Bitcoin (BTC) swung back close to an important hurdle on August 19th, and can slowly reverse the previous downtrend this week.
The pressure increases
As data from Cointelegraph Markets Pro and TradingView show, BTC / USD climbed to an interim high of $ 45,490 on Thursday.
The new upswing was triggered, among other things, by the fact that the American bank Wells Fargo announced today that it will be launching its own Bitcoin investment fund together with the investment company NYDIG. In the hours that followed, Bitcoin was catapulted almost back to $ 45,600, which is where there is a critical drag that needs to be overcome in order to gain further boost.
At the time of going to press, the crypto market leader is currently at just under $ 45,300. Cointelegraph expert Michaël van de Poppe welcomes the fact that the US $ 44,000 mark is apparently initially established as support.
“That Bitcoin can hold a support is a great sign,” he says accordingly means.
The next big hurdle comes to Bitcoin at 47,000 US dollars, because there is a lot of pressure to sell that has not yet been skipped.
After all, there is lively buying interest at 40,000 US dollars, which means that a downturn below this mark is currently very unlikely.
The trend is upwards
As Cointelegraph reported, investors continue to have reason to be pleased, with not only the long-term horizon optimistic but the short-term prospects good as well.
The reason for this is that the convergence / divergence of the moving averages (MACD), after 11 months in negative territory, jumped back into positive territory last week, which usually serves as a sign of new gains.
In addition, there could be a “double peak” in the current record run, because several indicators show parallels, which could soon bring BTC / USD a second soaring.
Only Bitcoin mutual funds from Grayscale (GBTC) are currently weak, because this is as weak against the price of Bitcoin as it was last in May.