Over the last several days, the bitcoin has failed to break above resistance above $47,000, indicating a lack of rising momentum. Still, weaker support at $41,000 and $45,000 might help to keep the decline in check.

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Momentum indications on the daily chart remain bearish, as they were in early February. However, bitcoin has broken over $41,000 with bullish momentum on the weekly chart this time. As a result, buyers may stay aggressive on pullbacks.

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On the daily chart, the relative strength index (RSI) is declining from overbought levels, as it did in October of last year. Nonetheless, overbought indications might remain for a few months before a substantial market drop.

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Bitcoin fear and greed index on Monday, April 11, 2022, went from the fear level of 34 to the level of 32 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.    

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Bitcoin is currently trading at $42,234.03, down 1.06%. In the last 24 hours, the highest it touched was $43,376.38 and the lowest was $41,894.06. Bitcoin has a current market cap of $802,913,362,681. It has a circulating supply of 19,008,543.00 BTC coins and a maximum supply of 21,000,000 coins.

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Coinbase, Mobikwik halts UPI payments for crypto in India

Indian mobile wallet firm Mobikwik and international crypto-exchange Coinbase have stopped offering UPI as a payment method for cryptocurrency transactions after the National Payments Corporation of India put out a statement saying that it was “not aware” of this happening, the Economic Times reported. “As we enter the Indian market, we are actively experimenting with a number of payment methods and partners to enable our customers to seamlessly make their crypto purchases. One of these methods is UPI, simple to use and rapid payment system. We are aware of the recent statement published by the NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure that we are aligned with local expectations and industry norms”, a Coinbase spokesperson said on Friday in response to the NPCI statement.

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Binance gets approval for Abu Dhabi operations

Binance Holdings Ltd. received in-principle approval from Abu Dhabi Global Market to operate as a broker-dealer. The world’s largest cryptocurrency exchange by trading volume still needs to complete the application process, Ri company’s head for the Middle East and North Africa and a former ADGM executive told Bloomberg. If the full licensing for Abu Dhabi — the United Arab Emirates’ capital – is successful, the exchange said it could then offer its virtual asset services to customers across the MENA region through a subsidiary, Binance (AD) Ltd. It marks a push by the company to expand its presence in the Persian Gulf, following approvals in Bahrain and Dubai, the commercial capital of the UAE.