Bitcoin prices have hit a new all-time record after crossing way above the 20,600 mark for the first time in its 11 year history. Continued institutional interest amid a waning US Dollar further serves as an additional buying catalyst for the BTCUSD, on a Wednesday which could see the FOMC take a more dovish stance.
Several exchanges were said to have experienced outages as users scrambled to log into their platforms to participate in the bull run. This is also coming as more institutional firms take up large swathes of Bitcoin from the market. The latest of such moves is the purchase of $15 million worth of BTC by a UK-based portfolio management firm. Ruffer Investment.
Technical Levels to Watch
The BTCUSD daily chart shows the potential for Bitcoin prices if the breakout holds.
The burst from the ascending triangle has potential for a measured move to the 161.8% Fibonacci extension of the price swing from 13 March to 17 August, which is at 23728. For price to achieve this measured move from the break of the triangle, 20788.06 and 21994.62 need to be taken out.
On the flip side, if BTCUSD fails to maintain the break and price falls below the 20,000 psychological mark, then we could see a retreat towards 19661.52 or 19215.99, in that order. Any further declines invalidate the pattern’s bullish expectation, which could initiate a selloff towards 17235.87.
BTCUSD Daily Chart