The Bitcoin price surged high and broke the resistance near $6,400 against the US dollar, following the trend of other altcoins that also rose, led by EOS and its 15% surge over the past 48 hours.
The new bullish trend line pushed Bitcoin towards the $6,700 mark (which it passed). The price of the flagship cryptocurrency is at $6,716 at press time in a new uptrend that supports $6,800 as the high and $6,500 as the downside marks.
This new movement opened the doors for more gains and a greater volume on the market too. Some analysts predict that the surge was because of the news that the major $6.3 trillion asset manager Blackrock set up a new working group to investigate cryptocurrencies, even though the CEO of Blackrock seems to have denied these allegations.
If we look at the chart, it is expected for Bitcoin to push through the $7,000 limit and set the path for a new bullish run. The support level now remains at $6,500 to $6,600 and the Relative Strength Index (RSI) is correcting lower from the overbought levels.
According to Express.co.uk, the new bullish run led by Bitcoin is a response to the G20 nation settlement towards a new crypto ‘framework’ that will supposedly monitor crypto assets in markets across the G20 nations. The Financial Stability Board (FSB) also announced that cryptocurrencies like Bitcoin “do not pose a material risk to global financial stability” and that the FSB fully supports “their vigilant monitoring”
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