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Bitcoin Eyes $13,000 – Facebook Libra Boosts Cryptos

What’s up, traders.

It’s been another good day with a series of profitable forex trading signals in gold and GBP/JPY. For now, I was looking at the Bitcoin, which has been in highlights since Facebook revealed to launch its own coin Libra. BTC/USD has surged to its highest level in a year and a half, as an unstoppable rally in the crypto market recollects the memories of the cryptocurrency’s bubble burst.

On Wednesday, Bitcoin surged to trade below $13,000 level, putting the cryptocurrencies on track for their most significant one-day jump in more than a month.

The main reason behind the bullish rally remains the same – tech giant Facebook’s move into the world of crypto with the launch of its digital currency called Libra. FB’s Libra is set to extend competition to most of the payment methods. Analysts are hopeful that Libra could support cryptocurrencies to gain better acceptance as a payment method and a way to store wealth.

Bitcoin Technical Analysis

  • BTC/USD has completed and violated the 50% Fibonacci retracement level of $11,500.
  • “Three White Soldiers” on the weekly timeframe are suggesting a strong bullish bias for BTC/USD.
  • Next resistance and the potential target is likely to be $13,400 level as bitcoin marks 61.8% retracement here.

Good luck!

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ABOUT THE AUTHOR See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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