Bitcoin Today: Bitcoin flying - Altcoins are falling
Price
After a short break, BTCUSD has gained enough support to continue its upward rally. On the current moment, the price reached the 8000 mark across almost all exchanges. For now, the rally stumbled on the 8000 resistance, though it is worth noticing that today's volumes peak lies on the 8000 level, which talks in favor of further growth or at least a foothold above 8000. Bullish Trend Line and 7600 level are supporters of the bullish scenario. The most positive signs that we could get in nearest terms is the price holding above 8000 level, the longer the price won't face a significant selling pressure above 8000 the more likely further rally to the 8500 resistance will be. From a broader perspective, 7100-7600 zone is a shoulder of the Head and Shoulders pattern, starting at the beginning of the June, so the current bullish scenario has 7100 – 7600 area as a support.
Today forecast
Trading in the 7800 – 8200 zone. Possible upward rally to the 8500.
Market leaders comments
After a short break, BTCUSD has gained enough support to continue its upward rally. On the current moment, the price reached the 8000 mark across almost all exchanges. For now, the rally stumbled on the 8000 resistance, though it is worth noticing that today's volumes peak lies on the 8000 level, which talks in favor of further growth or at least a foothold above 8000. Bullish Trend Line and 7600 level are supporters of the bullish scenario. The most positive signs that we could get in nearest terms is the price holding above 8000 level, the longer the price won't face a significant selling pressure above 8000 the more likely further rally to the 8500 resistance will be. From a broader perspective, 7100-7600 zone is a shoulder of the Head and Shoulders pattern, starting at the beginning of the June, so the current bullish scenario has 7100 – 7600 area as a support.
Today forecast
Trading in the 7800 – 8200 zone. Possible upward rally to the 8500.
Market leaders comments
- Romal Almazo, the crypto lead at Capco
“Any signs of the big players entering the market will cause huge waves. Though my personal belief is that we are still a few years away from reaching this tipping point, we are in what I would refer to as an exploratory phase when it comes to institutions and crypto.” - Brian Kelly, the BKCM CEO
“Institutions are starting to get serious, I can tell you from the calls I’m getting. People that looked at it (cryptos) in December that didn’t like the price are coming back now and saying all right this thing is not going away. We need to understand what it is, where does this asset class fit into our portfolio.”
“Five months ago we had some headwinds. Remember we had multiple different bouts of tax selling, we had Mt.Gox trustee selling. There were a lot of big sellers out there, (but) that appears to be over and so now you’ve had this positive news flow… sometimes it just takes the market a little bit to catch up, so here we are and I don’t think its done (yet).” - Mati Greenspan, a senior analyst at eToro
“We might just be on the cusp of the largest bitcoin bull run in history.”
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