Fundamental Development:-
Central Bank of Jamaica Warns About Bitcoin and Defends Its CBDC
crypto winter that has evaporated most of the value of cryptocurrencies, central banks and governments from almost all over the world that have CBDCs or work on the development of state digital currency projects, are warning about the risks of using and investing in private virtual money. The Central Bank of Jamaica (BOJ) has joined that choir led by the International Monetary Fund (IMF), which seeks to discourage the trade of cryptocurrencies and other digital assets among its population. Instead, issuers are encouraging the use of central bank digital currencies, which they see as safer and more secure. The governor of the financial entity, Richard Byles, warned Jamaicans about the volatility of the price of Bitcoin (BTC) and other cryptocurrencies during the Jamaican Diaspora Conference held last week, where the issue of digital assets was addressed.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $19,000-$20,000 ranges. BTC is made low 20,233 and now consolidating within a range. Yesterday it made high near $20,693 and then it continue to declin from 200 simple moving averages. Bitcoin is struggling to gain momentum above $21,700.
Alternative Scenario: If Bitcoin fails to clear the $21,700 resistance zone, it could start another decline. An immediate support on the downside is near the $18,000 level.