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Expert In



Bitcoin: slow progress towards the target and good news

Today is a day of information lull and technical rollback with elements of uncertainty for Bitcoin. Although, so far it is not scary.

Yesterday, the resistance level of the narrow consolidation range 31,082.82 - 34,708.27 was broken, the price consolidated above it. This is a strong mirror-like horizontal, a rollback after a breakdown is not excluded. Today's daily candle is bearish, and although it is not closed yet, the price is above the now support at 34,708.27. Probably, a local moment of truth will come soon: yesterday's breakdown was false or there are still chances for growth.

Because of this, I am not changing my forecast yet, there are no grounds for this. If the support of 34,708.27 holds, the price will continue to grow towards the nearest target of 38,610.88 (red dotted line). An alternative scenario is a return to the sideways at 31,082.82 - 34,708.27.

While we wait for clarity on the technical picture, let's talk about the good news. It becomes difficult to ignore cryptocurrencies even for skeptical banks. It became known that about 24 million customers of 650 American banks and credit unions will have direct access to the purchase of Bitcoin. These institutions have entered into a partnership with the National Cash Register and NYDIG, a leading Bitcoin technology and financial services firm.

Now banks will be able to offer crypto trading to customers directly through NCR mobile payment applications. For transactions with digital coins, banks will no longer have to adhere to complex regulatory conditions for storing cryptocurrencies for customers.

NCR data show that the need for such a solution is associated with the growing demand from customers of banks and credit unions. Both of them regularly lost money, as users transferred them to trade on cryptocurrency exchanges.

Of course, most banks have warned customers about the risks. But the increase in the number of money transfers to trading platforms, such as Coinbase, forced us to switch to providing these services within the country. Now banks will earn money from transaction fees and offer investment advisory services to interested clients.

Experts note that many of these banks have seen that one of the biggest outflows from their depositors' accounts is the transfer of money from the bank to exchanges such as Coinbase.

But that's not all. NYDIG has revealed further ambitious plans for the future, which include the possibility of buying Bitcoins in the United States through more than 80,000 ATMs. This company has great ambitions, which means that soon cryptocurrencies will penetrate even more into the lives of retail investors.

Meanwhile, major players continue to accumulate Bitcoins, waiting for the price to continue to rise after a period of consolidation.

Technically, BTC/USD still has the potential for medium-term growth within a wide range of 28,392.99 - 41,980.24.


The material has been provided by InstaForex Company -