Bitcoin and Ethereum remained steady, unable to gain back some of the losses incurred late last week, with the EU set to follow the US and vote on its own regulatory framework for crypto assets today.
Bitcoin was down 0.42%, changing hands at US$38,978, unable to recover over the weekend after dipping below the key support level of US$40,000 last Friday.
Ethereum was down 0.08% to US$2,584, with cryptos seemingly settled over the past two days with the equity markets closed.
The EU is set to vote on a proposed rule today, which could effectively amount to ban of Bitcoin.
The vote would look to limit the amount of proof-of-work mining that takes place, a key component in mining Bitcoin tokens.
A final decision is reportedly in the balance, and the outcome either way could see huge swings in the market, so it’s one to keep an eye out for later.
According to Naeem Aslam, a market analyst at AvaTrade, there is unclarity among traders about what cryptos’ leading token is worth.
“The tug war between the bulls and the bears has confused traders, but one thing is clear: in this tug war, it was bears who have been winning the battles,” Aslam added.
“But this doesn’t mean they have won the war, as history is clearly on the side of the BTC bulls.”
He added that this week could be a big one for Bitcoin, and investors will need to keep an eye for key support and resistance levels.
“Going into this week, traders will be looking at two essential price levels, and both of them are extremely important for the Bitcoin price.”
“Firstly, the support is at US$30,000, and secondly, the resistance is at US$50,000. The Bitcoin price needs to break out of this ugly consolidation zone, and only then we could see that a new trend has formed.”
In some of the altcoins, Terra was up 3.87% to US$91.03, Solana was down 1.65% to US$80.76 and Avalanche was down 2.80% to US$69.85%.
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