Bitcoin has surged above the $7,000 handle

Bitcoin has surged above the $7,000 handle

Last week was super optimistic for the crypto market. Despite the global uncertainties which pulled all of the risky assets down, Bitcoin started to rise. The rise of the oldest crypto began on Thursday when the price managed to break above the resistance zone near the $6,000 level. On Sunday, bulls pushed Bitcoin above the $7,127 level and even managed to test the highs above the $7,408 level. However, they could not hold their positions for a long time, as the price for crypto has entered the correction phase. At the moment, it is falling towards the support at the weekly pivot at $6,763. If bulls regain their strength, they will try to push the price of Bitcoin to the resistance at $7,408 once again.

If we look at oscillators, we can see that RSI and Stochastic show that the market is overbought. Moreover, there is a crossover between the Stochastics indicator and the average line, this is a sell signal.

BitcoinDaily.png

What are the reasons behind this bullish surge?

There are no clear reasons for the current rise of the crypto asset. Analysts mention a combination of different factors which resulted in the upward movement. Here are the main of them:

·  The Boston asset manager company Fidelity investment announced the start of buying and selling operations for its institutional customers. Institutional interest is always considered as positive for Bitcoin.

· Increased sentiment in the crypto community driven by optimistic announcements.

· The increase in the number of unspent transactions, which means that there are more holders than sellers.

The bullish pressure pushed the other top coins higher. Here are the current prices for them (updated at 13:40 MT time):

Litecoin – 86.55

Dash – 132.67

Ethereum – 191.7.

Similar

CPI Wednesday: the Doomsday for EURUSD and GBPUSD?
CPI Wednesday: the Doomsday for EURUSD and GBPUSD?

Today, the US Inflation release at 15:30 GMT+3 will determine the further destiny of the major pairs and gold. The event is highly impactful, as the Federal Reserve will make decisions regarding further rate hikes based on it. Also, we brought you some news about XAUUSD and GBPUSD. Stay tuned!

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera