The State of the Market: On Tuesday, Bitcoin blasted through the $6,600 resistance, adding $400 in less than 20 minutes. Fast forward to today and Bitcoin unexpectedly gave back yesterday’s gains when it dropped 4% in less than 30 minutes. Many believe that yesterday’s pop was the manifestation of a short squeeze being triggered as BitMEX derivatives exchange went offline. In other news, all eyes will be on Bitcoin this Thursday as the U.S. Securities and Exchange Commission is set to make a decision on ProShares Bitcoin ETF. An approval could be the catalyst that will spark the next bull run, while a rejection could case Bitcoin to drop to new lows.
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Bitcoin price leapt by $400 dollars in a matter of minutes Tuesday night and anticipation and a bit of FOMO could have played some role in the sudden price increase. On Thursday the U.S. Securities and Exchange Commission is set to make a decision on ProShares application for a Bitcoin-ETF. Most investors and analysts believe that the approval of a crypto-ETF would end the current 9-month long bull market as institutional investors will now have a way to legally invest in a regulated cryptocurrency product. While BTC slowly ebbed back toward the former resistance at $6,650, the technical setup remains bullish over the short-term. The most likely scenario has BTC trading sideways within a tightening range as investors hold their money and hopes for a positive SEC decision on Thursday, August 23. Currently BTC is up 3.65% and the price is $6,669. (Read More.)
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Bitcoin (BTC) has dropped more than 4% in just 30 minutes. This correction brings prices down from $6,650 to the $6,400 support. After $6,400 there is strong support at $6,300 and soft support at $6,230. There is also a strong support at $6,100. Bitcoin appears to be correcting from yesterday’s rapid 20 minute $400 gain and investors are apprehensive, pending the SEC’s ProShares BTC ETF decision tomorrow. Currently the 1-hour chart shows the Stoch and RSI in oversold territory while the 4-hour chart shows both oscillators sharply descending and enroute to bearish territory. At the time of writing, BTC is down 0.26% and the price is $6,455. (Read More.)
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Revolut has launched a high-end Metal Card which will allow users to receive cash back in cryptocurrencies. The Revolut Metal allows the holders of Bitcoin, Bitcoin Cash, XRP, Ethereum, and Litecoin to make real-world purchases and earn cash in any of the available 25 fiat currencies. The service will allow users outside of Europe to receive cashbacks of 1% while users in Europe will receive 0.1 percent. The service is expected to boost the adoption of the cryptocurrencies among the 2.5 million Revolut users across Europe. (Read More.)