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$7,500 and Rising: Bitcoin Price Looks Ready to Challenge Records
Having refused to succumb to bearish technical pressures yesterday, the world's largest cryptocurrency moved back above $7,500 this morning.
Updated Sep 14, 2021, 1:56 p.m. Published Nov 8, 2017, 12:45 p.m.
Having refused to succumb to bearish technical pressures, the world's largest cryptocurrency is better bid today.
At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $7,511 levels on CoinDesk's Bitcoin Price Index. As per CoinMarketCap, BTC has gained 4.22 percent in the last 24 hours.
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Over that period, prices have climbed by over $270 amid growing opposition to the upcoming Segwit2x hard fork, which looks increasingly unlikely to succeed in updating the bitcoin blockchain to a new rule set without creating another asset.
Increasing opposition to the alternative bitcoin code could mean heightened odds of a blockchain split into two rival assets. Thus, the bid tone around bitcoin may be strengthening on speculation that the event might end up creating free "Segwit2x coins" for holders of bitcoin.
The futures market also indicate low odds of the hard fork being implemented successfully. According to CoinMarketCap, Segwit2x futures have dropped 8 percent in the last 24 hours. Compared to the Nov. 4 high of $1,968.80, they are down 33.96 percent.
Still, caution is advised. Despite predictions of a split, Segwit2x may not yield the benefits that bitcoin holders enjoyed with the creation of in August.
With the market likely to stay volatile in the run-up to the hard fork, price action analysis suggests there is scope for a rally to fresh record highs, although the sustainability of any gains is uncertain.
4-hour chart
The above chart shows a symmetrical triangle breakout, which occurs when prices form lower highs and higher lows. It is a bullish continuation pattern: i.e. an upside break as seen on the chart above signals the revival/continuation of the rally.
Thus, the doors are open for a rally to fresh record highs above $7,600, however, the daily chart shows doji reversal, and there is merit in being cautious as long as the price trades below the doji high of $7,630.
Any rally to fresh record highs could be short-lived, courtesy of the overbought daily relative strength index (RSI).
Running up steps image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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