Bitcoin misses important level at weekend start
After the brilliant bull run of the previous days, the bulls fail on Friday due to the 13000 USD barrier. Nevertheless, a weekly gain of just under 13% is on the books and the Bitcoin Dominance Index remains above the 60% mark today. At the same time, the market leader is benefiting from a consolidating S&P 500. We take a look at the current situation in the crypto space.
Bitcoin fails at 13000 USD
At the time of writing, Bitcoin is quoted at 12826 USD, which is a daily minus of 1.81%. This means that the bulls can hold the trend line at 12800 USD, but it is not enough to break through the 13000 USD wall for the time being. After reaching a new annual high (13184 USD), the price corrects downwards on Friday. Should the bulls attack the resistance at 13000 USD again in the coming hours, the subsequent resistances will be at 13200 USD and around 13410 USD. At the moment the trading volume is around 31 billion USD. Accordingly, investors remain on hold.
PayPal with next crypto move?
The news around the crypto move of PayPal dominate the headlines in the block chain world this week. After the company announced the migration of Bitcoin, Ethereum, Litecoin and Bitcoin Cash on Wednesday, the payment service provider now apparently plans the next step. According to reports from Bloomberg, PayPal is apparently flirting with the takeover of various crypto companies such as BitGo Inc.
S&P 500 consolidates on Friday
After the PayPal Rallye of the Bitcoins many investors ask themselves, how the No.1-Kryptowährung reacts in the future to the traditional markets. For months investors could observe a high correlation to the large stock indices. However the bull run could give the starting signal for an encapsulation. On Friday, the S&P 500 consolidates at 3460 points (0.28%). Due to the directionless behavior, conclusions on the behavior of the No.1 crypto currency are currently difficult to draw.
What is Ethereum doing?
The best-known Altcoin can hold above the 400 USD mark on Friday. Currently, the smart contract coin stands at 407 USD after a daily minus of 2.16 %. From a bullish perspective, the next resistances are at 421 USD and 434 USD. On the downside, the trend line at $400 is the next support.