Bitcoin continued trading sideways last week. Several weeks have gone by without any aggressive selling, which would suggest that market participants are building up positions in the digital asset. Given that many altcoins demonstrated decent growth over the past week, it is reasonable to say that investors are feeling optimistic at the moment.
The cryptocurrency news climate has not been particularly positive, but the fact that the market has not reacted to this factor is a testament to the strength of buyers at the moment.
- British bank NatWest and other major UK banks have tightened restrictions on cryptocurrencies for their clients by lowering the transaction limits for personal funds transfers to cryptocurrency exchanges.
- On Saturday, July 3, Bitcoin saw a drop in mining difficulty of nearly 28%, the biggest drop ever. This decline is due to the continued migration of miners from China and subsequent hashrate losses.
- Ethereum 2.0 is approaching what some call a milestone in its short history: 6 million ethers in stakes. Traders and investors are both optimistic on Ethereum as they anticipate the London hard fork, scheduled for July.
Bitcoin is approaching a key resistance level of 36,600. Once this level is passed, we could see further increases to around 41-45,000.
Here are 3 reasons to buy Bitcoin right now:
- Previous attempts to push the price below 30,000 have failed to trigger panic selling, despite the negative news climate.
- Open interest in Bitcoin futures is demonstrating stable growth, which would suggest that major players are taking new positions.
- Technical analysis. The price is starting to rise after forming an ascending triangle pattern, signaling the continuation of the previous uptrend. A break through the upper limit of the channel of 36,600 will pave the way for growth to 41000-45,000.
graphic from tredingview.com
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.
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