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Bitcoin slips below $19k once again, but can it recover its $20k resistance level soon?
Bitcoin recovered its $20k resistance level yesterday but couldn’t maintain it as the broader market embarked on a bearish run.
Bitcoin, the world’s leading cryptocurrency, has been underperforming over the last few hours. It has lost more than 7% of its value in the last 24 hours despite starting the week positively.
The poor performance coincides with that of the broader cryptocurrency market. The total crypto market it currently stands below $920 billion, down by more than 5% in the last 24 hours.
Bitcoin reached the $20k mark earlier this week after performing well. However, the bears regained control of the market, and BTC is now trading at around $18,700 per coin.
Ether, the second-largest cryptocurrency by market cap, briefly surged past the $1,300 resistance mark earlier this week. However, it is now down by more than 7% in the last 24 hours and is trading around $1,280 per coin.
Key levels to watch
The BTC/USD 4-hour chart is turning bearish as Bitcoin is relinquishing some of the gains it accumulated earlier this year. The technical indicators show that Bitcoin is currently underperforming against the broader market.
The MACD line remains above the neutral zone but could soon fall into the negative region if the bearish trend continues.
Furthermore, the 14-day relative strength index of 41 shows that Bitcoin could enter the oversold region if the bears remain in charge.
At press time, BTC is trading at $18,717 per coin. If the bearish trend continues, Bitcoin could dip below the first major support level at $18,298 over the next few hours.
Bitcoin has managed to stay above $18k in recent weeks, and the bulls could defend their position above that price in the near term.
The bulls could also regain control of the market before the end of the week and push Bitcoin towards the $20k psychological level once again.
However, unless there is an extended bullish run, Bitcoin should steer clear of the $20,819 resistance level over the next few days.
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Gemini partners Betterment to offer curated crypto portfolios
- Gemini partnership with Betterment will allow the company to provide crypto custody services to the digital investment advisor.
- Betterment has over 730,000 customers across its business who could gain exposure to the crypto asset class.
- Institutional interest in crypto remains despite crypto winter.
Gemini, one of the leading crypto exchange and custody providers in the industry, has struck a partnership with digital investment advisor Betterment in a deal that is set to bring diversified crypto investment portfolios to investors.
A press release by Gemini on Tuesday stated that the new offering will be available to Betterment’s retail investors as well as Betterment for Advisors customers.
The partnership means Betterment’s upcoming crypto product will offer customers an investment opportunity in crypto portfolios designed around digital assets on Gemini. The exchange, on the other hand, will act as a crypto custodian for Betterment, opening crypto adoption to more thousands of investors across the financial advisor’s market.
Notably, the partnership is likely to open up the crypto investing space for over 730,000 of Betterment’s customers. As noted in Gemini’s blog announcement, these customers now have a chance to diversify their long term investments via exposure to the increasingly popular crypto asset class.
Betterment will begin to offer expert-built digital assets portfolios next month, which its customers will be able to access via their accounts.
Additionally, partners of Betterment for Advisors will have an opportunity to leverage the crypto product to provide exposure to crypto to their own clients.
Institutional investors continue to warm up to crypto
Gemini’s partnership with Betterment comes amid increased interest from leading Wall Street companies in offering crypto products to their clients.
In April this year, Fidelity Investments announced its clients in the US would add Bitcoin to their 401(k) accounts. A few months later, (in August) BlackRock partnered Coinbase to offer crypto trading to its customers.
Fidelity, Charles Schwab and Citadel Securities also recently joined up with other top Wall Street firms to launch a crypto exchange dubbed EDX Markets.
These developments have continued despite the crypto winter, highlighting the growing interest in the crypto asset class.
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