First Mover: Bitcoin Outflow From Exchanges Suggests Confidence Crypto Rout Is Over

PLUS: Bitcoin Consolidates Around Short-Term Support; Faces Resistance Near $42K
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Technician's Take

by Damanick Dantes

Bitcoin Consolidates Around Short-Term Support; Faces Resistance Near $42K

Bitcoin (BTC) has traded sideways over the past week as the correction phase stabilizes.  The cryptocurrency held short-term support at $36,000 and was trading around $39,000 at the time of writing. Resistance is seen at the upper bound of the week-long range around $42,000.

Hourly bitcoin chart shows short-term support and resistance levels (Source: TradingView)

  • Bitcoin is holding above the 100-period moving average on the hourly chart which suggests the short-term trend is improving.

  • Immediate resistance is seen at $40,000 where buyers failed to sustain upside over the past few days. $42,000 is the next level of resistance which is around the 200-day moving average.

  • Bitcoin is down about 3% over the past seven days as the price recovery from $30,000 stalls.

  • Volatility has drifted lower since March 23, which is typical during price consolidation. Considering the sharp correction this month, lower volatility could encourage buyers to return at support levels.  

 

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BOLO

Be on the look out for some of these upcoming events at Consensus 2021. More events can be found here.

  • 12:00 UTC (8:00 a.m. ET)

    A Conversation with FinCEN Acting Director Michael Mosier

    The fact that a crypto veteran now heads up FinCEN - the US agency tasked with fighting financial crime - is as good an indicator as any that the industry is rapidly maturing. Mosier, a former Chainalysis executive, joins Jill Carlson in his first public appearance before the crypto industry since taking over the agency in April.

     

  • 12:55 UTC (8:55 a.m. ET)

    A View from the Inside: Crypto's Future Under the Biden Administration

    Carole House, Director of Cybersecurity and Secure Digital Innovation at the National Security Council, and Amanda Wick, Chief of Legal Affairs at Chainalysis and former DOJ prosecutor, will discuss cutting-edge legal issues in crypto including the role of the new U.S. Presidential administration and new global regulations that are affecting policy around the world. Their discussion will explore legislative and policy debates around hot topics such as the Travel Rule, stablecoins, unhosted wallets, and other critical issues.

     

  • 23:00 UTC (7:00 p.m. ET)

    Unleashed: What the Binance Mafia Means for Crypto

    Tech is well-acquainted with the "mafia" concept - whereby nouveau riche early stakeholders of PayPal, for example, go on to seed other projects and ideas. However, crypto platforms like Binance are not just making their employees and investors rich, but rather creating new networks of opportunity for customers to create wealth for themselves. Binance CEO CZ joins to discuss the emergence of this new "Binance Mafia" and what it means for venture investing.

  • 00:00 UTC (8:00 p.m. ET)

    1:1 with Tom Brady & Sam Bankman-Fried

    Tom Brady, the greatest quarterback of all time and seven-time Super Bowl champion, talks crypto with FTX's Sam Bankman-Fried. Cancel your dinner reservations to watch this as this will likely be something you will tell your grandchildren about. 

https://events.bizzabo.com/unlocked101/home

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This Week at #Consensus2021

 

From Brian Brooks' bold reforms within the Office of the Comptroller of the Currency to Revolut and CashApp becoming crypto onramps for the masses, the last 12 months have witnessed remarkable advances in the crypto industry's bankability.

 

This week at Consensus by CoinDesk, our virtual big-tent conference, we examine how crypto has gone from persona-non grata to the shiny new thing.

 

Join our Explorations track "Crypto Neo-Banking
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In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

 

Tom Brady's Consensus Surprise; Brian Brooks, Filecoin, DNA NFTs

Brian Brooks, the former Acting Comptroller of the Currency and now CEO of Binance U.S., joins "First Mover" to discuss regulator comments and concerns, his reaction to market moves, and Binance U.S. plans. Also, Tom Brady will join the Consensus by CoinDesk conference underway this week. "First Mover" will have that back story. Plus, Anne Fauvre-Willis of Oasis Labs and Kamal Obbad of Nebula Genomics say they're turning its DNA into NFTs.

 

Economist and Diem Co-Creator Catalini on The Future of Money; Crypto in Space

As Consensus by CoinDesk 2021 continues with another day full of educational sessions, "First Mover" does its own deep dive into the future of money Wednesday, bringing the topic down to earth and discussing crypto's voyage to space. Joining our discussions today: Diem Co-Creator and Diem Foundation's chief economist Christian Catalini and CEO of SpaceChain Zee Zheng. Plus, markets analysis with Satstreet's Michael Nasser and highlights from yesterday's Consensus keynotes, including MicroStrategy's Michael Saylor and the Federal Reserve's Dr. Lael Brainard.

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. 

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