Bitcoin (BTC) has reached its highest level since the beginning of May, with an increase of 7.7% in the last 24-hour period.
Bitcoin made crypto investors happy with its rise in the last 24 hours. in a short time $26,600 from the levels $29,000 reaching the levels bitcoin, since the beginning of May reached its highest level.
According to Coinglass data, Bitcoin in this process $36 million The short position has been liquidated.
What is the reason for the rise?
Bitcoin is issued by the US Securities and Exchange Commission (SEC). Binance And to Coinbase lost value after the lawsuits filed, to $ 25,200 levels had regressed. Then for the industry good news started coming and Bitcoin since then It gained more than 17%.
BlackRock, the world’s largest asset manager, to the SEC spot Bitcoin exchange-traded fund (ETF) Rise in Bitcoin trigger first From where had happened. It comes to mind that only 1 of the nearly 600 applications BlackRock has made so far has not been approved. Approval for spot Bitcoin ETF? brought the question.
After this move of the asset manager WisdomTree And Invesco trillion-dollar companies such as spot Bitcoin application It is thought to accelerate the rise.
On the other hand, it is one of the largest banks in the world. Deutsche Bank the other day, Germany’s regulatory agency to the German Banks Regulation and Supervision Agency (BaFin) apply for a digital asset license had been found. If the bank can obtain the said license custody service for cryptocurrencies can present. This application also Influencing Bitcoin’s rise is presumed to be.
In addition, the institutional interest in the sector did not end with this much. One of the leading names in the financial market Fidelity, Citadel and Charles Schwab Cryptocurrency exchange co-founded by EDX Markets (EDXM) started its operations yesterday.
What is the price target?
Social media phenomenon and analyst “Carl From The Moon” formed on the Bitcoin chart Reverse Shoulder Head Shoulder (TOBO) pointing to the formation in bitcoin more than 7% One rise can occur had suggested. After this graph of the analyst $27,200 closing at the bitcoin, quickly to the analyst’s price target rose.
Bitcoin has come to one of the most important resistance zones by rising rapidly. of bitcoin to the level of 30 thousand dollars up to these levels making closures It is thought to trigger a huge rise. bitcoin, The previous top of 31 thousand dollars in case of passing to the level of 38 thousand dollars may rise as high.
Jordan Lindsey, a trader with more than 25 years of experience in the financial markets, is on Bitcoin. 30 thousand dollars level In case this level is broken by pointing out a the rally can begin had implied.
With the recent rise, the cryptocurrency market has generally turned green. Altcoins in this process to 20% showing up to value gains Bitcoin dominance also continues to increase.