The Bitcoin price made a nice upside move over the past week, going from below $7,500 to $8,000 and now stabilizing at that level. The bullish trend line was somehow affected by the news about the Bitcoin ETF denial by the SEC, but it seems that the price of Bitcoin reacted well – and hasn’t sunk since then.
Right now, the price of Bitcoin is standing still somewhere above $8,100 and could soon test the $9,000 margin, according to analysts. The BTC/USD pair broke the $8,000 resistance and traded as high as $8,500 which is the biggest indicator for a new margin break.
The $7,800 support line made Bitcoin recover fast from the drop caused by SEC’s decision. Right now, Bitcoin is still bouncing back and moving above the $8,000 resistance. Currently, the Bitcoin buyers are confident and the volume seems good – which are all positive signs of a new bullish run. Another thing that has been backing up the bullish run for the flagship cryptocurrency is the statement by one SEC official who disagrees with it and thinks that the Bitcoin ETF denial is not the right decision at this moment.
According to analysts, the price of Bitcoin may dip towards the trend line and go to as low as $7,900 in the worst-case scenario. However, what is more likely to happen is for it to break the $8,500 level over the next week and target the $9,000 level by mid-August.
At the end of the day, Bitcoin is still in a good position and is already making headlines about one-month and two-month high price records.
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“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
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