{"id":16097,"date":"2021-08-04T05:47:35","date_gmt":"2021-08-04T05:47:35","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=16097"},"modified":"2021-08-04T05:47:36","modified_gmt":"2021-08-04T05:47:36","slug":"news-commentary-1427-bitcoin-regulatory-concerns-rise","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=16097","title":{"rendered":"News Commentary #1,427 \u2013 Bitcoin | Regulatory Concerns Rise?"},"content":{"rendered":"

As we can see, the recent notes were correct .. The problems of regulating cryptocurrencies and bitcoin, in particular, force investors \/ holders to stay on the sidelines at the moment<\/strong>, so the fewer buyers and more sellers we see , the deeper the price correction is possible.<\/p>\n

I firmly believe that all these are temporary things<\/strong> that can be removed from the general narrative in a second, and the price can launch a second wave UP<\/strong>, but when and how (with or without even deeper correction down) is the main question…<\/p>\n

\n

Bitcoin is declining as regulatory concerns rise.<\/strong><\/p>\n

Bitcoin extended its pullback on Tuesday as buyers continue to take profits from the $40,000 resistance level. The cryptocurrency was trading around $38,000 at press time and is down about 4% over the past week. Ongoing\u00a0regulatory concerns\u00a0in the U.S. and China have kept some bitcoin buyers on the sidelines, with lower support seen around $34,000 to $36,000.<\/p>\n

\u201cWe expect the pullback to mature in one to two weeks near the 50-day moving average around $34K, after which bitcoin is likely to clear $42.6K for a revised upside target near $51K,\u201d wrote Katie Stockton, managing director of\u00a0Fairlead Strategies, in a Monday newsletter.<\/p>\n

Bitcoin futures contango<\/h2>\n

\u201cLast week\u2019s short squeeze led a large contango to open in the futures market, but as bitcoin failed to break out from its range the contango has declined in recent days,\u201d wrote Arcane Research in a Tuesday newsletter.<\/p>\n

Contango is a term used to describe bullish arbitrage, which occurs when the\u00a0bitcoin futures\u00a0price is higher than the spot price. Since April, bitcoin\u2019s contango has narrowed as bullish sentiment waned.<\/p>\n

\u201cThe CME contango remains substantially below the unregulated exchanges, suggesting that the institutional investors remain more cautious than the crypto native traders,\u201d Arcane wrote.<\/p>\n

The growing contango could also suggest an accumulation of leveraged long positions, albeit slightly lower over the past week. \u201cBe wary of potential long squeezes if bitcoin fails to find support above $37,000,\u201d Arcane wrote.<\/p>\n

<\/a><\/p>\n

Exchange outflows<\/h2>\n

A significant amount of bitcoin has flowed out of exchanges over the past week, which could indicate investors\u2019 preference to hold rather than sell positions.<\/p>\n

\u201cThe exchange net position change metric maps out the monthly rate of coins flowing in (green) or out (red) of all exchanges,\u201d wrote Glassnode in a Monday newsletter. \u201cThis week we have seen an extremely large volume of coins flow out of exchanges, comparable to the peak outflows seen in November 2020.\u201d<\/p>\n

<\/a><\/p>\n

Chart shows bitcoin net position change across exchanges.
Source: Glassnode<\/small><\/p>\n

Stablecoins in the spotlight<\/h2>\n

The amount of the stablecoin gemini dollar (GUSD) on exchanges has seen a sharp decline recently, which may imply an ongoing rise in bitcoin\u2019s price, according to a\u00a0chart\u00a0by Mignolet on CryptoQuant. In 2018, when the downward trend of bitcoin price was reversed, GUSD saw a drop in its amount.\u00a0<\/p>\n

<\/a><\/p>\n

GUSD amount on exchanges vs. bitcoin price
Source: CryptoQuant<\/small><\/p>\n<\/blockquote>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As we can see, the recent notes were correct .. The problems of regulating cryptocurrencies and bitcoin, in particular, force investors \/ holders to stay on the sidelines at the moment, so the fewer buyers … News Commentary #1,427 \u2013 Bitcoin | Regulatory Concerns Rise?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":16101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[5529,5530,3544,4533,3656,5472],"class_list":["post-16097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin-bear-market-2","tag-bitcoin-bull-market","tag-bitcoin-news","tag-bitcoin-trend","tag-btc-news","tag-btc-price-prediction","exalt-entry"],"yoast_head":"\nNews Commentary #1,427 \u2013 Bitcoin | Regulatory Concerns Rise? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=16097\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,427 \u2013 Bitcoin | Regulatory Concerns Rise? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"As we can see, the recent notes were correct .. 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