Traders are getting used to bitcoin (BTC) buying that is concentrated during European hours, with North America lagging behind and Asia inviting more sellers. Yesterday’s Asia trading session was no exception.
“Overnight, the Bank of Japan announced [it] would reduce asset purchases in a move that signaled marginal tightening of policy. By the time European markets opened, [those investors] digested this news and immediately went into defensive move … [which also] put a damper on the strong price action in BTC,” wrote Chad Steinglass, head of trading at CrossTower, a digital asset trading firm.
The recent bounce above $58K is consistent with rising price floors in BTC as the long-term trend remains intact. “Every time we break into a new range, old resistance becomes support – consistently over the last several months,” said Steinglass.