The Bitcoin price has had 7 straight bullish sessions.
The MACD shows increasing bullish momentum.
The Bitcoin price bounced up from the $48,000 support line and climbed to the $56,000 level in 7 straight bullish days between March 5 and March 11. So, what’s going on behind the scenes? Let’s take a closer look with technical analysis.
The MACD shows increasing bullish market momentum.
The parabolic SAR tells us that the market sentiment is reversing from negative to positive.
Another interesting thing to note for Bitcoin price is that it faces weak-to-moderate resistance barriers upfront. The most notable level is at $56,700 wherein 10,500 addresses had purchased 10,600 BTC tokens. On the downside, there are three healthy support walls at 53,000, 20-day SMA ($50,800) and $48,000.
“#bitcoin's market value has hit a 17-day high, peaking at ~$57,350. Looking at supply on exchanges, we can see that $BTC has been fairly stable throughout these first 10 days of March. $USDT supply, however, has dropped to levels last seen 40 days ago.”
JPMorgan To Offer “Crypto Exposure Basket”
In a recent US SEC filing, JPMorgan disclosed that it has designed a new debt instrument that provides investors direct exposure to multiple crypto-focused companies. The instrument, called “JPMorgan’s Cryptocurrency Exposure Basket” is described as an “unequally weighted basket consisting of 11 Reference Stocks of U.S.-listed companies" that operate businesses, directly and indirectly, related to digital assets.
The venture allocates 20% to MicroStrategy - the data analytics firm with 91,064 BTC on its balance sheet. It also provides direct exposure to Square (18%) and Riot Blockchain (15%), two companies with significant exposure to Bitcoin. Nvidia Corporation and PayPal Holdings each account for 15% of the basket.
JPMorgan says payouts are based on how the basket of companies performs. The minimum investment is $1,000 and the maturation date is May 2022. The new product is one of many ways in which institutional investors can access the high-flying cryptocurrency market.
Bitcoin Is Expected To Reach These Levels
Bitcoin price will take down the $56,700 resistance and try to reach its all-time high level.
Posted Using LeoFinance Beta
