Bitcoin prices on CoinBase jumped to a high of $2597 on Thursday after reports hit the wires that the majority of the blockchain community (as per hash power) has agreed to adopt SegWit protocol. This should help avoid coin split on August 1 and keep Bitcoin well bid over the weekend.
The sharp rally in the EUR and the resulting broad based USD sell-off following the ECB event yesterday also helped Bitcoin move back to near record high of $3000 level.
Goldman is bullish on Bitcoin
Goldman Sachs expects Bitcoin to re-test $3000 levels and extend the rally to $3700 soon.
Bitcoin up 17%
As per coinmarketcap.com, Bitcoin has gained 17% in the last 24 hours. The market cap of all cryptocurrencies is now stands at $94 billion compared to $68 billion on Sunday. Bitcoin dominance is 47.4%.
Technicals
1-hour chart
- RSI turning lower from the overbought territory
- Confluence of rising trend line support & Gann Fann line around $2400 levels
- Above record high of $3000, the resistance is offered by the Gann Fann mid line around $3060
Daily chart
- Thursday’s close ($2873) marked a bullish break above the critical resistance of $2806 (May 25 high).
- The 2/1 Gann Fann line has acted as a strong support today ($2653.20)
- 14-day RSI is now bullish
Record highs likely on break above $2880
- The rebound from $2653.20 (2/1 Gann Fann support) followed by a break above $2880 (session highs) would add credence to Thursday’s bullish close and shall open doors for $3000 and $3060 (resistance offered by Gann Fann on the 1-hour chart).
- On the downside, only a daily close below $2600 would signal bullish invalidation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund and function similarly to a traditional stablecoin.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.