Bitcoin rose rapidly in early trading on Friday, testing the previous highs, and the current price is at $59,200. The total market value of digital currencies exceeded 2.5 trillion U.S. dollars, because the US Securities Regulatory Commission may approve the first BTC futures ETF which brings about optimism in the market. Bitcoin has risen to a new high in the short-term. Data: Long-term Bitcoin holders currently hold 70% of unrealized gains. President of Mexico: Mexico will not adopt Bitcoin as legal tender. Data: The total scale of Grayscale Asset Management rose to 50.8 billion U.S. dollars.
Technically, positive news of Bitcoin stimulated short-term increase in the market, and the daily indicators were bullish. On H4 graph, there was a correction and upwards breakthrough. The probability of continuation of the trend is extremely high. Overall, prioritise Buy. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 60000.
Resistance：60000-61500-63000
Support：58000-56800-55000
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional