financial market brought about by technological progress. The goal is to create a level playing field for all market participants while ensuring consumer protection and the stability of the financial system as a whole. Bowman assured that the rule-making process will be conducted transparently and with input from stakeholders in the banking sector, fintech, and the crypto industry.
Trading recommendations
Bitcoin
Regarding the technical picture for Bitcoin, buyers are currently targeting a return to the level of $87,200, which opens a direct path to $89,600, and from there, it's just a short distance to $92,000. The furthest target will be the peak around $95,500; breaching this level would indicate attempts to return to a bull market. In the event of a Bitcoin decline, I expect buyers at the level of $85,300. A return of the trading instrument below this area could quickly drop BTC to around $83,200. The furthest target will be the area of $81,200.
Ethereum
As for the technical picture for Ethereum, a clear consolidation above the level of $2,858 opens a direct path to $2,924. The furthest target will be the peak around $2,994; breaching this level would indicate strengthening bullish market sentiment and renewed interest from buyers. In the event of a decline in Ethereum, I expect buyers at the level of $2,763. A return of the trading instrument below this area could quickly drop ETH to around $2,684. The furthest target will be the area of $2,585.
What's on the chart
Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
