Bitcoin holds above $23,000 key support – Cryptocurrency News



Bitcoin and other major altcoins have bounced back from their 2022 lows and remain comfortably above their recent support regions on signs that geopolitical tensions are fading combined with expectations that the Fed could scale down its monetary tightening later in the year.  This recent rebound has boosted investor sentiment, pushing the crypto Fear and Greed Index from extreme negative to negative for the first time since late April. Therefore, the question that lies ahead is whether crypto markets have already bottomed.

Cryptos continue to track stock market performance

Even though Bitcoin lost almost 75% of its value since its peak at $69,000 last November, it has been recovering quite strongly over the past month as demand for risky assets has rebounded. In fact, Bitcoin gained almost 20% in July due to its high correlation with tech stocks, which have enjoyed some gains amid increasing bets that the Fed will slow down its rate hike cycle and a generally positive earnings season. Specifically, the tech-heavy Nasdaq jumped around 12% in July, notching its biggest monthly gains since April 2020.

This latest rally in equity space has spilled over to crypto markets, dragging most cryptocurrencies higher despite the plethora of bearish headlines regarding the broader crypto environment.

Systemic woes continue to undermine investor sentiment

On Tuesday, the US crypto firm Nomad announced that hackers had stolen $190 million worth of cryptocurrencies from the firm, which marks the latest in a series of heists in the digital asset sector this year. So far in 2022, over $1 billion has been stolen from crypto bridges, according to the London-based blockchain analytics firm Elliptic. Hence, it seems that this latest market crash continues with flaws and failures in several cryptocurrency projects and business models, delivering significant blows to the trustworthiness of the broader crypto space.

Regulatory developments

The US Senate introduced a new legislative package that would make the Commodity Futures Trading Commission (CFTC) the direct regulator of the biggest cryptocurrencies. This measure would give the derivatives regulator exclusive jurisdiction over bitcoin and ether as well as other crypto products that are classified as commodities.

This bill would require crypto firms to register with the CFTC and strictly comply with its rules, regarding fair pricing, market manipulation, conflicts of interest and maintenance of adequate financial reserves. Thus, it is clear that governments have been constantly increasing their legislative measures in recent months, setting a stricter regulatory framework to prevent any further turmoil and high-profile failures in crypto markets.

Have we reached the bottom?

Taking a technical look, BTCUSD has staged a considerable rebound after hitting its 2022 low of $17,588, while it is currently trading above its 50-day simple moving average (SMA). However, the road to recovery towards its all-time highs seems long.

Should bullish pressures intensify, the price could test its recent peak of $24,670 before the_$27,950 barrier appears on the radar.

On the flipside, bearish moves could initially stall at the recent support region of $22,700, a violation of which could turn the spotlight to $20,670.

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