Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift

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Traders are getting used to buying Bitcoin (BTC) which is concentrated in European times, with North America lagging behind and Asia inviting more sellers. And yesterday’s Asia trading session was no exception.

“Overnight, the Bank of Japan announced that it would cut asset purchases, signaling a slight tightening of policy. When the European markets opened up, they digested this news and immediately went on the defensive …[which also] dampen the strong price movement in BTC, ”wrote Chad Steinglass, trading director at CrossTower, a digital asset trading company.

The recent rebound above $ 58,000 is in line with rising BTC price floors as the long-term trend remains intact. “Every time we break into a new range, old resistance becomes support – consistently in the last few months,” said Steinglass.