Bitcoin’s over 24% increase in just 6 days is due to several significant events. Deutsche Bank’s search for a crypto-license and the race to create a Bitcoin ETF fund are the main reasons why BTC began to climb again towards 30,000. USD.
On June 15, BlackRock filed a Bitcoin Spot ETF application with the SEC, the United States Securities and Exchange Commission. Yes, to the same SEC that is pursuing cryptocurrency exchanges such as Binance or Coinbase. It is worth noting that the SEC has definitively rejected such applications in the past, however, the latest attempt was made by the largest player in the asset management market.
In reaction to these events, Invesco applied for the creation of such a fund many times in the past. The third applicant turned out to be WisdomTree, which also intends to apply for the creation of a cryptocurrency exchange fund ETF in the United States.
An interesting event in the context of the increase in the value of Bitcoin is also WallStreet’s support for new digital asset platforms – EDX Markets.
Although there is still a long way to ATH, interest in the oldest cryptocurrency is still very high. The actions of the SEC did not scare off investors, which could have been suggested by the record transfer of BTC from crypto-miners.
Technical Market Outlook:
The BTC/USD pair has been seen rallying over 24% from the low made at the level of $24,753, so the last local high made at the level of $30,777. The bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The market conditions are extremely overbought on the H4 time frame chart and on a Daily time frame chart. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 – $26,778
WR2 – $26,563
WR1 – $26,480
Weekly Pivot – $26,348
WS1 – $26,256
WS2 – $26,123
WS3 – $25,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Bitcoin’s over 24% increase in just 6 days is due to several significant events. Deutsche Bank’s search for a crypto-license and the race to create a Bitcoin ETF fund are the main reasons why BTC began to climb again towards 30,000. USD.
On June 15, BlackRock filed a Bitcoin Spot ETF application with the SEC, the United States Securities and Exchange Commission. Yes, to the same SEC that is pursuing cryptocurrency exchanges such as Binance or Coinbase. It is worth noting that the SEC has definitively rejected such applications in the past, however, the latest attempt was made by the largest player in the asset management market.
In reaction to these events, Invesco applied for the creation of such a fund many times in the past. The third applicant turned out to be WisdomTree, which also intends to apply for the creation of a cryptocurrency exchange fund ETF in the United States.
An interesting event in the context of the increase in the value of Bitcoin is also WallStreet’s support for new digital asset platforms – EDX Markets.
Although there is still a long way to ATH, interest in the oldest cryptocurrency is still very high. The actions of the SEC did not scare off investors, which could have been suggested by the record transfer of BTC from crypto-miners.
Technical Market Outlook:
The BTC/USD pair has been seen rallying over 24% from the low made at the level of $24,753, so the last local high made at the level of $30,777. The bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The market conditions are extremely overbought on the H4 time frame chart and on a Daily time frame chart. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 – $26,778
WR2 – $26,563
WR1 – $26,480
Weekly Pivot – $26,348
WS1 – $26,256
WS2 – $26,123
WS3 – $25,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: