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Market data is provided by the HitBTC exchange.
In a recent interview, United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton said that he is concerned about manipulation and custody services in the crypto space. If these issues are addressed and if any Bitcoin ETF satisfies their rules, it might stand a chance of getting the green light.
While crypto markets are speculating on the probability of a Bitcoin ETF, the Chicago Board Options Exchange (CBOE), has announced that it will not be offering any new Bitcoin futures contracts in March. This is likely to benefit its competitor CME, which will continue to provide the traders with an opportunity to trade in Bitcoin futures.
Fundstrat Global Advisors founder Tom Lee believes that the fundamentals of Bitcoin are improving. He expects a turnaround by August of this year. On the way up, he anticipates $6,000 to act as a major resistance.
Let’s see what our analysis projects.
Bitcoin (BTC) is trying to bounce off the 20-day EMA and rise above the psychological resistance of $4,000. Both the moving averages are gradually sloping up and the 20-day EMA has held in the past few days, which shows buying at lower levels. We expect the digital currency to pick up momentum above $4,000 and quickly rally to $4,255. If the bulls scale this level, it will complete a double bottom pattern that has a target objective of $5,273.91.