The BTC on Wednesday is correcting, hovering at 34,200 USD. The weekly increase amounts to 18.8% but at certain moments it exceeded 22%.
Cryptocurrencies are so popular these days that do not even encounter technical pullbacks. At the platform, they think that the moment when a license for spot bitcoin ETF will be granted to funds is near. This means it is high time to buy the base asset that will double or triple in price in case of a positive decision. The agitation we are witnessing is based in this.
The latest news about the arbitration court decision supportive of Grayscale was also interpreted by the market as a precedent.
This level of optimism can hold BTC at the current level for some time but it needs new triggers to continue rising.
The technical picture does not exclude a correction to 29,500 USD upon skyrocketing previously. Next, the cryptocurrency could rise to 31,200 USD and 32,000 USD.
Free Reports:
The cryptocurrency market capitalisation has increased to 1.26 trillion USD. The BTC share amounts to 53.1%, while the ETH share has dropped to 17.2%.
The payment giant Mastercard is considering options of cooperation with technological startups in the cryptocurrency sector. Particularly, the company is interested in organisations that develop and create self-service wallets, primarily MetaMask and Ledger.
The Mina Protocol (MINA) coin rose 100% overnight, amounting to 0.86 USD. This is its new year high. The reason for the skyrocketing was the news about the listing of the exchange at a South Korean platform against the won.
Article By RoboForex.com
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