Monday, June 24, 2019
This Sunday Bitcoin price topped $11'304, the new incredible price high since March 2018. Moreover, the market capitalization has almost reached 60%.
Actual support/resistance: $10'000/$12'000
The price is back in five digits, a psychological level that raises the question to why is this surge happening. The number of academic papers is rising almost exponentially for both blockchain and cryptocurrencies topics. Institutions have a growing interest with more and more products available based on cryptocurrencies. Once again the Libra project will force legislation to be put in place faster and create a groundwork for all cryptocurrencies. This lead to a higher quality discourse, fewer concerns about fraud and increased confidence in cryptocurrencies.
In terms of technical indicators, we are well above the 20 days moving average and both the RSI(14) and the MACD are giving bullish signals.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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