Bitcoin price drops 2% Is it time to buy BTC coins?

• Turkish President Recep Tayyip Erdogan has reportedly said the country’s cryptocurrency law is “complete.”
• Bitcoin has had a tough few weeks, dropping as much as 33% since reaching an all-time high of around US $ 69,000 (AU $ 95,000) on November 10.
• The Bitcoin price prediction remains bullish above the trading level of $ 49,677.

Sunday, BTC / USD is trading slightly lower to the $ 49,987 level. Closing candles above resistance becomes the support level, supporting an uptrend in BTC / USD. Previously, Bitcoin surged above $ 51,000, its highest level in more than two weeks, spurred by a general rise in optimism in financial markets.

The largest cryptocurrency has lost around 3% in the past two days, plunging from $ 51,948 to $ 49,677. Ether, the second largest coin, was trading around $ 4,100. Bitcoin investors had a wonderful Christmas surprise this morning as blockchain hit a two-week high.

A quick look at the prices of Bitcoin and major altcoins

Bitcoin has had a few tough weeks, dropping as much as 33% since reaching an all-time high of around US $ 69,000 (A $ 95,000) on November 10.Since then, the coin has traded in a range of $ 45,000 to $ 50,000, losing over $ 23,000 in value. However, the coin appears to pick up in the last week of the year, increasing 4% in the last two days alone. It increased by an incredible 8% last week.

And, as the market leader, Bitcoin brings other cryptocurrencies with it. Coinmarketcap’s top ten digital assets primarily trade in the green. Ether, the native cryptocurrency of the Ethereum blockchain and the second largest in total, has grown by around 1% in the last 24 hours and 3% in the last seven days. At the same time, Cardano was up 4% on the day and 16% on the week, while Ripple XRP was not far behind, with a daily gain of 1.3% and a weekly gain of 11. 4%.

Following the announcement of the Bitcoin price increase, Bloomberg cited a technical study that showed that if the coin’s value rose much more, big gains could be on the horizon. According to the study, the $ 53,000 to $ 55,000 level is critical for bitcoin as it tests the strength of the token and could trigger another push.

With growing interest in blockchain and crypto as a whole, this could be a good opportunity to buy Bitcoin and move up with the market.

Turkish President Erdogan Says Cryptocurrency Law Ready

Turkish President Recep Tayyip Erdogan has reportedly said the country’s cryptocurrency law is “comprehensive” and will be submitted to parliament “without delay”. Meanwhile, Binance Turkey has reportedly been punished by Turkey’s Financial Crimes Investigation Council (MASAK) and reportedly punished for breaches uncovered during routine inspections that govern cryptocurrency exchanges.

According to ABC Gazetesi, Turkish President Recep Tayyip Erdogan said at a press conference on Friday that the country’s cryptocurrency law was complete. During a presentation on crypto legislation: The legislation is complete and we will submit it to the legislator as soon as possible. “

Following Erdogan’s announcement, the Turkish Financial Crimes Investigation Bureau (MASAK) penalized Binance’s Turkish Stock Exchange (BN Teknoloji) by 8 million lire ($ 751,314) for breaches uncovered during routine inspections, according to state-run Anadolu news agency on Saturday. Without going into details, Anadolu said: ”

The sanction against BN Teknoloji was the first since authorities took over oversight of crypto-asset service providers in May. “

Binance Turkey then issued a statement highlighting its “open” communication and cooperation with regulatory and supervisory agencies. According to the exchange, he “actively follows the evolution of policies, rules and legislation in this new industry.” Binance Turkey also said it seeks to “build a sustainable, healthy and secure environment. “

President Erdogan said in September that Turkey is “at war” with Bitcoin, and Binali Yldrm, vice chairman of the Justice and Development Party (AK Party), said: “Unfortunately, cryptocurrency is opening the door. door to disputes. Therefore, it requires strict management. “Two cryptocurrency exchanges, Thodex and Vebitcoin, were questioned for fraud, and Turkey announced some rules for crypto trading platforms in the official gazette in May. Additionally, Turkey’s central bank has banned the use of cryptocurrencies for payment.

Bitcoin Technical Outlook The bullish channel supports BTC / USD at 49,650

The Bitcoin price prediction remains bullish above the trading level of $ 49,677. BTC / USD coin tested the support level of $ 49,677, which is extended by an uptrend line.

Within the 4 hour time frame, the 50 Day Exponential Moving Average (EMA) supports an uptrend at $ 49,677 level. The closing of the candles above the 50 EMA line signals the chances of a Bitcoin bullish trend. BTC / USD’s immediate resistance remains at the $ 51,900 level on the bullish side. Continuing an uptrend could drive BTC / USD towards the 53,900 level.

On the other hand, a bearish cross below 50 EMA lines can trigger a downtrend to 48,090 or 45,700 support levels. The RSI and the Stoch RSI remain in a buy zone. Therefore, the idea is to look for a buy trade above the 49,670 level and vice versa. All my wishes.

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