Bitcoin has slipped in price at the start of the week, having taken three days to recover from a mini flash crash last Thursday.
Bitcoin is trading at just above $33,000 on Tuesday, with many leading cryptocurrencies also seeing a similar price slide. Binance Coin, Ethereum (ether), Ripple (XRP), and dogecoin all fell by between 3-6 percent overnight.
Rumors online claim that Apple is close to announcing a major investment in bitcoin, though there is currently nothing to substantiate these.
The latest movements have failed to jolt bitcoin out of its recent stasis, with the world’s leading cryptocurrency moving by less than 1 percent week-on-week. It has failed to break above $36,000 or below $32,000 since late June, though some analysts are hopeful a big move is on its way.
According to one indicator, bitcoin is on the verge of flashing a major buying signal, similar to the one seen in October 2020.
Bank of England reports ‘growing interest in crypto from institutional investors
The Bank of England has highlighted the growing trend of increased institutional investment in bitcoin and other cryptocurrencies, suggesting that there could be some more big moves into space in 2021.
The Financial Stability Report, published today, noted how the price of bitcoin rose six-fold in the 12 months leading up to April 2021, prompting institutional investors to take note.
“Market intelligence suggests cryptoassets are largely held by retail investors, with institutional investors having limited exposure at present,” the report states.
“However, there are some signs of growing interest in cryptoassets and related services from institutional investors, banks, and key payment system operators. These developments could increase the interlinkages between cryptoassets and other systemic financial markets and institutions.”
Bitcoin price analyst predicts bullish breakout
A new research note from an analyst who predicted the recent bitcoin price crash has offered an optimistic take on the market’s current direction.
Katie Stockton, founder of independent research provider Fairlead Strategies, wrote that bitcoin looks more likely to break above than break below the narrow $32k-$36k band it has been trading within in recent weeks.
“The consolidation phase itself is neutral, but we think a breakout is more likely than a breakdown,” she wrote. “Intermediate-term momentum has been improving based on the MACD (Moving Average Convergence Divergence) histogram.”
lon Musk says his baby is a dogecoin ‘toddler hoddler’
Elon Musk has once again been tweeting about dogecoin.
The Tesla CEO joked that the electric cars could mine dogecoin any time it spotted a Shiba Inu dog with its in-built cameras.
“Maybe if [Tesla Vision] sees a Shiba Inu, the car renders a dogecoin,” he wrote.
Musk also described his baby X Æ A-Xii, nicknamed ‘x’, as a “toddler hoddler”, having revealed earlier this year that he bought dogecoin for him.