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The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam.
Asrorun Niam Sholeh, chairman of MUI’s Fatwa Commission, confirmed the religious authority’s rejection of cryptocurrencies due to alleged elements of “uncertainty, wagering and harm.”
In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a commodity or a digital asset and show a “clear benefit,” Sholeh reportedly said following an expert MIU hearing.
The MIU discussed Bitcoin as part of the Ulama Fatwa Commission, which is designed to address some of Indonesia’s biggest social, political, economic and legal issues through the lens of Islamic law.
The MIU’s East Java branch previously issued a fatwa — a “formal ruling or interpretation on a point of Islamic law given by a qualified legal scholar” — declaring the use of cryptocurrency haram in late October.
While the MIU is a government-funded organization, the council’s latest decision is reportedly not legally binding. Despite the MUI admitting that the fatwa is not law in Indonesia, it still can be used as a source of “legislative inspiration,” according to some sources.
According to Bloomberg, the latest decision from the MUI doesn’t mean that all crypto trading will be stopped in Indonesia. However, the council could deter Muslims from investing in crypto and make local institutions reconsider issuing crypto assets.
The news comes shortly after Bitcoin briefly passed the $69,000 price mark for the first time in history on Nov. 10.
The Indonesian government has taken a mixed stance on crypto regulation. Despite putting a blanket ban on cryptocurrency payments back in 2017, local authorities have preferred to keep crypto trading legal. In August, local crypto exchange Pintu raised $35 million from some of the biggest investors in the crypto and blockchain industry.
Bitcoin (BTC) held onto fresh upside on Tuesday after a resurgent stock market took the largest cryptocurrency above $37,500.
Bitcoin’s correlation to equities remained in focus ahead of a fresh Wall Street open and key information regarding interest rates from the United States Federal Reserve.
The Fed’s Federal Open Market Committee (FOMC) is set to meet Wednesday, and any news regarding interest rates could have instant repercussions for both traditional and crypto markets.
“Tomorrow’s FED FOMC meeting could mean that we will see lots of volatility this week,” Cointelegraph contributor Michaël van de Poppe forecasts.
Rate hikes are planned to be the follow-on from the Fed’s asset purchase tapering, with Bitcoin sentiment taking a hit in advance as the end of “easy” liquidity nears.
Asset purchases should conclude by March, however, and the Fed has said that the rate hikes should not come before then.
“Price reversion in cryptos is likely to spread in 2022, after the assets were a poster child of speculative inflationary excess in 2021, but Bitcoin stands to come out ahead,” Mike McGlone, chief commodity strategist at Bloomberg Intelligence, summarized in a hopeful outlook for BTC.
“Correlations are heading toward 1-to-1.”
Earlier this month, McGlone said that Bitcoin could rebound stronger than stocks once they see a long-overdue correction of up to 20%. Now, he added that altcoins would likely fail to put in as solid a comeback.
On the topic of altcoins, these nonetheless put in a solid performance on the day, with Ether (ETH) matching Bitcoin’s advance.
ETH/USD was up 7.3% at the time of writing, trading at $2,420, having previously hit lows of $2,160 — its worst since mid-July.
“The good part is that we’re getting closer and closer to the next impulse rally on altcoins as most of them have been retracing fully,” van de Poppe argued before the rally.
Bears remain in full control of the cryptocurrency market on Jan. 24 and to the shock of many, they managed to pound the price of Bitcoin (BTC) to a multi-month low at $32,967 during early trading hours. This downside move filled a CME futures gap that was left over from July 2021.
Data from Cointelegraph Markets Pro and TradingView shows that the $36,000 level was overwhelmed in the early trading hours on Monday, leading to a sell-off that dipped below $33,000 before dip buyers arrived to bid the price back above $35,500.
Here’s a look at what several analysts are saying about the macro factors at play in the global financial markets and what to be on the lookout for in the months ahead.
For several weeks the dominant conversation in U.S. financial markets has been the prospect of up to four interest rate hikes by the Federal Reserve over the course of 2022, which many people have claimed will put an end to the current bull market.
But according to financial analyst and pseudonymous Twitter user Tascha, this is a common misconception because “rate hikes don’t kill risk assets.”
