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Bitcoin Remains in Bull Territory While Polygon’s MATIC Awaits Breakout
Bitcoin topped $56,000 early Friday.
Updated May 11, 2023, 4:39 p.m. Published Oct 8, 2021, 11:18 a.m.
Bitcoin has regained upside momentum following Thursday’s 2.5% drop, which saw the market nearly re-test the former resistance-turned-support near $53,000. The cryptocurrency was trading near $55,500, representing a 3% gain on the day, having printed a five-month high above $56,000 during European trading hours.
The higher lows and highs pattern seen in the featured chart above suggests that the path of least resistance is to the higher side. Upward momentum looks strong with the daily chart moving average convergence divergence (MACD) histogram charting higher bars above the zero line.
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However, another failure to hold $56,000 would validate the overbought reading on the four-hour chart relative strength index (RSI), opening doors for a pullback. A price under $53,000 at 0:00 UTC – the de facto daily cutoff point for most chart readers – would weaken the immediate bullish case.
Meanwhile, MATIC, the native token of the Polygon network, has jumped 10% to a three-week high of $1.42.
With the 14-day RSI biased bullish above 50 and pointing north, MATIC may see further gains. Key resistance is seen at $1.52 – the upper end of the large triangle pattern seen in the chart below. A close higher would strengthen the upside bias.
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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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