BTC Pushing Higher Again
BTC Bitcoin price are pushing higher again midweek with the futures market now close to testing the highs printed last week. News of formal trade talks to begin between the US and China next week has helped lift sentiment in crypto markets and BTC bulls will now be looking for a fresh breakout to put the YTD highs back in focus.
State Crypto Investment Bill Passes
Bitcoin sentiment has been bolstered this week by news that New Hampshire has become the first state in the US to approve state investment in crypto products. Lawmakers there passed a bill allowing for the NH treasury to begin accumulating Bitcoin once the bill takes effect in 60 days’ time. This is a major milestone for BTC and paves the way for other states to follow suit.
Massive BTC Purchases
Along with news of the crypto investment bill in NH, BTC prices are also being bolstered this week by news of another significant corporate BTC purchase. Japanese based Metaplanet announced a $53 million BTC purchase in BTC. This comes hot on the heels of a massive announcement from Michael Saylor’s Strategy fund that it made two BTC purchases of $1.4 billion and $180 million. Together these announcements signal ongoing confidence that BTC is on the verge of a fresh push higher.
Technical Views
BTC
BTC continues to retest the underside of the broken bull channel with the 100.19 resistance just above. If bulls can break above this area, focus will turn to the 108,85 highs, in line with bullish momentum studies readings. Only a break back below 91,750 will negate this view.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.