“Reversal of quantitative easing does. Check what happened to stocks 2015 and 2018 when Fed turned off the tap.”
Further insight into Tascha’s tweet was provided in the following reply from pseudonymous Twitter user RK Maruvada.
A bit of hope for the crypto faithful was provided by technical analyst and Bollinger Bands creator John Bollinger, who posted the following tweet suggesting that “it’s time to start thinking about a bottom in cryptos.”
It’s time to start thinking about a bottom in cryptos. However the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry. $btc, $eth, $ltc…
— John Bollinger (@bbands) January 24, 2022
While the well-known analyst thinks that the market may be in the general area of a bottom, caution is still warranted and a bounce followed by a retest is needed before looking to enter a long position in BTC.
A final bit of analysis was provided by macro strategist and Delphi Digital co-founder Kevin Kelly, who indicated that “the big question now is where will the next wave of demand come from and what level do we need to hit for it to trigger such bids?”
According to Kelly, “the mid-to-high $30,000s for BTC is a safe bet,” especially due to the widely held belief by many that Bitcoin could see a “run up to $70,000.”
This would mark a 75% gain from the current levels, which “large capital allocators would salivate at the opportunity to capture” from Kelly’s view, “even if it takes a year or longer to realize such gains.”
“That is why we firmly believe BTC looks attractive here for those with a long enough time horizon, especially when compared to traditional alternatives to park your capital.”
This sentiment that BTC is at a good level for a long was also echoed in the following tweet by cryptocurrency analyst and Twitter user Will Clemente.
Don’t think asymmetry is skewed to the downside for BTC here.
For the long term investor this is a good area to DCA in some heavier buys IMO.
— Will Clemente (@WClementeIII) January 24, 2022
The overall cryptocurrency market cap now stands at $1.594 trillion and Bitcoin’s dominance rate is 41.9%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue?
UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0.
If history were to repeat itself, Bitcoin may have to fall some more to make it an attractive buy according to the metric.
Long-term investors don’t seem to be perturbed by the recent correction in Bitcoin. Glassnode data suggests that investors continue to withdraw their coins to cold storage.
“Bitcoin illiquid supply is going up relentlessly,” said Lex Moskovski, chief investment officer of Moskovski Capital.
Bitcoin and most major altcoins are nearing strong support levels. Could investors use their opportunity to buy or will the bears prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin has been trading below the $39,600 to $37,332.70 zone for the past two days. The buyers attempted a relief rally on Jan. 23 but could not even challenge the overhead resistance at $37,332.70. This indicates weak demand at higher levels.
The selling renewed today and the bears pulled the BTC/USDT pair below the Jan. 22 intraday low at $34,008. The next support on the downside is the critical zone between $30,000 and $28,805.
The oversold level on the relative strength index (RSI) suggests that the selling may be overdone in the short term. This could attract buying from traders near the support zone. If the price rebounds off this zone, the bulls will try to push the pair above $39,600.
A break and close above the 20-day exponential moving average ($40,835) will be the first indication that the bears may be losing their grip. A trend change may be signaled after the price rises and sustains above the 50-day simple moving average ($45,404).
Ether (ETH) plummeted and closed below the descending channel on Jan. 21, indicating an increase in selling pressure. The bulls tried to push the price back into the channel on Jan. 23 but failed.
This renewed the selling pressure today and bears have pulled the price below the Jan. 22 intraday low at $2,300. The ETH/USDT pair could now decline to the psychological level at $2,000 where the buyers may provide support.
If the price rebounds off this level, the bulls will again try to push the price back into the channel. If they succeed, the pair could rise to the breakdown level at $2,652. Conversely, if the price breaks below $2,000, the pair could slide to the next major support at $1,700.
Binance Coin (BNB) plummeted below the support line of the descending channel on Jan. 21 and follow-up selling on Jan. 22 pulled the price toward the strong support zone at $330 to $320.
The buyers attempted a relief rally on Jan. 23 but the bears did not allow the price to re-enter into the channel. This indicates that bears are defending the support line of the channel. The selling resumed today and the bears will try to sink the price below the support zone.
