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Today’s Headline

A financial technology report released by KPMG indicates that the total investment into global blockchain and cryptocurrency projects was estimated at 8.7 billion dollars in the first half of 2021, more than double the $4.3 billion for the entire year of 2020. According to the report, a large amount of institutional funds flowed into the cryptocurrency space while investors’ awareness of NFTs continue to increase. Additionally, global regulation has become somewhat stringent, with China actively promoting the central bank digital currency(CBDC).

Bingbon Chart

Source: TradingView & Bingbon

After climbing to its highest in early August, Bitcoin fell back to almost $45,200. BTC will experience $48,000 continuing to act as a level of resistance until the price can close above it. After breaking out of the $30,000-$40,000 trading range, BTC rapidly accelerated to the next area of resistance between $49,000-$50,000 which is yet to be crossed. The old resistance area around $45,000 should now act as solid support. If any decline puts BTC into a new place at a level lower than $42,000, that will be a sign of bear strength. As gains are digested and short-term overbought conditions are relieved, upside exhaustion could lead to a brief period of consolidation for about two days.