The breakdown of FTX will cast a longer-standing impact on the market, as a series of unstable signs are detected.
Cristiano Ronaldo dropping his first NFT collection through Binance, and the auction is starting this week.
Nike unveils its .Swoosh Web3 marketplace where it will sell NFTs and digital assets featuring its brand.
Binance has stopped accepting FTX's FTT tokens on its platform after the latter's bankruptcy filing.
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and AUDUSD) for the day)
FxWirePro- BTCUSD Predictions
BTCUSD dropped by another 5% yesterday after upbeat US ISM services PMI. It came at 56.90 in Aug compared to a forecast of 55.40, the second consecutive monthly increase. Crypto markets were one of the worst performers in the past five months with BTC losing more than $30000 from a minor top of $48234. The pullback in US treasury yields puts pressure on Bitcoin at higher levels.BTC hits a low of $18540 at the time of writing and currently trading around $18764.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index dropped more than 12% from a minor top of 13727. Any close below 12000 confirms a bearish continuation.
US bond yields (Bullish)- Bearish for BTC. US 10-year yield gained more than 34% from a low of 2.51%.
Major support- $18500. Any break below will take to the next level at $17500/$15000/$12570 is possible.
Primary supply zone -$20600. The breach above confirms minor bullishness. A jump to the next level of $220000/$23020/$23530/$24500/$25400/$30000 is possible.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to sell on rallies around $21000 with SL around $22500 for TP of $15200.