Bitcoin continues range-bound trading, gains 8% for the week

Bitcoin (BTC-USD) continued its range-bound movement seen since mid-Jun. on Friday and gained ~8% for the week amid renewed optimism that lifted U.S. markets as well.

Bitcoin (BTC-USD) gained ~6% this month, while ethereum (ETH-USD) climbed 20% for the week and ~17% in Oct.

The world’s largest cryptocurrency crossed the $20K-mark on Tuesday for the first time in three weeks and has traded a tight range of ~$18K-$24K since mid-Jun. Cryptocurrencies saw $1.2B in short liquidations on Wednesday, the highest in 15 months.

In a report, CryptoCompare noted that crypto markets rebounded this month amid hopes that the Federal Reserve may pivot toward a less hawkish stance after an aggressive rate-hiking spree. The Fed is expected to raise rates by 75 bps next week.

The world’s largest digital token by market cap (BTC-USD) inched 0.6% higher to $20.65K at 4.15 pm ET, while Ethereum (ETH-USD) rose 1.2% to $1.56K.

Bitcoin (BTC-USD) is nearing overbought territory, with its RSI at ~61. The coin appears to have formed a potential support level at $20K. SA contributor Joe Albano expects the crypto to make a major move soon, with the odds pointing to downside.

Peter Brandt, CEO of proprietary trading firm Factor, told CoinDesk TV that bitcoin (BTC-USD) will likely see further downside for the next three years.

The global cryptocurrency market cap currently stands at $1.01T, up 2% over Thursday, data from CoinMarketCap showed.

A recent survey by Fidelity found increased adoption of cryptos by institutional investors during H1 despite market headwinds, with 74% of respondents planning to invest in digital assets in the future.

BNY Mellon also polled institutional investor clients and found 88% of respondents will move forward with current plans around cryptos despite the downturn.

In other news, U.K. lawmakers reportedly voted to recognize cryptos as regulated financial instruments. The original bill covers regulation of stablecoins only, but an amendment is being weighed to broaden its scope to all cryptoassets.

Binance, the world’s biggest crypto exchange, confirmed its $500M investment in Elon Musk’s $44B acquisition of social media platform Twitter. The deal saw Dogecoin (DOGE-USD), which counts Musk as a major supporter, gain as much as 14%.

Shares of Core Scientific (CORZ), among the top bitcoin (BTC-USD) miners, dropped to record lows on Thursday after the firm warned investors that it may seek bankruptcy protection.

Crypto-related stocks trading in the green include: Robinhood Markets (HOOD) +3.2%, Bitfarms (BITF) +3.2%, Riot Blockchain +2.9%, HIVE Blockchain (HIVE) +2%, Marathon Digital (MARA) +1.4%.

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