Bitcoin update

BTC has been increasing since bouncing on April 26. The bounce began at a strong support level between $46,900-$47,725. The support is created by the 0.5 long-term Fib (orange) and 0.786 short-term Fib (black) retracement levels. 

However, BTC reached a high of $56,428 before decreasing.

While the MACD has given a bullish reversal signal, both the Stochastic Oscillator and the RSI are bearish. More specifically, the latter was just rejected by the 50-line and is now decreasing.

Until the price manages to reclaim the current resistance area near $56,000, we cannot consider the trend bullish.

Altcoin movers

The cryptocurrency top-10 by market cap remains unchanged since yesterday. The market is mostly green today following some general recovery in both ETH and BTC. The total cryptocurrency market cap is back to $2.08 trillion after falling to $1.7 trillion last week.

Fantom (FTM) is today’s biggest altcoin gainer by far. It’s up more than 44% in a move to $0.69. The pump has propelled FTM into the #71 spot after an 82% total gain in the past week.

Not many cryptocurrencies are in the red today. WAVES is the biggest loser of the day, although at the moment, it’s only down by just over 3%. This seems like just a normal correction considering that WAVES has added more than 32% in the past seven days.

In other crypto news

• The U.S. Securities and Exchange Commission (SEC) has deemed it necessary to take more time to make a decision on the approval of the VanEck Bitcoin ETF application.

• The Polygon blockchain protocol has announced a new decentralized finance (DeFi) fund with the aim of bringing the fledgling financial sector to a wider user base.

• Regulators in Europe have announced their investigation into Binance over its recent stock token launches.