Bitcoin Newsletter: Stable Rising Towards New Highs

Bitcoin is now on its way towards slow and steady and also a stable upside, growing by decent 4.5 percent and is now trading at $6.593.

BTC/USD however, began their journey towards 6500-fiat and established a new intraday high at about 6580-fiat. The pair started settling around this number just when the European trading session is about to start.
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As the day went by, there were some bearish corrections but at the beginning of the US session the pair went a downside correction and reached a lower number of 6450-fiat. The ETF events have a large impact on traders and how they buy and sell their cryptocurrencies and experts believe that the recent rising in the price was due to the SEC’s decision to review the recently rejected ETF applications.

Also, the analysis shows that currently we are in a rising pattern and this is why users and investors should consider medium-term strategies until a breakout above these lines happens. Bitcoin is still in a bullish behavior and this is why BTC/USD pair is in a strong buying zone. The pair is moving above average borderlines. An extended uptrend will allow for users to put a strong and long position towards 6621-fiat and also a short position towards 6500-fiat, but, if the price goes above the resistance level users should put a long position towards 6840-fiat.

As we said in our previous bitcoin newsletter, it’s important to know that Bitcoin did drop by 4% the other day, and other major cryptocurrencies did as well but it is most likely that in the short term bitcoin will remain in this current price range where it is now which will be beneficial for the entire market in the long run.