- Bitcoin price breakout on Friday lost steam short of $7,300 but technical levels remain intact for more gains towards $7,500.
- BTC/USD is dealing with increased selling pressure at the 50% Fibo around $7,250.
Bitcoin price is bullish this weekend after adjusting upwards from an opening price of $7,032. An intraday high has been formed at $7,283 amid a strong bullish trend and high volatility levels. The rest of the cryptoccurrency market is in the green starting with all of the top three coins; Bitcoin, Ethereum and Ripple. For instance, Bitcoin is trading 2.39% higher on the day to trade at $7,247. The largest cryptoccurrency is battling resistance at the 50% Fibonacci retracement level taken between the last swing high at $10,540 to a swing low at $3,884.
The US SEC gives go-ahead for hedge fund to access CME BTC future
A hedge fund that has managed to stay under wraps and still be lucrative has been given the green light by the US Securities and Exchange Commission (SEC) to invest in CME Bitcoin futures. Renaissance Technologies’ Medallion Funds, according to a brochure released on March 30 is going to be offering cash-settled contracts from the exchange, CME Group. The brochure states in part:
“The Medallion Funds are permitted to enter into bitcoin futures transactions, which Renaissance will limit to cash-settled futures contracts traded on the CME.”
Bitcoin price technical picture
According to the daily chart, Bitcoin has sustained gains above $7,000 following the breakout during the European session on Friday. However, April’s high around $7,500 is still far from an arm’s length. The RSI, in the same daily range shows that Bitcoin is still primed to make high price actions during the weekend session. The same bullish sentiments are supported by the MACD, which currently floats above the meanline.
A break above the immediate resistance at $7,250 must come down to allow the bulls to push towards $7,500. If the above technical picture remains intact, Bitcoin could easily sail towards $7,500. On the downside, initial support is at $7,200. Other support areas include $7,000, the 50 SMA and the 38.2% Fibo around $6,400.
BTC/USD daily chart
-637228178957649459.png)
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
Crypto ETF adoption should pick up pace despite slow start, analysts say
Big institutional investors are still wary of allocating funds in Bitcoin spot ETFs, delaying adoption by traditional investors. Demand is expected to increase in the mid-term once institutions open the gates to the crypto asset class.
Bitcoin Weekly Forecast: Will the “Uptober” rally reach a fresh all-time high?
Bitcoin continues to climb this week after breaking its resistance barrier, aiming for a new all-time high. US spot Bitcoin ETFs posted $1.86 billion in inflows until Thursday, the largest streak of inflows since mid-July.
Crypto Today: Main tokens gain as Bitcoin is less than 10% away from all-time high
Bitcoin climbs above $68,000 and pulls back as market participants turn greedy, according to the indicator that checks trader sentiment. Ethereum holds gains above $2,600 and XRP hovers around $0.55 on Friday.
Solana Price Forecast: SOL gains 2% as community discusses Firedancer validator for better performance
Solana gains 2% as its community discusses performance improvements through its new validator, Firedancer. Bitcoin’s Layer 2 project Solv Protocol launched BTC staking token on the Solana blockchain.
Bitcoin: Will the “Uptober” rally reach a fresh all-time high?
Bitcoin (BTC) rallied nearly 8% so far this week until Friday after breaking its resistance barrier, aiming for a fresh all-time high (ATH). This rise in Bitcoin’s price is supported by an increase in institutional demand, which showcased a $1.86 billion inflows this week, the largest streak of inflows since mid-July. Rising apparent demand and institutional reports suggest that the current BTC cycle resembles the third halving, when prices increased sharply.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.