Crypto

Bitcoin broke above the resistance that had been curtailing its move up to $50,000. At approximately 6 PM EST BTC futures are trading up 4.13% or $2,015 at $48,715. All through this week, when alt. coins were rallying, BTC retested its support at $44,000 made up by the 100-day M.A. and the 38% retracement level.

Bitcoin’s rally has slowed down in the past few days, consolidating above a key level. Currently Bitcoin futures basis the Comex continuous contract (BTC #F) is trading up $880 or 1.9% at $46,375.

With BTC showing solid strength after yesterday’s gains, it appears as though there is nothing stopping us from getting to $44,000. As of writing, 4:22 PM Eastern standard Time BTC is poised to close near its highs on the day and solidly above resistance at $40,000. However, the next level of minor resistance is $42,000 which was only $500 or so away from today’s high.

As of 5:30 PM, EST BTC futures are trading up 4.68% ($1,775) on the day and trading at $39,740. This puts pricing right up against resistance at $40,000, an area that BTC has yet to solidly close above since falling below it on May 19th. There is also resistance at $42,000 and at $44,000, but a break above $40,000 would be significant and likely signal the start of another rally in Bitcoin.

With the FOMC meeting having concluded today and Chairman Powell signaling that tapering of their monthly purchases of mortgage-backed securities would occur in tandem with the raising of fed funds rates, this means that tapering is most likely not going to occur this year or next.

How After yesterday’s tremendous rise in Bitcoin and Bitcoin futures, today BTC gave up about half of Monday’s gains, and currently, as of 2 PM Eastern Standard Time, the most active August contract of BTC futures is trading down a little over 4% or $1625 on the day at $37,835.

Bitcoin futures are trading higher today after Elon Musk made supportive comments on “The ₿ Word” which is a “Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can embrace it, and raise awareness around areas of the network that need support.”

Bitcoin has once again shown how strong support is at the $30,000 level. Once again, this level is technically significant as it represents a 61.8% retracement from where we mark the beginning of the rally that took us to all-time highs. This is important to note because this would be a logical level for a deep retracement to find support and pivot from.

BTC failed to react to the stark CPI report released today for the month of June.