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BTC: Bull market approaches

Bitcoin is confidently holding above $50k, although the charts continue to fluctuate. Despite this, the cryptocurrency is one step away from launching a full-fledged bull market. Now the coin is in the stage of consolidation and accumulation, and a positive news background can significantly accelerate this process, thanks to which an enthusiastic market will start pushing the price up.

The main contributor of good news this week was the American public authorities. Following the Fed's favorable meeting for BTC and denying plans to ban cryptocurrencies, Securities and Exchange Commision Chairman Gary Gensler, spoke positively. Gensler stressed that the regulator does not have any plans to ban cryptocurrencies following China's recent crypto crackdown. Thanks to this statement, the accumulation of coins by retail investors has significantly increased, as can be seen from the on-chain charts. In addition, this news can be perceived as a "warming" in the relationship between the regulator and the cryptocurrency market, which may cause the approval of the ETF fund in the country soon.

Another positive news was the launch of a bitcoin storage service by one of the five largest banks in the U.S. -- U.S. Bank. It is worth noting that the initiative is aimed at expanding the capabilities of institutional funds when working with cryptocurrencies and bitcoin. The project is at an early stage, while the functions for using only the first coin are implemented. The service will add support for ETH and other altcoins in the near future. Thanks to this, large capital will have more opportunities to use BTC, which will be favorably displayed on the quotes of the asset. The bank said that the project will be significantly expanded if the ETF fund is approved in the United States. The company's representatives attribute this to the increased attention of institutional investors to bitcoin and other cryptocurrencies as an asset class for diversification.

This news directly suggests that banks are beginning to expand services for interacting with cryptocurrencies and expect the adoption of ETF funds in the United States. Earlier it was reported that the first fund will be approved in the United States at the end of 2021. In the long term, these decisions of major stock market participants will have a positive impact on the quotes of the first cryptocurrency. So far, the coin is one step away from overcoming the final resistance line at $53k, consolidation above which will launch a bull market in the cryptocurrency market. Over the past day, BTC has risen by 2.5% and as of 12:00 UTC, it is quoted near $51k.

The technical indicators of the cryptocurrency demonstrate the fragmented dynamics of price movement, which casts doubt on the achievement of $53k during Wednesday's trading. The MACD indicator starts to grow, moves along the red zone. At the same time, the stochastic oscillator formed a bearish intersection, which indicates the weakness of buyers and the weakness of the current bullish momentum. The RSI is also moving in a downward direction, towards the 60 mark. All this points to increasing pressure on the bitcoin price as it approaches $53k, therefore, most likely, a successful breakdown of $53k will not happen today.

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On a smaller timeframe, technical indicators are moving sideways, which indicates a phase of consolidation and stabilization of quotes in this price range. However, taking into account the indicators on the daily chart, most likely, the indicators will begin to decline, following the downward momentum provoked by increased pressure on the price. Despite this, the cryptocurrency is in a growth phase, and going beyond the descending parallel channel has become the beginning of a new growth cycle. Positive news, the expansion of institutional opportunities, and the activation of the BTC audience indicate the continuation of the upward movement and the imminent transition to the next phase of growth.

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The material has been provided by InstaForex Company - www.instaforex.com