Bitcoin (BTC) gathered some serious steam on Monday that enabled it to rise from the $6,300 levels to the current levels of $7,300. The technical analysis had clearly stated that the King of Crypto had been oversold and bound for a rebound in the crypto markets. However, the rebound was only made sooner by a bunch of positive news as shall be elaborated below. The same positive news could be the key to BTC returning to its winning ways and to levels back above $10,000.
The general technical analysis had earlier indicated that BTC had been oversold with the support levels of $6,100 being a last line of defense. This resistance level was key for either upward or downward movement was possible. But with BTC being oversold, the only direction was up. The current resistance level stands at around $8,000 which will be broken due to the other 3 factors below.
The current feel in the crypto-verse is that the pending filing of Bitcoin ETFs at the SEC by the CBOE exchange will be approved. This will mean that Bitcoin ETFs will be classified as securities and traditional investors can now get into crypto. This will then usher in a new wave of crypto investing by high net individuals as well as institutional investors. The ruling on the filing by the SEC will be around August. All fingers are crossed that it will be a positive outcome.
The earlier mentioned pump of Bitcoin (BTC) on Monday can be attributed to the fact that the BlackRock investment firm – that handles trillions in traditional assets – had stated through its CEO, that it was exploring blockchain technology and cryptocurrencies. Many crypto-traders believe this is an admission by BlackRock of getting into crypto 100%. This then has opened the floodgates to numerous possibilities.
A fourth and not necessarily the last factor that will lead to $10,000 BTC in the coming weeks, is the admission by Steven Cohen that he had put money into a hedge fund focusing on cryptocurrencies and blockchain based companies. Steven Cohen is known as an industry leader in investing. His admission will bring in more ‘big fish’ into the crypto-markets.
In a nutshell, the time is nigh for a Bitcoin rally to the $10,000 level. Of course, there will be the usual market correction along the way, but the general feeling is that the only direction is up for the King of Crypto.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels