Last night, just like yesterday, Bitcoin (BTC) failed to overcome the last major hurdle before the annual high. However, it remains very exciting as the Bitcoin price is currently not far from the crucial resistance level. In addition, there are some important issues on the agenda today that may cause some volatility. Everything is covered so that you can start the day well prepared!
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Bitcoin price in tension
The important value in question is around $37,500. This is a strong resistance level that has already stopped Bitcoin from reaching new highs several times this week. Yesterday evening, Bitcoin rose above this level several times and reached a high of around $37,800, but was unable to hold here.
Nevertheless, Bitcoin is still trading at least well above the support level of $37,000. If the price is indeed lower, $36,400 is the next level to keep an eye on.
#Bitcoin Everything is still going according to plan
Price and RSI are rising
Both need to make higher highs to prevent any possibility of a bearish divergence
I will continue to update this situation: pic.twitter.com/1XxPhiDd28
– Matthew Hyland (@MatthewHyland_) November 21, 2023
At the time of writing, the BTC price on the Bybit crypto exchange is $37,344. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 34,122.
Altcoin market: BNB rises after Binance news
If you look at the rest of the crypto market, you can see that the majority of major altcoins are turning red. Avalanche (AVAX) is down 7.50 percent compared to 24 hours ago, Solana (SOL) is down 5.98 percent, and Dogecoin (DOGE) is down 4.21 percent.
In contrast, Ethereum (ETH) and Cardano (ADA) are both recording slight gains. Ethereum rose by 0.61 percent and Cardano by 1.36 percent.
Today’s big winner is Build n’ Build (BNB), which is 4.99 percent higher than yesterday. The increase comes amid news that the U.S. Department of Justice would seek $4 billion from crypto exchange Binance to have several criminal charges dismissed.
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Bitcoin Today: Existing Home Sales and FOMC Minutes
Today we can expect two key data points: US existing home sales and the FOMC minutes.
First of all, at 4 p.m National Association of Realtors (NAR) publishes existing home sales. The expected value for the last month was 3.90 million, while last month it was 3.96 million.
We will also receive the minutes of the last meeting at 8:00 p.m Federal Free Market Committee (FOMC) meeting. The FOMC is a policymaking body within the Federal Reserve that is responsible for monetary policy decisions, particularly those related to interest rates. About three weeks ago it was decided to leave interest rates unchanged and today we can expect a detailed report from the meeting itself.
Crypto News: Crypto exchange Kraken sued
The American one Securities and Exchange Commission (SEC) has sued the American crypto exchange Kraken. The SEC accuses Kraken of operating illegally as an exchange without first registering with the regulator. In addition, Kraken is said to have mixed customer funds with its own capital.