If the price sustains below $320, the BNB/USDT pair could slide to $254.50 and then to the next support at $225.40. The first sign of strength will be a break and close inside the channel. The pair could then attempt a rally to the 20-day EMA ($443).
Cardano (ADA) broke below the strong support at $1 on Jan. 22 but the long tail on the candlestick shows that bulls purchased the dip and defended the level successfully.
However, a minor negative is that the bounce off $1 could not even reach the 20-day EMA ($1.24). This suggests that bears are pouncing on minor relief rallies and not waiting for higher levels to sell.
The bears again pulled the price below $1 today. If they sustain the ADA/USDT pair below this level, the selling momentum could pick up. The pair could then decline to $0.80 and later to the support line of the channel.
Solana (SOL) nosedived below the $116 support on Jan. 21 and the price reached the support line of the descending channel on Jan. 22. Although bulls defended this level, they could not push the price to the breakdown level at $116. This indicates that buying dries up at higher levels.
The bears resumed their selling today and are attempting to sink the SOL/USDT pair below the support line of the channel. If they succeed, the selling could pick up momentum and the pair may drop to $66 and later to $58.
The incessant selling of the past few days has pushed the RSI below 22. This indicates that selling may have been overdone in the short term and a relief rally is possible. The first level to watch on the upside is $116 and then the 20-day EMA ($131).
Ripple (XRP) broke below the Dec. 4 intraday low at $0.60 on Jan. 22. There was an attempt by the bulls to start a relief rally on Jan. 23 but it did not find any takers at higher levels.
The selling resumed today and the bears are trying to pull the price to the psychological level at $0.50. This is an important support for the bulls to defend because if it cracks, the XRP/USDT pair could slide to $0.39.
Contrary to this assumption, if the price rebounds off the $0.50 support, the bulls will attempt to push the pair to the 20-day EMA ($0.72). A break and close above this resistance could signal that the selling pressure may be reducing.
Terra’s LUNA token rebounded off the support line of the descending channel on Jan. 22 but the recovery hit a wall at $70.22 on Jan. 23. This suggests that bears have not given up and are actively selling at higher levels.
The moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will now try to pull the price to the support line.
If the price rebounds off this line once again, the possibility of a move back to the downtrend line increases. Alternatively, if bears sink and sustain the price below the channel, the selling could intensify and the pair may plummet to $37.82.
Dogecoin (DOGE) plummeted below the strong support at $0.13 on Jan. 22 but the long tail on the candlestick shows buying at lower levels. The buyers attempted to start a recovery on Jan. 23 but higher levels attracted selling.
The price has turned down today and the bears are attempting to pull and sustain the DOGE/USDT pair below the $0.13 support. If they succeed, the pair could start its slide toward the psychological level at $0.10.
Contrary to this assumption, if the price turns up from the current level, the bulls will again try to push the pair to the 20-day EMA ($0.15). A break and close above the 50-day SMA ($0.16) could keep the $0.13 to $0.19 range into play.
Polkadot (DOT) plummeted below the critical support at $22.66 on Jan. 21 and reached the next support at $16.81 on Jan. 22. Although bulls defended this level, they could not extend the relief rally on Jan. 23. This indicates a lack of demand at higher levels.
The bears have resumed their selling today and are attempting to sustain the DOT/USDT pair below $16.81. If they do that, the pair could extend its decline to the next major support at $10.37.
The sharp selling of the past few days has pushed the RSI into the oversold territory. This suggests that the selling may have been overdone in the short term and a relief rally could be possible.
If the price turns up from the current level and rises above $19.20, the pair could rally to $22.66.
Avalanche (AVAX) plunged and closed below the $75.50 support on Jan. 21, completing a bearish descending triangle pattern. The bulls defended the $51.04 support on Jan. 22 but could not push and sustain the price above the 200-day SMA ($65) on Jan. 23.
This suggests that bears continue to sell on minor rallies. The bears have resumed their selling today and will try to pull the AVAX/USDT pair below the strong support zone at $51.04 to $47.66. If they succeed, the pair could plummet to $32.23.
Conversely, if the price rebounds off the support zone, it will indicate accumulation at lower levels. The bulls will then attempt to push the pair to the breakdown level at $75.50, which is an important level to watch out for.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
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