Bitcoin Price Prepares For Another Leg Higher Above 10,000
Bitcoin price retreat today after yesterday’s sharp gains that drove the price above the 10,000 mark. Bitcoin managed to break above the 10,000 mark in a sharp move and hit three-month highs breaching the strong resistance at 10,000.
On the bitcoin institutionalization news, the FINMA has approved two Swiss banks, Maerki Baumann and Incore Bank, to offer a wide range of cryptocurrency services, such as trading and custody.
Maerki Baumann Bank announced the launch of its trading platform for major cryptocurrencies while Incore Bank is offering a range of crypto services.
Maerki Baumann will initially offer trading in the major cryptocurrencies, like bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and ripple (XRP).
Incore Bank, a business-to-business bank will offer financial service institutions easy and secure access to cryptocurrencies. The private bank also plans to expand the brokerage, custody and transfer services to security tokens, noting that it has partnered with Inacta AG, a crypto consulting firm, to develop additional services in the area of the tokenization of assets.
Bitcoin price is 0.96% lower at $10,106, giving up some of yesterday’s gains as the bulls positioning for another leg higher after bitcoin conquer the 10,000 mark. A move up to 10,500 looks now possible as long as the price holds above the 10,000 mark.
On the downside, initial support for bitcoin (BTCUSD) stands at $10,035 the daily low. The next level for bitcoin to watch in case of more selling pressure is at $9,437 the low from yesterday’s trading session. Next support will be met at $9,116 the low from May 28.
On the other hand, immediate resistance for bitcoin stands at $10,241 the daily top. The next strong resistance for the number one cryptocurrency will be met at $10,444 the high from yesterday’s trading session. In case of a move higher, then the longs will be looking for an extension above 10,501 the yearly high from February 12.