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Bitcoin Looking to Shrug Off Regulatory Concerns and Push Even Higher

Bitcoin Looking to Shrug Off Regulatory Concerns and Push Even Higher

Nick Cawley, Senior Strategist

Bitcoin Price, Chart, and Analysis

The multi-week sell-off that started in Mid-March has been broken convincingly, and with little in the way of resistance nearby, Bitcoin may continue pushing higher.

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The second quarter saw regulatory concerns ramp up with the SEC sending charge notices to both Binance and Coinbase. This tightening of the regulatory backdrop comes after the failure of FTX late last year when billions of dollars of client money were, supposedly, comingled with FTX's sister company Alameda Research. SEC chair. SEC chair Gary Gensler believes that most cryptocurrencies are securities and that therefore they, and the exchanges, fall under his purview. This increasingly tough enforcement by the SEC tipped the market lower for most of Q2. The sentiment changed however mid-June when the world’s largest asset manager, BlackRock, announced that they had applied for a spot Bitcoin ETF. If BlackRock is granted a spot Bitcoin ETF, then a potentially huge new customer basewill become available, as well as the gravitas the asset manager’s name would lend to the cryptocurrency space.

The weekly Bitcoin chart highlights how the late June candle has erased all the losses seen in the two months before and adds belief that prices may push higher. BTC is back above the 200-day moving average, while the 20-dma is now set to push through the 200-dma, another positive, longer-term technical signal.

Bitcoin (BTC/USD) Weekly Price Chart

The daily Bitcoin chart shows two horizontal lines of resistance at $31,000 and $32,400 respectively with little above here of technical relevance. There is also a very early stage bullish flag being formed this week, which if confirmed would see the two levels of previously mentioned horizontal resistance taken out. BTC/USD is also above all three moving averages.

Bitcoin (BTC/USD) Daily Price Chart

While Bitcoin can be a notoriously difficult asset to trade, the change in sentiment along with a positive technical backdrop makes Bitcoin one to watch in the third quarter.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.