Bitcoin was able to hit $10,800 Tuesday before falling on U.S. Pres. Donald TrumpâÂÂs stimulus tweet. Meanwhile, the DeFi ecosystemâÂÂs most popular wallet hit 1 million users.
- Bitcoin (BTC) trading around $10,555 as of 20:00 UTC (4 p.m. ET). Slipping 1.6% over the previous 24 hours.
- BitcoinâÂÂs 24-hour range: $10,528-$10,800
- BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
BitcoinâÂÂs price was able to climb to $10,800 on spot exchanges such as Coinbase Tuesday before falling to as low as $10,528 immediately after President Trump tweeted his rejection of opposition lawmakersâ most recent economic stimulus proposal.ÃÂ
âÂÂOne thing that is still hanging over this market is the stimulus,â said Andrew Tu, an executive at quant trading firm Efficient Frontier. âÂÂIt may take until after the elections for them to reach an agreement, which would be really bad for a lot of Americans relying on government aid.âÂÂ
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Katie Stockton, an analyst at Fairlead Strategies, says bitcoin has been above the key $10,000 price point for some time, which she considers bullish. âÂÂBitcoin has been consolidating within its uptrend since discovering support near $10,000 a month ago,â Stockton said. The last time bitcoin traded below $10,000 was on Sept. 9.
Daniel Koehler, liquidity manager at cryptocurrency exchange OKCoin, says the aftermath of the BitMEX news still has him optimistic.ÃÂ
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âÂÂItâÂÂs bullish to see that bitcoin trading infrastructure is so strong given that the former largestàbitcoin derivatives trading platform can lose 25% of [its] BTC open interest deposits overnight and the markets just shrug it off.â Koehler also noted that open interest in the bitcoin futures market overall is ticking up, hitting $3.8