BTC Momentum Indicators Favor a Bullish Outlook as RSI Moves Above Signal Line

Momentum indicators are favoring a bullish outlook for BTC at the moment as the Relative Strength Index (RSI) has moved above the signal line meaning that positive momentum has been accelerating.

Bitcoin (BTC) price is currently facing strong resistance at the $80,000 level, with the token struggling to gain momentum above this key resistance.

On the other hand, if BTC breaks down and closes below the $80,000 support, it could retest the next support level at $74,400. However, this support is weaker than the previous support at $80,000 as most pending orders at that level have already been filled.

At current price levels, there is more selling pressure than buying pressure, which could favor a breakout to the downside.

Bitcoin Outstanding Large Orders Show Strong Selling Pressure At Current Levels

As of press time, the price of Bitcoin is hovering around the $84,000 mark, with traders remaining focused on whether the token will manage to break out of the current ranging behavior.

At current price levels, there is more selling pressure than buying pressure, which could favor a breakout to the downside. Indeed, data from CoinGlass shows that there is significant volume of sales around the $84,000 – $86,000 area.

得益于创新 Payment Methods, crypto exchange Bitpanda has seen a huge surge in user numbers in 2023 so far.

In a Monday press release, the Vienna-based exchange stated that it had acquired more than 1.5 million new customers in the first half of 2023. This brought its total user base to over 5 million.

This figure is triple the number of customers the exchange had at the start of 2021, when it had 1.4 million users.

The exchange noted that the new users were drawn to Bitpanda's "broad product offering and user-friendly platform."

The company's CEO, Marko Arstiti, said: "We are thrilled to welcome 1.5 million new users to the Bitpanda community in the first half of 2023 alone."

He added: "This incredible growth underscores our commitment to providing accessible and engaging financial products and services that cater to the evolving needs of today's generation."

The company's stock price has also been performing well, rising by 100% since its initial public offering (IPO) in March 2023.

The exchange went public on the Vienna Stock Exchange with an IPO price of €22.50. By Monday, the stock price had reached €45.00.

This strong performance has led to an increase in the company's valuation to over €2 billion.

"Our strong performance in the first half of 2023, with a 100% increase in the Bitpanda Technologies stock price since IPO and a new all-time high for the Bitcoin price, has set the stage for an exciting second half of the year," said Arstiti.

"We are particularly proud to have achieved this milestone while remaining true to our values of innovation, user centricity, and technological excellence," he concluded.

The company is planning to launch several new products and services in the second half of 2023, including a cryptocurrency index product and a DeFi service. It is also expanding into new markets, such as Japan and South Korea.

As one of Europe's largest cryptocurrency exchanges, Bitpanda provides a platform for buying, selling, and trading cryptocurrencies, stocks, ETFs, and other financial products. The exchange is regulated by the Financial Services Authority in Austria.

The company's mission is to make investing in financial products accessible to everyone, regardless of their technical skills or experience.