Bitcoin Indicator in Critical Level Called the Edge of Glory
The rejection of Bitcoin (BTC) at $7,300 sparked its first sideways trading. And this has extended through today. Also, the cryptocurrency firmly stood in the upper-$6,000 region. At the same time, its bulls and bears both hit a firm impasse.
For the near-term, analysts are indicating that the crypto might be on the ‘edge of glory’ if it can surpass one key technical level. However, firm resistance might make the attempt of the bull to surge it futile.
Then, the new EMA bear cross on the cryptocurrency’s weekly chart could bolster some sellers. This is a formation that might force the crypto significantly lower. It could also stifle all bullish undercurrents that they have established.
In addition to that, Bitcoin is trading just below $1 at its current price of $6,730. And this is approximately the price at which it has been trading for the past few days.
The narrow trading range it recently caught within seems to exist between $6,700 and $6,900. And BTC is seeking some support at the lower boundary and massive resistance at the upper boundary.
Now, if bulls further struggle to exceed the resistance around $7,000, another rejection here might end up with some significant technical damage to its short and mid-term market structure. Also, this would record the third time being rejected here during the past seven days.
But a famous analyst highlighted that Bitcoin might be ‘on the edge of glory.’ And this is because of the crypto’s RSI attempting to flip into bullish range, something that could happen anytime.
He stated, “BTC – Daily RSI really wants to flip to a bullish range above (50) …right on the edge of glory or not.”
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Recent Formed EMA
Aside from that, the main bearish factor recently counts against Bitcoin; besides its rising resistance around 47,000, it has formed a weekly EMA bear cross.
The analyst mentioned above also talked about this, pointing out that it might hold strong and suppress BTC for quite some time. After that, it could eventually ignite a long-lasting uptrend once it flips in favor of the bulls.
He noted, “BTC – I still expect this current bear cross to hold for some time, but when it flips back to a bull cross I expect that to hold for a very long time…#bitcoin weekly chart. EMA 12/26.”
Revised Crypto Laws in Japan
Next month, Japan will begin to enforce new laws for regulating cryptocurrencies in the country.
The Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA) will come into effect starting this April. But due to unexpected delays, no enforcement date had officially scheduled until last week.
In an official government newsletter on April 3, they announced the revised version of the PSA and FIEA, enforcing in Japan on May 1.
As of the moment, there are no official laws to regulate crypto in the country. And amending existing regulations is the only way for digital assets to have any legal status in the Asian nation. With this, changes to the PSA range from changing basic terminology – ‘crypto-asset’ instead of ‘virtual currency’ – to narrowing restrictions on crypto custodians.
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