Bitcoin price is trading in narrow ranges on Monday at a level of 4,011 USD. The cryptocurrency is defending its position above 4,000 USD, conquered on Saturday and bulls are preparing to attack the next resistance level of 4,100 USD. However, currently, the Bitcoin and other cryptos are in correction phase after the sharp increase on Saturday.
Ethereum is trading with a decrease of 1.2% to 138.93 USD, while XRP is down by 0.7% to 0.3159 USD. Litecoin is registering the largest decrease among the Top 10 cryptocurrencies, wiping out 3.3% to 59.44 USD.
The only digital coin trading with increase today is Bitcoin Cash, which rose by 4% to 159.66 USD.
Bitcoin price analysis
During the weekend, there was a good upward movement of Bitcoin price to over 4,000 USD.
The cryptocurrency even climbed to 4,020 USD and traded at 4,040 USD. The peak was formed at 4,041 USD, and later the price was adjusted to below 4020 USD.
The sellers pushed the price below 4,000 USD and 3,980 USD. There was a break below the 50% Fibo rate on last increase from 3,884 USD to 4,041 USD.
However, the 3,940 USD level was acting as strong support, and the price remained well above the 100-hour simple moving average. In addition, 61.8% Fibo rate on last increase from 3,884 USD to 4,041 USD has also been an important support for the cryptocurrency. Later the price went back above the 3,960 USD level.
There was also a breakthrough over the bearish trend line and the resistance of 3,970 USD. Bitcoin price jumped above 4,000 USD but failed to keep profits.
Currently, it moves lower to the 4,000 USD support level where buyers are likely to appear. If there are more losses, the price may find strong support close to the 3,940 USD and the 100-hour SMA.
The next key support is 3,900 USD, which was a decisive resistance earlier. On the upside, the initial resistance is about 4,100 USD. Successfully closing over the 4,100 USD barrier can pave the way for more profits above the 4,140 USD and 4,150 USD levels.
The key resistance remains 4,200 USD, above which a serious sell-out pressure will appear.
The UAE hosted a forum for crypto assets and fintech
The UAE Banks Federation (UBF) and Abu Dhabi Global Market (ADGM) hosted a joint forum for crypto assets and fintech. According to the report, the event was held in ADGM in cooperation with UBF and aimed to bring together industry specialists to discuss the challenges and opportunities faced by crypto and fintech industry.
At the beginning of the meeting, ADGM also shared its regulatory objectives and key features of its policy for crypto assets and monitoring tools.
Moreover, the general topics discussed at the forum are reported to have varied from ADGM’s crypto assets to a supervisory approach to how banks and financial regulators can jointly develop processes and procedures to mitigate the regulatory risks of crypto assets.
“Given the rapid emergence of a new fintech industry, such as cryptocurrencies and other crypto assets, it is important to develop frameworks and regulations that govern these technologies and developments”, said UBF chairman, Abdul Aziz al Ghurair. He also noted the desire to become one of the largest international funding centers and how to keep pace with technological change is necessary to achieve this goal.
UBF is a non-profit organization that represents 50 banks operating in the country. ADGM is an international financial center located in the capital of the UAE.
As reported in February, the UAE Finance Ministry announced plans to discuss the development of blockchain and digital assets in the country’s economy. In the same month, six commercial banks from Saudi Arabia and the UAE joined a digital currency project after the authorities of the two countries announced a co-operation agreement to create own cryptocurrency.