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Recovery Gains Steam as Bulls Target 2

Some analysts believe that the crackdown on altcoins could be a good thing for Bitcoin because the SEC believes that it is a digital commodity.

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  • Buy the BTC/USD pair and set a take-profit at 29,500.
  • Add a stop-loss at 27,000.
  • Timeline: 1 day.
  • Set a sell-stop at 27,440 and a take-profit at 26,000.
  • Add a stop-loss at 29,000.

Bitcoin price jumped to the highest level since May this year as sentiment in the industry improved. The BTC/USD pair zoomed past the 28,000 resistance point, meaning it has jumped by over $4,000 from its lowest level last week.

The main reason why the BTC/USD pair jumped is that several large companies have started embracing Bitcoin despite regulatory concerns. Last week, Blackrock announced that it had filed documents for a spot Bitcoin ETF with the Securities and Exchange Commission (SEC).

If accepted, it will be the first spot BTC ETF in the United States. The only one that is available today tracks Bitcoin futures.

On Tuesday, a crypto exchange backed by Wall Street heavyweights like Fidelity, Citadel, and Schwab went live. The non-custodial exchange has only listed BTC, ether, litecoin, and bitcoin cash, which the SEC has not said they are securities.

Meanwhile, Deutsche Bank, the biggest bank in Germany unveiled its Bitcoin intentions. The company applied for a license to offer Bitcoin custody services. It applied the license to Bafin, the main financial regulator in the country.

Deutsche Bank is aiming to grow its revenue in the corporate bank unit, which targets affluent individuals and companies. In this case, Bitcoin jumped as investors priced in more actions by large companies, which could lead to more institutional adoption.

These announcements helped to ameliorate the recent challenges in the crypto industry. Earlier this month, the SEC decided to sue Binance and Coinbase, two of the biggest players in the industry. As a result, on-chain data shows that the volume of cryptocurrencies traded in centralized exchanges has dropped recently.

Some analysts believe that the crackdown on altcoins could be a good thing for Bitcoin because the SEC believes that it is a digital commodity.

The BTC/USD pair has been in a slow bullish trend in the past few days. It has jumped from 24,710 last week to above 28,000. On the 4H chart, the pair has crossed the 38.2% Fibonacci retracement level. It has also jumped above the 50-period moving average while the Relative Strength Index (RSI) has moved to the overbought point.

Bitcoin has also moved above the Ichimoku cloud and formed an inverted head and shoulders pattern. Therefore, the BTC/USD pair will likely continue rising as buyers target the next psychological level at 29,000.


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