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BTC and the wider crypto market went through a relief open during Asia hours. This is happening on the back of El Salvadore passing the bill that makes BTC legal tender in Central American country. At the moment, technical indicators are giving mixed signals with a bullish divergence forming on the daily while BTC defends its H&S neckline. On the other hand, ETH supply in smart contracts makes new highs.
Bitcoin Defending H&S Neckline Support
- Yesterday, BTC attempted a test of its 2021 yearly open support level at $29,400. This level is crucial to defend if the longer-term bull market structure is to continue. This is accompanied by dip-buying and exchange withdrawals as mentioned in our previous daily.
- It’s also worth noting that this level is approximately Tesla’s average buy price for BTC. This is a very important psychological level for Bitcoin.