Bitcoin’s prices have been in a lull, with the cryptocurrency’s range lingering between $32,000 and $35,000 for weeks now, CoinDesk reported.
Because of the prolonged consolidation, the relative strength index and other popular indicators can’t prove directional bias, according to CoinDesk.
There could be declines in the near future because of the chart analysis of long-term moving price averages, showing that the coin’s 100-day simple moving average (SMA) is looking to cross below the 200-day SMA for the first time since May 2020, CoinDesk reported.
The decision comes as the U.K.’s Financial Conduct Authority (FCA) recently said Binance wouldn’t be allowed to do any regulated activity in Britain, according to CoinDesk.
Binance has not had a good couple of weeks, with the crypto exchange coming under criticism for issues with its compliance standards, CoinDesk reported. Many other payment partners have taken similar actions to Clear Junction’s in recent weeks.
Meanwhile, Spike Lee, the renowned director and actor, is bringing his own perspective on bitcoin to a new commercial, according to Helena Bitcoin Mining.
Lee, who is usually known for making subversive cultural commentary films that challenge the status quo, is working on a Coin Cloud commercial where he decries “old money.”
“Old money is not going to pick us up; it pushes us down,” Lee said in the ad, according to The New York Times, per Helena Bitcoin Mining. “The digital rebellion is here.”
Lastly, cryptocurrency firms saw a $4 million net capital overflow for the week ending Friday (July 9), modifying the previous week’s net capital inflow of $63 million, CoinDesk reported.
This also saw bitcoin sinking to its lowest trading volume in months as it hit $1.58 billion, according to CoinDesk.
In recent weeks, North American funds working with bitcoin saw consistent inflows of capital. European companies, meanwhile, have seen more outflows, indicating a “geographic divergence in sentiment,” CoinDesk reported.