Switzerland's Bitcoin Initiative Fails to Gather Enough Signatures
- Campaign Failure: Switzerland's Bitcoin Initiative failed to collect the required 100,000 valid signatures within 18 months, gathering only about 50,000, which prevents the proposal from moving to a national vote and reflects insufficient public support, impacting Switzerland's policy influence in the global digital asset landscape.
- Central Bank Stance: The Swiss National Bank (SNB) has repeatedly rejected the inclusion of Bitcoin in its official reserves, citing its volatility and liquidity issues as incompatible with reserve asset requirements, indicating a conservative approach of traditional financial systems towards cryptocurrencies that may limit Bitcoin's future potential as a reserve asset.
- Lack of Public Trust: Despite Switzerland being an active hub for digital assets, support for blockchain businesses did not translate into voter backing for changes in central bank reserve rules, highlighting the public's emphasis on monetary stability and trust, which restricts the advancement of innovative policies.
- Ongoing Global Debate: The failure of the Swiss initiative does not end the global discussion on Bitcoin reserves, as several countries and central banks remain cautious about similar proposals, reflecting the complexities and challenges of crypto assets in global financial markets, which may influence future monetary policies.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 67093.517 | 71015.518 | 75005.997 | 78927.998 | 82918.477 | 86840.478 | 90830.957 |
| Fibonacci | 71015.518 | 74038.086 | 75905.431 | 78927.998 | 81950.566 | 83817.911 | 86840.478 |
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