FXOpen
On May 7, Binance, the largest cryptocurrency exchange, suspended the withdrawal of bitcoins twice due to a heavy load on the network, which may be associated with a surge in traders' interest in new meme coins. This, in turn, caused bitcoin transaction fees to reach their highest level in two years. Fortunately, bitcoin operations on Binance were restored, but the unfortunate incident had a negative impact on the price of bitcoin.
The bitcoin chart shows that the current price of bitcoin in USD is near an important support line (1) — this is the median line of the ascending channel, which has been in effect since the beginning of the year. Bitcoin price rebounded (2) from this line in early May. However, the bulls failed to reach the psychological level of USD 30k (a sign of weak demand), and today bitcoin is forming the third bearish candle in a row. Because of this, a bearish breakdown of this line may form in the near future.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Market Insights with Gary Thomson: UK Jobs, US NFP & CPI, and BoJ Rate Call You Can’t Ignore
In this video, we’ll explore the key economic events and market trends, shaping the financial landscape. Get ready for insights into financial markets to help you navigate the week ahead. Let’s dive in!
In this episode of Market
S&P 500 Index: Chart Analysis After Friday’s Sell-Off
Trading on 12 December was overshadowed by a sharp decline in the S&P 500 (US SPX 500 mini on FXOpen), with the session low approaching December’s previous trough.
Among the key fundamental drivers behind Friday’s drop
10 Weakest European Currencies
While the euro may have been adopted by many European nations, plenty still use their own currencies. Some are strong, such as the British pound and Swiss franc, while others