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The month-long consolidation and declining volume suggest a volatile price move could occur as traders await confirmation of a decisive breakout.
The cryptocurrency saw big moves in December and April after the Bollinger bandwidth fell to 0.15.
Mining economics have improved significantly, according to one analyst.
China’s announcement preceded choppy price moves around $34,000, which left traders with little sense of direction.
"This probably has more to do with leveraged funds hedging their long positions in GBTC shares using the CME futures,” one trader said.
The boom in the play-to-earn economy comes amid falling yields in the bitcoin and DeFi markets.
Minor support is seen at $33,000, which is near the 100-day moving average on the four-hour chart.
Bitcoin fell from $35,100 to nearly $34,000 after the news started doing the rounds on Twitter.
Crypto analyst ‘PlanB’, said that BTC/USD is now the furthest away from his stock-to-flow model’s estimates in over two years.
Bitcoin-focused funds attracted $39 million, according to CoinShares.
Bitcoin is holding support with initial resistance at $36K.
The number of coins held on exchanges has fallen by more 25,000 in two weeks.
Miners who remain operational are likely to become even more profitable over the coming weeks.
The cryptocurrency is expected to hold support above $30,000.