Bitcoin Bounces Back
Bitcoin looks like it is turning the corner at the moment, well, for this month at the very least.
Bitcoin looks like it is turning the corner at the moment, well, for this month at the very least.
BTC is getting set for its first positive month after a run of six straight losses. We also saw yesterday that price broke out above the previous short-term high after a real battle around the $3,700 mark.
There are a few reasons behind the bullish up tick.
- Long positions up 35% (According to Bitfinex)
- The transactional volume is again on the increase.
- Continued hopes of a BTC ETF
- JP Morgan creating their own in-house cryptocurrency
- ETH holding strong at $100
Some might also suggest that we are ‘due’ for a bounce, but in my opinion, there needs to be something fundamental behind the move.
Bitcoin Technicals
As it stands, resistance at $4,000 is my focus now as we really need to see how price will respond in the next week.
We have started putting in a some higher lows, which is clearly bullish, however, I feel that price needs to reclaim a big level.
Given that we failed on the first bounce to $4,000, the next week should be very interesting.
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