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Crypto Flipsider News – Bitcoin Drops Under $42k as Bearish Trends Engulf Altcoins; Luna Purchases $173M in Bitcoin; Coinbase Suspends UPI Payment in India, Binance Abu Dhabi Approval; Tesla to Build Solar Mining Plant

Bitcoin Slides Under $42,000 as Bearish Trends Engulf Altcoins Amid Increasing Economic Pressure

For the first time since March 23rd, the world’s largest cryptocurrency, Bitcoin, traded below $42,000, having lost in seven out of the last eight days. Bitcoin has dropped 3% over the last 24 hours, falling to as low as $41,425.

The world’s largest cryptocurrency exchange Binance follows the EU in restricting crypto services for Russian nationals and Russian establishments/businesses. The company will limit services for Russia’s residents that have cryptocurrency worth 10,000 EUR or more.

Crypto-wallets that exceed the amount will be placed into a withdrawal-only mode, with no deposits or trading permitted, Binance reported. Users with over 10,000 EUR in their accounts and open Futures/Derivatives positions will have 90 days to terminate them. Russian nationals that reside outside of Russia won’t be restricted.

Earlier in April, the EU extended the ban of crypto wallet deposits during the sanctions on Russia. The prohibition aims to limit Russians trying to move money overseas.

“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon,”
Binance team wrote.

Elliott Wave analysis for Bitcoin

LiteFinance: Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 20.04.2022 | LiteFinance

Most likely, a new bearish double zigzag is unfolding at the moment, with the first actionary wave [W] formed as its part recently. The wave [W] developed as a simple zigzag (A)-(B)-(C). A bullish linking wave [X] is currently developing and will likely form as a zigzag (A)-(B)-(C). A small impulse (A) and correction (B) look completed, so the price can be expected to grow in the ultimate subwave (C) to 43376.00 in the near time. The size of wave [X] will be 50% of wave [W] at that level.

Trading plan for BTCUSD for today:

Buy 41312.50, Take profit: 43376.00

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