After a week of sideways trading, Bitcoin has surfaced above its $56,000 to $58,000 consolidation region following a bounce from the accumulation zone (see chart below).
Bitcoin remains below its 50D moving average (MA), which has transformed into a resistance. The next major support remains within the $53,000 to $55,000 region.
According to data from glassnode, Bitcoin must remain above $53,000 to avoid falling below the average realized price of short-term holders, holders with a token-lifespan of less than 155-days.
El Salvador, the first nation to adopt Bitcoin as a legal currency, seeks to issue a $1B Bitcoin bond to fund Bitcoin City. See the ‘Top News’ section for a full breakdown of the bond.
PayPal has enabled crypto payments in checkout processes at millions of PayPal merchants for its US customers.