Bitcoin price remains well bid despite finding strong resistance at the 60k level. Every pullback is met with new buying orders, and it seems that it is just a matter of time until the market clears resistance.
More and more institutional investors turn their attention to Bitcoin recently. Besides that, early adopters continue to invest in the “digital gold.” This week, MicroStrategy, one of the biggest holders of Bitcoins, announced it had purchased a further 253 coins recently. Effectively, it means that it has bought around the current price levels.
The entire cryptocurrency market remains well bid recently. Coinbase announced its quarterly results yesterday, and, among other financial details, it revealed that over fifty million clients traded cryptocurrencies in the last quarter. Because Bitcoin is the most important of them all, one may assume that the vast majority of those clients have also traded Bitcoin at one point during the quarter.
Bitcoin Technical Picture
From a technical perspective, the price action remains bearish. The 60k level represents a strong horizontal resistance, but once cleared, the market should meet no other resistance until the measured move.
Bulls may want to remain on the long side once the market breaks and closes above $60k, while having a stop at the previous higher low and targeting the measured move.