Bitcoin exchange rate holds around $ 7,000, making attempts breakdown
Down to their local minimum 5 500, bitcoin exchange rate rushed up again. All the current week in the cryptocurrency market is relatively positive, first and foremost, thanks to news that the bonds of the Bank of Australia on the basis of the blockchain have high demand among investors.
Bitcoin exchange rate holds around 7,000, making attempts to break it. It is worth noting that, Hasrat of the Bitcoin network has risen dramatically in recent years. Market participants still have hope that the SEC still change his mind and give the project a Bitcoin ETF start in life.
Earlier, the Commission on securities and stock exchanges of the USA has rejected all applications to launch ETFs cryptocurrency. The main stumbling block is the lack of reliable financial and investment instruments.
Undoubtedly, any product appearing on the market, it takes time to gain trust. While the cash inflow from institutional investors is small, but it can be greatly enhanced. But of course, everything takes time.
Worked on ETF exchange SolidX, but at the request of the regulator work on the project was suspended. At the moment signed a partnership agreement with VanEck, who offered to introduce cryptocurrency to the traditional forms of trading and asset management ETF bitcoin. This SolidX has a chance to get the approval of the regulator. If this can be implemented, the cryptocurrency will be a tremendous investment, because such investments will be recognized as official.
For further developments closely watched by investors and, of course, even minor breakthroughs in the realization of this goal will yield good impulses for cryptocurrency.
From the point of view of technical analysis, here’s the deal:
We observed attenuation of the downtrend. BTCUSD is clearly not strong enough to overcome the level of 5 to 500, in the moment is a test of the 7,000, when it breaks the goal will shift to 7 700, with the subsequent movement in the area of 8 500. In terms of the progress of the situation described above, the growth of Bitcoin could reach $ 10 000.
If market participants do not see the positive, then there will be a rebound, and then attempts again to test the level of 5500.