Crypto Outlook: BTC breaks above $50,000

Since our last crypto report, the price of Bitcoin appears to have moved higher since last week with the coin now having broken above the $50,000 key psychological level which we had mentioned last week.

In this technical cryptocurrency report, we aim to shed light on the current developments that may influence the future price action of cryptocurrencies, present the potential catalysts that could drive their prices shortly and finally conclude with a technical analysis of Bitcoin.

Crypto: Overview Report

Revolut to launch its own cryptocurrency exchange targeting “advanced traders”?

According to a recent report by CoinDesk, Revolut in a customer email announced that it would be launching a new crypto exchange built with advanced traders in mind. Per the report, the platform would have deeper analytical tools and lower fees than the company’s current application. The proposed platform by the popular digital bank, could facilitate an increase in availability for retail investors to enter the crypto-currency market. Furthermore, the apparent creation of a new cryptocurrency exchange may imply that crypto popularity since the creation of the BTC ETF could be becoming more and more mainstream. In conclusion, the continued integration of crypto and the traditional finance industry could increase market optimism for cryptocurrencies and in particular Bitcoin, given its status as the “King of Crypto”, which in turn could support the coin’s price. Yet, one new exchange on its own may not be sufficient enough to alter the coin’s direction and as such, for a significant impact, we may have to see such an integration between banks and crypto at a much larger scale.

Japan on the brink of allowing venture capital firms to hold Crypto assets?

According to various media outlets, Japan’s government has approved a new bill that would Venture Capital firms or “VC’s” as they are known, and investment funds to hold crypto assets. The approval by of the new bill by the cabinet could be perceived as another indication that the nation is one of the pioneers in crypto legislation. Furthermore, should the bill be passed by the parliament, it could provide an added boost to the crypto markets as they become more accessible for financial institutions to promote and acquire. Thus, should further developments occur, we may see an influx of new funds into the crypto markets, which in turn could potentially boost crypto prices such as that of ETH 그리고 BTC, which appear to be a favourite for investors. Yet, should the bill be struck down, it could have an adverse effect on the crypto markets, as it could dampen market optimism about future crypto-friendly legislation, which could weigh on the crypto-markets.

Lastly, we would also like to note this week’s upcoming ICOs:

Monday	Tuesday	Wednesday	Thursday	Friday
–	Starknet (#STRK)	–	–	–

Crypto Technical Analysis

BTC/USD Daily Chart

• Support: 47100 (S1), 41900 (S2), 35300 (S3)
• Resistance: 53600 (R1), 59600 (R2), 64000 (R3)

BTC/USD appears to be moving in an upwards direction, with the coin having broken above the $50,000 key psychological level. We tend to maintain our bullish outlook for the coin and supporting our case is the the RSI indicator currently registering a figure above 70, implying a strong bullish market sentiment. However, with the RSI indicator currently being above the figure 70, it could also imply that the coin’s price may be due a market correction to lower ground.

Nonetheless, our bullish outlook to continue, we would like to see a clear break above the 53600 (R1) resistance level, with the next possible target for the bulls being the 59600 (R2) resistance line. On the other hand, for a sideways bias, we would like to see the coin remain confined between the 47100 (S1) support level and the 50,53600 (R1) resistance line. Lastly, for a bearish outlook, we would like to see a break below the 47100 (S1) support level, with the next possible target for the bears being the 41900 (S2) support base.

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