This morning, Bitcoin price edged slightly higher, continuing its upward momentum from yesterday and approaching the pivotal $7,500 mark. Currently, the coin is trading at about $7,350 as of 12 PM EDT.
Part of the reason Bitcoin was up today is that Coincheck, a crypto exchange that suffered a high-profile hack back in January, was rumored to be subject of a bid from Japanese online brokerage firm Monex. A purchase of Coincheck by Monex, which owns U.S.-based online brokerage TradeStation, could be considered a significant bullish signal for the cryptocurrency market.
“It’s a massive confidence boost, you now have a regulated public company in Japan buying into a crypto exchange,” said Brian Kelly, CEO of BK Capital Management.
BTC/USD Looking To Break $7,500
At the moment, Bitcoin is on another bullish run that could take the coin above $7,500. This also confirms the bullish reversal that many have predicted. Its support level has been established at $7,200, and it just managed to surpass its resistance of $7,420, so the next critical point is $7,500.
Afterward, a run to $7,800 is needed to confirm that the recent selloff has ended. By looking at the BTC/USD 20-day moving average line, it’s safe to assume that it will stay above $7,400 for a while.
As for the technical indicators, the movement of the MACD line is displaying a weak bullish signal, while the RSI indicator is showing that Bitcoin is in overbought territory, confirming a potential bullish movement. Trading volume has been steady throughout the morning.
Looking at the Technical Indicators:
- Hourly MACD — Weak bullish signal
- Hourly RSI — BTC is in bullish territory
- Major Support Level — $7,200
- Major Resistance Level — $7,800
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