Bitcoin and altcoins have been on a roll since the beginning of April. No one was quite sure what triggered this unexpected price surge (Bitcoin spiked more than 20 percent on Apr. 2), but many predicted that this rally wouldn’t have legs. Nevertheless, the cryptocurrency market capitalization has recently hit its YTD high of $186 bln, proving naysayers wrong.
(CoinMarketCap: the cryptocurrency market capitalization has hit its YTD high this week)
Bitcoin is recovering
Bitcoin, which at the time of writing this article is trading at $5,119.56, has already recovered from the recent correction that almost made its price dip below the $5,000 level. Currently, the main target for the bulls is $5,350, but first, they need to surpass the $5,200 resistance level in order to solidify the upward trend.
eToro’s Mati Greenspan, while commenting on the current market sentiment, claims that there is still excitement in the air. ‘In fact, in my view, the most likely scenario is that we now create a new range, or even, hopefully, a sustained stabilization … The market is clearly still excited,’ he told Forbes.
As reported by U.Today, Fundstrat’s Tom Lee recently revealed that his ‘Bitcoin Misery Index’ (BMI) reached a value of 89 (its highest level since 2016), which could indicate another bull run.
Bad news didn’t affect XRP
On Apr. 11, Resona Bank, the fifth largest banking institution in Japan, pulled the plug on Ripple-based payment app MoneyTap that runs on xCurrent. That was viewed as a setback for the San Francisco-based crypto behemoth. However, the Resona Bank snub didn’t take a toll on Ripple’s native token XRP. At press time, the XRP price is holding steady above the $0.32 level, and it’s very likely that its increasing momentum could push the coin’s price to $0.34.
Speaking of other altcoins, the whole CMC top 10 is currently in the green with Binance Coin being the best-performing cryptocurrency from the pack.
(CoinMarketCap: Binance Coin saw its price spiking 5.85 percent over the last 24 hours)
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.