Key Takeaways
- The price momentum of Bitcoin (BTC) is strengthening, which should prevent any losses between the $53,000 and $55,000 support levels.
- Bitcoin's price has continued to fall below the USD 56,500 support level.
- With a USD 216 million deal, Crypto.com will expand its presence in the United States.
To reach the all-time high of over $69,000, buyers will need to make a strong move above the $60,000 resistance level.
BTC is now selling in a narrow range and has been relatively flat over the last week. The relative strength index (RSI) rises from last week's oversold levels on the daily chart, which usually signals a price comeback.
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Given the upward-sloping, 100-day moving average, support is intact. This points to a favourable intermediate-term trend, which might lead to more purchasing on pullbacks.
The North American Derivatives Exchange (Nadex), a US-based retail-focused, licensed online exchange and clearinghouse that sells derivative products on numerous markets, and the Small Exchange futures exchange have been acquired by Singapore-based crypto platform Crypto.com for USD 216 million.
The two takeovers are expected to be completed in the first half of 2022, subject to regulatory approval. Foris DAX Markets, a subsidiary of the Crypto.com group of firms, will carry out the buyout. Both companies will be part of the Crypto.com brand.
According to an announcement from the company, the two acquisitions will enable Crypto.com's US-based users to buy and sell various derivatives and futures products.
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"As a platform, our objective is to provide our consumers with a trustworthy, safe, and regulated platform with world-class tools to attain financial independence," stated Crypto.com co-founder and CEO Kris Marszalek. "This proposed purchase [...] would provide our consumers with a completely new set of financial instruments to supplement our present offering," says the company.
The US Commodity Futures Trading Commission (CFTC) regulates Nadex, which is part of the IG Group's North American subsidiary, which has a market valuation of around USD 4.3 billion.
Bitcoin and Ethereum reach Key Support, Others Consolidate.
The value of bitcoin is stabilising above the USD 55,500 support level. At the same time, Ethereum fell below USD 4,500 before regaining its losses, and XRP is approaching USD 1.0; SOL is trending upwards beyond USD 220.
Bitcoin's price has continued to fall below the USD 56,500 support level. BTC, on the other hand, remained above the USD 55,500 support level. It is progressively regaining ground and is presently (11:30 UTC) encountering opposition about 57,200. The primary stumbling block is still around USD 58,000.
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Furthermore, the majority of big cryptocurrencies are trading above important support levels. Although ETH fell below USD 4,500, it remained over USD 4,450. XRP is steadily rising, approaching the USD 1.00 barrier level. ADA rebounded over USD 1.55 after finding support at USD 1.52.
What do you think of these developments?
