Bitcoin was able to hit $10,800 Tuesday before falling on U.S. Pres. Donald TrumpÃ¢ÂÂs stimulus tweet. Meanwhile, the DeFi ecosystemÃ¢ÂÂs 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.
- BitcoinÃ¢ÂÂs 24-hour range: $10,528-$10,800
- BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
BitcoinÃ¢ÂÂs 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 lawmakersÃ¢ÂÂ most recent economic stimulus proposal.ÃÂ
Ã¢ÂÂOne thing that is still hanging over this market is the stimulus,Ã¢ÂÂ said Andrew Tu, an executive at quant trading firm Efficient Frontier. Ã¢ÂÂIt 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.Ã¢ÂÂ
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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. Ã¢ÂÂBitcoin has been consolidating within its uptrend since discovering support near $10,000 a month ago,Ã¢ÂÂ 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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Ã¢ÂÂItÃ¢ÂÂs bullish to see that bitcoin trading infrastructure is so strong given that the former largestÃÂ bitcoin derivatives trading platform can lose 25% of [its] BTC open interest deposits overnight and the markets just shrug it off.Ã¢ÂÂ Koehler also noted that open interest in the bitcoin futures market overall is ticking up, hitting $3.8