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19 September 2021
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Bitcoin

Bitcoin continues to act above important support

This morning most cryptocurrencies showed dark red figures, with here and there corrections of up to 4%. Those losses have been made good for the last few hours. The possible strong price movement of bitcoin (BTC) has also not been used to date.

Bitcoin (BTC) is worth $ 5,230 at the time of writing with a decrease of 1.55%. BTC thus continues to act convincingly above the support of $ 5,200 and $ 5,150. It is possible that bitcoin will slowly start looking up the resistance again at around $ 5,350. Matti Greenspan of eToro emphasized once again in a response to CoinTelegraph that we are still in a bull market at the moment:

We are now testing a new resistance exactly at $ 5,350 […] And note that we are trading above the 200-day moving average. This was always an indicator that we kept a close eye on as a kind of sign of whether we are in a bull or bear market.

TRON (TRX) is one of the few cryptocurrencies that did well the last day. It managed to increase considerably in value, although it now seems to be correcting slightly downwards. TRON is worth $ 0.3003 at the time of writing after a slight fall of 0.4% in the last 24 hours.

The relatively good performance of TRON may be the result of the news that TRON may enter into a partnership with Ethereum in the future.

In addition to this possible good news, the interest of institutional investors in the crypto market is also increasing. According to the crypto news platform Diar, the share of institutional crypto trading volume in the total trading volume of American cryptocurrency exchanges has increased every month in the last four months. The increasing interest in bitcoin futures from the two Chicago CME and CBOE exchanges, and the Grayscale crypto investment fund may indicate an inflow of new institutional money, which could trigger a new price rally.

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