Bitcoin: $40K Threshold is a Barrier; Goldman Sachs Offers a Secured Loan in BTC
Investing.com
Published Apr 29, 2022 07:33
Updated Apr 29, 2022 08:24
Investing.com - Bitcoin spent yesterday rallying, managing to score a high of $40,365 in the evening, but the cryptocurrency was then once again sent back below the key $40,000 mark.
The rise in the US stock markets yesterday, and in particular the Nasdaq, which ended the day up by more than 3%, showed an appetite for risk which also benefited Bitcoin, but not enough to confirm a breakout above $40,000.
Among the headwinds preventing Bitcoin from making a sustained recovery is the strength of the dollar, which is on track for its best month since 2012, in April.
From a technical point of view, the daily chart continues to depict a clear downward trend. In particular, we can clearly see a downward trend line since the beginning of the month.
In addition, the 100-day moving average, currently just below the $41,000 mark, is also a significant bullish barrier.
If the downward trend continues, the $37,000-38,000 area can be considered as the first important support.
Goldman Sachs (NYSE:GS) becomes the first bank to offer a secured loan in Bitcoin.
In the latest important news about Bitcoin, according to reports from Bloomberg last night, Goldman Sachs has set up a Bitcoin-backed loan for the first time.
Goldman's secured lending facility allowed a borrower to use Bitcoin (BTC) as collateral for a cash loan.
Remember that Goldman Sachs, which has a dedicated digital assets team, was the first major bank to trade bitcoin options over-the-counter at Galaxy Digital last month.
By David Wagner
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Written By: Investing.com
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