Bitcoin Fell Short of Gaining Traction, Confirmation is Needed

Bitcoin increased by 0.9% in the past week and finished close to $19,500. The market had a level of growth on Friday and a further rise on Sunday sped it up. Nevertheless, the effect of the latter development was nearly totally wiped out.

Not Enough Rise

The 50-day simple moving average is playing an effective role as a point of resistance. It, however, triggered a renewed selling momentum as it tried to rise in the early hours of Monday. 

The latest price rally that was staged on Sunday took the asset’s price beyond the triangle. But the market still requires confirmation of an upward exit. That needed confirmation sign should consolidate above the last high level at $19,600, and it has failed to do so thus far.

Ethereum, on the other hand, gained 1.5% to reach $1,330. Other altcoins among the market’s first 10 displayed mixed price reactions. From Solana which fell by 5.1% to Dogecoin which rose by 1.2%.

According to CoinMarketCap, the overall crypto market capitalization increased by 0.9% in the past week. The market’s value now sits at $933 billion. The fear and greed index of the crypto market dropped by 1 point last week to reach 23 and extreme fear remains intact.

There is prominent weak trading activity in the market. It only points to the wide suggestion that crypto has bottomed. This is according to experts at Bianco Research. 

The Deepest for a Long Time

The expert went further to state that stagnation could be seen as a positive state for the market. But the market is not likely to see another plunge that would go so deep again.

24,000 crypto ATMs from the Banco24Horas system will be brought into service in Brazil. They will be supporting Tether’s drive to improve crypto and USDT adoption in the Latin American country.

Tether partnered with SmartPay to operate those crypto ATMs so people can utilize USDT in business. It will also give many unbaked Brazilians access to financial services. Thereby driving financial inclusion.

DappRadar, an on-chain analytics firm, released a report on NFTs recently. It revealed that the trading volume of NFT items in various metaverses dropped sharply. According to the report, it dropped by as much as 80% Y-on-Y during Q3 of this year.

The Bitcoin Group has also announced its plan to acquire one of the oldest banks in Germany. The Group is bidding for Bankhaus von der Heydt.