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Bitcoin has staged a strong bullish recovery in the past few days. It jumped to the highest level since June 7th of this year.
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- Buy the BTC/USD pair and set a take-profit at 28,490.
- Add a stop-loss at 25,900.
- Timeline: 1-2 days.
- Set a sell-stop at 26,500 and a take-profit at 25,000.
- Add a stop-loss at 28,000.
The BTC/USD pair was flat on Monday and Tuesday morning as the market assessed the recent news in the cryptocurrency industry. Bitcoin was consolidating at the important resistance point at $27,000, where the highest point since June 7th. This price is almost 8% above the lowest point last week.
The BTC/USD pair started recovering on Friday after Blackrock filed paperwork for the iShares Bitcoin Trust. If accepted, this will be the only American spot Bitcoin ETF since BITO tracks Bitcoin futures. It will give investors a good way to invest in Bitcoin without directly buying the coin.
It is still unclear whether the SEC will accept the new ETF since it has rejected several others before. However, as I wrote on Monday, there is a high likelihood that it will accept the one by Blackrock because of its strong market share in the US. Blackrock’s filing also included a surveillance program that will prevent market manipulation.
Bitcoin also rose as investors assessed the impact of the lawsuits on Binance and Coinbase, the two biggest companies in the industry. Analysts believe that these lawsuits could be beneficial to Bitcoin since regulators believe that it is not a financial security.
The SEC and the CFTC have equated it to a commodity. As a result, there is a likelihood that many altcoin investors will rotate to Bitcoin and other similar cryptocurrencies like Litecoin and Bitcoin Cash.
Looking ahead, there is nothing scheduled that will have an impact on Bitcoin prices. The only important economic data to watch on Tuesday will be the latest building permits and housing starts numbers. These numbers will have no impact on the US dollar and Bitcoin.
Bitcoin has staged a strong bullish recovery in the past few days. It jumped to the highest level since June 7th of this year. The pair has moved above the important resistance point at 26,793, the highest point on Sunday.
It has risen above the 25-period and 50-period exponential moving averages (EMA). It also managed to flip the resistance at 25,862 into support while the Relative Strength Index (RSI) has moved close to the overbought level. The pair rose above the descending trendline shown in green.
Therefore, the BTC/USD pair will likely continue rising as buyers target the next resistance point at 28,492, the highest point on May 29th.
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