Bitcoin (BTC) Hits Monthly High, Looks Set to Break Away
Bitcoin prices have soared overnight following an announcement by the world’s biggest ETF provider, BlackRock, that it will be forming a team to examine the advantages of cryptocurrency and blockchain.
New York City-based BlackRock currently manages almost $6.3 trillion in assets.
The price of BTC jumped from $6,375 to almost $6,500 at around 9:30 am this morning and has since continued to rise to over $6,600. While it hasn’t yet reached this month’s all-time high of $6,769 on July 7, it’s the most significant increase so far this month.
The surge means its moved out of the previous $6,170 retracement levels and reached the $6,550 Fibonacci resistance point. Correspondence with the 200 day moving average shows strong positive signs that BTC could close above this point, which would put it on a trajectory for over $8800.
However, if resistance holds then a return to its current limbo between $6,100 and $6,500 could occur and maintain throughout July.
Last weeks announcement by Steve Cohen of his support for crypto hedge fund Autonomous Partners and an outlook by Chris Matta of $15,000 for BTC could also have helped to fuel new investment.
Future support could be garnered from a positive announcement by the SEC on the fate of the first Bitcoin ETF that is planned for mid-August. Two previous applications for a Bitcoin ETF have been rejected but fresh overseas regulation might sway the SEC’s decision this time around.
Recently, the Reserve Bank of India (RBI) appear to have begun investigating a reversal on it’s blanket ban that saw all exchanges in the country forced to stop operations.