The week was positive for the greenback. The US dollar index managed to set new highs near $93.50.
Why is Bitcoin rising
The past week was successful for Bitcoin.
The cryptocurrency started the week near $8,000 and managed to rise to $10,000.
The market is slowly relaxing after the news from China, where authorities restricted cryptocurrency operations. US regulators expressed interest in digital currencies, and South Korea finally indicated that crypto exchanges will not be closed. All in all, the sentiment about Bitcoin has improved. If cryptocurrency market gets regulation that would increase traders’ confidence and attract more capital pushing the prices further up.
If Bitcoin breaks above $10,000, next resistance levels will be at $11,600 and $12,000. Supports lie at $9,000 and $8,000.
Anyway, you should remember that there are risks because the price is still volatile.
We’ll continue following Bitcoin news in the days ahead.
The pound is highly volatile after a Brexit referendum. Have a look what other factors affect the UK currency. And get clues on future movements of GBP.
This is Forex trading plan for Thursday, May 24…
It seems like the rally of the greenback has ended. On Monday, the US dollar index tested levels near $94, however, closed below $93.50.