Are the new Bitcoin Visa debit cards a sell-the-news event?

Are the new Bitcoin Visa debit cards a sell-the-news event?

  • Bitcoin price is down 5% during the month of October.
  • FTX Exchange announces a Visa debit card partnership.
  • The technicals are not in alignment with the bullish news. 

Bitcoin price is witnessing a sell-off after long-anticipated bullish news hits the market. 

Bitcoin price mudslides south

Bitcoin price is currently down 2% since the weekend, which brings the total decline for the month of October to 5% in lost market value. The bears have been flexed and persistent in pushing the price lower, although a ricocheting-rebound effect can be seen within the price action, which suggests the downtrend may be weakening. 

Bitcoin price currently auctions at $19,190. The bears have successfully breached the 8-day exponential and 21-day simple moving averages. The bears are producing steep engulfing candles like the initial Monday morning candle that breached support from the Relative Strength Index, 

tm/btc/10/10/22

BTC-USDT 30 Min Chart

Bitcoin’s bearish market conditions come at an interesting time in the market. Over the weekend, FTX Exchange announced they would release a Bitcoin Visa card. According to FTX, the crypto-backed debit card would be “rolled out globally in over 40 countries, including many in Latin America”. 

As the news solidifies the worldwide adoption nuances for crypto enthusiasts, the technicals surprisingly do not match. If Market conditions persist, a fall into $18,900 support levels will be a likely occurrence. 

Investors with a long-term outlook should consider a dollar cost average approach near the current levels as Bitcoin is known for notoriously producing V-shaped recovery after sharp-sell-offs. The macro-outlook maintains Bitcoin’s bullish interpretation so long as $13,880 does not get tagged.

For more information on the macro interpretation, please consider reading:

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: Who will catch the falling knife?

 

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

 

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