Daily Report 13.10.2023
Welcome to our first daily report.
Bitcoin price is currently at $26.803,40 (+0,30%). On the daily perspective, it seems Bitcoin is likely oversold, according to the RSI indicator. In my opinion this downturn was softer than the previous one, when bitcoin lost more than 15% in just 3 days, from 30k to 25k. After 6 days in downtrend Bitcoin moved from 28k to 26.7k on average and it is holding this range quite well. To me, it indicates quite a lot of resilience over the last couple of weeks. On a broader perspective it is still uncertain if Bitcoin will retest the most recent base before it assumes an effective uptrend.
On Binance, altcoins performing quite well compared to Bitcoin, some of them are posting gains of more than 2% at the moment of writing, such as ICP, REEF, PYR, FTM SOL and JASMY.
XRP is -0,10% priced at $0,47.
As far as I see the most relevant news today is about US SEC deadline up to midnight to appeal on Grayscale's victory on Spot Bitcoin ETF, no doubt it is a quite important decision that paves the way to similar ETF funds applications. It looks like the market is definitely waiting for an outcome regarding this case.
The approval of Bitcoin Spot ETF funds is considered very positive for the market.
https://insidebitcoins.com/news/coinbase-says-new-us-tax-proposals-threaten-crypto-industry