Bitcoin’s potential to drop to $51.5K outweighs chances of reaching $65.8K

Welcome to Extreme Investor Network, where we bring you the latest insights and analysis on the stock market, trading, and all things related to Wall Street. Today, we’re diving into the world of cryptocurrencies with a focus on Bitcoin and Solana.

Bitcoin has experienced a 9.5% loss in just over two days of selling. While the price has bounced back above the 200-day moving average, it is struggling to stay within established patterns. With the price below the 61.8% retracement level, a potential 12% drop to $51.5k is more likely than a significant growth to $65.8k. On the other hand, Solana has also undergone a sell-off and is now testing support at the 200-day moving average, with potential further downside if it breaks below.

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In the world of crypto news, the options market continues to show strong interest in BTC growth, with a focus on long-term options at the $100,000-120,000 strike. This suggests a potential rally by the end of the year. Additionally, 13 of the top 25 US hedge funds have invested in spot bitcoin ETFs by the end of the first quarter, indicating a growing interest in crypto assets among institutional investors.

Looking ahead, VanEck has filed to launch a Solana ETF, but the launch is dependent on the outcome of the upcoming US presidential election and whether Gary Gensler remains at the SEC’s helm. The regulatory environment will play a significant role in the future of crypto ETFs.

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Stay tuned to Extreme Investor Network for more updates and analysis on the dynamic world of cryptocurrencies and the stock market. Keep informed, stay ahead, and make informed investment decisions with us.

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