Bitcoin (BTCUSD)Building on Rally Heads to $8,000

Bitcoin (BTCUSD)Building on Rally Heads to $8,000

Bitcoin (BTCUSD)Building on Rally Heads to $8,000

$BTCUSD

The digital currency rose 5% to around $7,700 Monday after breaking above the Psych mark $7,000 level for the 1st time in a month last Tuesday.

Bitcoin pundits say news that BlackRock will look into cryptocurrencies and blockchain has helped prices, and investors are awaiting approval of a Bitcoin ETF which could come as soon as August.

Monday, Bitcoin continued its rally, shrugging off regulatory and security worries that may have pushed down cryptocurrency prices this year.

The world’s largest and most popular digital currency rose 5% to a high of $7,785.37, and is up roughly 20% in the past week. It broke above the $7,000 Psych mark for the 1st time in a month last Tuesday following news that asset-management giant BlackRock will set up a working group to explore cryptocurrencies and blockchain technology.

Overall of these points are very Bullish, and technically what happened last week was very positive, but getting through these marks are Key in the short term.

From a technical perspective, we are watching addition round resistance at $8,000. Until that mark is broken it is tough to make too much of this as being a move that would start to lead Bitcoin higher.

Bitcoin is still down more than 60% from its all-time high near $20,000 in December. It and other cryptocurrencies have come under global scrutiny this year amid thefts, frauds around ICOs, market manipulation and its potential for money laundering.

Currently, Bitcoin is trading at 7,731.105, +64.1899 ,or +0.84%, as of 3:47a BST, the market is open

Have a terrific week.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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