There’s an interesting development in the cryptocurrency world where overconfidence appears to remain amongst Bitcoin bulls despite the urgent need for BTC to reclaim the key moving average of $27.8K. One player in this sphere, CryptoCon, recently stated that Bitcoin bulls were overly optimistic about the price support of $26,000.
According to the same source, the 20-week exponential moving average (EMA) at $27,750 must be regained as a support for Bitcoin’s positive momentum to sustain. Drawing upon historical trends, the current Bitcoin price dynamics is likened to its recovery from 2018. it was the regaining of this 20-week EMA that paved the way for Bitcoin to reach its all-time highs in 2021 at $69,000.
Simultaneously, however, there’s skepticism regarding Bitcoin’s relative strength index (RSI) readings which are currently at multi-year lows. It’s often assumed that this indicates Bitcoin is undersold at current prices, yet this doesn’t correlate with the general perception of weakness in the market, combined with a lack of robust supports.
Another pivotal development in the cryptocurrency world involves Binance, the prominent cryptocurrency exchange. It recently announced the modification of its zero-fee Bitcoin trading program starting from Sept. 7. This adjustment embarks on the removal of Bitcoin trading’s zero-fee initiative for TUSD, pointing to a decrease in the robustness of TUSD amidst various issues. However, it’s necessary to note that users will continue to experience zero maker and taker fees when trading Bitcoin within the FDUSD spot.
The modification of this zero-fee trading scheme could potentially incite another wave of selloffs in the market. It’s highlighting how Binance is shifting attention away from the widely traded TUSD to the comparatively unknown FDUSD stablecoin. These developments throw open a myriad of questions about the future of Bitcoin and the decisions of influential exchanges, adding more dimensions to an already exciting cryptosphere.
Source: Cointelegraph
