Bitcoin, Ethereum, Dogecoin Continue Record Price Increases

Looking at the BTCUSD chart on the four-hour time frame, we see that this morning’s price made a new high at $ 55,500. After that, we have a shorter pullback to the current $ 54,800. Price is targeting a 78.6% Fibonacci level at $ 57,200 for the next new high, but we need continued positive consolidation above $ 55,000. At $ 53,000, we have support at a 20-4hour moving average, and if we see further withdrawal, it is our first support. Next below, our support is at 61.8% Fibonacci levels at $ 51,175. Our daily moving average is at $ 49,000, while our 200-4hour moving average is at $ 47,000. What we can notice is that resistance and support,  prices range every $ 2,000, starting at $ 47,000, $ 49,000, $ 51,000, $ 53,000, $ 55,000, $ 57,000, $ 59,000, respectively.

Ethereum chart analysis

Looking at the ETHUSD chart on the four-hour time frame, we see that the price is progressing towards a new high at 78.6% Fibonacci level at $ 3730. Yesterday’s positive consolidation is slowly intensifying the bullish trend, and if this trend continues soon, we can see the price in the area of $ 3900-3950 again. For the bearish trend, we need a price withdrawal first below the 20-4hour moving average and below 61.8% Fibonacci levels to $ 3,500. Further price withdrawals require further support at a 50.0% Fibonacci level and a 50-4hours moving average at $ 3340.

Dogecoin chart analysis

Looking at the Dogecoin chart on the four-hour time frame, we see that the price has found support in the 200-4hour moving average. After declining from 0.24000, the price has risen to 0.25000. We now expect the price to continue towards the previous high at 0.27000, and a break above us can lead to the next resistance zone at 0.29000. For the bearish scenario, we need a withdrawal below 0.23000, and in that zone, 200-4hours and 50-4hours moving average intersect, which can then move to the bearish side and increase the pressure on the price, directing it towards 0.21000 and then towards 0.20000.

Market overview

The Sri Lankan government has approved the formation of a panel to study regulations and rules applicable to the blockchain, digital banking, and cryptocurrency mining in other countries. It will also investigate the risk of criminal activity. The five-member committee will study the regulatory frameworks of cryptocurrencies in countries such as Malaysia, Dubai, and Singapore.
The Information Department of the Government of Sri Lanka issued a press release on Thursday. It stated that the decision was an attempt to attract foreign investment in technology. Sri Lanka is trying to modernize its economy in the context of serious turmoil.
Until now, the crypto industry has not been subject to any regulations in Sri Lanka. Stakeholders can hardly buy cryptocurrencies because currency exchange laws prohibit the payment of virtual assets by credit cards.
Even the Central Bank of Sri Lanka did not miss the huge interest in cryptocurrencies. Earlier this year, they issued a warning about the risks associated with investing in digital currency, and this is the second warning in three years.
Insight supplier on the Glassnode chain said: Entities’ Bitcoin profits rose to 94.3%. Over 16.2% of all entities in the chain have returned to profit since September. The last time so many network entities made a profit before the sale was in May. Bitcoin has regained momentum as it recently managed to break the psychological price of $ 50,000. The most important cryptocurrency rose 21.79% in the last seven days to $ 54,479 during intraday trading, according to CoinMarketCap.

Interest Rates

Open interest rates usually rise with rising prices, thus showing that the two are strongly related. More and more participants continue to join BTC as a new number of addresses has recently appeared on this network, reaching a 4-month high of 17,818,619.
The dominance of Bitcoin in the crypto space was on an upward trajectory. It enabled the market capitalization to exceed the limit of 1 trillion dollars, which is a turning point that was first seen in February.