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Forex Analysis & Reviews: BITCOIN above $12,500 signals further upward thrust. June 26, 2019
time 26.06.2019 11:01 AM
time Relevance up to, 26.06.2019 05:01 PM

Bitcoin managed to sustain bullish momentum approaching towards the next resistance at $13000 and later towards another psychological price area of $15,000.

The crypto markets are continuing to grow and develop by leaps and bounds each day, and the latest piece of positive news that elucidates just how rapidly the markets are maturing is the Commodity Futures Trading Commission's decision to approve LedgerX for offering physically settled Bitcoin futures contracts. The CFTC released an approval notice on their website, noting that LedgerX is now able to offer Bitcoin futures contracts to US-based residents that meet certain account minimums. Importantly, these contracts are open to all eligible retail clients and are not limited to institutional investors who are expected to increase the overall cash flow in the Crypto market resulting in increased market cap and leading Bitcoin to further high in value.

Daily volume has cranked up to $30 billion as market cap increases even further above $220 billion. The next hurdle appears to be around the $13000-15000 area but once that is broken there isn't much in the way of a surge back to all-time high and beyond. There are certain speculation that Bitcoin gains might affect the Altcoins though the correlation between Bitcoin and Altcoins has been parallel.

As of the current scenario, Bitcoin has been correcting at the edge of $12,500 area where certain bearish pressure and bullish rejection is currently observed. Though the overall trend in bullish but certain throwback towards the dynamic levels i.e. towards $12,000 is expected before the price continues its journey towards an all-time high of $20,000. As the bullish bias is strong above $10,000 area, so price being above this area will lead to further upward pressure in the coming days.

SUPPORT: 11800, 12000, 12500

RESISTANCE: 13000, 14000, 15000

BIAS: BULLISH

MOMENTUM: VOLATILE

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