#BTC bearish or bullish? Currently, on the daily chart it holds the MA50 and MA100. If two daily candles close above MA50 and MA100, we can be bullish on it.
If #BTC loses the $66000 level, we will go down. It can be around the daily MA200
You can also read this news on BH NEWS: FOMC Meeting Sparks Market Moves
The impending FOMC meeting and the US interest rate decision are generating significant activity in the market. Bitcoin recently dipped below $67,000, reaching $66,120 before bouncing back to $67,300. The price volatility of Bitcoin continues to be a focal point, but some altcoins, such as XRP, Floki, and AVAX, are also attracting investor attention. Let’s delve into the details of these cryptocurrencies.
We didn’t arrive at a point where the world’s largest bank appreciates Bitcoin overnight. The struggles of giants like BlackRock and Fidelity for a BTC ETF and many other events paved the way for today. Let’s return to our topic. The bank particularly focuses on the rapid growth of a more digital economy while comparing Bitcoin to gold.
The institution made very logical comparisons by defining Bitcoin as gold and Ethereum as oil. As the fuel of the Web3 world, Ethereum, which will provide the blockchain-based infrastructure, already hosts most popular protocols today. More importantly, many rival networks are now striving to become EVM compatible. Most of its competitors are already just layer2 solutions connected to their main network.
VanEck’s head of digital asset research, Matthew Sigel, describes the letter written by the world’s largest bank as a love letter for BTC and ETH. He wrote exactly this and expressed his bank’s admiration for the two major crypto giants in this way.